(Reuters) – JPMorgan Chase & Co (NYSE:) Chief Executive Officer Jamie Dimon will get a 9.5% raise in annual pay, bringing his total compensation for 2021 to $34.5 million, the bank said on Thursday.

A regulatory filing states that Dimon’s annual salary will be $1.5 million with performance-based incentive payments of $33,000,000.

JPMorgan Chase stated that directors made their pay decisions based on the bank’s performance through 2021 while addressing the risks posed by the pandemic and over the long-term. The bank also mentioned Dimon’s contributions to risk management, control and interests of customers as well as stakeholders. It also highlighted his leadership and teamwork.

This board provided a rationale similar to the one used in previous years for Dimon’s past year’s compensation.

Dimon (66 years old) has produced net income in JPMorgan of $48.3 Billion in 2021. This is an increase of $29.1 Billion a year ago and a 23% return on tangible common stock.

JPMorgan’s annual profit and that of other banks rebounded in 2021, after levels depressed due to charges for loan losses resulting from the pandemic.

JPMorgan was one of the biggest banks that has large capital markets. It also had investment banking business, like JPMorgan. Securities underwriting and advisory firms that specialize in takeovers and securities underwriting increased their profitability as the Federal Reserve lowered interest rates.

JPMorgan was the U.S.’s largest bank, based on assets. It had $3.74 Trillion at December 31.