JP MORGAN CHASE(JPM) - 2024 Q1 - Quarterly Results

Financial Performance - Total net revenue for Q1 2024 was $41,934 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 $42,548 million, representing a 7% increase compared to $39,943 million in Q4 2023[4] - Net income rose to $13,419 million in Q1 2024, a 44% increase from $9,307 million in Q4 2023[4] - Total net revenue for Q1 2024 was $42.548 billion, a 7% increase from $39.943 billion in Q4 2023[16] - Total net revenue for Q1 2024 was $13,633 million, a 24% increase compared to $10,958 million in Q4 2023[27] - Net income for Q1 2024 reached $4,753 million, an 88% increase from $2,524 million in Q4 2023[27] - Total net revenue for Q1 2024 was $5,109 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 $18,852 million, a 30% increase compared to $14,523 million in Q4 2023[6] - Corporate & Investment Bank revenue increased by 24% to $13.633 billion from $10.958 billion in Q4 2023[16] - Total noninterest revenue reported at $18,852 million, a 30% increase from $14,523 million in Q4 2023[14] - Noninterest revenue was $3.945 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 $8,120 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 $22.757 billion from $24.486 billion in Q4 2023[16] - Compensation expense increased to $13,118 million, an 11% rise from $11,847 million in Q4 2023[6] - Total noninterest expense was $9.297 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 $6,774 million in Q4 2023[27] - Noninterest expense for Q1 2024 was $1,276 million, a significant decrease from $3,593 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 $32 million from $210 million in Q4 2023, marking an 85% reduction[27] - Provision for credit losses was $(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 $14,486 million in 1Q24 compared to $14,458 million in Q4 2023, and increased by 9% compared to $13,263 million in Q1 2023[25] - The total allowance for credit losses stood at $24,421 million in Q1 2024, slightly down from $24,522 million in Q4 2023[44] Assets and Liabilities - Total assets increased to $4,090,727 million in Q1 2024, up 6% from $3,875,393 million in Q4 2023[4] - Total assets increased to $1,594,901 million, up 19% from $1,338,168 million in 4Q23 and 11% from $1,436,237 million in 1Q23[28] - Total liabilities increased to $3,640,408 million, a 2% rise from $3,564,166 million in 4Q23 and a 7% increase from $3,411,376 million in 1Q23[9] - Total liabilities increased by 6% to $3,754,090 million from $3,547,515 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 $257,569 million, reflecting a 13% increase from $227,144 million year-over-year[17] - Total capital rose to $312,255 million, marking a 9% increase compared to $286,398 million a year ago[17] - Common stockholders' equity rose to $300,277 million, up 2% from $294,062 million in Q4 2023 and up 11% from $271,197 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 $1.15 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 $30 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]