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JPMorgan achieves record annual results in 2019

JPMorgan achieves record annual results in 2019

Mubasher: American multinational investment bank JPMorgan has posted record annual results in 2019, Reuters reported on Tuesday.

Revenue from three of the bank’s four main businesses grew, while commercial banking business was the only sector to record a decline in revenue.

Bond trading revenue soared 86% year-on-year in 2019, whereas revenue from equity markets rose 15% YoY to $1.5 billion.

“While we face a continued high level of complex geopolitical issues, global growth stabilised, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year,” JPMorgan’s CEO Jamie Dimon commented.

Overall revenue at JPMorgan’s corporate and investment banking unit soared 31% YoY to $9.47 billion last year, while home lending revenue declined by 5% YoY to $1.3 billion.

For the quarter ended 31 December, the bank’s total loans, excluding home lending, levelled up by 3% YoY. Deposits grew 5% YoY in Q4-19, while home loans decreased by 17% YoY in the same period.

JPMorgan’s net income rose to $8.52 billion in Q4-19, from $7.07 billion in the year-ago period, whereas, net revenue went up by 9% YoY to $29.21 billion.