JPMorgan Chase profits rise 9% in the fourth quarter excluding hit from the Apple Card acquisition

JPMorgan Chase said Tuesday that its fourth-quarter profits rose 9% on an adjusted basis, as the bank continues to benefit broadly from a strong economy in both its consumer and investment banking divisions.

The bank earned $13.03 billion, or $4.63 a share. The results included a one-time hit of 60 cents per share to its results from JPMorgan Chase’s purchase of the Apple Card credit card portfolio from Goldman Sachs. This is because the bank added $2.2 billion in loan-loss reserves to its balance sheet to cover the risk of taking on Apple Card, effectively money the bank socks away to cover potential losses.

Excluding the loan-loss reserves, Chase earned a profit of $5.23 a share.

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