JPMorgan Chase reported fourth-quarter earnings Tuesday that beat analysts’ revenue and profit expectations, reflecting strong gains in its corporate and investment bank and asset and wealth management divisions.
The bank’s shares climbed 1.9% in premarket trading.
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JPMorgan Chase posted $2.57 in fourth-quarter earnings per share, outpacing the $2.36 figure that Wall Street analysts surveyed by Bloomberg were expecting as corporate and investment bank revenues jumped 31%, and wealth and asset management revenue climbed 8%.
The bank’s shares climbed 1.9% in premarket trading as investors cheered the outperformance and positive outlook by CEO Jamie Dimon.
Here are the key numbers:
Net income: $8.52 billion versus the $7.54 billion estimate
Earnings per share: $2.57 versus the $2.36 estimate
Revenue: $28.3 billion versus the $27.9 billion estimate
“JPMorgan Chase produced strong results in the fourth quarter of 2019, capping off a solid year for the Firm where we achieved many records, including record revenue and net income,” Dimon said in the earnings release.
“While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year,” he added.
JPMorgan’s corporate and …read more
Source:: Businessinsider – Finance