JPMorgan sees profits increase by 47%

17 January 2011

Profits at JPMorgan increased by 47 per cent during the fourth quarter of 2010, financial figures posted by the bank have revealed.

According to the financial institution, net income for the three month period reached $4.8 billion and was higher than the $3.3 billion recorded during the final quarter of 2009.

Total income for the year reached $17.4 billion which was 48 per cent higher than the $11.7 billion seen the previous year.

Earnings per share were also up having reached $3.96 in 2010 and were higher than the $2.26 seen during 2009.

Jamie Dimon, chairman and chief executive officer, said: "Solid performance in the quarter and for the year reflected good results across most of our businesses, which benefited from strong client relationships and continued investments for growth.

“Credit trends in our credit card and wholesale businesses continued to improve. 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."

Further figures from JPMorgan revealed that the tier one ratio for the bank stood at 9.8 per cent at the end of last year.

By Jim Ottewill

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