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JPMorgan Chase, America's largest bank reported worse than expected Q4 earnings Tuesday before the open. $JPM revenue declined across all its segments except for Consumer & Community Banking. Wells Fargo $WFC, Citigroup $C and PNC Financial $PNC also reported.&nbsp



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JPMorgan Chase & Co NYSE: JPM · Reported Earnings Before Open Tuesday

$1.98 EPS Missed $2.21 Forecast on $26.8 Missed $26.93 billion forecast in revenue 

Earnings Preview

JPMorgan reported Q4 net income increased 67% to a record $7.1 billion while EPS grew 85% to $1.98 from the same period a year ago. Reported revenues grew 4% to $26.8 billion.  Analysts had expected Adj EPS of $2.21 (range $2.05 to $2.41) on a 4Q adj. revenue estimate of $26.93b (range $26.05b to $28.12b). 4Q total trading revenue is seen at est. $3.57b with equities $1.32b, FICC $2.29b and I-banking rev. est. $1.77b 4Q.

Net yield on interest-earning assets est. was 2.54% with 4Q provision for credit losses est. $1.31. In the JPMorgan conference call watch for macro expectations and risk given the recent weakness in many asset classes with a focus on costs. Higher interest rates boosted the results even with home lending revenue down in the past.

JPMorgan Chase & Co NYSE: JPM ·

Market Reaction Pre-market $98.36 −2.58 (-2.56%) 

Highlights

  • Net interest income grew 9%, driven by higher rates and loan growth.
  • Non-interest revenue dropped 1% to $12.3 billion.
  • Non-interest expense rose 6%, driven mainly by investments in the business, including technology, marketing and real estate.
  • The provision for credit losses increased by $240 million from last year to $1.5 billion in the quarter, driven by higher net reserve builds in the Consumer and Wholesale portfolios.
  • Return on common equity was 12% in the quarter.

JPM Q4 2018 earnings

JPMorgan Chase & Co Q3 Earnings Recap

$2.34 Beat Forecast of $2.26 EPS AND $27.82 Beat $27.64 billion forecast in revenue 

Earnings Preview

JPMorgan reported earnings at $2.34 a share on adjusted revenue grew to $27.822 billion. Higher interest rates boosted the results even with home lending revenue down. Fixed-income trading was sluggish. JPMorgan reduced its loan-loss provision to $948 million vs. $1.5 billion a year earlier.Analysts’ consensus estimates were f EPS of $2.26 and $27.64 billion in revenue. JPM has a 52-week range of $94.96 to $119.33.

JPMorgan Chase & Co NYSE: JPM ·

Market Reaction Pre-market 109.70 +1.57 (+1.45%) 

Highlights

      • Managed revenues rose 5.2% annually to $27.8 billion
      • Equity markets revenue surged 17% to $1.6 billion.
      • Corporate and investment banking revenue rose 2% to $8.8 billion
      • Fixed income revenue fell 10% to $2.8 billion 
      • Commercial banking revenue grew 6% to $2.27 billion.
      • Asset and wealth management revenue climbed 3% to $3.56 billion.
      • Consumer and community banking revenue jumped 10% to $13.29 billion.
      • Net interest income rose 7% to $14.1 billion 
      • JPMorgan reduced its loan-loss provision to $948 million vs. $1.5 billion a year earlier.

“In Consumer & Community Banking we attracted record net new money this quarter, driving client investment assets up 14%, and we saw continued double-digit growth in card sales and merchant processing volume,” said CEO Jamie Dimon. 

JPM Earnings Q3 18

      • JPM CEO Jamie Dimon is also chairman of the Business Roundtable for the Trump administration. 

Source: JPM, AlphaStreet

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