JPMorgan, profit down in Q4 (-7%). Dimon: 'Resilient US economy'

JPMorgan Chase, the first of the big US banks to publish quarterly results, closed the fourth quarter with a profit that was down, but still above expectations, thanks in particular to the fact that trading-related revenues exceeded forecasts. In the three months to December, the New York-based bank reported net profits of $13.025 billion, $4.63 per share, down 7% from the same period last year. Adjusted earnings came in at $5.23 per share, above analysts' forecasts for $5. Revenues rose 7% to $45.798 billion on a reported basis and 7% to $46.767 billion on a managed basis, above estimates for $46.25 billion. The cost of credit was $4.7 billion, with a net increase in reserves of $2.1 billion.

For the full year, net income fell by 2% to $57.048 billion, $20.05 per share, again above the $19.75 expected by analysts. Annual revenues rose 3% to $182.447 billion, broadly in line with expectations. "We ended the year with a solid fourth quarter, all business lines performed well," said CEO Jamie Dimon, noting that "these results are the result of solid strategy execution, years of investment, a favourable market environment and selective allocation of excess capital. Looking ahead, we remain committed to investing to support future growth."

Although the labour market has slowed, conditions do not appear to be worsening'. This was said by JPMorgan Chase CEO Jamie Dimon, commenting on the New York-based bank's fourth-quarter and full-year 2025 results. "Consumers continue to spend and businesses remain generally healthy. These conditions could persist for some time, particularly thanks to ongoing fiscal stimulus, the benefits of deregulation, and the Federal Reserve's recent monetary policy," Dimon said, stressing that, however, "we need to remain vigilant as markets appear to be underestimating potential risks, including those arising from complex geopolitical conditions, the risk of persistent inflation, and elevated asset prices."