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.
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.
The New York bank set aside $2.6 billion to cover bad loans, up about 20% from the same period a year ago.
JPMorgan shares jumped on the bank’s final financial results of 2024, climbing 2.6% before the bell.
Wells Fargo reported quarterly earnings before the bell Wednesday and also topped profit expectations.
Wells also saw a nearly 50% jump in net income, earning $5.1 billion in the fourth quarter, or $1.43 per share. Revenue came in at $20.4 billion, a touch lower than expectations. In the same quarter a year ago, Wells posted net income of $3.4 billion, or 86 cents per share, on $20.5 billion in revenue.
In September, Wells Fargo agreed to work with U.S. bank regulators to shore up its financial crimes risk management, including internal controls related to suspicious activity and money laundering. The agreement came just seven months after the Biden Administration on the bank that had been in place since 2016 following a series of scandals, including the opening of fake customer accounts.
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