JPMorgan Chase & Co. (NYSE: JPM) has released its record fourth-quarter and full-year financial results on Tuesday morning and strongly started off earnings season for the big banks.
After the largest U.S. bank by assets published the financial results that are higher than Wall Street expected, JPMorgan shares started to rise 2% in premarket trading.
JPMorgan Chase reports most profitable year ever with their highest ever fourth-quarter net income of USD 8.5 billion, up 21% or USD 2.57 per share, as well as a record full-year 2019 net income of USD 36.4 billion, or USD 10.72 per share.
Further reported JPM that for the fourth-quarter of 2019 the net revenue was USD 29.2 billion, up 9%, the net interest income was USD 14.3 billion, down 2% and the noninterest revenue was USD 14.9 billion, up 21%, in comparison to the last-year fourth quarter.
Chairman and CEO of JPMorgan Chase & Co. Jamie Dimon said: “While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year.
Dimon added: “The U.S. consumer continues to be in a strong position and we see the benefits of this across our consumer businesses.”
Wells Fargo (WFC) and Citigroup will also report their financial results on Tuesday, followed by Bank of America (BAC) and Goldman Sachs (GS) on Wednesday, as well as Morgan Stanley (MS) on Thursday.
JPMorgan Chase & Co. (NYSE: JPM), a component of the Dow Jones Industrial Average, is a global financial services firm with assets of $2.7 trillion and worldwide operations in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.