Investing.com - JP Morgan Chase, the largest U.S. bank, reported better-than-expected fourth-quarter earnings and revenue ahead of Tuesday’s opening bell.
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Earlier in the day, in its fourth quarter earnings report, JP Morgan said adjusted earnings per share came in at USD1.40 compared to expectations for USD1.37 a share. Earnings per share were USD1.30 on an unadjusted basis, compared with USD1.39 in the fourth quarter of 2012.
The bank’s fourth quarter revenue totaled USD24.1 billion, beating expectations for revenue of USD23.81 billion. Net income for the fourth quarter was USD5.3 billion, compared with net income of USD5.7 billion in the fourth quarter of 2012.
JPM said fourth quarter results were affected by a USD1.1 billion write-off (USD0.27 per share) for legal expenses, including announced Madoff settlements.
Commenting on the results, Jamie Dimon, Chairman and Chief Executive Officer, said, “We are pleased to have made progress on our control, regulatory and litigation agendas and to have put some significant issues behind us this quarter.” He added that, “It was in the best interests of our company and shareholders for us to accept responsibility, resolve these issues and move forward. “
Traders will now turn their attention to the bank’s conference call due to start at 14:00GMT. Following the release of the report, shares in JPM shed 0.5% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was modestly upbeat. The Dow Jones Industrial Average futures indicated a gain of 0.15%, S&P 500 futures pointed to a rise of 0.2% and Nasdaq 100 futures indicated an increase of 0.15%.