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JPMorgan Q4'19 profit jumps YOY, i-banking business rebounds

JPMorgan Chase & Co. reported net income applicable to common stockholders of $8.09 billion, or $2.57 per share, in the fourth quarter of 2019, up from $6.64 billion, or $1.98 per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the fourth quarter of 2019 was $2.36.

Net interest yield on average interest-earning assets, excluding CIB markets, for the quarter was 3.06%, both representing decreases from 3.23% in the previous quarter and 3.35% in the year-ago period. JPMorgan reported net interest income for the quarter of $14.17 billion, a decrease from $14.35 billion in the fourth quarter of 2018.

JPMorgan's consumer and community banking net revenues for the fourth quarter of 2019 were $14.04 billion, an increase from $13.70 billion in the year-ago period. Consumer and business banking revenues and home lending revenues decreased year over year, while card, merchant services and auto revenues increased year over year.

Corporate and investment bank net revenues sharply increased year over year to $9.47 billion from $7.24 billion, as markets and securities services revenues surged year over year to $6.14 billion from $3.96 billion, a 55% jump. Within the segment, fixed income revenue rose 86% year over year to $3.4 billion, benefiting from a comparison with a weak year-ago period.

Asset and wealth management revenues also increased year over year to $3.70 billion from $3.44 billion. However, commercial banking net revenues decreased year over year to $2.23 billion from $2.31 billion.

Overall, JPMorgan reported net revenues of $29.21 billion in the fourth quarter of 2019, an increase from $26.80 billion in the year-ago period.

Provisions for credit losses for the fourth quarter of 2019 was $1.43 billion, a decrease from $1.55 billion in the year-ago period. Total net charge-offs, however, increased year over year to $1.36 billion from $1.20 billion.

Total loans at the end of the fourth quarter of 2019 stood at $959.77 billion, compared with $945.22 billion in the previous quarter and $984.55 billion in the year-ago period.

Total deposits at the end of the fourth quarter of 2019 stood at $1.562 trillion, compared with $1.525 trillion in the previous quarter and $1.471 trillion in the year-ago period.

JPMorgan reported net income applicable to common shareholders of $34.64 billion, or $10.72 per share, in full year 2019, an increase from $30.71 billion, or $9.00 per share, in the year-ago period. Total net revenue for 2019 increased year over year to $118.69 billion from $111.53 billion.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the year was $10.51.