JPMorgan 4Q profits rise, helped by higher interest rates

By KEN SWEET
AP Business Writer

NEW YORK (AP) — JPMorgan Chase says its fourth-quarter profits rose 6% from a year ago, as higher interest rates helped the bank make up for a slowdown in deal-making in its investment bank. The bank also set aside more than $2 billion to cover potential bad loans and charge-offs in preparation for a possible recession. JPMorgan said Friday that it earned $3.57 a share, much better than the $3.08 a share that analysts were expecting. The biggest driver of JPMorgan’s profits this quarter was higher interest rates. The bank set aside more money to cover potential bad loans and is calling for a “mild” recession this year.