JPMorgan Chase record net income

JPMorgan Chase reports record full-year net income of $24.8bn or $6.19 per share with a return on equity of 10%.

Fourth quarter net income was $6.7bn or $1.71 per share.

Chairman and chief executive Jamie Dimon said: "Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses. In the Consumer business, we had double digit growth in deposits and core loan balances, our credit card sales volume was a record, and for the year we had over $1 trillion of merchant processing volume. We saw continued momentum from the third quarter in CIB with strong Markets results across products. Asset Management and Commercial Banking both grew loans and deposits nicely in a competitive environment."

Dimon added: "2016 demonstrated the strength and depth of our platform with record net income and EPS in an increasingly complex global environment. We grew market share in virtually all of our businesses and showed expense discipline while continuing to invest for the future. Building upon our strong new product offerings, we continue to deepen relationships with U.S. households and continue to achieve high customer satisfaction scores."

Dimon concluded: "The US economy may be building momentum. Looking ahead there is opportunity for good, rational and thoughtful policy decisions to be implemented, which would spur growth, create jobs for Americans across the income spectrum and help communities, and we are wellpositioned to play our part. Business plays a critical positive role in society, and in collaboration with nonprofits, governments and educational institutions, it can help strengthen our economy and our country. I am extremely proud of our Firm - we earn our stripes every day by doing a great job for clients and communities."