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.

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,”

“We had healthy growth in treasury services, securities services and investment banking – we were #1 in IB fees globally, a record for the firm.”