WASHINGTON — (AP) — JPMorgan’s net income soared 50% to more than $14 billion in the fourth quarter as the bank’s profit and revenue easily beat Wall Street forecasts, and other major banks reported banner earnings for the year as businesses and consumers continued to spend despite elevated interest rates.
JPMorgan’s earnings per share rose to $4.81 from $3.04 a year ago. The result beat Wall Street profit projections of $4.09 a share, according to the data firm FactSet. Total managed revenue hit $43.7 billion, up 10%, from $39.9 billion a year ago. Wall Street was expecting revenue of $41.9 billion.
JPMorgan posted a record $54 billion profit for the year, or $18.22 per share, adjusted for one-time expenses.
JPMorgan shares rose just less than 1% in morning trading.
Citigroup, Wells Fargo and Goldman Sachs also issued strong results on Wednesday.
The country’s biggest banks have benefitted from higher interest …