JPMorgan Chase & Co (OTCMKTS:JFTTL) reported impressive fourth-quarter profits on Friday, beating analyst expectations.
JPMorgan’s corporate and investment banking unit nearly doubled its revenue in the three months to 31 December, with a 24 percent rise in profits following the U.S. election.
According to Thomson Reuters, the bank earned $1.58 per share – well above the average analyst estimate of $1.44 per share.
Shares have soared since the U.S. election result on hopes that Trump will loosen banking regulations.
Mr Dimon, who had been a potential nominee for Treasury Secretary under Trump, said the US economy “may be building momentum”.
“Looking ahead there is opportunity for good, rational and thoughtful policy decisions to be implemented, which would spur growth, create jobs for Americans across the income spectrum and help communities, and we are well positioned to play our part,” he said.
Revenue from fixed-income trading rose 31 percent to $3.4 billion, while stock trading revenue increased 8 percent to $1.2 billion.
“Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses,” said CEO Jamie Dimon, in an earnings release.
“We grew market share in virtually all of our businesses and showed expense discipline while continuing to invest for the future.”
Bank of America’s chief financial officer, Paul Donofrio, said: “While the recent rise in interest rates came too late to impact fourth quarter results, we expect to see a significant increase in net interest income in the first quarter of 2017.”
Many banks across the U.S. are expecting to see accelerating growth.
“The U.S. economy may be building momentum. Looking ahead there is opportunity for good, rational and thoughtful policy decisions to be implemented, which would spur growth, create jobs for Americans across the income spectrum and help communities, and we are well positioned to play our part,” CEO Dimon said.