JPMorgan Chase Q2 2024 – Net Revenue Up 22%

By Bobby Samwell • Sunday, August 04 08:01 • Permanent Link

JPMorgan Chase & Co. released its 10-Q report for the second quarter of 2024, showcasing the financial performance of the firm. Here are some key figures from the report:

Total net revenue for the quarter was $50.2 billion, up 22% from the same period last year. This increase was driven by higher net interest income of $22.7 billion, up 4%, and noninterest revenue of $27.5 billion, up 41%.
Net income for the quarter was $18.1 billion, representing a 25% increase from the second quarter of 2023.
Earnings per share for the quarter were $6.12, marking a 29% increase from the same period last year.
Return on common equity (ROE) was 23%, up from 20% in the second quarter of 2023.
The firm's book value per share stood at $111.29, a 13% increase from the same period last year, while tangible book value per share was $92.77, up 16%.
The firm's capital ratios, including CET1 capital, Tier 1 capital, and total capital, all showed improvement compared to the same period last year.
JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC on May 1, 2023, impacting the current-quarter and year-to-date results.
The firm also reported a $7.9 billion net gain related to Visa shares and contributed $1.0 billion of Visa shares to the JPMorgan Chase Foundation during the quarter.

The report also highlighted a 41% increase in noninterest revenue, driven by the $7.9 billion net gain related to Visa shares, higher investment banking fees, higher asset management fees, and lower net investment securities losses in Treasury and CIO, among other factors. Additionally, the provision for credit losses was $3.1 billion, reflecting $2.2 billion of net charge-offs and a net addition to the allowance for credit losses of $821 million.

JPMorgan Chase's 10-Q report for the second quarter of 2024 demonstrates strong financial performance and strategic moves in the market, including acquisitions and contributions to the JPMorgan Chase Foundation. Following these announcements, the company's shares moved -4.2%, and are now trading at a price of $199.14. For the full picture, make sure to review JPMorgan Chase &'s 10-Q report.

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