© Reuters. FILE PHOTO: JP Morgan Chase & Co. company headquarters in New York
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(Reuters) – JPMorgan Chase & Co (NYSE:) reported a better fourth-quarter revenue on Friday, as energy in buying and selling and funding banking offset the drag of low borrowing charges on curiosity revenue on the largest U.S. financial institution’s lending enterprise.
Web revenue rose to $12.1 billion, or $3.79 per share, within the quarter ended Dec. 31, from $8.5 billion, or $2.57 per share, a yr earlier. Income rose 3% to $30.2 billion.
Analysts on common had anticipated earnings of $2.62 per share, in keeping with Refinitiv.
The massive U.S. lenders spent 2020 grappling with the financial fallout of the COVID-19 pandemic, setting apart billions to cowl anticipated mortgage losses. Analysts predict a rebound of their earnings in 2021.
Within the fourth quarter, JPMorgan’s revenue was boosted by decrease loss provisions, whereas income from capital markets and funding banking additionally propped up its numbers.
Citigroup (NYSE:) and Wells Fargo (NYSE:) are anticipated to report outcomes afterward Friday.
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