J.P. Morgan Chase on Friday reported earnings that topped Wall Street’s expectations after accounting for charges related to the tax bill.

The bank revealed it took a $2.4 billion charge in the fourth-quarter due to the Tax Cuts and Jobs Act.

Here’s how the company did on an adjusted basis after that charge:

  • EPS: adjusted $1.76 vs. $1.69 expected according to Thomson Reuters
  • Revenue: $25.45 billion vs. $25.15 billion expected according to Thomson Reuters

The shares, which are up 29 percent in the last 12 months, traded roughly even in premarket trading.

Despite the one-time charges, CEO Jamie Dimon praised the bill.

“The enactment of tax reform in the fourth quarter is a significant positive outcome for the country. U. S. companies will be more competitive globally, which will ultimately benefit all Americans,” Dimon said in the release. “The cumulative effect of retained and reinvested capital in the U.S. will help grow the economy, ultimately growing jobs and wages.”

It was a difficult trading environment for the bank. J.P. Morgan said its fixed income markets revenue declined 34 percent year-over-year driven by “continued low volatility” and “tighter credit spreads.” The company’s equity markets revenue was flat versus the previous year.

The company returned $6.7 billion in capital to shareholders during the fourth-quarter with $4.7 billion in net stock buybacks.

Its shares rallied through year-end after the bank reported a better-than-expected third-quarter report in October.

Analysts expect the financial sector to benefit from the Republican tax overhaul, which President Donald Trump signed into law last month. The plan lowered the corporate tax rate to 21 percent from 35 percent.

J.P. Morgan expects its fiscal year 2018 effective tax rate to be around 19 percent.

KBW Research had estimated J.P. Morgan’s 2018 effective tax rate will decline to 22 percent from 35 percent due to the tax plan.

J.P. Morgan is one of the largest financial services companies in the world with assets of $2.6 trillion.

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