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JPMorgan quarterly profits rise 53 percent

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A man walks past JPMorgan Chase & Co's international headquarters on Park Avenue in New York
Andrew Burton  /  REUTERS
A man walks past JPMorgan Chase & Co's international headquarters on Park Avenue in New York July 13, 2012. REUTERS/Andrew Burton
updated 1/16/2013 7:22:45 AM ET 2013-01-16T12:22:45

NEW YORK (Reuters) - JPMorgan Chase & Co said fourth-quarter net income jumped 53 percent as the largest U.S. bank made more mortgages and saw a decline in costs for bad loans.

Net income rose to $5.69 billion, or $1.39 a share, from $3.73 billion, or 90 cents a share, a year earlier. Results for both periods included special items, the company said on Wednesday.

The company also released more information about its investigations of its $6.2 billion London Whale trading loss in a regulatory filing.

Revenue from mortgage production, excluding losses on repurchases of past loans, increased 51 percent to $1.6 billion.

The provision for credit losses plunged 70 percent to $656 million.

"We continued to see favorable credit conditions across our wholesale loan portfolios and strong credit performance in our credit card portfolio," Chief Executive Jamie Dimon said in a statement.

(Reporting by David Henry in New York and Rick Rothacker in Charlotte, North Carolina; Editing by Jeffrey Benkoe)

(c) Copyright Thomson Reuters 2013. Check for restrictions at: http://about.reuters.com/fulllegal.asp

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    Andrew Burton / REUTERS
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