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.

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.

Yet interest income fell 3% to $23.5 billion, driven lower by lower interest rates.

CEO Jamie Dimon said the bank got a boost from investment banking business, where fees rose 49% and markets revenue jumped 21%.

The bank's consumer banking business also thrived, with clients opening nearly 2 million checking accounts.

The New York bank set aside $2.6 billion to cover bad loans, down slightly from the same period a year ago.

JPMorgan shares rose 1.2% before the bell.

Wells Fargo reported quarterly earnings before the bell Wednesday and also topped profit expectations.

Wells also saw a nearly 50% jump in net income, earning $5.1 billion in the fourth quarter, or $1.43 per share. Revenue came in at $20.4 billion, a touch lower than expectations. In the same quarter a year ago, Wells posted net income of $3.4 billion, or 86 cents per share, on $20.5 billion in revenue.

In September, Wells Fargo agreed to work with U.S. bank regulators to shore up its financial crimes risk management, including internal controls related to suspicious activity and money laundering. The agreement came just seven months after the Biden Administration lifted a consent order on the bank that had been in place since 2016 following a series of scandals, including the opening of fake customer accounts.

Wells rose 3.2% before markets opened.