JPMorgan reported a lower than expected quarterly profit as a slump in bond trading outweighed gains from higher interest rates and loan growth.
Shares of the largest US bank by assets fell 3 per cent in early trading as the lender posted declines in revenue in three of its four main businesses in the fourth quarter.
Overall adjusted fixed income trading revenue fell 18 per cent as investors fled commodities and credit trading markets due to spikes in volatility toward the end of 2018.
Citigroup also cited the same reason for its sharp drop in fixed income revenue on Monday.
Trading desks at banks have been shaken by global growth concerns and the ongoing trade war between the United States and China, with bank stocks underperforming the S&P 500 index in 2018 by 13 per cent.
"As we head into 2019, we urge our country's leaders to strike a collaborative, constructive tone, which would reinforce already-strong consumer and business sentiment," chief executive Jamie Dimon said.
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Read more:
JPMorgan to increase bonuses for bankers and traders
JPMorgan among top banks leading $283bn Brexit move to Frankfurt
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JPMorgan's profit also took a hit from a 6 per cent rise in expenses as it invested in technology, marketing and real estate.
The bank's net income rose 67 per cent to $7.07 billion, or $1.98 per share, from a year ago when it took a one-time charge due to the US tax reform. It, however, missed analysts' average estimate of $2.20 per share, according to IBES data from Refinitiv.
Net interest income rose 9 per cent to $14.5bn, helped by higher interest rates in 2018.
The bank's average core loan book rose 6 per cent compared with the year-earlier quarter.
Revenue rose 4.1 percent to $26.8bn, just shy of analysts' average expectation of $26.83bn.
Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
RESULTS
1.45pm: Handicap (TB) Dh80,000 (Dirt) 1,400m
Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer
3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.
4.15pm: Handicap (TB) Dh64,000 (D) 1,950m
Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman
4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.
COMPANY%20PROFILE
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE%20SPECS
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Match info
Uefa Champions League Group H
Juventus v Valencia, Tuesday, midnight (UAE)
