Money

JPMorgan Chase Q4 profits jump to $8.5 bn on strong credit card lending

JPMorgan Chase saw profits jump in the fourth quarter, topping expectations amid strong credit card lending and good performance in trading, the bank reported Tuesday.

Agence France-Presse

JPMorgan Chase saw profits jump in the fourth quarter, topping expectations amid strong credit card lending and good performance in trading, the bank reported Tuesday.

The biggest US bank by assets, JPMorgan said profits surged 20.6 percent to $8.5 billion for the three months ending December 31, kicking off the corporate earnings season with a strong performance.

Revenues rose 9.0 percent to $29.2 billion.

Chief Executive Jamie Dimon said despite the “continued high level of complex geopolitical issues” facing the global economy, the “resolution of some trade issues helped support client and market activity towards the end of the year.”

Dimon described the holiday season as “robust,” as reflected in a 10 percent jump in credit card sales volumes.

Earnings rose in three of the banking giant’s four operating divisions, with an especially big jump in corporate and investment bank results. Fixed income trading, a weak area in some recent quarters, surged 86 percent.

JPMorgan’s share price rose 1.7 percent to $139.55 in pre-market trading on the news.

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