JPMorgan Chase, the largest bank in the U.S. by assets, reported fourth-quarter net income of $14 billion, topping Wall Street’s expectations of $11.7 billion. Quarterly profit rose 50% from a year earlier.

The bank said profit rose 50% to $14 billion in the fourth quarter as noninterest expenses fell 7% from a year earlier.

JPMorgan Chase's annual profit rose to a record as its dealmakers and traders reaped a windfall from rebounding markets in the fourth quarter, it reported on Wednesday.