JPMorgan Chase & Co has reported a lower-than-expected quarterly profit as weakness in bond trading due to spikes in market volatility at the end of the year more than offset gains from higher interest rates and loan growth. 

The bank, the largest US bank by assets, reported declines in revenue in three of its four main businesses in the fourth quarter. 

Bond trading revenue fell 16%, as challenging market conditions hit credit and commodities trading.

JPMorgan said net income for the fourth quarter ended December 31 rose to $7.07 billion, or $1.98 per share, from $4.23 billion, or $1.07 per share, a year ago, when it took a one-time charge due to the US tax reform. 

Analysts on average had expected earnings of $2.20 per share, according to IBES data from Refinitiv. 

Revenue rose 4.1% to $26.80 billion, just shy of analysts' average expectation of $26.83 billion. 

Rival Citigroup yesterday reported a better-than-expected 14% rise in adjusted quarterly profit, mainly helped by cost cuts.