JPMorgan reports 47% rise in earnings

| January 16, 2011 | 0 Comments
JPMorgan reports 47% rise in earnings

The reporting season for US banks has got off to a flying start after JPMorgan announced income surged 47% in the fourth quarter.

Fourth-quarter profit increased to $4.8 billion, or $1.12 a share, from $3.3 billion, or 74 cents a share, compared with the year ago period.

Analysts expected $1 a share.

Meanwhile, revenue grew 6% to $26.7 billion - again, higher than the $24.37 billion expected by analysts.

The figures lifted Wall Street as investors were optimistic that other US banking giants will follow suit later this week.

Goldman Sachs, Citigroup Inc., Wells Fargo & Co. and Bank of America Corp. are scheduled to report their fourth quarter earnings this week.

The bank, which is the second largest in the US by assets, said it made loans totalling $2.4 billion in the quarter, a rise of 0.35%.

Chief executive Jamie Dimon said demand for credit was picking and said: “Our early indicators are that we will continue to see loan growth this year.”

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