Story updated with more information and management commentary.
- JPMorgan Chase reported a fourth quarter profit of $3.7 billion of 90 cents per share.
- Revenue was flat at $22.3 billion.
- Analysts expected earnings per share of 92 cents according to consensus estimates from Zacks
NEW YORK ( TheStreet) - JPMorgan Chase (JPM) reported a 23% decline in net profits in the fourth quarter, disappointing expectations, but the management said investors should see encouraging loan growth trends as a sign that the mild economic recovery was strengthening.
The nation's largest bank by assets kicked off the fourth-quarter earnings season, reporting a net income of $3.7 billion or 90 cents per share on a managed basis, compared to a year-ago net income of $4.83 billion or $1.13 per share and a third quarter net income of $4.3 billion or $1.02 per share.
Revenue came in at $22.2 billion, down 17% from a year earlier. In the third quarter, the bank reported a revenue of $24.36 billion, which included a $1.9 billion accounting gain.Analysts expected JPMorgan Chase to report an earnings per share of 92 cents on revenues of $22.99 billion, according to consensus estimates from Zacks. "The Firm's returns on tangible common equity for the fourth quarter of 2011 and the full year 2011 were 11% and 15%, respectively," CEO Jamie Dimon said. "We believe these returns were reasonable given the environment, although the return for the fourth quarter was modestly disappointing.". The profit drop was led by a
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