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| JP Morgan profits rise sharply to $5.7bn | JP Morgan profits rise sharply to $5.7bn |
| (35 minutes later) | |
| JP Morgan Chase has reported a sharp rise in profits on the back of strong growth in lending and deposits, and lower provisions for bad loans. | JP Morgan Chase has reported a sharp rise in profits on the back of strong growth in lending and deposits, and lower provisions for bad loans. |
| Net income for the final quarter of 2012 was $5.7bn (£3.6bn), up 54% on the $3.7bn the bank made a year earlier. Total revenue was up 10% at $24.4bn. | Net income for the final quarter of 2012 was $5.7bn (£3.6bn), up 54% on the $3.7bn the bank made a year earlier. Total revenue was up 10% at $24.4bn. |
| Net income for the whole of 2012 was $21.3bn, a record for the firm. | Net income for the whole of 2012 was $21.3bn, a record for the firm. |
| The bank also said the total 2012 pay for boss Jamie Dimon would be about half what he received in 2011. | The bank also said the total 2012 pay for boss Jamie Dimon would be about half what he received in 2011. |
| This includes a salary of $1.5m - unchanged from 2011 - and a bonus of $10m in share options, down 54%. | This includes a salary of $1.5m - unchanged from 2011 - and a bonus of $10m in share options, down 54%. |
| The bank also said it had tightened up risk controls in light of the multi-billion dollar losses on derivatives trades by London-based trader Bruno Iksil, known as the London Whale, which it suffered last year. | |
| On Tuesday this week, US regulators said the bank had to revamp its risk management. | |
| 'Record' | 'Record' |
| The bank's investment banking division performed particularly well during the final three months of the year, with net income more than doubling to $2bn. | The bank's investment banking division performed particularly well during the final three months of the year, with net income more than doubling to $2bn. |
| The bank allocated $656m to cover bad loans during the quarter, significantly less than than the $2.2bn set aside in final quarter of 2011. | The bank allocated $656m to cover bad loans during the quarter, significantly less than than the $2.2bn set aside in final quarter of 2011. |
| "For the third consecutive year, the firm reported both record net income," said Jamie Dimon, JP Morgan's chief executive. | "For the third consecutive year, the firm reported both record net income," said Jamie Dimon, JP Morgan's chief executive. |
| "The firm's results reflected strong underlying performance across virtually all our businesses for the fourth quarter and the full year." | "The firm's results reflected strong underlying performance across virtually all our businesses for the fourth quarter and the full year." |
| He said loans to small businesses over the full year were up by the fifth. | He said loans to small businesses over the full year were up by the fifth. |