US bank JPMorgan Chase posted soaring 2010 profits after a sizzling fourth quarter, roundly topping analyst expectations.

For all of 2010, the bank reported net profit leaped 48 per cent to $17.4 billion.

Earnings per share were $3.96, surpassing the average estimate of $3.84.

Annual revenue of JPMorgan, the first of the big US banks to report fourth-quarter results, fell 3.5 per cent to $104.8 billion, but that was better than the $102.58 billion expected on Wall Street.

Fourth-quarter profit soared 47 per cent from a year ago to $4.8 billion. Again, earnings per share came in above expectations, at $1.12 instead of 99 cents.

Revenue in the October-December period rose 10 per cent to $26.1 billion, above the $24.44 estimate.

“Solid performance in the quarter and for the year reflected good results across most of our businesses,” Jamie Dimon, chairman and chief executive, said in a statement.

“Credit trends in our credit card and wholesale businesses continued to improve. In our mortgage business, while charge-offs and delinquencies have improved, credit costs still remain at abnormally high levels and continue to be a significant drag on our returns.”