JPMorgan Chase has reported a net income of $4.23bn for the fourth quarter of 2017, a slump of 37% from $6.73bn in the corresponding quarter of 2016.
The decline in profit was attributed to a $2.4bn impact from the recently passed tax reform pursuant to which the bank paid one-time repatriation tax on income it has kept abroad and to adjust the value of its deferred tax assets and liabilities.
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Excluding the impact of tax reform, the bank reported net income stood at $6.7bn, a marginal decline of 1% compared to the year ago period.
For the quarter ended 31 December 2017, the group’s net revenue was $24.15bn, up 3% from $23.37bn reported a year ago. Provision for credit losses surged 51% year-on-year to $1.31bn.
The consumer and community banking unit of the group reported a net income of $2.63bn for the fourth quarter of 2017, a surge of 12% from $2.38bn in the corresponding quarter of 2016.
Commenting on the performance, JPMorgan Chase chairman and CEO Jamie Dimon said: “2017 was a record year on many measures for JPMorgan Chase as we added clients and customers and delivered record EPS,”
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By GlobalData“We had healthy growth in treasury services, securities services and investment banking – we were #1 in IB fees globally, a record for the firm.”
