CHARLOTTE, North Carolina: JPMorgan Chase & Co., the nation’s largest bank by assets, said its fourth quarter profits jumped by 42 percent from a year earlier, as the firm’s investment banking division had a stellar quarter and its balance sheet improved despite the pandemic.

The New York-based bank said it earned a profit of $12.14 billion, or $3.79 per share, up from a profit of $8.52 billion, or $2.57 per share, in the same period a year ago. Excluding one-time items, the bank earned $3.07 a share, which is well above the $2.62 per share forecast analysts had for the bank.

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