The bank said Friday that earnings per share fell $3.33 from $3.79 a year ago. MTI wrote that analysts’ expectations included a $3.01 drop in earnings per share.
The bank’s fourth-quarter after-tax results were boosted by the release of $1.8 billion in bad loan provisions, but worsened by the one-time release of $550 million.
JPMorgan had quarterly revenue of $30.3 billion, up from $29.36 the previous year.
The bank’s net interest income rose 3 percent to $13.7 billion in the fourth quarter of last year, while non-interest income fell 1 percent to $16.6 billion.
“The US economy remains fairly robust despite the new coronavirus pressure, inflation, and supply chain challenges,” said James Dimon, CEO of JPMorgan.
“We are optimistic about the prospects for economic growth in the US,” he said. “Business sentiment remains strong and consumers are benefiting from higher employment and wages.”
JPMorgan’s after-tax profit and revenue broke a record last year. The bank’s annual profits rose to 48.3 billion dollars from 29.1 billion dollars in 2020, and revenues rose from 119.951 billion dollars to 121.65 billion dollars.
JPMorgan issued a total of $19 billion in bad credit reserves last year.
“Friendly thinker. Wannabe social media geek. Extreme student. Total troublemaker. Web evangelist. Tv advocate.”