JPMorgan Chase (JPM, Financial), the largest bank in the United States, has once again set a new record for annual profits, surpassing any other bank in U.S. history. The bank announced an impressive net profit of $58.5 billion for the last year, marking an 18% increase from its previous record of $49.6 billion in 2023.
This achievement places JPMorgan Chase well ahead of its primary competitors in the U.S. banking sector. For instance, Bank of America reported a profit of $32 billion in 2021, which was considered a high point for the bank. While the six largest banks in the U.S. collectively achieved $1 trillion in profits over the past decade, JPMorgan Chase's significant contribution has been pivotal in reaching this milestone.
The bank's outstanding performance in 2024 also signifies a doubling of its profits compared to $29.1 billion in 2020. CEO Jamie Dimon highlighted the strong performance across all business divisions during the fourth quarter, underscoring the bank's robust financial health.
