The American consumer is alive and well, according to JPMorgan Chase CEO Jamie Dimon.
JPMorgan Chase reported strong earnings and revenue on Tuesday that topped Wall Street’s forecasts. The bank generated solid gains in deposits and an increase in revenue from auto loans and other consumer products.
Dimon said in a statement that “the US consumer continues to be in a strong position” and added that “the robust holiday season” led to a 10% jump in credit card transactions during the quarter.
The bank also posted a healthy increase in demand for its corporate and investment banking services. Revenue in that unit soared 31% from a year ago thanks in large part to big gains in trading revenue and fees from underwriting stock and bond offerings.
Dimon said in the statement that the bank still faces “a continued high level of complex geopolitical issues” but he added that “global growth stabilized, albeit at a lower level.”
He also noted that the “phase one” trade deal reached between the United States and China was good news for the bank, saying that “resolution of some trade issues helped support client and market activity towards the end of the year.”
Overall, the bank reported fourth quarter revenue of $29.2 billion, up 9% from a year ago, and net income of $8.5 billion, or $2.57 a share. It was a record quarter for JPMorgan Chase. Analysts were expecting revenue of $28 billion and earnings per share of $2.35.
Shares of JPMorgan Chase rose 2% following the news. The bank kicked off a busy week of earnings for financial companies.
Wells Fargo posted disappointing results Tuesday while Citigroup reported earnings and revenue that topped Wall Street’s expectations.
Bank of America, Goldman Sachs, Morgan Stanley and BlackRock are due to release their fourth quarter numbers later this week.