JPMorgan Chase (JPM) CEO Jamie Dimon sounded upbeat on the US economy in his bank’s fourth quarter earnings announcement.
“The U.S. economy may be building momentum,” Dimon said in a statement. “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. Business plays a critical positive role in society, and in collaboration with nonprofits, governments and educational institutions, it can help strengthen our economy and our country.”
Dimon is obviously referring to the incoming Trump administration, which has repeatedly promised aggressive tax cuts and deregulation among other things.
The largest US bank by assets, JPMorgan reported fourth-quarter earnings per share of $1.71, beating analysts’ estimates of $1.41. Adjusted-revenue came in at $24.3 billion, versus estimates of $23.9 billion.
Dimon highlighted strength in deposits, loan balances, and credit card sales.
“[F]or the year we had over $1 trillion of merchant processing volume,” he said.
Investment Banking revenue came in at $1.5 billion, up 1%. The bank maintained its No. 1 ranking for investment banking fees generated in 2016. Other highlights include revenue for fixed income rising 31%, and equity market revenue climbing 8%.
Dimon continued: “2016 demonstrated the strength and depth of our platform with record net income and EPS in an increasingly complex global environment. We grew market share in virtually all of our businesses and showed expense discipline while continuing to invest for the future. Building upon our strong new product offerings, we continue to deepen relationships with U.S. households and continue to achieve high customer satisfaction scores.”
Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.
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