JPMorgan Reports 53% Earnings Increase as Mortgage Fees Rise
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JPMorgan Chase & Co., the largest U.S. bank by assets, said fourth-quarter profit rose 53 percent, beating analysts’ estimates as mortgage revenue more than doubled and the lender set aside less for future losses.
Net income climbed to $5.69 billion, or $1.39 a share, from $3.73 billion, or 90 cents, a year earlier, the New York-based company said today in a statement. JPMorgan earned $1.35 a share excluding one-time items such as accounting adjustments and costs from a mortgage settlement, compared with the $1.22 estimate for adjusted earnings by 28 analysts surveyed by Bloomberg.