(Boursier.com) — JP Morgan Chase is gaining ground before the market on Wall Street, as Jamie Dimon’s bank has just posted a huge annual profit of $49.6 billion for the 2023 financial year. Even if the performance appears more mixed in the fourth quarter, the annual results show a historic profit for the establishment.
This annual record is all the more surprising given that the year was extremely delicate for the sector, with the regional banking crisis, from which JP Morgan emerged stronger, once again. In comparison, Wells Fargo made “only” 30 billion in annual profits and Bank of America “barely” 23 billion.
For the fourth quarter alone, JP Morgan posted a profit of $9.3 billion, down 15% year-on-year, after a one-time charge of $3 billion corresponding to a special assessment charged by the Federal Deposit Insurance Corporation , the supervisory body for bank deposits in the United States. The bank posted quarterly earnings per share of $3.04 on revenues of $38.6 billion (+12%). A year before, EPS stood at $3.57 and net profit at $11 billion. For the full year, revenues increased 3% to more than $158 billion.
JPM and several large banks, however, had to replenish the deposit insurance fund (DIF) of the Federal Deposit Insurance Corporation, emptied by the bankruptcies of Silicon Valley Bank and Signature Bank last year…
Jamie Dimon also delivered his latest comments on the economic situation, praising the resilience of the American economy, while the markets are hoping for a soft landing. He was nevertheless cautious regarding inflation.
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