Published 3 months ago • loading... • Updated 3 months ago

JPMorgan profit falls on one-time Apple card deal charge

On Tuesday, JPMorgan Chase reported fourth-quarter adjusted profit rose 9%, earning $13.03 billion, or $4.63 a share.
Revenues showed quarterly revenues $45.8 billion in the quarter, up 7% from a year earlier as JPMorgan Chase and The Bank of New York Mellon Corp. started the bank earnings session this week.
The bank booked a one-time 60-cent-per-share charge from the Apple Card portfolio and added $2.2 billion loan-loss reserves, with EPS $5.23 excluding reserves.
Analysts expected $4.85 per share, according to FactSet, while Washington developments may split investor attention, including President Donald Trump's push for a 10% credit card interest-rate cap proposal.
Jamie Dimon, JPMorgan Chase CEO, remained optimistic about the U.S. economy as consumers continue spending and conditions could persist with fiscal stimulus, deregulation, and Fed policy.

Insights by Ground AI

23 Articles

JPMorgan profit takes a hit as it builds $2.2B reserves for Apple card deal

JPMorgan Chase posted a dip in quarterly profit as it built a $2.2 billion reserve linked to its deal with Goldman Sachs to take over a credit card partnership with Apple.

3 months ago·New York, United States

Read Full Article

Associated Press News

+6 Reposted by 6 other sources

Lean Left

JPMorgan Chase profits rise 9% in the fourth quarter excluding hit from the Apple Card acquisition

JPMorgan Chase is reporting a 9% rise in adjusted profits for the fourth quarter, benefiting from a strong economy in both consumer and investment banking.

3 months ago·United States

Read Full Article

The Globe & Mail

Center

JPMorgan profit beats estimates on trading boom, shares hit by weaker investment banking

Bank’s fourth-quarter markets revenue jumped 17% on trading boom

3 months ago·Canada

Read Full Article

Handelsblatt

Lean Right

Large Bank: Credit Card Deal with Apple Presses Profit From Jp Morgan

The large bank posted a surplus of 13 billion dollars in the fourth quarter. If a special effect is left out, the profit is above expectations.

3 months ago·Düsseldorf, Germany

Read Full Article

Devdiscourse

Center

JPMorgan's Credit Card Ambitions: A Stride Amid Economic Uncertainty

JPMorgan's Credit Card Ambitions: A Stride Amid Economic Uncertainty JPMorgan Chase experienced a decline in fourth-quarter profit, primarily due to a one-time charge associated with an agreement to assume responsibility for a credit card partnership with Apple. This strategic move aims to bolster JPMorgan's presence in the credit card sector, representing yet another strategic win for CEO Jamie Dimon.Despite the charge, JPMorgan's quarterly pro…

3 months ago·India

Read Full Article