For the three months to 31 December 2022, the group’s net revenue rose by 17% to $35.6bn.
JPMorgan Chase recorded a 48% jump in net interest income (NII) to $20.3bn, which is fueled by increasing rates, NII excluding markets grew 72% to $20bn.
Besides, noninterest revenue dropped 8% to $15.3bn due to reduced investment banking fees as well as management and performance fees in asset and wealth management (AWM) business, among others.
In the fourth quarter of 2022, the company’s AWM unit reported net income of $1.1bn, up 1% compared to the year ago period.
The unit’s net revenue rose 3% to $4.6bn, which is driven by increased deposit margins on lower balances, offset by lower management, performance and placement fees associated with this year’s market declines and others.
Assets under management plummeted 11% to $2.8 trillion. This was due to lower market levels and net outflows from liquidity products, partly offset by sustained net inflows into long term products.
Net income at the company’s corporate and investment bank (CIB) division fell 27% to $3.3bn, while net revenue dropped 9% to $10.5bn at the unit.
JPMorgan Chase chairman and CEO Jamie Dimon said: “JPMorgan Chase reported strong results in the fourth quarter as we earned $11.0bn in net income, $34.5bn in revenue and an ROTCE of 20%, while maintaining a fortress balance sheet and making all necessary investments. “This robust earnings generation combined with the execution of our capital strategy allowed us to exceed our CET target of 13% one quarter early, and we have the ability to resume stock buybacks this quarter, as we deem appropriate.”