JPMorgan Chase & Co (JPM) reported strong results in the fourth quarter of 2020, with net profit up 42% largely driven by credit reserve releases of $2.9 billion. The Group said it ended the year with a CET1 ratio of 13.1% and capital above $200 billion, providing with meaningful capacity to further invest in business and communities, while returning capital to shareholders.
Fourth quarter earnings per share was $3.79 compared to $2.57, last year. The company noted that its fourth quarter results included $2.9 billion of credit reserve releases Firmwide which resulted in $0.72 increase in earnings per share. On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $2.62, for the quarter. Analysts' estimates typically exclude special items. Net income was $12.14 billion compared to $8.52 billion, a year ago.
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