(Reuters) – JPMorgan Chase’s fourth-quarter profit fell as the bank set aside nearly $3 billion in charges to repay a bailout fund for failed banks that was depleted after the collapse of regional lenders. ‘last year.
JPMorgan’s profit was $9.31 billion (€8.50 billion), or $3.04 per share, for the three months ending Dec. 31, the bank said Friday. This figure compares to $11.01 billion, or $3.57 per share, recorded a year earlier.
The bank, however, announced a record annual profit of $49.6 billion.
JPMorgan and several banking institutions must replenish a large part of the 16 billion dollars intended to replenish the deposit insurance fund of the Federal Deposit Insurance Corporation (DIF) after the bankruptcies of Silicon Valley Bank and Signature Bank.
According to Managing Director Jamie Dimon, the American economy remains resilient even if he wants to be cautious regarding inflation.
“The green economy, restructuring of global supply chains, increased military spending and rising health care costs also require increased spending. This could lead to higher inflation and lower rates higher than the markets predict,” he said.
The bank recorded a 12% increase in quarterly turnover, which amounted to $38.57 billion.
(Writing by Niket Nishant in Bangalore, with Nupur Anand in New York; Gaëlle Sheehan, edited by Kate Entringer)
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