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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.
JPMorgan
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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 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.
- Inflation and interest rates may stay higher than the market expects.
- The full effects of quantitative tightening are still unknown.
- Market valuations and credit spreads seem to reflect a rather benign economic outlook, requiring continued vigilance.