(Reuters) – JPMorgan Chase & Co (JPM.N) 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.

Shares of the largest U.S. bank by assets fell 3 percent in early trading as the lender reported declines in revenue in three of its four main businesses in the fourth quarter.

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

JPMorgan said net income for the fourth quarter ended Dec. 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 U.S. tax reform.

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

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

Rival Citigroup Inc (C.N) reported a better-than-expected 14 percent rise in adjusted quarterly profit on Monday, mainly helped by cost cuts. Well Fargo & Co (WFC.N) is expected to report later in the day.

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