Before the opening bell on Wednesday, JPMorgan Chase & Co. (JPM ) released its fourth quarter financial results.
JPM's Earnings in Brief
- JPM reported net income of $4.9 billion, or $1.19 per share, down 6.6% from $5.3 billion, or $1.30 per share, a year ago.
- Revenue for the quarter came in at $23.6 billion, down 3% from $24.1 billion last year.
- On average, analysts expected to see earnings of $1.31 and $23.64 billion in revenue.
JPM’s CEO Jamie Dimon commented: “Our businesses continue to demonstrate strong momentum and expense discipline. Consumer & Community Banking delivered impressive growth in deposits and investment assets in the fourth quarter and throughout 2014, while outperforming its expense reduction target for the year. Mortgage originations improved sequentially in the fourth quarter, despite a seasonally slow quarter. Our Card business delivered double-digit sales volume growth, outpacing the industry for the 27th consecutive quarter. Auto had a good quarter and the pipeline remains strong.”
JPM will pay its next quarterly dividend of 40 cents on January 31. The stock went ex-dividend on January 2. We expect the company to declare its next dividend in March.
Shares of JPM were down $1.09, or 1.85% during premarket trading Wednesday.