JPMorgan returns to a profit in fourth quarter

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Associated Press

Posted on January 14, 2014 at 5:30 AM

Updated Tuesday, Jan 14 at 6:00 AM

NEW YORK (AP) — JPMorgan Chase, the biggest U.S. bank by assets, says it returned to a profit in the fourth quarter.

The bank said it had net income of $5.3 billion in the last three months of 2013, compared with a profit of $5.7 billion in the same period a year earlier.

On a per-share basis, JPMorgan said it had earned $1.30 a share in the quarter, compared with $1.39 a share a year earlier.

Revenue fell 1 percent to $24.1 billion, just above analysts' expectations of $23.9 billion.

The bank reported a loss in the third quarter, due to the bank's mounting legal costs. It was the bank's first quarterly loss in 10 years.

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