Connect with us

Business News

JPMorgan profit rises 67 percent from a year earlier



FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files

(Reuters) – JPMorgan Chase & Co (JPM.N) on Tuesday reported a 67 percent rise in fourth-quarter profit from a year ago, when it took a $2.4 billion charge due to an overhaul of the U.S. tax code.

The largest U.S. bank by assets said net income for the fourth quarter ended Dec. 31 rose to $7.07 billion, or $1.98 per share, from $4.23 billion, or $1.07 per share, a year ago.

Analysts had expected earnings of $2.20 per share, according to IBES data from Refinitiv. It was not immediately clear if the reported results were comparable.

Rival Citigroup Inc (C.N) reported a better-than-expected 14 percent rise in adjusted quarterly profit on Monday, mainly helped by cost cuts.

Reporting by Siddarth Cavale; Editing by Saumyadeb Chakrabarty