JPMorgan Chase beat fourth quarter estimates after taking less of a hit on bad loans.
The bank posted a net income of $4.8 billion, or $1.12 per share for the three months. Thats up from $3.3 billion or 74 cents per share from the same time a year before.
A smaller deficit on bad loans was largely the reason for the increase. As the nations second-largest lender, it cut loan loss reserves by $2 billion.
Credit trends in our credit-card and wholesale businesses continued to improve, chief executive Jamie Dimon said Friday. In our mortgage business, while charge-offs and delinquencies have improved, credit costs still remain at abnormally high levels and continue to be a significant drag on our returns.
"What we see is fairly broad based strength across corporate, middle market, even small business," Chief Executive Jamie Dimon said on a conference call with media members. "We see the consumer is getting stronger."
Shares were down 0.4% at $44.27 in recent premarket trading.
