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JPMorgan Chase reported record profits in 2023 thanks to a windfall from rising interest rates, despite a 15 per cent fall in net income in the final three months of the year.
The largest US bank reported fourth quarter net income of $9.3bn, down from $11bn a year earlier.
Despite the slowdown, JPMorgan still booked record full-year net profits of $49.6bn, up 32 per cent from 2022 and ahead of the previous high of $48.3bn set in 2021.
Big banks have reaped the benefits of rising interest rates, charging borrowers more for loans without passing on the increase in full to depositors.
JPMorgan in particular has benefited from its size and savers’ perception that it is implicitly guaranteed by the government because of its systemic importance to the economy.
That has enabled it to resist the kind of increases in savings rates smaller banks have had to offer to retain deposits.
