Revenue in the last quarter of 2012 was up over the same period the previous year for Chase and Citi, but Bank of America took a loss in the fourth quarter. The bank fared better for the whole year though.
JPMorgan Chase posts 10% revenue increase
During the fourth quarter of 2012 JPMorgan Chase posted profits of $2 billion – an improvement over 2011, when fourth-quarter income was $1.6 billion. Net revenue was 10% higher than the previous year.
Credit card sales were up 9% over the year before and mortgages were strong with $51.2 billion in originations – an improvement of 33% over 2011. Commercial banking and asset management both reported record-high revenue.
Throughout 2012, Chase provided more than $1.8 trillion of credit to consumers, business, corporations and communities, including $275 billion for consumers, $20 billion for small businesses and $85 billion for nonprofits and government agencies.
Citi gains in fourth quarter but down overall in 2012
At Citi, net income during the fourth quarter of 2012 was higher than the same period in 2011. The bank posted $1.2 billion in profits on revenues of $18.2 billion, compared to making $956 million on revenues of $17.2 billion the year before.
Net income was down for the year, however, with $7.5 billion in profits on $70.2 billion of revenue, compared to net income of $11.1 billion on revenues of $78.4 billion in 2011. They lost $4.6 billion due to the sale of minority investments; in 2011 they gained $199 million. Increased legal costs and lower net loan loss reserve also contributed to the decrease in net income.
Bank of America loses in fourth quarter, gains throughout year
The only one of the three banks to report a year-over-year loss during the fourth quarter of 2011, Bank of America reported net income of $0.7 billion. During the fourth quarter of 2011 they posted $2 billion in revenue.
Negative impacts were seen from settlements with Fannie Mae in the amount of $2.7 billion, nearly a billion in litigation expenses, and other miscellaneous legal and regulatory provisions as well as negative valuation adjustments.
Overall in 2012 though, they fared better. Net income for the year was $4.2 billion compared with $1.4 billion in 2011.
