Published January 16, 2013
NEW YORK – JPMorgan Chase & Co said fourth-quarter net income jumped 53 percent as the largest U.S. bank made more mortgages and saw a decline in costs for bad loans.
Net income rose to $5.69 billion, or $1.39 a share, from $3.73 billion, or 90 cents a share, a year earlier. Results for both periods included special items, the company said on Wednesday.
The company also released more information about its investigations of its $6.2 billion London Whale trading loss in a regulatory filing.
Revenue from mortgage production, excluding losses on repurchases of past loans, increased 51 percent to $1.6 billion.
The provision for credit losses plunged 70 percent to $656 million.
"We continued to see favorable credit conditions across our wholesale loan portfolios and strong credit performance in our credit card portfolio," Chief Executive Jamie Dimon said in a statement.
(Reporting by David Henry in New York and Rick Rothacker in Charlotte, North Carolina; Editing by Jeffrey Benkoe)