JP Morgan Chase & Co. on Wednesday reported a 53-percent growth in net income during the fourth quarter of 2012 thanks to strong commercial bank lending, mortgage banking, and asset management.

JP Morgan's net income for the fourth quarter stood at 5.69 billion U.S. dollars, compared with 3.73 billion dollars a year earlier. Earnings per share were 1.39 dollars, up from 0.9 dollars in the fourth quarter of 2011.

Despite the better-than-expected earnings results, JP Morgan halved the pay for its chairman and CEO Jamie Dimon from last year's 23 million dollar to 11.5 million dollars, as the bank lost 6 billion dollars over the "London Whale" scandal.

The banking giant saw its revenue for the fourth quarter rise 10 percent year-on-year to 24.4 billion dollars.

For all of 2012, JP Morgan posted 21.3 billion dollars in net income, up from 19 billion dollars in the previous year.

Earnings per share registered 5.2 dollars, compared to 4.48 dollars of a year ago. Revenue for 2012 was 99.9 billion dollars, as flat as in 2011.

JP Morgan's mortgage business was significantly boosted by record-low interest rates and the incentives launched by the Federal Reserve last year. Its mortgage banking scored 51.2 billion dollars in revenue, up 33 percent on year.

JP Morgan is the largest bank in the United States by assets. Endi

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