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JPMorgan’s net income jumps 50% to more than $14 billion in the final quarter of 2024

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.