摩根大通：营收利润超预期，资产质量不及预期

Investment Rating - The report does not explicitly state an investment rating for J.P. Morgan (JPM.US) but indicates a positive outlook based on performance metrics exceeding expectations [2][5]. Core Insights - J.P. Morgan's Q3 2024 revenue and profit exceeded expectations, with a year-over-year revenue growth of 7.0%, surpassing Bloomberg's consensus forecast of 4.3% [2][4]. - Net interest income increased by 3.0% year-over-year, also better than the expected decline of 0.1% [2][4]. - Non-interest income grew by 12.3% year-over-year, outperforming the forecast of 7.8% [2][4]. - The cost-to-income ratio improved to 53%, down 2 percentage points year-over-year, better than the expected 55% [2][4]. - The net profit attributable to common stockholders decreased by 1.2% year-over-year, which was better than the anticipated decline of 8.2% [2][4]. - The report highlights strong performance in commercial banking, investment banking, and asset management, while consumer banking underperformed [2][4]. Summary by Sections Revenue and Profit Performance - Total revenue for Q3 2024 was $42.654 billion, with a year-over-year increase of 7.0% [4]. - Net interest income was $23.405 billion, reflecting a 3.0% increase year-over-year [4]. - Non-interest income reached $19.249 billion, a 12.3% increase year-over-year [4]. Asset Quality and Provisions - Total provisions for credit losses amounted to $3.111 billion, significantly higher than the previous year [4]. - The non-performing loans (NPL) ratio increased to 0.60%, which was below the expected 0.58% [2][4]. Capital Ratios and Returns - The Common Equity Tier 1 (CET1) ratio improved to 15.3%, exceeding the expected 15.1% [2][4]. - Return on Assets (ROA) was 1.23%, better than the forecast of 1.16% [2][4]. - Return on Equity (ROE) decreased to 16.00%, which was still above the expected 14.60% [2][4]. - Return on Tangible Common Equity (ROTCE) was 19.0%, surpassing the expected 17.6% [2][4]. Future Guidance - The guidance for net interest income for 2024 was raised by $1.5 billion to $92.5 billion [3]. - Adjusted expenses for 2024 were lowered by $0.5 billion to $91.5 billion [3]. - The company remains optimistic about maintaining strong loan growth despite potential regulatory changes [3].