Global financial powerhouse JPMorgan Chase & Co has beat analyst expectations, seeing its most successful year on record.
The investment bank raked in $52.8 billion (US$36.4 billion) in the fourth quarter in net income, up 12% from the previous year. Net income was up $12.3 billion (US$8.5 billion) in the fourth quarter, up 6% from the third quarter and up 21% from the previous year.
JPMorgan's annual net revenue lifted 6% from the previous year, generating $167.6 billion (US$115.6 billion) for the bank. Net reported revenue and managed revenue for the fourth quarter rose 9% from the previous year, cashing in at $41 billion (US$28.3 billion) and $42.3 billion (US$29.2 billion) respectively.
JPMorgan Chase chair and chief executive Jamie Dimon said the resolution of geopolitical trade issues (read: Trump and China's trade war) helped boost results.
"JPMorgan Chase produced strong results in the fourth quarter of 2019, capping off a solid year for the firm where we achieved many records, including record revenue and net income," he said.
"While we face a continued high level of complex geopolitical issues, global growth stabilised, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year."
The bank's consumer business also reported higher net revenue and net income. It rose 7% from the previous year, generating $81 million (US$55.9 million) in annual net revenue. Net revenue for the fourth quarter also rose 3% from the previous year.
"The US consumer continues to be in a strong position and we see the benefits of this across our consumer businesses. In Consumer & Community Banking, average deposits grew at 5%, somewhat aided by lower short-term rates, and we continued to add customers in new and existing markets, and deepen our customer relationships by offering great deposit, investment and lending products," Dimon said.
"The robust holiday season was reflected in our card sales volumes and loan balances, up 10% and 8%, respectively."
JPMorgan Chase's corporate and investment bank recorded total net revenue of $13.8 billion (US$9.5 billion) in the fourth quarter, up 31% from the previous year, while market and securities was up 55% in the fourth quarter from the previous year, raking in $8.9 billion (US$6.14 billion).
"The corporate & investment bank generated record fourth quarter revenue - including for the markets business, which rebounded from a challenging prior year," Dimon said.
"For the quarter, global investment banking fees were up slightly from a strong performance last year, and for the full year we grew our IB fee wallet share to its highest level in a decade, maintaining our #1 rank for the 11th consecutive year.
"Commercial Banking earned a record $2.7 billion of IB revenue in 2019 and continued to add new client relationships on the back of our investments in bankers and technology in the U.S. and abroad.
JPMorgan Chase's total assets under management rose a whopping 19% from the previous year, now with US$2.36 trillion under management.
"In asset & wealth management, we grew loans and deposits at a healthy pace, and for the full-year, we brought in record long-term net flows of $100 billion," Dimon said.
Dimon said JPMorgan Chase continues to invest in the bank's growth.
"In 2019, we added over 70 new branches in 16 new markets, continued our Commercial Banking international expansion, and became the first US bank to be approved for a majority-owned securities business in China," he said.
"We continue to make large investments in technology, including AI, cloud, digital and payments, as well as other investments in innovation, talent, security and risk controls.
"These actions will help us continue to grow and serve our clients going forward. I am extremely proud of how we serve our customers, clients and communities globally - we stand by them in good times and in tough times, and work to earn their trust every single day."
Dimon plans to retire from the helm of the wealth giant in five years, a statement he echoed two years ago.
"My statement stays the same, it's five years," Dimon said during a media call on Tuesday.
"When and if we ever set an actual retirement date, we'll let you know."
Dimon received a $US31 million pay packet for 2018 and according to Forbes, is currently worth US$1.7 billion.