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JPMorgan Chase Posts Record $58.5B Annual Profit, 18% Up, Q4 Net Income Soars 50% to $14B

Jan 15, 2025, 12:45 PM

JPMorgan Chase & Co. reported a record annual profit of $58.5 billion for 2024, marking an 18% increase from the previous year. The bank's fourth-quarter net income surged 50% to $14 billion, driven by strong performances across its businesses. The bank's revenue for the quarter reached $43.7 billion, up 10% from the previous year, surpassing Wall Street expectations. Key contributors to the quarterly results included a 21% increase in trading income to $7.05 billion, a 49% rise in investment banking fees to $2.48 billion, and a net interest income of $23.5 billion, despite a 3% decline. CEO Jamie Dimon highlighted the resilience of the U.S. economy, noting low unemployment and robust consumer spending, but also pointed out ongoing risks such as inflation and geopolitical tensions.