JP Morgan profits decline 37% in Q4

JP Morgan profits decline 37% in Q4

Mubasher: JP Morgan Chase (JPM) on Friday reported a profit decline of 37% during the fourth quarter of 2017 after a $2.4 billion one-time charge due to the US tax reform.

Profits reached $4.23 billion in Q4, down from $6.72 billion during the same period of the previous year, the company’s financial results showed.

Earnings per share (EPS) dropped to $1.07, compared with an initially estimated $1.76.

The biggest US bank’s adjusted revenues, however, rose to $25.45 billion in Q4-17 from $24.3 billion in Q4-16, but fell from initial estimates of $25.51 billion.