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JP Morgan Chase today reported that
fourth-quarter profit jumped 47%, as revenue increased and it continued to set
aside less to cover potential credit losses.
The bank reported fourth-quarter 2010 net income of
$4.8bn, an increase of 47% compared with $3.3bn for the fourth quarter of 2009.
Earnings per share were $1.12, compared with $0.74 for the fourth quarter of
2009. Full-year 2010 net income was $17.4bn, an increase of 48% compared with
$11.7bn for the prior year. Earnings per share were $3.96, compared with $2.26
Jamie Dimon, chairman and chief executive officer,
commented: "Solid performance in the quarter and for the year reflected good
results across most of our businesses, which benefited from strong client
relationships and continued investments for growth. Credit trends in our credit
card and wholesale businesses continued to improve. In our mortgage business,
while charge-offs and delinquencies have improved, credit costs still remain at
abnormally high levels and continue to be a significant drag on our returns."
Credit-loss provisions were $3.04bn, down from
$8.9bn a year earlier and $3.22bn in the prior quarter.
In its card services unit the credit loss provision was cut 84%, and it moved
into a $1.3bn profit, second only to the investment bank, from a loss of $306m.
“It’s going to be a long ugly mess, but
it won’t be life threatening to JPMorgan,” Jamie Dimon
told analysts on a conference call in reference to ongoing mortgage sales
disputes. “We will be talking about this for every
quarter over the next three years.”