Q2 2024 JPMorgan Chase & Co Earnings Call Transcript
Key Points
- JPMorgan Chase & Co (JPM) reported a net income of $18.1 billion, with an EPS of $6.12 on revenue of $51 billion.
- Investment Banking (IB) fees were up 50% year on year and 17% quarter on quarter.
- Market revenue increased by 10% year on year.
- The firm saw strong customer acquisition across checking accounts and cards, with a record number of first-time investors.
- Asset and Wealth Management (AWM) reported net inflows of $52 billion, with AUM up 15% year on year.
- Expenses increased by $2.9 billion or 14% year on year, driven by compensation and growth in employees.
- Credit costs were $3.1 billion, reflecting net charge-offs of $2.2 billion and a net reserve build of $821 million.
- Deposit margin compression and lower deposit balances partially offset revenue gains.
- The firm continues to face headwinds in deposit balances and migration from non-interest-bearing to interest-bearing accounts.
- Loan demand remains muted outside of the card segment, with commercial real estate (CRE) activity suppressed by higher rates.
Good morning, ladies and gentlemen, Welcome to JPMorgan Chase's second quarter 2024 earnings call. This call is being recorded. (Operator Instructions) We will now go live to the presentation. The presentation is available on JPMorgan Chase's website and please refer to the disclaimer in the back concerning forward-looking statements. Please standby. At this time, I would like to turn the call over to JPMorgan Chase's Chief Financial Officer, Jeremy Barnum. Mr. Barnum, please go ahead.
Thank you, and good morning, everyone. Starting on page 1, the firm reported net income of $18.1 billion, EPS of $6.12 on revenue of $51 billion with an ROTCE of 28%. These results included the $7.9 billion net gain related to Visa shares and the $1 billion foundation contribution of the appreciated Visa stock. Also included is $546 million of net investment securities losses in corporate. Excluding these items, the firm had net income of $13.1 billion, EPS of $4.40, and an ROTCE of 20%.
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