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JPMorgan Chase profits soar in 2010

NEW YORK, Jan 14, 2011 – US bank JPMorgan Chase posted Friday soaring 2010 profits after a sizzling fourth quarter, roundly topping analyst expectations.

For all of 2010, the bank reported net profit leaped 48 percent to $17.4 billion.

Earnings per share were $3.96 dollars, surpassing the average estimate of $3.84.

Annual revenue of JPMorgan, the first of the big US banks to report fourth-quarter results, fell 3.5 percent to $104.8 billion, but that was better than the $102.58 billion expected on Wall Street.

Fourth-quarter profit soared 47 percent from a year ago to $4.8 billion. Again, earnings per share came in above expectations, at $1.12 dollars instead of 99 cents.

Revenue in the October-December period rose 10 percent to $26.1 billion, above the $24.44 estimate.

"Solid performance in the quarter and for the year reflected good results across most of our businesses," Jamie Dimon, chairman and chief executive, said in a statement.

"Credit trends in our credit card and wholesale businesses continued to improve. In our mortgage business, while charge-offs and delinquencies have improved, credit costs still remain at abnormally high levels and continue to be a significant drag on our returns."

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