By David Benoit
JPMorgan Chase finished out its most profitable year ever with $9.3 billion in fourth-quarter income, it said Friday. Here are the key figures.
-- The biggest bank in the U.S. said profit fell 15% from a year earlier, to
$3.04 per share in the quarter. Analysts had expected $3.35 per share,
according to FactSet.
-- Revenue rose 12% to $38.57 billion, falling short of the $39.73 billion
analysts expected.
-- For the full year, JPMorgan's revenue rose 23% to $158.1 billion and
profit rose 32% to $49.55 billion. Both were record results.
-- The bank has benefited from rising interest rates lifting its lending
income, which has climbed faster than expected. In the fourth quarter,
JPMorgan earned $24.05 billion in net interest income, the amount of
revenue it makes on lending minus what it pays out on deposits.
-- Executives have said that lending revenue is abnormally inflated and
would come down. But the net interest margin rose again to 2.81% from
2.72% in the third quarter.
-- In the consumer bank, fourth-quarter revenue rose 15%. Profit rose 5% to
$4.79 billion. Both numbers were boosted by the acquisition of First
Republic last year.
-- In the corporate and investment bank, revenue rose 3% while income
dropped 24%.
-- Profits were dented by some one-time charges, including a special
assessment by the Federal Deposit Insurance Corp., which charged big
lenders to help refill its coffers from the bank failures in the spring.
JPMorgan took a $2.9 billion charge for its allotted amount. It had
previously said it expected to pay around $3 billion.
-- The bank also took a $743 million loss on selling underwater Treasurys
and mortgage-backed securities.
-- Excluding the one-time items, JPMorgan said it would have earned $3.97
per share.
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