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
>To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV