JPMorgan Chase has reported a net income of $6.72bn for the fourth quarter of 2016, a 24% increase compared to $5.43bn for the same period in 2015.
The bank’s quarterly total net revenue stood at $23.37bn, a 2% rise from $22.88bn in the prior year.
Total noninterest expense dropped 3% to $13.83bn from $14.26bn a year ago. Provision for credit losses slumped 31% year-on-year to $864m.
The bank’s corporate and investment banking division posted a net income of $3.43bn for the fourth quarter of 2016, a 96% jump compared to $1.75bn in the corresponding quarter of 2015. The unit’s total net revenue surged 20% to $8.46bn from $7.07bn in the previous year, while total noninterest expense dipped 6% to $4.17bn from $4.43bn in the previous year.
The asset management arm of the bank reported a net income of $586m for the fourth quarter of 2016, an increase of 16% from $507m during the same quarter in 2015. The unit’s total net revenue rose 1% year-on-year to $3.08bn, while total noninterest expense dropped 1% to $2.17bn from $2.19bn in the prior year.
JPMorgan Chase chairman and CEO Jamie Dimon said: “Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses.”