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JPMorgan Chase Q4 net income increases by 53% to $5.7bn

JPMorgan Chase & Co has reported that its net income rose by 53% to $5.7bn, or $1.39 per share for the fourth-quarter of 2012, compared to $3.7bn, or $0.90 per share last fiscal, reflecting strong lending and deposit growth.

Revenue for the quarter stood at $24.4bn, up by 10% compared with the prior year, while return on tangible common equity was 15%, against 11% the previous year.

JPMorgan Chase & Co chairman and chief executive officer Jamie Dimon said, "We strengthened our fortress balance sheet, ending the fourth quarter with a strong Basel I Tier 1 common ratio1 of 11.0%, up from 10.4% in the third quarter."

Consumer & Community Banking (CCB) segment net income grew by 28% to $2bn, versus $1.6bn, while its net revenue was $12.4bn up by 10%, from $11.2bn compared with the prior year.

Corporate & Investment Bank (CIB) reported net income of $2bn, with an increase of 105% from $976m, while its net revenues grew by 21% to $7.64bn against $6.32bn during the comparable period last year.

Commercial Banking (CB) net income rose by 8% to $692m, compared to $643bn, while its net revenues were $1.74bn, up by 3% from $1.68bn during the year ago quarter.

Asset Management (AM) segment net income was $483m, up by 60% from $302m, while net revenues grew by 21% to $2.75bn, against $2.28bn during the corresponding period last fiscal.

Corporate/Private equity business net income increased by 114% to $498m during the fourth quarter of 2012, against $233m, during the same period earlier year.