JPMorgan’s investment banking division posted profits of $1.5bn in the fourth quarter, which was 21% lower than the $1.9bn in fourth quarter of 2009.
The bank’s retail banking unit made a spectacular recovery and posted a profit of $708m for the quarter against a loss of $399m, recorded last year.
The company’s card services division posted profits of $1.3bn compared to a loss of $306m last year as credit loss provisions dropped by 84%. Revenue for the division, however, fell 18% to $4.2bn as interest income dropped due to lower average loan balances.
Full-year 2010 net income was $17.4bn, an increase of 48% compared with $11.7bn for the prior year. Earnings per share were $3.96, compared with $2.26 for 2009.
