JPMorgan Reports Record FY/14 Earnings, Q4 Hurt by Legal Costs
JPMorgan Chase reported net income for Q4/14 of $4.9 billion, compared with net income of $5.3 billion in Q4/13. The bank noted that Q4 results included an after-tax legal expense of $990 million. Earnings per share were $1.19, compared with $1.30 in the fourth quarter of 2013. Analysts polled by Thomson Financial had expected EPS of $1.35. Revenue for the quarter was $23.6 billion, down 2% compared with the prior year.
The bank said net income for full-year 2014 was a record $21.8 billion, compared with $17.9 billion in the prior year. Revenue for 2014 was
$97.9 billion, down 2% compared with 2013 revenue of $99.8 billion.
Jamie Dimon, chairman and CEO, commented on the financial results: “Our businesses continue to demonstrate strong momentum and expense discipline. The Corporate & Investment Bank saw strong performance in fees, maintaining its #1 position in Global IB fees in 2014 with particular strength in Europe, although Markets remained somewhat challenged. Commercial Banking grew period-end loans 8% versus the prior year and Commercial Banking clients generated record investment banking revenues for the quarter and the year. Lastly, Asset Management had
over $80 billion of net long-term inflows for the second consecutive year and overall AUM grew 9% this quarter compared to the prior year.”
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