JPMorgan Chase (JPM) earnings Q4 2024

JPMorgan Chase on Wednesday posted record quarterly and annual earnings and revenue, solidifying the company’s status as the largest and most profitable bank in U.S. history.

Here’s what the company reported:

• Earnings: $4.81 per share vs $4.11 LSEG estimate
• Revenue: $43.74 billion vs. $41.73 billion expected

The bank said profits rose 50% to $14 billion in the quarter as non-interest expenses fell 7% from a year earlier, when the firm had an FDIC of $2.9 billion. assessment linked to regional bank failures.

Revenue rose 10% to $43.74 billion, helped by Wall Street performance and better-than-expected net interest income of $23.47 billion, beating the StreetAccount estimate by nearly $400 million.

The bank’s shares rose 1.8% in pre-market trading.

While JPMorgan paid the largest valuation to prop up the FDIC’s deposit insurance fund among its peers a year ago, it was also a big winner from the regional banking crisis in 2023 when it took over failed First Republic. It helped JPMorgan grow even bigger in deposits and assets.

Fixed income trading revenue rose 20% to $5 billion, beating the StreetAcount estimate of $4.42 billion on rising credit and foreign exchange results. Share revenue rose 22% to $2 billion, missing the $2.37 billion estimate and underperforming the company’s peers at Goldman Sachs.

Investment banking fees rose 49% to $2.48 billion, beating estimates of $2.39 billion.

Chief Executive Jamie Dimon said in the release that the economy was “resilient,” supported by low unemployment and healthy spending, as well as optimism for the Trump administration’s pro-growth agenda.

“However, two significant risks remain,” Dimon said. “Ongoing and future spending requirements are likely to be inflationary, and therefore inflation may persist for some time. In addition, geopolitical conditions remain the most dangerous and complicated since World War II. As always, we hope for the best, but prepare the company for a wide range of scenarios.”

In a call with reporters, CFO Jeremy Barnum said net interest income for 2025 would be about $94 billion.

Banks ended the year with more reasons to be bullish: Wall Street activity has picked up while Main Street consumers remain robust, while Donald Trump’s election victory has fueled hopes for regulatory easing.

As the company thrives, analysts are likely to ask Dimon about his succession planning after his No. 2 CEO Daniel Pinto said he stepped down as chief operating officer in June. Dimon signaled last year that he would likely step down as CEO within five years.

Another question is how the changed outlook for interest rate cuts from the Federal Reserve will affect the bank across its pervasive operations. While Fed officials expect two more cuts this year, economic indicators may give them pause.

Finally, analysts may press JPMorgan on what it intends to do with a possible capital windfall if Trump regulators present a gentler version of Basel 3 Endgame, which potential nominees have supported. Dimon said last May that share buybacks would be muted because the stock was expensive, but they have only increased since.

In addition to JPMorgan, Goldman SachsWells Fargo and Citigroup is also out with quarterly and full-year results on Wednesday, while Bank of America and Morgan Stanley are due to report on Thursday.

This story is in development. Please check back for updates.