UPDATE: J.P. Morgan Q4 Profit Up 53%

J.P. Morgan Chase & Co

reported a 53% rise in its fourth-quarter profit. J.P. Morgan's quarterly profit surged to $5.69 billion, or $1.39 per share, versus $3.73 billion, or $0.90 per share, in the year-earlier period. Its total net revenue rose 10% to $23.65 billion. On a managed basis, its revenue climbed to $24.38 billion. However, analysts were expecting earnings of $1.16 per share on revenue of $24.23 billion. J.P. Morgan shares dropped 1.40% to $45.70 in pre-market trading.