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JP MORGAN CHASE(JPM) - 2024 Q1 - Quarterly Results
JPMJP MORGAN CHASE(JPM)2024-04-12 10:45

Financial Performance - Total net revenue for Q1 2024 was 41,934million,anincreaseof941,934 million, an increase of 9% compared to Q4 2023 and 9% compared to Q1 2023[3] - Net income for Q1 2024 reached 13,419 million, representing a 44% increase from Q4 2023 and a 6% increase from Q1 2023[3] - Total net revenue for Q1 2024 was 42,548million,representinga742,548 million, representing a 7% increase compared to 39,943 million in Q4 2023[4] - Net income rose to 13,419millioninQ12024,a4413,419 million in Q1 2024, a 44% increase from 9,307 million in Q4 2023[4] - Total net revenue for Q1 2024 was 42.548billion,a742.548 billion, a 7% increase from 39.943 billion in Q4 2023[16] - Total net revenue for Q1 2024 was 13,633million,a2413,633 million, a 24% increase compared to 10,958 million in Q4 2023[27] - Net income for Q1 2024 reached 4,753million,an884,753 million, an 88% increase from 2,524 million in Q4 2023[27] - Total net revenue for Q1 2024 was 5,109million,a75,109 million, a 7% increase compared to Q1 2023[35] - Net income for Q1 2024 was 1,290 million, reflecting a 6% increase from Q4 2023[35] Revenue Breakdown - Noninterest revenue rose to 18,852million,a3018,852 million, a 30% increase compared to 14,523 million in Q4 2023[6] - Corporate & Investment Bank revenue increased by 24% to 13.633billionfrom13.633 billion from 10.958 billion in Q4 2023[16] - Total noninterest revenue reported at 18,852million,a3018,852 million, a 30% increase from 14,523 million in Q4 2023[14] - Noninterest revenue was 3.945billion,down13.945 billion, down 1% from Q4 2023 and up 9% from Q1 2023[22] - Noninterest revenue increased to 11,236 million, a 38% increase compared to 8,120millioninQ42023[27]−NoninterestrevenuereportedforQ12024was8,120 million in Q4 2023[27] - Noninterest revenue reported for Q1 2024 was 18,852 million, representing a 30% increase from Q4 2023[47] Expenses and Costs - Total noninterest expense decreased by 7% to 22.757billionfrom22.757 billion from 24.486 billion in Q4 2023[16] - Compensation expense increased to 13,118million,an1113,118 million, an 11% rise from 11,847 million in Q4 2023[6] - Total noninterest expense was 9.297billion,aslightdecreaseof0.49.297 billion, a slight decrease of 0.4% from Q4 2023 and an increase of 15% from Q1 2023[22] - Noninterest expense totaled 7,218 million, a 7% increase compared to 6,774millioninQ42023[27]−NoninterestexpenseforQ12024was6,774 million in Q4 2023[27] - Noninterest expense for Q1 2024 was 1,276 million, a significant decrease from 3,593millioninQ42023[40]CreditQuality−Provisionforcreditlossesdecreasedto3,593 million in Q4 2023[40] Credit Quality - Provision for credit losses decreased to 1,884 million, down 32% from Q4 2023 and down 17% from Q1 2023[3] - Provision for credit losses decreased significantly to 32millionfrom32 million from 210 million in Q4 2023, marking an 85% reduction[27] - Provision for credit losses was (31)millioninQ12024,asignificantdecreasefrom(31) million in Q1 2024, a significant decrease from 366 million in Q4 2023, indicating improved credit quality[32] - The allowance for loan losses remained stable at 14,486millionin1Q24comparedto14,486 million in 1Q24 compared to 14,458 million in Q4 2023, and increased by 9% compared to 13,263millioninQ12023[25]−Thetotalallowanceforcreditlossesstoodat13,263 million in Q1 2023[25] - The total allowance for credit losses stood at 24,421 million in Q1 2024, slightly down from 24,522millioninQ42023[44]AssetsandLiabilities−Totalassetsincreasedto24,522 million in Q4 2023[44] Assets and Liabilities - Total assets increased to 4,090,727 million in Q1 2024, up 6% from 3,875,393millioninQ42023[4]−Totalassetsincreasedto3,875,393 million in Q4 2023[4] - Total assets increased to 1,594,901 million, up 19% from 1,338,168millionin4Q23and111,338,168 million in 4Q23 and 11% from 1,436,237 million in 1Q23[28] - Total liabilities increased to 3,640,408million,a23,640,408 million, a 2% rise from 3,564,166 million in 4Q23 and a 7% increase from 3,411,376millionin1Q23[9]−Totalliabilitiesincreasedby63,411,376 million in 1Q23[9] - Total liabilities increased by 6% to 3,754,090 million from 3,547,515million[8]−Totalassetsdecreasedto3,547,515 million[8] - Total assets decreased to 240,555 million, down 2% from Q4 2023[37] Capital and Equity - The common equity Tier 1 (CET1) capital ratio remained stable at 15.0%[3] - CET1 capital increased to 257,569million,reflectinga13257,569 million, reflecting a 13% increase from 227,144 million year-over-year[17] - Total capital rose to 312,255million,markinga9312,255 million, marking a 9% increase compared to 286,398 million a year ago[17] - Common stockholders' equity rose to 300,277million,up2300,277 million, up 2% from 294,062 million in Q4 2023 and up 11% from 271,197millioninQ12023[9]−Theleverageratiostoodat7.2271,197 million in Q1 2023[9] - The leverage ratio stood at 7.2%, consistent with the previous quarter's ratio[17] Shareholder Returns - Cash dividends declared per share increased to 1.15, a 10% increase from Q4 2023[3] - The company declared a quarterly common stock dividend of 1.15pershare,withadividendpayoutratioof261.15 per share, with a dividend payout ratio of 26%[19] - Total shares of common stock repurchased amounted to 15.9 million at an average price of 179.50 per share[19] - The firm is authorized to purchase up to 30billionofcommonsharesunderitscurrentrepurchaseprogram[19]StrategicAcquisitions−OnMay1,2023,JPMorganChaseacquiredcertainassetsandassumedcertainliabilitiesofFirstRepublicBankfromtheFDIC[3]−ThecompanyacquiredcertainassetsandassumedcertainliabilitiesofFirstRepublicBankonMay1,2023,aspartofitsstrategicexpansion[5]−TheacquisitionofFirstRepublicBankresultedinapreliminaryestimatedbargainpurchasegainof30 billion of common shares under its current repurchase program[19] Strategic Acquisitions - On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC[3] - The company acquired certain assets and assumed certain liabilities of First Republic Bank on May 1, 2023, as part of its strategic expansion[5] - The acquisition of First Republic Bank resulted in a preliminary estimated bargain purchase gain of 2.8 billion, subject to adjustments[50]