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15 Jan 2021 | 12:05

JP Morgan blows doors off analysts' Q4 estimates

(Sharecast News) - Banking heavyweight JP Morgan blew past analysts' forecasts for the fourth quarter, delivering much better-than-expected earnings and topline growth at the end of 2020.

During the fourth quarter of the year, the lender's revenues rose by 3.4% year-on-year to reach $28.67bn (consensus: $28.67bn).

Although net interest income slipped 7% to $13.4bn, that was ahead of analysts' estimates for $13.3bn.

Earnings per share at the largest US lender and investment bank by market capitalisation meanwhile surged 47.4% to reach $3.79 (consensus: $2.62).

As of 1217 GMT, shares of JP Morgan were edging up by 0.49% to $141.86.
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