摩根大通：营收利润均超预期，净息差及不良率不及预期

Investment Rating - The report assigns a positive outlook on J.P. Morgan (JPM.US) with a strong performance in revenue and profit, indicating an outperform rating relative to market benchmarks [5]. Core Insights - J.P. Morgan's Q2 2024 revenue grew by 21.5% year-over-year, significantly exceeding Bloomberg's consensus forecast of 8.9%. Net profit attributable to common stockholders increased by 26.5% year-over-year, also surpassing the forecast of -0.4% [2][5]. - The bank's net interest margin (NIM) decreased by 9 basis points quarter-over-quarter to 2.62%, which was lower than the expected 2.65% [2][5]. - The Common Equity Tier 1 (CET1) capital ratio improved by 1.5 percentage points year-over-year to 15.3%, exceeding the forecast of 13.8% [2][5]. Summary by Sections Revenue and Profit Performance - Total revenue for Q2 2024 was $50.2 billion, with a year-over-year increase of 21.5$45.0 billion [4]. - Net interest income rose by 4.4% year-over-year to $22.7 billion, slightly below the expected 4.7$27.5 billion, significantly higher than the forecast of 24.1% [4]. Business Segment Performance - Consumer & Community Banking revenue grew by 2.7% year-over-year, below the expected 3.0% [2]. - Commercial & Investment Banking revenue saw a remarkable increase of 172.2% year-over-year, driven by a low base effect, outperforming the forecast of 5.4% [2]. - Asset & Wealth Management revenue increased by 6.3% year-over-year, exceeding the expected 4.6% [2]. Asset Quality and Capital Ratios - Total provisions for credit losses amounted to $3.052 billion, which was higher than the expected$2.810 billion [4]. - Non-performing loans increased to $7.791 billion, with a non-performing loan ratio of 0.59%, slightly above the expected 0.58% [4]. - Return on Assets (ROA) improved to 1.79%, exceeding the forecast of 1.51% [4]. - Return on Equity (ROE) rose to 23.00%, surpassing the expected 20.0% [4].