JPMorgan Chase announced record full-year net income of $58.5 billion for the year ended 31 December 2024, with $54 billion attributable to recurring business operations after excluding significant items, the bank disclosed on 15 January 2025. The results represent the highest annual profit in JPMorgan Chase's history. Chairman and chief executive Jamie Dimon said the firm had concluded the year with a strong fourth quarter and that each line of business — consumer and community banking, the commercial and investment bank, and asset and wealth management — posted solid results.
Fourth-quarter managed revenue reached $43.7 billion, an increase of 10% compared with the same period a year earlier. The quarter's topline growth was driven by noninterest revenue, which rose 29% to $20.3 billion, while net interest income fell 3% to $23.5 billion.
INVESTMENT BANKING FEES RISE 49% IN Q4
Investment banking fees rose 49% year-on-year in the fourth quarter of 2024, driven by higher fees across all products.
FULL-YEAR CONTEXT
The full-year net income of $58.5 billion compares with $49.6 billion reported for 2023, representing year-on-year growth of approximately 18%. The adjusted figure of $54 billion excludes significant items including a $7.9 billion net gain related to Visa shares and a $1.0 billion donation of Visa shares to the firm's Foundation.
Dimon noted that geopolitical conditions remained the most dangerous and complicated since World War II and that ongoing and future spending requirements were likely to be inflationary.