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JPMorgan notches another record year of profits

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  JPMorgan Chase (JPM) churned out more profits than it ever has before as it earned $14 billion in the final quarter of 2024. Its full-year profits rose to $58 billion, an all-time record for JPMorgan and the most ever in the history of American banking.

JPMorgan Chase reported another year of record profits in 2023, driven by higher interest rates and a robust performance in its investment banking and trading sectors. The bank's net income for the year was $49.6 billion, up from $37.7 billion the previous year. This surge was supported by a significant increase in net interest income, which rose by 40% to $89.2 billion, reflecting the benefits of a higher interest rate environment. Additionally, the bank's investment banking fees increased by 6%, and trading revenue saw a 12% rise. Despite setting aside $2.3 billion for potential loan losses due to economic uncertainties, CEO Jamie Dimon highlighted the bank's strong financial health and its ability to navigate through various economic conditions, including geopolitical tensions and inflation.

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[ https://www.msn.com/en-us/money/other/jpmorgan-notches-another-record-year-of-profits/ar-AA1xeSag ]