JPMorgan Chase Q1 2024 – $14 Billion Net Income

JPMorgan Chase & Co. has reported first-quarter 2024 net income of $13.4 billion ($4.44 per share), excluding a $725 million increase to the FDIC special assessment, resulting in a net income of $14.0 billion ($4.63 per share). The return on equity (ROE) stands at 17%, while the return on tangible common equity (ROTCE) is at 21%. The common equity tier 1 (CET1) capital ratios are reported at 15.0% and advanced 15.3%. The total loss-absorbing capacity is at $520 billion, while standardized risk-weighted assets are at $1.7 trillion.

The firm's reported revenue stands at $41.9 billion and managed revenue at $42.5 billion. Expenses amounted to $22.8 billion, resulting in a reported overhead ratio of 54% and a managed overhead ratio of 53%. Credit costs were reported at $1.9 billion, including $2.0 billion of net charge-offs and a $72 million net reserve release.

Average loans saw a notable increase of 16%, or 3% excluding First Republic, while average deposits were up 2%, or flat excluding First Republic. Client investment assets increased by 46%, or 25% excluding First Republic.

In terms of specific business segments, the Consumer & Community Banking (CCB) segment reported an ROE of 35%. Average deposits were down 3%, or 7% excluding First Republic, while average loans were up 27%, or 6% excluding First Republic.

In the Corporate & Investment Bank (CIB) segment, the ROE is reported at 18%. The firm ranked number one for global investment banking fees with a 9.1% wallet share in the first quarter of 2024. Markets revenue saw a decline of 5%, with fixed income markets down 7% and equity markets flat. Gross investment banking and markets revenue was reported at $913 million, up 4%.

The Asset & Wealth Management (AWM) segment reported an ROE of 33%. Assets under management (AUM) were at $3.6 trillion, up 19%. Average loans were up 6%, or 1% excluding First Republic, while average deposits were up 2%, or down 4% excluding First Republic.

Following these announcements, the company's shares moved -4.6%, and are now trading at a price of $186.36. Check out the company's full 8-K submission here.

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