JPM - JPMorgan Chase & Co reports strong results in Q1 earnings announcement

2024-04-12 07:04:08 ET

JPMorgan Chase & Co. (NYSE: JPM) on April 12th reported a $13.4 billion net income for the first earnings report of FY 2024.

Excluding significant items, net income stood at $13.4 billion, or “$14.0 billion excluding a $725 million increase to the FDIC special assessment”, according to Jamie Dimon , Chairman and CEO.

Reported revenue for Q1 was at $41.9 billion, and managed revenue at $42.5 billion. This was favorable, compared with $38.6 billion in the previous quarter of Q4 2023.

Expenses of $22.8 billion were reported, as well as an overhead ratio of 54%.

Meanwhile, credit costs decreased to $1.9 billion, compared with the $2.8 billion credit costs the company had in Q4 2023.

At the announcement of the results, Jamie Dimon, Chairman and CEO, said that:

Many economic indicators continue to be favorable. However, looking ahead, we remain alert to a number of significant uncertain forces. First, the global landscape is unsettling – terrible wars and violence continue to cause suffering, and geopolitical tensions are
growing. Second, there seems to be a large number of persistent inflationary pressures, which may likely continue. And finally, we have
never truly experienced the full effect of quantitative tightening on this scale. We do not know how these factors will play out, but we must prepare the Firm for a wide range of potential environments to ensure that we can consistently be there for clients.”

Dimon went on to say that JPMorgan was in a strong position, however:

This quarter, we grew customers, continued to position the firm for the future, maintained our fortress principles, raised the dividend
and played a critical role in driving economic growth by extending credit and raising capital totaling more than $655 billion.”

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