JPMorgan’s net income rises 50 percent to USD14B in Q4 2024
Date
1/16/2025 3:38:32 AM
(MENAFN) Net income of JPMorgan increased by 50 percent to over USD14 billion in the 4th quarter as the bank’s profit and revenue effortlessly exceeds Wall Street estimates, and additional key banks posted excellent profits for the year.
Earnings per share (EPS) climbed to USD4.81 from USD3.04 a year ago. The outcome surpassed Wall Street profit predictions of USD4.09 a share, based on the statistics firm FactSet. Total managed revenue reached USD43.7 billion, rising by 10 percent, from USD39.9 billion a year ago. Wall Street was predicting revenue of USD41.9 billion.
JPMorgan reported an all-time high profit of USD54 billion for the year, or USD18.22 per share, attuned for one-time expenses.
However, interest income dropped by 3 percent to reach USD 23.5 billion, mainly due to the impact of lower interest rates.
The bank’s CEO Jamie Dimon stated that the bank received a support from investment banking business, where fees increased by 49 percent and markets revenue soared 21 percent.
JPMorgan’s consumer banking business flourished as well, with clients launching around 2 million checking accounts.
The New York bank allocated USD 2.6 billion to cover potential bad loans, declining somewhat from the same period a year ago.
JPMorgan shares climbed by 1.2 percent ahead of the bell.
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