JPMorgan’s Net Income Sets Record on Reserve Releases
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JPMorgan Chase & Co., the second-biggest U.S. bank by assets, posted a record $4.83 billion profit, buoyed by $2 billion in reserves added back to earnings as credit quality and the U.S. economy improved.
Fourth-quarter net income, which rose 47 percent, was $1.12 a share, compared with $3.28 billion, or 74 cents, in the same period of 2009, the New York-based company said today in a statement. The results compared with an average per-share estimate for adjusted earnings of $1 projected by 25 analysts surveyed by Bloomberg. The shares rose as much as 2.9 percent to a nine-month high.