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January 16, 2025

JPMorgan posts record annual profits as major US banks thrive in the final quarter of 2024

By MATT OTT
AP Business Writer

WASHINGTON — JPMorgan's net income soared 50% to more than $14 billion in the fourth quarter as the bank's profit and revenue easily beat Wall Street forecasts, and other major banks reported banner earnings for the year as businesses and consumers continued to spend despite elevated interest rates.

JPMorgan's earnings per share rose to $4.81 from $3.04 a year ago. The result beat Wall Street profit projections of $4.09 a share, according to the data firm FactSet. Total managed revenue hit $43.7 billion, up 10%, from $39.9 billion a year ago. Wall Street was expecting revenue of $41.9 billion.


 
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