JPMorgan Chase, the largest US bank by assets, has announced a record net income of $21.1bn for fiscal 2012, up 12% year-on-year.
Positive results at New York based JP Morgan include:
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– Revenue remains flat at $97bn;
– Net income at JP Morgan Chase’s retail banking division rose by 71% to $10.6bn;
– Market capitalisation rose by 33% to $167bn, leaving the bank with a share price of $43.90 at the end of 2012;
– Total deposits rose by 8% to $1.1trn;
– Total loans rose by 1% to $733m.
Less positive retail metrics at the bank include a fall in consumer loans by 5% to $292m and credit card loans down by 3% to $127m.
Jamie Dimon, Chairman and CEO, commented on the financial results: "For the third consecutive year, the Firm reported both record net income and a return on tangible common equity of 15%. The Firm’s results reflected strong underlying performance across virtually all our businesses for the fourth quarter and the full year, with strong lending and deposit growth."
Chase has bucked the trend in retail banking, continuing to open branches around the US in 2012.
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By GlobalDataIn January the bank opened its 1,000 branch in California, bringing its total branches in the US to 5,614, an increase of 106 from the prior year and 18 from the prior quarter.
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