JP Morgan's Q4 Net Income Rises Sharply; Wealth, Asset Management Results Shine

Editorial Staff

16 January 2025

JP Morgan has reported a 50 per cent jump in fourth-quarter net income for 2024, reaching $14 billion. The result was achieved on the back of reported net revenue of $42.768 billion, up 11 per cent.

Noninterest expense fell 7 per cent to $22.762 billion in Q4, the US-headquartered banking group said in a statement yesterday.

At the wealth and asset management arm, net income rose to $1.517 billion from $1.217 billion, with revenues rising. Noninterest expenses fell. Assets under management rose 18 per cent to $4 trillion; client assets also rose 18 per cent to $5.9 trillion, lifted by net inflows and higher markets. Management fees in wealth, asset management side of the business rose by 21 per cent; client net inflows last year were $486 billion.

Commenting on the results, CEO Jamie Dimon, reflected on the likely regulatory climate with a new US administration about to take office on January 20.

“Regarding regulation, we have consistently said that regulation should be designed to effectively balance promoting economic growth and maintaining a safe and sound banking system. It is possible to achieve both goals,” he said. “This is not about weakening regulation – we maintain a fortress balance sheet, evidenced by $547 billion of total loss-absorbing capacity and $1.4 trillion of cash and marketable securities – but rather about setting rules that are transparent, fair, holistic in their approach and based on rigorous data analysis, so that banks can play their critical role in the economy and markets.”