JPMorgan reports sharp rise in profit during fourth quarter

JPMorgan Chase & Co on Tuesday reported a 67 per cent rise in fourth-quarter profit from a year ago when it took a $2.4 billion charge due to an overhaul of the U.S. tax code. The largest U.S. bank by assets said net income for the fourth quarter ended Dec. 31 rose to $7.07 billion, or $1.98 per share, from $4.23 billion, or $1.07 per share, a year ago. Analysts had expected earnings of $2.20 per share, according to IBES data from Refinitiv. It was not immediately clear if the reported results were comparable. Rival Citigroup Inc reported a better-than-expected 14 per cent rise in adjusted quarterly profit on Monday, mainly helped by cost cuts.