JPMorgan’s net income soared 50% to more than US$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 US$4.81 from US$3.04 a year ago. The result beat Wall Street profit projections of US$4.09 a share. Total managed revenue hit US$43.7 billion, up 10%, from US$39.9 billion a year ago. Wall Street was expecting revenue of US$41.9 billion.

JPMorgan’s Wall Street operations were lifted by a 49% jump in investment-banking fees and 21% higher trading revenue in the fourth quarter, surpassing executives’ forecast in December.

Stronger trading in credit, currencies and emerging markets helped the fixed-income unit, while resurgent activity in derivatives trading and cash market helped its equities business.

JPMorgan posted a record US$54 billion profit for the year, or US$18.22 per share, adjusted for one-time expenses.