Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, US, on Thursday, Oct. 13, 2022. Ting Shen | Bloomberg | Getty ImagesJPMorgan Chase on Friday posted fourth-quarter profit and revenue that topped expectations as interest income at the bank surged 48% on higher rates and loan growth.Here’s what the company reported:related investing news Earnings of $3.57 per share which exceeds the $3.07 estimate after excluding one-time items, according to Refinitiv.Revenue of $35.57 billion vs. $34.3 billion estimateThe New York-based bank said profit jumped 6% from the year earlier period to $11.01 billion, or $3.57 per share. Revenue rose 17% to $35.57 billion, fueled by the rise in net interest income to $20.3 billion, topping the StreetAccount estimate by $1 billion, as the bank saw average loans rise 6%.But the bank posted a $2.3 billion provision for credit losses in the quarter, a 49% increase from the third quarter that exceeded the $1.96 billion StreetAccount estimate, as it set aside money for expected defaults. The company’s shares rose 1.1%.The move was driven by a “modest deterioration in the Firm’s macroeconomic outlook, now reflecting a mild recession in the central case” as well as loan growth from customers using their Chase credit cards, the bank said.The recession, in which U.S. unemployment could reach 4.9%, is expected by JPMorgan economists to hit in the fourth quarter of this year, CFO Jeremy Barnum told reporters Friday in a media call.The company’s jump in credit provisioning topped that of rival giants Bank of America and Wells Fargo, which each saw smaller increases in the quarter.Whil …
