摩根大通：营收利润超预期，留意不良率

Investment Rating - The report does not explicitly state the investment rating for J.P. Morgan (JPM.US) but indicates strong performance metrics that suggest a positive outlook [1][2]. Core Insights - J.P. Morgan's Q4 2024 revenue and profit exceeded expectations, driven by strong performance in consumer community banking, commercial banking, and asset wealth management, while corporate investment banking fell short [2][3]. - The bank reported a year-over-year revenue growth of 10.9%, surpassing Bloomberg's consensus forecast of 7.2% [3][8]. - Net profit attributable to common stockholders increased by 54.1% year-over-year, exceeding the expected 31.8% [3][8]. - The net interest margin (NIM) improved by 3 basis points quarter-over-quarter to 2.61%, higher than the forecast of 2.53% [3][8]. - The Common Equity Tier 1 (CET1) capital ratio rose by 0.7 percentage points year-over-year to 15.7%, also above the expected 15.2% [3][8]. Summary by Sections Revenue and Profit Performance - Total revenue for Q4 2024 was $42.768 billion, compared to the expected$41.355 billion, with a year-over-year increase of 10.9% [5]. - Net interest income was reported at $23.350 billion, a decrease of 2.9$19.418 billion, exceeding the forecast of 28.2% [5]. Loan and Deposit Growth - Total loans grew by 1.8% year-over-year to $1.348 trillion, slightly below the expected growth of 1.9$2.406 trillion, which was lower than the expected 1.7% growth [5]. Asset Quality and Provisions - Total provisions for credit losses were $2.631 billion, better than the expected$3.038 billion [5]. - The non-performing loans (NPL) ratio increased to 0.65%, which was higher than the expected 0.58% [5]. Future Outlook - J.P. Morgan anticipates a net interest income (NII) of $94 billion for 2025, reflecting a 1$95 billion in 2025, a 4.3% increase from the previous year [3].