JPMorgan Chase posts record FY profits
Jpmorgan Chase Dl 1
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17:30 05/11/24
US banking giant JPMorgan Chase posted record full-year profits on Friday, driven by a windfall from rising interest rates.
JPM Chase reported fourth-quarter net income of $9.3bn, down from $11.0bn a year earlier, but despite the slowdown, still turned record annual net profits of $49.6bn - up 32% year-on-year and ahead of its 2021 watermark of $48.3bn.
However, fourth-quarter earnings were impacted by a payment of $2.9bn to US bank regulators following a special assessment aimed at recovering losses from failures by several lenders, including Silicon Valley Bank.
JPMorgan stated net interest income came to $89.7bn for the year, ahead of previous guidance of roughly $88.5bn.
The US bank also told shareholders that it expected net interest income for 2024 to be approximately $90.0bn, stating growth in loans would more than offset the impact of assumed rates cuts by the Federal Reserve and American's move towards higher rate deposit accounts.
As of 1305 GMT, JPMorgan Chase shares were up 2.38% in pre-market trading at $174.35 each.
Reporting by Iain Gilbert at Sharecast.com