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JPMorgan leans on trading, investment banking to boost profits
JPMorgan Chase & Co's net income rose to $12.1 billion, or $3.79 per share, in the quarter ended Dec. 31, from the previous year's $8.5 billion, or $2.57 per share.
The performance also surpassed its expected earnings of $2.62 per share, according to Refinitiv.
The increase is attributed to its strength in trading and investment banking offsetting the low borrowing rates on its bank's interest income.
According to JP Morgan chairman and CEO, Jamie Dimon, their credit reserves of over $30 billion will allow them to withstand an economic environment than many economists' forecasts.
In 2019, JPMorgan posted a $36.4 billion annual profit, the biggest in US banking history.
JPMorgan took a hit from the pandemic in earlier quarters but still managed to record a $29.1 billion income last year.