[ by Larry Goldfarb ]

JPMorgan announced its 2012 results on Wednesday.  The numbers came in the midst of the release of the internal report on the $6,2 billion trading loss. By the overall numbers, it was a good year for JPMorgan. The bank reported a record profit of $5.7 billion for the fourth quarter, up 53 percent from 2011. Revenues, too, were strong, rising 10 percent to $23.7 billion for the period. For the full year, JPMorgan reported earnings of $21.3 billion, compared with $19 billion in 2011. Revenues in 2012 were essentially flat at $97 billion.

The strong results did not offset the fall out from the trading loss. 

• Bank's board voted to reduce Mr. Dimon's total compensation for  2012 to $11.5 million from $23 million a year before.
• The report principally blamed Ina R. Drew, who oversaw the chief investment unit where the trading took place. Ms. Drew resigned in May shortly after the losses were disclosed.  It also cited Douglas Braunstein, who left his position as chief financial officer in November, was cited "for weaknesses in financial controls."

Other highlights from the earnings announcement:

• Income in JPMorgan's asset management group rose 60 percent to $483 million. JPMorgan has been ramping up the business, as riskier ventures get crimped by new regulation.
• Corporate-focused businesses reported nice gains. Investment banking fees jumped 54 percent to $1.7 billion, with improvements in debt and equity underwriting. Revenue in the commercial banking group hit $1.75 billion, following the tenth consecutive quarter of loan growth.
• The mortgage banking group notched profit of $418 million, compared with a loss of $269 million in the previous year.

For more information, please read [NYT Dealbook, 1/16/13].