JPMorgan posts big Q4 earnings beat in record year

JPMorgan posts big Q4 earnings beat in record yearJPMorgan posts big Q4 earnings beat in record year

JPMorgan Chase’s (JPM), the largest U.S. bank by assets, kicked off earnings season for the big banks on Tuesday, with fourth-quarter results that beat Wall Street estimates. The bank beat on the top and bottom lines, bolstered by higher lending and deal-making. The results sent JPM’s shares higher by nearly 2% from Monday’s close to $139.50. Here were the key figures versus the expectations, according to analysts polled by Bloomberg. • None Earnings per share (adjusted): $2.57 vs $2.36 per share expected JPMorgan’s net income for the fourth quarter came in at $8.5 billion, up 21%. Even amid widespread economic uncertainty and market volatility, the bank posted record full-year net income of $36.4 billion, or $10.72 per share — making 2019 its most profitable year ever. In a statement, JPMorgan CEO Jamie Dimon highlighted the resilience and strength of U.S. consumers as he applauded a “solid year” of record revenue and income. “While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year,” Dimon said. “The U.S. consumer continues to be in a strong position and we see the benefits of this across our consumer businesses,” he added. Indeed, brisk consumer activity was a major reason for JPMorgan’s success during the fourth quarter. The bank’s consumer and community units saw client investment assets up 27% and ...
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