JPMorgan Chase (JPM) posted fourth-quarter results on Wednesday that beat analysts’ expectations as investment banking fees rose.

The the largest bank in the world for market capitalization reported profits of $14 billion on revenue of $42.77 billion. Analysts polled by Visible Alpha expected $11.92 billion and $41.49 billion, respectively.

Net interest income— the difference between income generated by interest-bearing assets and expenses from interest-bearing liabilities — was $23.35 billion, above the consensus estimate of $22.93 billion.

The better-than-expected results came as the firm’s investment banking revenue rose 46% from the same time last year, as JPMorgan’s fees for its products they increased by 49%.

JPMorgan shares rose 1.5% to $251.09 in intraday trading Wednesday after the results. They have gained roughly 50% over the past year.

JPMorgan CEO Jamie Dimon said the results came as the U.S. economy “has been resilient,” noting that “unemployment remains relatively low and consumer spending held steady healthy, even during the holiday season. Businesses are more optimistic about the economy and are encouraged by expectations for a more pro-growth agenda and better collaboration between government and business.”

However, Dimon said still sees two “significant risks” to the economy, adding that “current and future spending requirements are likely to be inflationary and therefore inflation may persist for some time. In addition, geopolitical conditions remain the most dangerous and complicated since World War II “.

Dimon was also asked about plans to name a successor on the bank’s earnings call Wednesday, to which he replied that JPMorgan’s board is reviewing a number of candidates, but that a successor is “not yet determined.” .

Along with JPMorgan, several other banking giants including Goldman Sachs (GS), Citigroup (C) i Wells Fargo (WFC) posted better-than-expected earnings on Wednesday, in a strong start to the fourth-quarter earnings season.

JPMorgan mostly exceed estimates in the first three quarters of fiscal year 2024 as its asset management and investment banking the segments grew the last year

UPDATE: January. 15/2024: This article has been updated to include information from the company’s earnings call and to reflect the most recent stock price values.

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