New York - US banking giant JP Morgan Chase has posted a positive result for the final quarter of 2008, despite heavy investment banking losses due to the ongoing financial crisis, the company announced on Thursday.

In a statement, the bank said that it posted a net income of 702 million dollars in the fourth quarter of 2008, compared with 3 billion dollars in the same period of 2007.

Jamie Dimon, chairman and chief executive officer, said that "fourth-quarter financial results were very disappointing, driven by a loss in investment banking largely attributable to continued markdowns on leveraged loans and mortgage trading positions, as well as weak trading results."

However the firm continued to see growth in "many underlying business areas," he said.

JP Morgan is emerging as one of the relative winners of the financial crisis, having snapped up the failed savings bank Washington Mutual in 2008. (dpa)