- JPMorgan Chase reports fourth quarter earnings of $5.3 billion, or $1.30 a share, on revenue of $24.1 billion.
- Adjusted for one-time items, earnings-per-share would have been $1.40.
- Analysts polled by Thomson Reuters on average expected earnings per share of $1.35 on revenue of $23.685 billion.
- For the full year, the bank earned a profit of $17.9 billion, or $4.35 a share, on revenue of $99.8 billion.
Updated from 7:30 a.m. ET with additional information throughout.
NEW YORK (TheStreet) - JPMorgan Chase (JPM) said fourth-quarter profit fell 7% from a year ago, hurt by a steep decline in mortgage banking production, weak investment banking performance and a surge in legal and other one-time expenses.
The country's largest bank kicked off bank earnings season Tuesday, reporting a fourth-quarter profit of $5.278 billion, or $1.30 a share. Revenue on a managed basis was $24.1 billion. During the fourth quarter of 2012, the bank reported earnings of $5.692 billion, or $1.40 per share, on revenue of $24.378 billion.
Shares of JPMorgan were up 0.5% in premarket trading, to $58.00.
The results included a number of one-off items, including $1.1 billion after-tax legal expenses. The bank had previously disclosed that it would take a $850 million charge in the fourth quarter related to a $2.6 billion settlement it entered into with the Department of Justice and regulators over its role in the Bernard Madoff Ponzi scheme and would add $400 million to its legal reserves.
The results were also affected by a $1.2 billion after-tax adjustment from "funding valuation adjustments" or "debit valuation adjustments." The latter is an accounting quirk that requires banks to record a profit when the market value of their own bonds drops and a loss when the value of their bonds rises.