Jan 12 (Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a higher-than-expected quarterly profit as gains in net interest income offset a slowdown in trading revenue.
The bank recorded a $2.4 billion charge to cover a new one-time repatriation tax on income it has kept abroad and to adjust the value of its deferred tax assets and liabilities.
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The sweeping changes in the tax law enacted by President Donald Trump are expected to mean short-term pain but long-term gain for large U.S. banks that do business worldwide.
"The enactment of tax reform in the fourth quarter is a significant positive outcome for the country. U.S. companies will be more competitive globally, which will ultimately benefit all Americans," Chief Executive Officer Jamie Dimon said in a statement.
Net profit, adjusted to exclude the tax charge and other one-time items, was $6.7 billion, or $1.76 per share, for the fourth quarter ended Dec. 31. (http://bit.ly/2AR7AUe)
Analysts had expected earnings of $1.69 per share on average, according to Thomson Reuters I/B/E/S.
Net revenue rose 4.6 percent to $25.45 billion, beating the estimate of $25.15 billion.
Net interest income rose 11 percent to $13.4 billion on higher interest rates and loan growth. Markets revenue, however, fell 22 percent to $4.43 billion.
Net income, reported under generally accepted accounting principles (GAAP) and including the tax charge, declined to $4.23 billion, or $1.07 per share, in the fourth quarter ended Dec. 31, from $6.73 billion, or $1.71 per share, a year earlier. (Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Saumyadeb Chakrabarty)