New York CNN Business —  

JPMorgan Chase raked in a record profit last year, and chief executive Jamie Dimon is getting a pay hike.

The company’s board of directors approved a $31 million pay package for 2018 that includes cash and stock awards, according to a public filing. That’s 5% more than the banker received last year.

JPMorgan is one of the first banks to disclose approved executive compensation for last year. In 2017, Dimon was among the highest paid CEOs in corporate America with a $29.5 million pay package.

Dimon’s compensation includes a base salary of $1.5 million and a $29.5 million bonus, which includes $5 million in cash and $24.5 million in stock awards.

In the bank’s filing, JPMorgan (JPM) said board members approved his compensation based on the bank’s “strong performance in 2018.” It reported a $32.5 billion annual profit on Tuesday, its biggest yet. The bank’s performance was buoyed by tax cuts and a healthy economy.

A rough ride for the global markets in the final quarter of 2018 caused bond trading revenue for the firm to fall 16%, and the bank reported quarterly earnings that were below expectations. It still posted a $7.1 billion profit — 67% larger than the same period in 2017.

Executives told investors that they believe the US economy will continue going strong despite market volatility, though they said the rate of growth may slow, and that the government shutdown could have an impact.

“We’re not immune to what goes on in the economy,” Dimon said. But “it won’t be anything like you saw last time for much of the large banks.”