JPMorgan Beats Street, Net Rises 47%

Updated to include premarket share price.

NEW YORK ( TheStreet) -- JPMorgan Chase ( JPM) beat Wall Street's earnings expectations by a healthy margin in the fourth quarter, with results boosted by continued improvements in its retail division.

The firm also hinted that a dividend hike could come soon, with CEO Jamie Dimon saying the firm had reached capital ratio goals last quarter and expects to "generate substantial capital, well beyond what we will need to prudently grow our business."

The New York-based banking giant earned $4.8 billion, or $1.12 a share, up 47% from the year-ago period. In an encouraging sign, revenue also climbed 13% to $26 billion from $23.2 billion during the fourth quarter of 2009. The bank said improving credit trends and strong results in certain investment banking businesses helped strengthen results.

Analysts had expected JPMorgan to report earnings of 99 cents a share on revenue of $24.4 billion, according to Thomson Reuters.

JPMorgan shares were down 0.5% at $44.25 in pre-market trading ahead of its conference call at 9 a.m.

"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," said Dimon, in a statement Friday. "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."

-- Written by Lauren Tara LaCapra in New York.

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