Beats Earnings by ~35% & Beats Revenue expectations by ~10%
Total Revenue: ~$50.2 Bn, up 21% YoY, up 20% QoQ
Net earnings: ~$18.1 Bn, up 32% YoY, up 35% QoQ
ROE: 23% & ROTCE: 28%
JPM Consumer & Community Banking:
Revenue: ~$17.7 Bn, up ~2.7% YoY & up ~0.3% QoQ
Net income: ~$4.2 Bn, down ~20.7% YoY & down ~12.8% QoQ
Banking & Wealth Management Revenue: ~$10.4 Bn, down 5% YoY & up 0.5% QoQ
ROE: 30%
Key Takeaways:
Market revenue was up 10%, with Fixed-Income Markets up 5% and Equity Markets up 21%, boosting overall market revenue.
Total loans are stable at $1.3 Tn QoQ, and average deposits are slightly down YoY but stable QoQ.
Shares reacted positively, down 1% after results
CEO Jamie Dimon on Inflation:
“Although there’s been some progress in managing inflation, multiple inflationary forces remain: large fiscal deficits, infrastructure needs, restructuring of trade, and remilitarization. Hence, inflation and interest rates may stay higher than expected.”
