JPMorgan and Wells Fargo Report Surging Profits Amid Optimistic Economic Outlook

JPMorgan's net income surged by 50% to over USD 14 billion in Q4, exceeding Wall Street forecasts. Earnings per share climbed to USD 4.81, surpassing predictions. Revenue increased to USD 43.7 billion. Wells Fargo also saw a near 50% rise in net income, highlighting strong banking sector performance.

JPMorgan's net income surged by 50 percent to over USD 14 billion in the fourth quarter, breaking Wall Street's expectations. The bank's earnings per share climbed to USD 4.81 from USD 3.04 a year ago, easily surpassing the projected USD 4.09 a share, according to FactSet data.

JPMorgan's total managed revenue rose by 10 percent to USD 43.7 billion, exceeding Wall Street's forecast of USD 41.9 billion. The New York-based bank posted a record USD 54 billion profit for the year, adjusted at USD 18.22 per share for one-time expenses. Despite robust figures, interest income dipped by 3 percent due to lower rates.

Wells Fargo reported a near 50 percent jump in net income, achieving USD 5.1 billion in the fourth quarter. Revenue was slightly below expectations at USD 20.4 billion. The banking giant is working to enhance its financial crime risk management systems following past controversies. JPMorgan's Jamie Dimon voiced optimism about the US economy's strength and highlighted regulatory challenges.

(With inputs from agencies.)