The nation’s largest bank JPMorgan Chase released fourth quarter earnings results this morning. 

 For Q4, JPMorgan delivered EPS of $1.39.

Net-income came in at $5.7 billion and revenue came in at $24.4 billion.

Net-income for the fourth quarter was expected to come in at $4.82 billion and sales was expected to come in at $24.33 billion, according to data compiled by Bloomberg.

JPMorgan’s stock was last trading lower in the pre-market.

Here’s an excerpt from the bank’s release: 

JPMorgan Chase & Co. (NYSE: JPM) today reported net income for the fourth-quarter of 2012 of $5.7 billion, compared with net income of $3.7 billion in the fourth quarter of  2011. Earnings per share were $1.39, compared with $0.90 in the fourth quarter of 2011. Revenue for the quarter was $24.4 billion, up 10% compared with the prior year. The Firm’s return on tangible  common equity for the fourth quarter of 2012 was 15%, compared with 11% in the prior year. Net income for full-year 2012 was a record $21.3 billion, compared with $19.0 billion for the prior year. >> Read More

The Reserve Bank should give preference to the non-corporate sector for new bank licences, Prime Minister’s Economic Advisory Council ChairmanC Rangarajan said. 

“It is possible for the Reserve Bank to start with initially non-corporate business and find out whether there are suitable applicants and thereafter proceed to look at the other applicants,” he said in an interview. 

The RBI is in the process of finalising the guidelines for giving new bank licences after Parliament approved Banking Laws (Amendment) Bill last month. 

The central bank, Rangarajan said, “should look at various types of financial institutions that are available currently and decide”. 

“…. many of the strong private sector banks today have been at one time or other in the financial system. They can look at it first and look at the other later on,” he said.  >> Read More

The 39.5 billion euros ($51 billion) Spain’s euro-zone partners agreed to provide for recapitalizing four nationalized Spanish banks will be disbursed next week, Eurogroup President Jean-Claude Juncker said here Monday.

“The implementation of the program is well on track, meeting all required conditionality steps as enshrined in the memorandum of understanding,” the Luxembourg prime minister said after a meeting of euro-zone officials in Brussels.

“We have also welcomed the decision by the ESM (European Stability Mechanism) board of directors to authorize the first tranche of the program of up to 39.5 billion (euros). The disbursements will be made in mid next week,” Juncker said.

The four nationalized Spanish banks will receive 36.97 billion euros in European aid. >> Read More

US-based Orient Express Hotels has termed the USD 1.86 billion acquisition offer by Tata group firm Indian Hotels as ‘unsolicited’ and said it will evaluate the proposal ‘carefully and respond’ accordingly.

In a statement on its website, Orient Express Hotels said it “has received an unsolicited letter from The Indian Hotels Company Ltd (IHCL) and certain other members of the Tata group of companies dated October 18, 2012…”

The offer also included “an unsolicited proposal by those parties and a fund controlled by Montezemolo & Partners to acquire all outstanding shares of Orient-Express Hotels Ltd”.

While it did not spell out its immediate course of action, the firm said: “The Board of Directors of Orient Express Hotels Ltd expects to evaluate the proposal carefully and respond in due course in accordance with the best interests of the Orient Express Hotels Ltd and its shareholders”. >> Read More

• CITIGROUP NAMES MICHAEL CORBAT AS CEO VIKRAM PANDIT STEPS DOWN
• CITIGROUP PRESIDENT-COO JOHN P. HAVENS ALSO RESIGNS
• CITIGROUP NAMES MICHAEL CORBAT AS CEO VIKRAM PANDIT STEPS DOWN
• CITIGROUP BOARD UNANIMOUSLY ELECTED CORBAT TO CEO
• CITIGROUP SAYS HAVENS HAD BEEN PLANNING TO RETIRE AT YEAR END

And so the rat procession out of the Titanic begins.

Full statement:

The Board of Directors of Citigroup today announced that Vikram Pandit has stepped down as the Company’s Chief Executive Officer and as a member of the Board, effective immediately. The Board also announced it has unanimously elected Michael Corbat CEO and a director of the Board. Mr. Corbat previously served as Citigroup’s CEO of Europe, Middle East and Africa.

Mr. Pandit said: “Thanks to the dedication and sacrifice of people across Citigroup, we have emerged from the financial crisis as a strong institution.

Citigroup is well-positioned for continued profitability and growth, having refocused the franchise on the basics of banking. Given the progress we have made in the last few years, I have concluded that now is the right time for someone else to take the helm at Citigroup. I could not be leaving the Company in better hands. Mike is the right person to tackle the difficult challenges ahead, with a 29-year record of achievement and leadership at this Company. I will truly miss the wonderful people throughout this organization. But I know that together with Mike they will continue to build on the progress we have made.” >> Read More

GMR Infrastructure Ltd has informed BSE that the Debenture Allotment Committee of the Board of Directors of the Company has allotted 3500 Secured Non-convertible Debentures of face value of Rs. 10,00,000/- each, aggregating to Rs. 350 Crore to ICICI Bank Limited on February 24, 2012.