JPMorgan beats!
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JPMorgan just announced fourth-quarter earnings that beat on the top and bottom lines.
The firm announced earnings per share of $1.32 on revenue of $23.7 billion.
Analysts were expecting adjusted earnings per share of $1.28 on revenue of $23.24 billion, according to Bloomberg.
"We had a good quarter as 2015 came to a close," CEO Jamie Dimon said in a statement.
"The businesses generated strong loan growth and credit quality, except for some stress in energy. The consumer business continues to gather deposits, outpacing the industry. Markets were somewhat quieter, and we saw the impact reflected in the results of our trading and Asset Management businesses."
The firm beat expectations in almost every major division — except equities:
- Investment-banking revenue came in at $1.47 billion ($1.45 billion expected)
- Trading revenue was $4.31 billion ($3.72 billion expected)
- Fixed-income, currencies, and commodities revenue came in at $2.58 billion ($2.48 billion expected)
- Equities revenue was $1.06 billion ($1.24 billion expected)
The firm also reported record full-year 2015 results, including record net income of $24.4 billion and record earnings per share of $6.00 on revenue of $96.6 billion for the year.
"Looking at performance for the full year, 2015 was another record year for the Firm for net income and EPS, and importantly we exceeded on all of our commitments — balance sheet optimization, capital, GSIB and expense," Dimon continued.
"On operating leverage, we delivered core efficiencies while continuing to invest in innovation and technology, infrastructure and talent — crucial for protecting the company and customers, and for our growth."
In the same quarter last year, JPMorgan missed on the top and bottom lines, reporting earnings of $1.19 a share ($1.31 expected) on revenue of $23.5 billion ($23.66 billion expected).
Wells Fargo and Citigroup will report fourth-quarter earnings at 8 a.m. on Friday.
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