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Sep 30, 2024
JPMorgan Q3 2024 Earnings Report
JPMorgan reported strong results driven by growth in CIB and AWM, with increased investment banking fees and resilient markets revenue.
Key Takeaways
JPMorgan Chase reported a net income of $12.9 billion for the third quarter of 2024, with a Return on Tangible Common Equity (ROTCE) of 19%. The firm's performance was driven by strong underlying business results, including growth in investment banking fees and resilient markets revenue.
Net income was $12.9 billion, a decrease of 2% compared to the prior year.
Revenue reached $42.7 billion, up 7% from the previous year.
Investment Banking fees increased by 31% year-over-year.
Assets under management (AUM) in AWM grew by 23%.
Revenue by Segment
Forward Guidance
JPMorgan Chase awaits regulators' new rules on the Basel III endgame and the G-SIB surcharge, as well as any adjustments to the SCB or CCAR. The firm believes rules can be written that promote a strong financial system without causing undue consequences for the economy.
Positive Outlook
- The Firm reported strong underlying business and financial results in the third quarter, generating net income of $12.9 billion and an ROTCE of 19%.
- In the CIB, investment banking fees grew 31%, while Markets revenue was resilient, rising 8%.
- Payments fees grew by double-digits as investments are fueling organic growth.
- Asset management fees rose 15%, and long-term net inflows were a record $72 billion.
- We have an extraordinarily strong balance sheet, evidenced by total loss-absorbing capacity of $544 billion plus cash and marketable securities of $1.5 trillion, while our riskiest assets, loans, total $1.3 trillion.
Challenges Ahead
- Recent events show that conditions are treacherous and getting worse.
- The outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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