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J.P. Morgan Chase’s stock rises into record territory after reporting record $12.1 billion profit

Economy, Finance

J.P. Morgan Chase & Co. reported record fourth-quarter net income of more than $12 billion, boosted by a reserve take down of nearly $3 billion, as earnings per share, revenue and net interest income all beat expectations. The stock rose 0.7% in premarket trading, after running up 12.4% amid a 7-day win streak to a record close of $141.17 on Thursday. Net income rose to $12.14 billion, or $3.79 a share, from $8.52 billion, or $2.57 a share, in the same period a year ago. Excluding non-recurring items, such as credit reserve releases, adjusted EPS came to $3.07, above the FactSet consensus of $2.62. Revenue rose 3.4% to $30.16 billion, beating the FactSet consensus of $28.67 billion. Consumer and community banking revenue fell 8.3% to $12.73 billion, but was above the FactSet consensus of $12.42 billion, while corporate and investment bank revenue increased 17.0% to $11.35 billion to top expectations of $10.76 billion. Net interest income fell 7% to $13.4 billion, driven primarily by lower interest rates, but topped the FactSet consensus of $13.26 billion. The stock has shot up 38.8% over the past three months through Thursday, while the SPDR Financial Select Sector ETF has climbed 26.0% and the Dow Jones Industrial Average has gained 8.8%.

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