JPMORGAN CHASE REPORTS MIXED QUARTER AS TRADING GAINS OFFSET APPLE CARD RESERVES

JPMorgan Chase reported fourth-quarter results that came in ahead of analysts’ expectations, driven by a strong performance in trading, even as headline profit declined from a year earlier due to a sizable reserve tied to the Apple Card business.

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The bank said quarterly net income totaled $13 billion, or $4.63 per share, compared with $14 billion, or $4.81 per share, in the same period last year. Despite the year-over-year dip, results exceeded market forecasts, reflecting continued strength in markets activity during a volatile end to the year.

TRADING REVENUE DRIVES OUTPERFORMANCE

JPMorgan's markets division was a central contributor to the earnings beat. Revenue from trading rose 17% compared with the prior year, as heightened volatility across interest rates, currencies, equities, and commodities boosted client activity.

Executives pointed to increased hedging demand from corporate clients and institutional investors adjusting portfolios amid shifting expectations around inflation, central-bank policy, and geopolitical risk. Fixed-income trading led the gains, though equities trading also posted solid growth.

The performance underscored JPMorgan's scale advantage in global markets, where it remains one of the largest dealers by volume and client reach.

APPLE CARD RESERVES WEIGH ON PROFIT