Despite the global economy reeling from the seemingly unstoppable decline in the oil industry and the slowing down of China's economy, America's largest bank by assets, JPMorgan Chase, has posted a $5.4 billion, or $1.32 a share, profit for the fourth quarter of 2015, according to CNN Money.
The bank reported a profit of $4.93 billion, or $1.19 a share, during the same period in 2014. With the numbers released by the bank, JPMorgan actually managed to increase its revenue by 10 percent, beating analysts' expectations. Analysts polled by Thomson Reuters, for one, expected the bank to simply have profits of $1.25 a share.
The bank's overall revenue rose one percent from the previous year to $23.75 billion, an amount that is significantly more than analysts' predictions of $22.89 billion, reported The Wall Street Journal.
Much of the improvement could be attributed to a number of factors, including continuing cuts to the bank's expenses and workforce, as well as higher revenue in the consumer division and lower legal costs in the investment bank.
With the bank's current numbers, JPMorgan chief executive Jamie Dimon is optimistic about the bank's future financial standing, according to The New York Times.
"The firm is getting safer and stronger each year. We are continuing to adjust our strategy to the new world and to meeting all requirements," he said.
Other prominent U.S. banks are set to issue their fourth-quarter results soon, with Citigroup and Wells Fargo slated to release their reports this coming Friday.
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