{"id":23948,"date":"2016-01-14T16:47:02","date_gmt":"2016-01-14T22:47:02","guid":{"rendered":"http:\/\/news.medill.northwestern.edu\/chicago\/?p=23948"},"modified":"2016-01-14T16:47:02","modified_gmt":"2016-01-14T22:47:02","slug":"jpmorgan-profits-soar-as-first-big-bank-to-release-earnings-in-2016","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/jpmorgan-profits-soar-as-first-big-bank-to-release-earnings-in-2016\/","title":{"rendered":"JPMorgan Profits Soar as First Big Bank to Release Earnings in 2016"},"content":{"rendered":"

By Katie Murar<\/strong><\/p>\n

JPMorgan Chase & Co. took to Twitter early Thursday morning to report better-than-expected results, with expense cuts making up for slow revenue growth.<\/p>\n

In the fourth quarter, New York-based JPMorgan posted net income of $5.43 billion, or $1.32 per diluted share, up 10 percent from $4.93 billion, or $1.19 per share in the year-ago quarter.<\/p>\n

<\/p>\n

\"Chart
JPMorgan’s net income over the past year. (Katie Murar\/MEDILL)<\/figcaption><\/figure>\n

Revenues barely budged from the year-ago quarter, increasing a mere .6 percent to $22.89 billion from $22.75 billion.<\/p>\n

The largest U.S. bank by assets bested analysts\u2019 expectations of $1.26 EPS by 6 cents.<\/p>\n

Chief Financial Officer Marianne Lake said on a conference call that the year was \u201cchallenging,\u201d but did not speculate on upcoming months.<\/p>\n

\u201cIn the quarter we continued our trend of strong balance sheet capital and expense discipline, and exceeded targets,\u201d Lake said. \u201cThe balance sheet was down in part purposefully and a little bit because of market conditions at the year end.\u201d<\/p>\n

In an unprecedented move, JPMorgan released its earnings via Twitter early Thursday morning to protect the results from online hackers. It is the first of the large banks to report earnings this year.<\/p>\n

Chairman and Chief Executive Officer James Dimon said the economy is \u201cas good as it\u2019s ever been,\u201d but we can expect it to get worst before it improves.<\/p>\n

\u201cWe\u2019ve got a big change in the world out there with people still getting used to china slowing down,\u201d Dimon said. \u201cHopefully this will all settle down and is not the beginning of something really bad.\u201d<\/p>\n

In a blog post, Zack\u2019s analyst Kaylan Nandy said JPMorgan prevailed amidst a tumultuous market due to tightly controlled expenses.<\/p>\n

\u201cA setback in trading activity and a not-so-impressive equities business were largely expected to act as headwinds for banks this time around and JPMorgan\u2019s results are a reflection of that,\u201d Nandy wrote. \u201cHowever, keeping core expenses at check remained the key strength that helped the bank to brave the palpable weakness to a great extent.\u201d<\/p>\n

JPMorgan\u2019s net interest income was $11.23 billion, up from $11.06 billion. Non-interest revenue was $11.66 billion, compared with $11.68 billion.<\/p>\n

The bank\u2019s provision for credit losses saw a dramatic increase in the fourth quarter, jumping to $1.25 billion from $840 million in the year-ago quarter.<\/p>\n

\u201cRelative to consensus, higher than expected revenues compensated for an increase in its loan loss provision,\u201d Jason Goldberg, an analyst for Barclays Inc., said in a statement. \u201cThe company characterized the quarter as \u2018good\u2019 with strong loan growth and credit quality, except for some stress in energy, while it acknowledged the markets were somewhat \u2018quieter\u2019.\u201d<\/p>\n

Goldberg gives JPMorgan an \u201coverweight\u201d rating, consistent with other analysts\u2019 positive recommendations.<\/p>\n

JPMorgan reported for the full year 2015 net income of $24.44 billion, or $6 per diluted share, up 12.4 percent from $21.75 billion, or $5.29 per share, in the previous year.<\/p>\n

The company\u2019s stock rose 1.5 percent to close at $58.20 on the New York Stock Exchange.<\/p>\n

Photo at top: JPMorgan Chase & Co. is the first of big U.S. banks to release fourth quarter earnings. (Katie Murar\/MEDILL)<\/div>\n","protected":false},"excerpt":{"rendered":"

By Katie Murar JPMorgan Chase & Co. took to Twitter early Thursday morning to report better-than-expected results, with expense cuts making up for slow revenue growth. In the fourth quarter, New York-based JPMorgan posted net income of $5.43 billion, or $1.32 per diluted share, up 10 percent from $4.93 billion, or $1.19 per share in […]<\/p>\n","protected":false},"author":223,"featured_media":23968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,585],"tags":[],"class_list":["post-23948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-winter-2016"],"yoast_head":"\nJPMorgan Profits Soar as First Big Bank to Release Earnings in 2016 - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/jpmorgan-profits-soar-as-first-big-bank-to-release-earnings-in-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JPMorgan Profits Soar as First Big Bank to Release Earnings in 2016 - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Katie Murar JPMorgan Chase & Co. took to Twitter early Thursday morning to report better-than-expected results, with expense cuts making up for slow revenue growth. 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