Watch CBSN Live

JPMorgan returns to a profit in fourth quarter

NEW YORK - JPMorgan Chase (JPM), the biggest U.S. bank by assets, says it returned to a profit in the fourth quarter.

The bank said it had net income of $5.3 billion in the last three months of 2013, compared with a profit of $5.7 billion in the same period a year earlier.

On a per-share basis, JPMorgan said it had earned $1.30 a share in the quarter, compared with $1.39 a share a year earlier.

Revenue fell 1 percent to $24.1 billion, just above analysts' expectations of $23.9 billion.

The bank reported a loss in the third quarter, due to the bank's mounting legal costs. It was the bank's first quarterly loss in 10 years.

View CBS News In
CBS News App Open
Chrome Safari Continue