JPMorgan Chase has posted a net income of $6.73bn for the fourth quarter of 2016, an increase of 24% compared to $5.43bn in the previous year.

The bank’s net revenue was $24.3bn, up by 2% from $23.7bn compared to the corresponding quarter of 2015.

However, the banks noninterest expense dropped 3% to $13.83bn from $14.26bn a year ago. The group’s provision for credit losses decreased 31% to $864m from $1.25bn.

The bank's consumer and community banking unit reported net income of $2.36bn for the fourth quarter of 2016, a 2% decrease from $2.4bn in the previous year period.

The division’s total net revenue decreased 2% to $11bn in the fourth quarter of 2016 from $11.22bn in the same period in 2015.

Total noninterest expense at the unit stood at $6.3bn from $6.27bn, while noninterest revenue decreased 15% to $3.44m from $4.03bn.

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The unit’s provision for credit losses decreased 9% to $949m from $1.03bn in the prior year quarter.

JPMorgan Chase CEO Jamie Dimon said: "Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses. We grew market share in virtually all of our businesses and showed expense discipline while continuing to invest for the future."