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Mar 31, 2024
JPMorgan Q1 2024 Earnings Report
JPMorgan Chase reported strong first-quarter results with solid performance across its lines of business.
Key Takeaways
JPMorgan Chase reported a strong first quarter with a net income of $13.4 billion, or $14.0 billion excluding a $725 million increase to the FDIC special assessment. The firm saw growth in client investment assets, investment banking fees, payments fees, and asset management fees.
Net income was $13.4 billion, or $4.44 per share ($4.63 per share excluding a $725 million increase to the FDIC special assessment).
Reported revenue was $41.9 billion and managed revenue was $42.5 billion.
The firm's CET1 capital ratio was 15.0%.
More than $655 billion of credit and capital was raised in 1Q24.
Revenue by Segment
Forward Guidance
JPMorgan Chase anticipates continued normalization for both net interest income (NII) and credit costs.
Positive Outlook
- Client investment assets were up 25% excluding First Republic in CCB.
- IB fees increased 21% in CIB, reflecting improved DCM and ECM activity.
- CB saw strong growth in Payments fees and onboarded a significant number of new client relationships.
- Asset management fees were up 14% in AWM, with continued strong net inflows.
- The company grew customers, continued to position the Firm for the future, maintained fortress principles, raised the dividend and played a critical role in driving economic growth by extending credit and raising capital totaling more than $655 billion.
Challenges Ahead
- The global landscape is unsettling with terrible wars and violence causing suffering, and geopolitical tensions are growing.
- There seems to be a large number of persistent inflationary pressures, which may likely continue.
- The full effect of quantitative tightening on this scale has never truly been experienced.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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