JPMorgan Chase & Co. (NYSE:JPM) early Friday posted better than expected fourth quarter earnings results, as the company ended the year with record AUM and investment banking revenue.
The New York City-based banking giant reported Q4 earnings per share (EPS) of $1.76, excluding one-time items, which was $0.07 higher than the analyst consensus estimate of $1.69.
Revenues rose to $25.5 billion in the latest period, also topping Wall Street’s view of $25.15 billion.
The company’s CEO Jamie Dimon commented via press release:
“2017 was a record year on many measures for JPMorgan Chase as we added clients and customers and delivered record EPS. We had healthy growth in Treasury Services, Securities Services and Investment Banking – we were #1 in IB fees globally, a record for the firm. Commercial Banking and Asset & Wealth Management generated record revenue and net income. The Commercial Bank earned a record $2.3 billion of IB revenue and continued to add bankers and offices and now has offices in each of the top 50 MSAs. In Asset & Wealth Management, loans and AUM were up, 9% and 15%, to record levels, and we brought in $68 billion of long-term net flows. Consumer & Community Banking – which now reaches 61 million households – grew core loans and deposits 9% each, and had record merchant processing volume of $1.2 trillion.”
JPMorgan Chase & Co. shares fell $0.85 (-0.77%) in premarket trading Friday following the report. Year-to-date, JPM has gained 4.19%, versus a 3.47% rise in the benchmark S&P 500 index during the same period.