Business

JPMorgan reports higher earnings, finishes review

Posted January 16, 2013 5:27 am

Associated Press

NEW YORK — JPMorgan Chase, the country’s biggest bank by assets, says its fourth-quarter earnings shot up 55 percent over the year.

The bank made $5.3 billion after paying preferred dividends, compared with $3.4 billion this time a year ago.

Per share, those earnings amounted to $1.40, blowing away the $1.16 expected by analysts polled by FactSet.

Revenue also beat expectations. It rose 10 percent over the year, to $24.4 billion, after stripping out an accounting charge. Mortgage originations jumped 33 percent.

The bank also announced that executives and board members had finished their separate reviews of the bank’s surprise 2012 trading loss, which eventually ballooned to $6 billion.

The stock fell in pre-market trading, losing 56 cents to $45.79.

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