JPMorgan quarterly profit rises 10% as expenses drop

[NEW YORK] JPMorgan Chase & Co, the biggest US bank, said fourth-quarter profit rose 10 per cent as expenses from litigation and employee compensation shrank.

Net income rose to US$5.43 billion, or $1.32 a share, from US$4.93 billion, or $1.19, a year earlier, according to a statement Thursday from New York-based JPMorgan. Earnings were $1.40 a share excluding litigation costs and accounting adjustments, beating the $1.27 average estimate of 29 analysts surveyed by Bloomberg.

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