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JP Morgan Q4 earnings rise more-than-expected

By Investing.com  |  Stock Markets  |  Jan 16, 2013 12:20PM GMT  |   Add a Comment
 
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Investing.com - JP Morgan Chase, the largest U.S. bank, reported better-than-expected fourth-quarter earnings and revenue ahead of Wednesday’s opening bell.

JP Morgan Q4 earnings rise more-than-expected
Earlier in the day, in its fourth quarter earnings report, JP Morgan said earnings per share came in at USD1.39 compared to expectations for USD1.22 a share.

Net income totaled USD5.7 billion, 53% higher than the same period a year earlier and above forecasts for profit of USD4.82 billion.

The bank’s fourth quarter revenue increased 10% to USD24.4 billion, beating expectations for revenue of USD24.33 billion.

Traders will now turn their attention to the bank’s conference call due to start at 14:00GMT.

Following the release of the report, shares in JPM dropped 0.5% in pre-market trade.

Meanwhile, the outlook for U.S. equity markets was downbeat. The Dow Jones Industrial Average futures indicated a loss of 0.35%, S&P 500 futures pointed to a decline of 0.25% and Nasdaq 100 futures indicated a flat open.

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