The increase came from an additional $1 million in performance share units.

JP Morgan paid its chief executive Jamie Dimon $28 million in total compensation for 2016, a 4 per cent rise from the previous year, the Wall Street firm said last week.

Dimon's package includes a base salary of $1.5 million, in addition to cash and stock-related instruments tied to his performance, according to a regulatory filing with the US Securities and Exchange Commission. His base salary was the same in 2015, as was his $5 million cash performance bonus. 

The board “took into account the firm's strong performance” in setting Dimon's pay, JP Morgan said.

The Wall Street-listed bank's asset management division earlier this month reported net income before tax of $2.251 billion in 2016, 16 per cent higher than the previous year. In the final three months of last year, pre-tax net income was $586 million, up from $507 million a year ago. The group's profit rose 1 per cent to nearly $25 billion.