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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.
JPMorgan
JPMorgan
JPMorgan Revenue by Segment
Revenue by Segment
Consumer Banking Revenue
CapyFin.comCorporate & Investment Bank Revenue
CapyFin.comAsset & Wealth Mgmt Revenue
CapyFin.comCorporate Revenue
CapyFin.com 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.
- This quarter, NII declined 4% sequentially.
- NII ex. Markets declined 2% sequentially due to deposit margin compression and lower deposit balances, mostly in CCB.