Banking giant JPMorgan Chase said that its fourth-quarter profits jumped 21% from a year earlier, as the bank's trading desks had a blowout quarter
NEW YORK -- Banking giant JPMorgan Chase & Co. is reporting that its fourth-quarter profits jumped 21% from a year earlier, as the bank's trading desks had a blowout quarter, which offset the impact of declining interest rates.
The New York-based bank earned a profit of $8.52 billion, or $2.57 per share. That's up from $7.07 billion, or $1.98 a share, in the same period a year earlier. The bank beat the forecast of analysts who were looking for JPMorgan to earn $2.35 a share.
JPMorgan's investment banking division was the biggest driver of the profit gains this quarter, particularly its trading desks. Revenues from trading jumped 55% from the year- earlier quarter, when the trading business slumped as the stock market declined sharply.
Revenue at the bank in the quarter was $29.2 billion, up from $26.8 billion a year earlier.