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JPMorgan misses profit expectations in Q4'18

New York-based JPMorgan Chase & Co. posted 2018 fourth-quarter net income applicable to common stockholders of $6.64 billion, or $1.98 per share. This was lower than the S&P Global Market Intelligence consensus GAAP EPS estimate of $2.21.

In the same quarter of 2017, net income was $3.77 billion, or $1.07 per share. This figure included a $2.4 billion reduction in net income as a result of the enactment of tax reform.

The consumer and community banking segment saw its fourth-quarter net income rise year over year to $4.03 billion from $2.63 billion. Commercial banking net income for the recent quarter was $1.04 billion, up from $957 million a year ago.

Corporate and investment bank net income was down year over year to $1.98 billion from $2.32 billion, amid declines in markets and fixed income revenues. Challenging market conditions also produced revenue declines in credit trading, rates and commodities.

Asset and wealth management reported 2018 fourth-quarter net income of $604 million, down from $654 million in the previous year. Assets under management were down 2% year over year to $1.987 trillion, due to the impact of lower market levels, which were largely offset by net inflows into liquidity and long-term products.

Total loans grew 3% quarter over quarter and grew 6% from the year-ago period to $984.55 billion.

Total deposits ticked up 1% from the linked quarter and rose 2% from the year-ago period to $1.471 trillion.

For full year 2018, the company reported net income applicable to common stockholders of $30.71 billion, or $9.00 per share, compared to net income of $22.57 billion, or $6.31 per share, in the previous year.