JPMorgan’s net turnover soared 50% to more than $14 billion in the fourth quarter as the lender’s profits and turnover easily beat Wall Street forecasts, and other major banks reported banner profits for the year.
profits per distribute rose to $4.81 from $3.04 a year ago. The outcome beat Wall Street profits projections of $4.09 a distribute, according to the data firm FactSet. Total managed turnover hit $43.7 billion, up 10%, from $39.9 billion a year ago. Wall Street was expecting turnover of $41.9 billion.
JPMorgan posted a record $54 billion profits for the year, or $18.22 per distribute, adjusted for one-period outgoings.
Yet yield turnover fell 3% to $23.5 billion, driven lower by lower yield rates.
JPMorgan CEO Jamie Dimon said the lender got a boost from financing banking business, where fees rose 49% and markets turnover jumped 21%.
The lender’s buyer banking business also thrived, with clients opening nearly 2 million checking accounts.
The recent York lender set aside $2.6 billion to cover impoverished loans, down slightly from the same period a year ago.
JPMorgan shares rose 1.2% before the bell.
Wells Fargo also topped profits expectations Wednesday with a nearly 50% jump in net turnover, with profits of $5.1 billion in the fourth quarter, or $1.43 per distribute. turnover came in at $20.4 billion, a touch lower than expectations. In the same quarter a year ago, Wells posted net turnover of $3.4 billion, or 86 cents per distribute, on $20.5 billion in turnover.
In September, Wells Fargo agreed to work with U.S. lender regulators to shore up its monetary crimes uncertainty management, including internal controls related to suspicious activity and money laundering. The agreement came just seven months after the Biden Administration lifted a consent order on the lender that had been in place since 2016 following a series of scandals, including the opening of fake customer accounts.
Wells rose 3.2% before markets opened.
JPMorgan’s Dimon said the U.S. economy remains powerful, noting the country’s low unemployment and powerful buyer spending.
“Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business,” said, alluding the an incoming Trump administration that has promised to cut regulations across industries.
Dimon said that any regulation should equilibrium promoting growth and keeping the banking structure secure. “This is not about weakening regulation … but rather about setting rules that are transparent, fair and holistic in their way and based on rigorous data analysis, so that banks can play their critical role in the economy and markets.”
Dimon, however, said that the state of the geopolitics “remains the most risky and complicated since globe War II” and that JPMorgan is preparing for a wide range of outcomes.
