14 Jan 2012

Q4 profit down at JP Morgan Chase

7:33 am on 14 January 2012

JP Morgan Chase has reported lower profits for the fourth-quarter, due to weaker trading at its investment banking division.

The bank made a net profit of $US3.7 billion in the last three months of 2011, down 23% on the $US4.8 billion it made in the same period a year ago.

For all of 2011, however, profit rose 9% to $US18.98 billion, compared with $US17.37 billion in 2010.

However, the BBC reports revenues for the fourth quarter were below forecasts, down 18% on a year ago to $US21.47 billion.

Shares in JP Morgan fell 4.6% in early trading in New York.

JPMorgan is the first major US bank to announce results for the fourth quarter.