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Investing.com -JPMorgan Chasehas reported fourth-quarter earnings which surpassed estimates, as strength at its trading and markets unit countered a decline in investment banking fees.
The lender posted adjusted net income of $14.7 billion, translating to $5.23 per share, for the period until the end of December, compared to expectations for $4.92 apiece.
Yet, factoring in a previously-disclosed $2.2 billion credit reserve linked to its acquisition of theApplecredit-card program fromGoldman Sachs, the bank’s profit decreased 7% to $13 billion, or $4.63 per share.
Revenue stood at $46.77 billion, compared to Bloomberg consensus estimates of $46.35 billion.
Wall Street banking giants were buoyed throughout 2025 by market ructions which helped to spur on trading returns, while a renewed spike in mergers and acquisitions supported investment banking fees. Heading into their latest quarterly results, the biggest American banks were poised to notch their best year since 2021.
Markets revenue jumped 17% versus a year earlier to $8.2 billion, with JPMorgan’s fixed income and equities divisions both generating higher-than-expected returns.
But investment banking revenue slipped by 2% to $2.6 billion, driven by a decrease in fees across all products.
In a statement, CEO Jamie Dimon said the results were "the product of strong execution, years of investment a favorable market backdrop and selective deployment of excess capital."
Dimon added that the broader U.S. economy has remained resilient thanks to continued consumer spending and healthy business activity. Conditions also do not appear to be worsening despite some softening in the labor market, Dimon noted.
He said this environment could persist "for some time," due to ongoing fiscal stimulus, the benefits of banking sector deregulation under President Donald Trump and recent Federal Reserve interest rate reductions.
"However, as usual, we remain vigilant, and markets seem to underappreciate the potential hazards -- including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices,” Dimon said.
For the 2026 fiscal year,JPMorgansees net interest income at around $103 billion, versus estimates for a forecast of $100.38 billion.
Shares of JPMorgan were slightly higher in premarket U.S. trading on Tuesday.
