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.
