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Jun 30, 2024
JPMorgan Q2 2024 Earnings Report
Reported net income of $18.1 billion, or $6.12 per share, for the second quarter of 2024.
Key Takeaways
JPMorgan Chase reported a strong second quarter with net income of $18.1 billion, or $6.12 per share. Excluding significant items, net income was $13.1 billion, or $4.40 per share. The firm saw revenue of $51.0 billion and a ROTCE of 20% after excluding a net gain on Visa shares, a contribution to the Firm’s Foundation and discretionary securities losses.
Firmwide managed revenue reached $51.0 billion, including a $7.9 billion net gain related to Visa shares.
Investment banking fees rose 50%, and market share improved across products to 9.5% YTD.
CCB opened over 450 thousand net new checking accounts, marking the 50th consecutive quarter of net new account growth.
AWM saw asset management fees up 13% and $79 billion of client asset net inflows.
Revenue by Segment
Forward Guidance
JPMorgan Chase is vigilant about potential tail risks, including geopolitical complexities, inflationary forces, and the effects of quantitative tightening.
Positive Outlook
- The Board intends to increase the common dividend, resulting in a 19% cumulative increase compared with the fourth quarter of 2023.
- The firm continues to invest heavily into its businesses for long-term growth and profitability.
- JPMorgan Chase maintains a fortress balance sheet and prepares the Firm for a wide range of potential environments.
- The firm takes pride in driving economic growth by extending credit and raising capital.
- CET1 capital ratio of 15.3% provides excess capital even after the uncertainty created by Basel III endgame.
Challenges Ahead
- The geopolitical situation remains complex and potentially the most dangerous since World War II.
- There are still multiple inflationary forces: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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