US banking titan JP Morgan Chase (NYSE:JPM) kicked off earnings season with aplomb and shares nudged higher in pre-market as it posted analyst-beating fourth quarter profits..
For the three months to December 31,2015, net profit was US$5.43 billion, or US$1.32 per share, compared to US $4.93bn for the same quarter of 2014.
Analysts had expected earnings of $1.25 a share.
Revenues in the quarter rose to US$23.75 billion against analyst expectations of US$22.89 billion.
Notably, profits in the group's investment banking business increased considerably to US$1.75 billion from US$972 million in the fourth quarter of 2014.
Chief executive Jamie Dimon told investors: " "We had a good quarter as 2015 came to a close. The businesses generated strong loan growth and credit quality, except for some stress in energy.
"The consumer business continues to gather deposits, outpacing the industry. Markets were somewhat quieter, and we saw the impact reflected in the results of our trading and Asset Management businesses.”
Dimon added: "We see exciting opportunities to invest for the future, to continue to deliver better and faster for our clients and customers.”
Ahead of the bell in New York, shares are up 1.78% to US$58.36 each.