J.P. Morgan's stock jumps after profit and revenue rise above expectations

Shares of J.P. Morgan Chase & Co. (JPM) rose 1.5% in premarket trading Tuesday, after the banking giant reported fourth-quarter earnings that beat expectations, helped by a "strong" consumer, stabilization in global economic growth and the resolution of some trade issues. Net income rose to $8.52 billion, or $2.57 a share, from $7.07 billion, or $ 1.98 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.35. Total net revenue on a reported basis increased to $28.3 billion from $26.1 billion, above the FactSet consensus of $27.7 billion. Net interest income fell 2% to $14.3 billion, but beat the FactSet consensus of $14.10 billion. Consumer & community banking revenue grew 2.5% to $14.04 billion, above the FactSet consensus of $14.10 billion, while corporate and investment bank revenue rose 31% to $9.47 billion to beat expectations of $8.15 billion. Markets and security services revenue grew 55% to $6.14 billion. "The U.S. consumer continues to be in a strong position and we see the benefits of this across our consumer businesses," said Chief Executive Jamie Dimon. The stock has climbed 17.8% over the past three months through Monday, while the SPDR Financial Select Sector ETF (XLF) has advanced 11.6% and the Dow Jones Industrial Average has gained 7.9%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

  (END) Dow Jones Newswires
  01-14-20 0759ET
  Copyright (c) 2020 Dow Jones & Company, Inc.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.