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.

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