JPMorgan Chase reports EPS at $1.07 in Q4

Business 1/12/2018, 12:51 PM
JPMorgan Chase reports EPS at $1.07 in Q4

Banking giant JPMorgan Chase & Co. reported its adjusted earnings per share were at $1.07 in the fourth quarter, an increase of 39% compared to the previous quarter and above expectations. In the update released on Friday, the company said net income amounted to $4.2 billion, decreasing 37% due to the enactment of the Tax Cuts and Jobs Act in the United States, signed into law by President Donald Trump in December, while reported revenue came in at $24.2 billion.

"2017 was a record year on many measures for JPMorgan Chase as we added clients and customers and delivered record EPS," chairman and CEO Jamie Dimon commented on the results, adding that growth was seen across various sectors. "The enactment of tax reform in the fourth quarter is a significant positive outcome for the country," he added, claiming that US companies will become more competitive globally. "The cumulative effect of retained and reinvested capital in the US will help grow the economy, ultimately growing jobs and wages. We have always invested, even in difficult times, in our employees, customers and communities, and as a result of the tax plan we will be increasing and accelerating some of these investments," he concluded on the effects of lowering the corporate tax rate from 35% to 20% as part of the tax overhaul.

Breaking the News / JC

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