JPMorgan Chase profits rise 9% in the fourth quarter excluding hit from the Apple Card acquisition

NEW YORK (AP) — JPMorgan Chase said Tuesday that its fourth-quarter profits rose 9% on an adjusted basis, as the bank continues to benefit broadly from a strong economy in both its consumer and investment banking divisions.

The bank earned $13.03 billion, or $4.63 a share. The results included a one-time hit of 60 cents per share to its results from JPMorgan Chase’s purchase of the Apple Card credit card portfolio from Goldman Sachs. This is because the bank added $2.2 billion in loan-loss...