JPMorgan Chase reported revenue and earnings for the fourth quarter that topped Wall Street’s expectations.
The bank posted a quarterly profit of $5.4 billion, up 10% from a year ago. Shares rose more than 1% in premarket trading on the news.
While profits looked good, revenue grew by just 1% from the fourth quarter of 2014.
Lower costs, particularly a decline in legal expenses, was the main reason that earnings rose as much as they did.
JPMorgan Chase chairman and CEO Jamie Dimon said in a statement that the company’s trading and asset management revenues benefited from the fact that “markets were somewhat quieter” in the fourth quarter.
Shares at JPMorgan Chase are down 13% since the start of January.
Dimon stressed that the bank “is getting safer and stronger each year” and that it is “continuing to adjust our strategy to the new world and to meeting all requirements.”
Dimon also admitted that loans to oil companies was one trouble spot still faced by the company. Even though overall loan growth was strong and credit quality improved, Dimon cited “some stress in energy.”
The bank’s investment banking business could also suffer if the stock market continues to falter.
JPMorgan Chase is the first of the big banks to report earnings. Citigroup and Wells Fargo will release their latest results on Friday.