JPMorgan Chase has reported net income of $4.9bn for the fourth quarter of 2014, down 7.5% compared with $5.3bn a year ago.
The decrease was driven by surge in legal costs which stood at $1.1bn in the fourth quarter, a surge of 30% compared to the year ago period.
Revenue for the quarter was $23.6bn, down 2% compared with the prior year. The firm said that its return on tangible common equity for the fourth quarter of 2014 was 11%, compared with 14% in the prior year.
The bank’s Consumer & Community Banking division has posted a net income of $2.2bn for the quarter, a decrease of $269m, or 11%, compared with the prior year.
The division’s net revenue was $10.9bn, a decline of $490m, or 4%, compared with the prior year. Net interest income was $7.1bn, down $47m.
The unit’s provision for credit losses was $950m, compared with $72m in the prior year.
JPMorgan Chase chairman and CEO Jamie Dimon said: "Consumer & Community Banking delivered impressive growth in deposits and investment assets in the fourth quarter and throughout 2014, while outperforming its expense reduction target for the year.
"Mortgage originations improved sequentially in the fourth quarter, despite a seasonally slow quarter."