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JPMorgan's Q4 net income jumps 53%

By THOMAS ADAMS - 1/16/2013 3:18:56 PM

JPMorgan Chase & Co., parent of the second-largest bank in the Rochester market, reported a 53 percent increase in profits for the fourth quarter.

The company earned $5.7 billion Wednesday, or $1.39 a share, compared with $3.7 billion, or 90 cents a year ago, beating Wall Street estimates by 23 cents.

Fourth-quarter revenues totaled $24.4 billion, up 9.8 percent from $22.2 billion a year ago.

“The firm’s results reflected strong underlying performance across virtually all of our businesses for the fourth quarter and the full year, with strong lending and deposit growth,” Chairman and CEO James Dimon said in a statement.

The increase in profits was driven by mortgage banking, which generated $51.2 billion, up 33 percent from the fourth quarter of 2011. Business loans totaled a record $18.9 billion, a 7 percent increase.

Dimon’s pay was cut in half for 2012, to $11.5 million, because of a trading loss that cost the bank $6 million, officials said. Dimon was paid $23 million in 2011.

JPMorgan Chase Bank N.A. ranks second in the local market with deposits of $1.7 billion.

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