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JPMorgan earnings drop on legal costs

Rochester Business Journal
January 14, 2014

JPMorgan Chase & Co. Tuesday reported a decline in fourth-quarter profits, with earnings per share a nickel below expectations.
 
Its fourth-quarter income was down 7 percent to $5.3 billion from nearly $5.7 billion in the fourth quarter of 2012.The bank reported diluted earnings per share of $1.30, short of Wall Street analyst projections of $1.35. Its year-ago earnings were $1.39 per diluted share.

The fourth-quarter profit comes after JPMorgan lost $380 million, or 17 cents a share, in the third quarter, primarily due to legal costs.

“We are pleased to have made progress on our control, regulatory and litigation agendas and to have put some significant issues behind us this quarter,” Chairman and CEO James Dimon said in a statement.

Quarterly revenue was $24.1 billion, down 1 percent from $24.3 billion in the fourth quarter of 2012, the bank reported.

Net income for 2013 totaled $17.9 billion, or $4.35 per share, down 16 percent from $21.3 billion, or $5.20, in 2012. Full-year revenue was $99.8 billion, compared with $99.9 billion in 2012.

JPMorgan Chase Bank N.A. ranks second in the Rochester market with local deposits of nearly $2.1 billion, data from the Federal Deposit Insurance Corp. shows.

Shares (NYSE: JPM) were trading at $57.75, up 6 cents from Monday’s close.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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