Updated with additional information throughout.
- JPMorgan Chase reports fourth-quarter profit of $5.7 billion or $1.39 a share. Analysts expected $1.16 a share, according to consensus estimates available at Thomson Reuters
- Net revenue came in at $24.4 billion, in line with estimates.
- Bank reported profit of $21.3 billion in 2012, on revenues of $99.9 billion.
- CEO Dimon pay cut in half to $11.5 million on London Whale debacle
The New York -based bank reported net income for the fourth quarter of $5.7 billion or $1.39 per share, compared to $3.7 billion or 90 cents per share in the year-ago quarter. The results included a number of one-off items including a $900 million pretax expense related to a recent foreclosure settlement, but they largely offset each other.
Revenue for the fourth quarter was $24.4 billion, up 10% year on year. Analysts expected $1.16 per share on revenues of $24.4 billion. The beat appears to have come mostly from lower provisions for loan losses, according to analyst reports.The bank finished 2012 with $21.3 billion in profits, despite the trading fiasco at its chief investment office in London that resulted in over $6 billion in losses. The debacle hurt the bank's reputation and cost CEO Jamie Dimon heavily. Dimon's pay for 2012 was cut in half to $11.5 million, according to a
>To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV