JPMorgan 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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