Investing.com - JP Morgan Chase (N:JPM), the largest U.S. bank, reported better than expected fourth quarter earnings and revenue ahead of Thursday’s opening bell, boosted by strength in its investment banking division.
JP Morgan said adjusted earnings per share came in at $1.35 in the three months ended December 31, up from $1.19 a share a year earlier and above expectations for adjusted earnings of $1.28 a share.
The bank’s revenue totaled $24.7 billion, beating estimates for revenue of $23.24 billion.
Jamie Dimon, Chairman and CEO, commented on the financial results, "We had a good quarter as 2015 came to a close. The businesses generated strong loan growth and credit quality, except for some stress in energy. The consumer business continues to gather deposits, outpacing the industry. Markets were somewhat quieter, and we saw the impact reflected in the results of our trading and Asset Management businesses”.
Traders will now turn their attention to the bank’s conference call due to start at 8:30 a.m. Eastern Time.
Following the release of the report, shares in JPM rose 33 cents, or 0.58%, in pre-market trade to trade at $57.71 from Wednesday's closing price of $57.38.
Meanwhile, U.S. equity markets pointed to a lower open. The Dow futures pointed to a drop of 25 points, or 0.15%, the S&P 500 futures shed 4 points, or 0.2%, while the Nasdaq 100 futures inched up 0.05%.