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 U.S. 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. Revenue rose 3% to $30.2 billion.

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

The big U.S. lenders spent 2020 grappling with the economic fallout of the Covid-19 pandemic, setting aside billions to cover expected loan losses. Analysts are expecting a rebound in their profits in 2021.

In the fourth quarter, JPMorgan's profit was boosted by lower loss provisions, while revenue from capital markets and investment banking also propped up its numbers.

Citigroup and Wells Fargo are expected to report results later on Friday.