JPMorgan Chase has kicked
off the US reporting season with a full year net profit of $17.4bn,
up 48% from $11.7bn the prior year.

CEO Jamie Dimon said that
JPMorgan Chase had “come through the worst economic storm in recent
history stronger than we have ever been.”

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The bank’s Retail
Financial Services (RFS) unit posted a net profit of $2.53bn
compared with $97m the prior year.

Chase’s Card Services unit
returned to the black, posting net income of $2.07bn, compared with
a net loss of $2.22bn the previous year.

Provisions for credit
losses more than halved across the group, from $38.5bn in fiscal
2009 to $16.6bn.

Retail banking sector
highlights in fiscal 2010 included:

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  • Chase added more than 150
    branches to its network; it now has 5,268 units;
  • More than 1.5m net new
    current accounts were opened during 2010, bringing total checking
    account numbers to 27.3m, an
  • Chase’s card unit opened
    11.3m new accounts while sales volume was up 9% during
    2010.

Consumer lending increased
by 8% during fiscal 2010 to $465.3bn while average total deposits
at Chase’s RFS unit were $338.7bn, up 3% from the prior
year.