Banking sector boosted by JPMorgan earnings report
JPMorgan Chase & Co. reported a 47 percent increase in fourth-quarter earnings as it continues to deal with the aftermath of the mortgage crisis, Reuters reported.
The bank, shares of which rose 2.2 percent to $45.43, lifted the broader banking sector and boosted investor optimism that revenue for major banks will recover.
Bank of America Corp. the largest U.S. bank, is expected to report its fourth-quarter results on Jan. 19. Citigroup Inc. intends to report its financial data on Jan. 18.
JPMorgan said its profits increased to $4.8 billion, or $1.12 a share, from $3.3 billion, or 74 cents a share, a year earlier.
“Our early indicators are that we will continue to see loan growth this year,” said Jamie Dimon, JPMorgan’s CEO.
In the fourth quarter, the bank made loans totaling $2.4 billion, a 0.35 percent increase.