JPM - JPMorgan Chase & Co. (JPM) Q1 2024 Earnings Call Transcript
2024-04-12 12:43:02 ET
JPMorgan Chase & Co. (JPM)
Q1 2024 Earnings Conference Call
April 12, 2024, 08:30 AM ET
Company Participants
Jamie Dimon - Chairman & Chief Executive Officer
Jeremy Barnum - Chief Financial Officer
Conference Call Participants
Betsy Graseck - Morgan Stanley
Jim Mitchell - Seaport Global
John McDonald - Autonomous Research
Ebrahim Poonawala - Bank of America
Erika Najarian - UBS
Ken Usdin - Jefferies
Mike Mayo - Wells Fargo
Glenn Schorr - Evercore
Matt O'Connor - Deutsche Bank
Gerard Cassidy - RBC Capital Markets
Charles Peabody - Portales
Presentation
Operator
Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's First Quarter 2024 Earnings Call. This call is being recorded. Your line will be muted for the duration of the call. We will now go live to the presentation, please stand by.
At this time, I would like to turn the call over to JPMorgan Chase's Chairman and CEO, Jamie Dimon; and Chief Financial Officer, Jeremy Barnum. Mr. Barnum, please go ahead.
Jeremy Barnum
Thank you very much, and good morning, everyone. The presentation is available on our website and please refer to the disclaimer in the back.
Starting on Page 1, the firm reported net income of $13.4 billion, EPS of $4.44 on revenue of $42.5 billion, and delivered an ROTCE of 21%. These results included a $725 million increase, the special assessment resulting from the FDIC's updated estimate of expected losses from the closures of the Silicon Valley Bank and Signature Bank.
Touching on a couple of highlights, firmwide IB fees were up 18% year-on-year, reflecting particular strength in underwriting fees, and we have seen strong net inflows across AWM, as well as in the CCB Wealth Management business.
On Page 2, we have some more detail. This is the last quarter we'll discuss results excluding First Republic, given that going forward, First Republic results will naturally be included in the prior period, making year-on-year results comparable. For this quarter, First Republic contributed $1.7 billion of revenue, $806 million of expense, and $668 million of net income.
Now, focusing on the firmwide results excluding First Republic, revenue of $40.9 billion was up $1.5 billion, or 4%, year-on-year. NII ex-Markets was up $736 million, or 4%, driven by the impact of balance sheet mix and higher rates, as well as higher revolving balances in Card, largely offset by deposit margin compression and lower deposit balances in CCB. NIR ex-Markets was up $1.2 billion, or 12%, driven by higher firmwide asset management and investment banking fees, as well as lower net investment and securities losses. And Markets revenue was down $400 million, or 5%, year-on-year....
JPMorgan Chase & Co. (JPM) Q1 2024 Earnings Call Transcript