JPMorgan Earnings Surge Despite Some Trading Weakness
Fakhir Rizvi Published January 15, 2019 | 09:22 PM
Earnings at JPMorgan Chase jumped in the fourth quarter, but not as much as expected due to weak trading activity and increased technology spending, according to results released Tuesday
Net income surged 67 percent to $7.1 billion, with the year-ago period hit by one-time accounting costs from US tax reform.
Revenues rose four percent to $26.8 billion.
Earnings got a lift from higher net interest income following Federal Reserve interest rate hikes, with the bank generating higher income from credit cards and auto leases. The bank also notched an increase in overall loans.
But earnings were dented somewhat by increased spending on technology and marketing, as well as the setting aside of more funds for bad loans.
JPMorgan also suffered a drop in some of its trading businesses, especially fixed income trading, which saw low activity amid market volatility in December.
Rival bank Citigroup also cited this factor in earnings on Monday.
Chief Executive Jamie Dimon termed 2018 "another strong year" and called on political leaders to work together, implicitly acknowledging a government shutdown now in its fourth week amid fighting in Washington.
"As we head into 2019, we urge our country's leaders to strike a collaborative, constructive tone, which would reinforce already-strong consumer and business sentiment. Businesses, government and communities need to work together to solve problems and help strengthen the economy for the benefit of everyone," Dimon said in a statement.
Shares fell 1.8 percent to $99.15 in pre-market trading.
Related Topics
Recent Stories
PM vows to work for country along with students
US ambassador meets Senate Chairman, discusses bilateral ties
UHS to issue MBBS degrees within three months after final result
Aiman Khan granted UAE Golden Visa
PSX achieves significant milestone, surpasses 72,000 mark
Pak Vs NZ T20I: Orphaned children extended special invitation to watch match
Finance Minister lauds UNDP’s unwavering support during floods
President Raisi leaves for Iran from Karachi
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
Today Gold Rate in Pakistan 24 April 2024
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
More Stories From Business
-
Jam Kamal leads efforts to enhance IT Capacity for trade monitoring
11 minutes ago -
SECP pushes adoption of IFRS 17 by Insurance sector
41 minutes ago -
PSX turns bullish, gains 692 more points
41 minutes ago -
RTO Peshawar makes historic seizure of illegal cigarettes worth Rs 162.6 mln
1 hour ago -
LCCI for deferment of SROs hurting businesses
1 hour ago -
Three schemes approved
1 hour ago
-
PCJCCI keen to boost Peach industry in Swat
1 hour ago -
IPO to celebrate World Intellectual Property day on 26th April
2 hours ago -
Iranian president's visit to help ensure mutual prosperity: state minister
2 hours ago -
Soyabean, palm oil imports grew 53.07%, 28.55% in 09 months
2 hours ago -
Gold rates up by Rs.1,100 per tola to Rs.242,000
3 hours ago -
Shipping activity at Port Qasim
4 hours ago