Financial Data and Key Metrics Changes - The firm reported net income of $18.1 billion, EPS of $6.12, and revenue of $51 billion, with an ROTCE of 28%. Excluding significant items, net income was $13.1 billion, EPS was $4.40, and ROTCE was 20% [3][5] - Revenue increased by $8.6 billion, or 20% year-on-year. Excluding the Visa gain and prior year’s First Republic bargain purchase gain, revenue was up $3.4 billion, or 9% [5][15] - Expenses were $23.7 billion, up $2.9 billion, or 14% year-on-year. Excluding the foundation contribution, expenses were up 9% primarily due to compensation and employee growth [5][6] Business Line Data and Key Metrics Changes - In the Consumer and Community Banking (CCB) segment, net income was $4.2 billion on revenue of $17.7 billion, up 3% year-on-year. Average deposits were down 7% year-on-year [8][9] - The Commercial and Investment Bank (CIB) reported net income of $5.9 billion on revenue of $17.9 billion, with investment banking fees up 50% year-on-year [10][11] - Asset and Wealth Management (AWM) reported net income of $1.3 billion with revenue of $5.3 billion, up 6% year-on-year, driven by higher management fees and strong net inflows [14] Market Data and Key Metrics Changes - Payments revenue was $4.5 billion, down 4% year-on-year, while total market revenue was $7.8 billion, up 10% year-on-year [12][13] - Average loans in banking and payments were up 2% year-on-year, while average client deposits were also up 2% year-on-year [13] Company Strategy and Development Direction - The firm intends to increase the quarterly common stock dividend from $1.15 to $1.25 per share in Q3 2024, reflecting strong performance [7][8] - The company remains focused on executing with discipline and maintaining a reasonable CET1 ratio while managing capital returns [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the investment banking pipeline despite ongoing headwinds, noting that refinancing activity has contributed to strong performance [11][35] - The firm anticipates continued normalization of net interest income (NII) due to higher deposit costs and economic conditions, with expectations for flat to slightly down deposit balances [24][25] Other Important Information - The firm completed the Comprehensive Capital Analysis and Review (CCAR) with a preliminary Stress Capital Buffer (SCB) of 3.3%, which may increase [7][29] - Credit costs were $3.1 billion, reflecting net charge-offs of $2.2 billion, primarily driven by card services [6][10] Q&A Session Summary Question: Update on capital and ROTCE - Management indicated that potential revisions to capital regulations are unlikely to support a higher normalized ROTCE than the current 17% target [17][18] Question: NII normalization potential - Management acknowledged some moderation in deposit pressures but emphasized that it is too early to declare an end to the over-earning narrative [23][24] Question: Stress capital buffer dialogue with the Fed - Management refrained from commenting on specific discussions with the Fed but noted that the SCB is subject to review and may change [28][29] Question: Buyback strategy and volume - Management clarified that buyback volumes are determined by current conditions and capital generation, with a focus on maintaining a sustainable dividend [66][70] Question: Investment banking environment - Management reported elevated dialogue in investment banking but cautioned about the risks of refinancing dominating the market [34][35] Question: Consumer credit trends - Management noted that charge-offs and delinquencies are normalizing, with subtle signs of weakness in lower-income segments [39][40]

♪♪♪ Good morning, ladies and gentlemen. Welcome to J.P. Morgan Chase's second quarter 2024 earnings call. This call is being recorded. Your line will be muted for the duration of the call. We will now go live to the presentation. The presentation is available on JPMorgan Chase's website, and please refer to the disclaimer in the back concerning forward-looking statements. Please stand by. At this time, I would like to turn the call over to JPMorgan Chase's Chief Financial Officer, Jeremy Barnum. Mr. Barnum, ...

High interest rates, the resurgence of the investment banking (IB) business and solid markets revenues drove JPMorgan’s (JPM) second-quarter 2024 adjusted earnings to $4.40 per share. The bottom line handily surpassed the Zacks Consensus Estimate of $4.19.The results excluded a $2.04 per share net gain related to Visa shares, an 18 cents per share donation of Visa shares to pre-fund contributions to the company’s Foundation and 14 cents per share net investment securities losses. After including these one-t ...

JPMorgan’s latest results, released Friday (July 12), showed that consumers continued to use their cards in full force, for both debit and credit payments.And though there are pockets of weakness in spending from lower income cohorts, according to management, spending trends are still strong — and there remain opportunities to grow presence in the card market.The second-quarter results and supplementals from the company indicated that credit card loans were up 13% year on year to $216 billion, up 5% from th ...

Key TakeawaysJPMorgan Chase reported second-quarter results that surpassed analysts' expectations.The banking giant reported revenue on a managed basis of $50.99 billion, above analysts' estimates as investment banking revenue surged on higher fees.The bank's profit rose 25% from the same time last year to $18.15 billion, beating projections, largely thanks to a $7.9 billion gain from an exchange of the company's Visa shares. JPMorgan Chase (JPM) reported second-quarter results that surpassed analysts' expe ...

JPMorgan Chase & Co. (JPM) reported $50.2 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 21.5%. EPS of $4.40 for the same period compares to $4.37 a year ago.The reported revenue represents a surprise of +11.45% over the Zacks Consensus Estimate of $45.04 billion. With the consensus EPS estimate being $4.19, the EPS surprise was +5.01%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to de ...

JPMorgan Chase & Co. Today | --- | --- | |-----------------------|-------| | | | | | | | | | | JPM | | | JPMorgan Chase & Co. | | | $202.63 | | | -4.82 (-2.32%) | | | 52-Week Range $135.19 | | | | | | ▼ | | | $210.38 | | | Dividend Yield 2.27% | | | P/E Ratio 12.24 | | | Price Target $198.61 | | Add to Watchlist JPMorgan Chase & Co. NYSE: JPM shows a Rising Wedge Pattern. Like all technical patterns, it is never 100% correct but often signals a bearish reversal in the underlying market. A rising wedge occur ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

JPMorgan Chase & Co. (JPM) came out with quarterly earnings of $4.40 per share, beating the Zacks Consensus Estimate of $4.19 per share. This compares to earnings of $4.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.01%. A quarter ago, it was expected that this company would post earnings of $4.18 per share when it actually produced earnings of $4.63, delivering a surprise of 10.77%.Over the last four quarters, the compa ...

2Q24 Financial Results July 12, 2024 2Q24 Financial highlights Std. RWA4 $1.7TCET1 capital ratios3 ROTCE1 28% Std. 15.3% | Adv. 15.5%Cash and marketable securities5 $1.5T ROTCE ex. significant items2 20% Total Loss-Absorbing Capacity3 $534BAverage loans $1.3T ⚫ 2Q24 net income of $18.1B and EPS of $6.12 – Excluding significant items2, 2Q24 net income of $13.1B, EPS of $4.40 and ROTCE of 20% Income statement ⚫ Managed revenue of $51.0B6 ⚫ Expense of $23.7B and managed overhead ratio of 47%6 ⚫ Loans: average ...