JP MORGAN CHASE(US:JPM)2024-07-12 10:46Financial Performance - Total net revenue for Q2 2024 was $50,200 million, a 20% increase from Q1 2024 and a 22% increase from Q2 2023[4] - Net income for Q2 2024 reached $18,149 million, reflecting a 35% increase compared to Q1 2024 and a 25% increase compared to Q2 2023[4] - Earnings per share (EPS) for Q2 2024 was $6.13, up 38% from $4.45 in Q1 2024 and 29% from $4.33 in Q2 2023[4] - Total net revenue for Q2 2024 was $50,992 million, a 20% increase compared to Q1 2024[5] - Net income for Q2 2024 reached $18,149 million, reflecting a 35% increase compared to Q1 2024 and a 25% increase from Q2 2023[6] - Total net revenue reported for Q2 2024 was $50,200 million, a 20% increase from Q1 2024 and a 22% increase year-over-year[13] - Total net income for the first six months of 2024 was $31.568 billion, a 17% increase compared to the same period in 2023[15] - Total net revenue for Q2 2024 was $17,917 million, a 2% increase from Q1 2024 and a 9% increase from Q2 2023[25] - Total net revenue for Q2 2024 was $10,122 million, a 360% increase from Q1 2024 and a 172% increase from Q2 2023[36] Credit Quality - The provision for credit losses in Q2 2024 was $3,052 million, a 62% increase from Q1 2024[4] - The provision for credit losses increased by 62% from Q1 2024 to $3,052 million, indicating a cautious outlook on credit quality[6] - Provision for credit losses increased to $3.052 billion, a 62% increase from Q1 2024[15] - Provision for credit losses increased to $2.643 billion, a 38% rise from Q1 2024 and a 42% increase from Q2 2023[21] - The total allowance for loan losses increased to $15,070 million in Q2 2024, up 4% from $14,486 million in Q1 2024[23] - The total allowance for credit losses reached $25,236 million in Q2 2024, up 3% from $24,421 million in Q1 2024[39] - The net charge-off rate for consumer loans, excluding credit card loans, was 0.14% in Q2 2024, down from 0.19% in Q1 2024[39] - The total allowance for credit losses reached $9,274 million, a 2% increase from Q1 2024[28] Capital and Equity - The common equity Tier 1 (CET1) capital ratio improved to 15.3% in Q2 2024, up from 15.0% in Q1 2024[4] - CET1 capital increased to $267,195 million, a 4% increase from the previous quarter and a 13% increase year-over-year[16] - Total capital reached $322,191 million, marking a 3% increase from the last quarter and a 9% increase year-over-year[16] - Common stockholders' equity increased to $316,652 million, a 3% increase from the previous quarter and an 11% increase year-over-year[17] - Total stockholders' equity rose by 9% year-over-year to $340,552 million[5] Expenses - The total noninterest expense for Q2 2024 was $23,713 million, a 4% increase from Q1 2024[4] - Total noninterest expense for Q2 2024 was $23.713 billion, a 4% increase from Q1 2024 and a 14% increase from Q2 2023[15] - Compensation expense decreased by 1% from Q1 2024 to $12,953 million, while it increased by 15% compared to Q2 2023[6] - Compensation expense for Q2 2024 was $1,960 million, a slight decrease of 1% from Q1 2024 but an increase of 12% from Q2 2023[31] Assets and Loans - Total assets increased by 7% year-over-year to $4,143,003 million in Q2 2024[5] - Total loans reached $1,320,700 million, reflecting a 2% increase from Q1 2024[5] - Total assets increased to $4,071,443 million in Q2 2024, up 3% from $3,968,637 million in Q1 2024[9] - Total loans remained stable at $1,313,085 million in Q2 2024, with a slight increase of 6% compared to $1,238,237 million in Q2 2023[9] - Total consumer loans increased to $613,055 million, a 2% increase compared to the previous year[37] Market Activity - The market capitalization as of Q2 2024 was $575,463 million, a 36% increase from $422,661 million in Q2 2023[4] - Investment banking fees increased by 18% from Q1 2024 to $2,304 million, and by 52% compared to Q2 2023[6] - Investment banking revenue for Q2 2024 was $2,464 million, an 11% increase from Q1 2024 and a 46% increase from Q2 2023[25] - Total payments transaction volume reached $453.7 billion, an 8% increase from $420.7 billion in Q1 2024 and an 8% increase from $411.0 billion in Q2 2023[24] Shareholder Returns - Cash dividends declared per share remained at $1.15, a 15% increase from $1.00 in Q2 2023[4] - The dividend payout ratio for Q2 2024 was 19%, down from 26% in Q1 2024[18] - The total shares of common stock repurchased in Q2 2024 amounted to 27.0 million, a 62% increase compared to Q1 2024[18] - The firm has authorized a new common share repurchase program of $30 billion effective July 1, 2024, replacing the previous program[18]