JPMorgan's (NYSE:JPM) Earnings Soar 47 Percent in Latest Quarter

The release of their quarterly report found JPMorgan (NYSE:JPM) moving up after they revealed earnings surged by 47 percent for their latest quarter, beating Street estimates.

JPMorgan also said that they believe there's a good chance that demand for loans and profits from trading will continue to grow in 2011.

Earnings rose to $4.8 billion, or $1.12 a share, up from $3.3 billion, or 74 cents a share last year. The Street was looking for $1 a share.

One very underwhelming revelation was the giant bank had to dip into their loan-loss reserves to boost their numbers, a definite negative for the otherwise decent quarter. Those reserves are set aside in order to cover potential losses associated with loans.

In the fourth quarter JPMorgan made a total of $2.4 billion in loans, up by 0.35 percent.

CEO Jamie Dimon said, "Our early indicators are that we will continue to see loan growth this year."

JPMorgan was trading at $45.60, up $1.15, or 2.59 percet, as of 11:42 AM EST.