Record the result: JP Morgan earned 31 billion dollars
18 Janvier, 2019, 20:55 | Auteur: Auguste Feret
"Despite a challenging quarter, we grew markets revenue in the investment bank for the year with record performance in equities and solid performance in fixed income", chief executive Jamie Dimon said.
On Monday, Citigroup, a rival, reported an unexpectedly large decline in fixed income trading revenue in the fourth quarter, raising concerns that big banks, and investment banks in particular, suffered from market volatility at the end of past year. The company had revenue of $26.10 billion during the quarter, compared to analyst estimates of $26.69 billion. In the case of the largest German Bank, analysts now expect on average a Surplus of about 400 million euros - so much money had earned JPMorgan a year ago to just five working days.
Still, Dimon touted the company's record year-end profits and increased market share in investment banking, credit cards and overseas businesses. The bank also notched an increase in overall loans.
Choppy markets in December have crimped trading results at J.P. Morgan, just as it did for Citigroup, which reported results Monday.
The largest USA lender said fixed-income trading revenue declined 18% for the three months to December 31, 2018.
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The lender posted net interest margin, a key profitability figure, of 2.54 percent, an improvement of 3 basis points from the previous quarter that matched analysts' expectations. The income rose by slightly more than 6 percent to 111.5 billion dollars.
Bank stocks were pummeled a year ago, particularly in the fourth quarter, on fears that a worsening U.S. The corporate and investment banking revenue has declined by 4 %. Bank of America, Goldman Sachs and Morgan Stanley report later this week.
"We tell our management that we have no problems seeing loan books shrink.Remember, Warren Buffett used to say in the insurance business, and sometimes this is true in the loan business, [there are times] when you're better off having the salesforce go play golf than make new loans". Total revenue jumped from $25.75 billion to $26.80 billion.
JPMorgan Chase (NYSE:) announced fourth-quarter results Tuesday and posted earnings of $1.98 a share. Year-to-date, JPM has gained 5.55%, versus a 4.28% rise in the benchmark S&P 500 index during the same period.
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