JPMorgan Chase & Co reported a higher fourth-quarter profit on Friday, as strength in trading and investment banking offset the drag of low borrowing rates on interest income at the largest US bank's lending business.

Net income rose to $12.1 billion, or $3.79 per share, in the quarter ended Dec. 31, from $8.5 billion, or $2.57 per share, a year earlier.

Analysts on average had expected earnings of $2.62 per share, according to Refinitiv.