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Double-digit growth in deposits and record credit card sales helped push JPMorgan Chase's quarterly earnings well past analysts' expectations.
The company on Friday reported fourth-quarter earnings of $1.71 per share on revenue of $24.333 billion. Its stock price edged higher in premarket trading.
Analysts expected JPMorgan Chase to report a profit of $1.44 per share on revenue of $23.949 billion, according to a consensus estimate from Thomson Reuters.
The stock has been near 52-week highs since mid-December. Fridays' report marks the bank's first results since the Federal Reserve raised its key interest rate target in a year. The Fed is expected to raise them again three times this year.
JPMorgan Chairman and CEO Jamie Dimon said as the U.S. economy builds momentum, there is opportunity for "good, rational and thoughtful policy decisions to be implemented."
"Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses," Dimon said in a release.
"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," he said.
Bank stocks have rallied in recent months on expectations that President-elect Donald Trump will eliminate regulations put in place after the 2008 financial crisis.
JPMorgan's return on tangible common equity, a key performance measure, was 12.2 percent in the latest quarter. The bank's full year net income came in at $24.7 billion, or $6.19 per share.
The bank also said it returned $3.8 billion to shareholders in the fourth quarter.
Total noninterest expenses fell 3 percent to $13.83 billion, primarily driven by lower legal expenses.
Last year, JPMorgan surpassed Wells Fargo to become the world's most valuable bank by market capitalization. That change came as JPMorgan rose slightly and Wells suffered the fallout of a phony customer account scandal.
On Friday, Wells Fargo posted fourth-quarter earnings that missed on the top and bottom lines, sending shares lower nearly 1 percent in premarket trading.
—Reuters contributed to this report.