2023-07-14 06:49:22 ET
- JPMorgan Chase press release ( NYSE: JPM ): Q2 Non-GAAP EPS of $4.37 beats by $0.61 .
- $2.7 billion First Republic8 bargain purchase gain in Corporate ($0.91 increase in earnings per share ( EPS )) n $1.2 billion net credit reserve build for First Republic ($0.30 decrease in EPS) n $900 million net investment securities losses in Corporate ($0.23 decrease in EPS) n Excluding significant items2: 2Q23 net income of $13.3 billion, EPS of $4.37 and ROTCE of 23%
- Revenue of $41.3B (+34.5% Y/Y) beats by $2.45B .
- The provision for credit losses was $2.9 billion. Excluding First Republic, the provision was $1.7 billion, reflecting net charge-offs of $1.4 billion and a net reserve build of $326 million. The net reserve build included $389 million in Commercial Banking and $200 million in Card Services, partially offset by a $243 million release in Corporate. Net charge-offs of $1.4 billion were up $754 million, largely driven by Card Services.
- Shares +2.5% PM.
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JPMorgan Chase Non-GAAP EPS of $4.37 beats by $0.61, revenue of $41.3B beats by $2.45B