(Reuters) -JPMorgan Chase ( JPM ) on Wednesday posted record annual profit as its dealmakers and traders reaped a windfall from rebounding markets in the fourth quarter.

The banking giant was buoyed by a strong economy and interest rate cuts that boosted stock sales and bond offerings. The bullish environment also prompted more mergers and acquisitions after years of tepid activity.

Profit for 2024 rose to $58.5 billion from $49.6 billion a year earlier.

"The U.S. economy has been resilient," CEO Jamie Dimon said, citing low unemployment and healthy consumer spending.

"Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business," Dimon said. Still, he cited risks: government spending, inflation, and geopolitical conditions.

Fourth-quarter earnings were $14 billion, or $4.81 per share, for the three months ended Dec. 31, the largest U.S. bank said on Wednesday. That compares with $9.3 billion, or $3.04 per share, a year earlier.

JPMorgan's ( JPM ) investment banking revenue rose 46% to $2.6 billion.

(Reporting by Niket Nishant in Bengaluru and Nupur Anand in New York, editing by Lananh Nguyen and Anil D'Silva)