JPMorgan returns to a profit in fourth quarter

By Ken Sweet

Associated Press

Published: Tuesday, Jan. 14 2014 7:13 a.m. MST

In this photo provided by the Robin Hood Foundation, Jamie Dimon, Chairman of the Board and Chief Executive Officer of JP Morgan Chase & Co., speaks at the inaugural Robin Hood Investors Conference in New York, Friday, Nov. 22, 2013. JPMorgan Chase & Co. reports quarterly financial results before the market opens on Tuesday, Jan. 14, 2014.

Robin Hood Foundation, Craig Warga, Associated Press

Enlarge photo»

NEW YORK — JPMorgan Chase, the biggest U.S. bank by assets, says it returned to a profit in the fourth quarter.

The bank said it had net income of $5.3 billion in the last three months of 2013, compared with a profit of $5.7 billion in the same period a year earlier.

On a per-share basis, JPMorgan said it had earned $1.30 a share in the quarter, compared with $1.39 a share a year earlier.

Revenue fell 1 percent to $24.1 billion, just above analysts' expectations of $23.9 billion.

The bank reported a loss in the third quarter, due to the bank's mounting legal costs. It was the bank's first quarterly loss in 10 years.

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