JPMORGAN CHASE & CO Quarterly Report for Q3 Ended Sep 30, 2024

Summary

JPMorgan Chase & Co. reported solid third-quarter 2024 results, with net income of $12.9 billion, a slight decrease of 2% year-over-year, leading to diluted earnings per share of $4.37. Total net revenue increased by 7% to $42.7 billion, driven by a 12% rise in noninterest revenue, which benefited from improved investment banking fees and stronger asset management fees. Net interest income saw a modest 3% increase, supported by balance sheet growth and portfolio reinvestments, though partially offset by deposit margin compression. Expenses rose by 4% to $22.6 billion, primarily due to higher compensation and technology investments. The provision for credit losses increased significantly to $3.1 billion, driven by higher net charge-offs in Card Services, indicating a normalization of credit trends. The firm maintained strong capital ratios, with CET1 capital at 15.3%, and demonstrated robust liquidity. All business segments contributed positively, with particularly strong returns in Asset & Wealth Management (ROE 34%) and Consumer & Community Banking (ROE 29%).

Key Highlights

• 1Net income of $12.9 billion, down 2% year-over-year, with diluted EPS of $4.37.
• 2Total net revenue increased 7% to $42.7 billion, driven by a 12% increase in noninterest revenue.
• 3Net interest income grew 3% to $23.4 billion, benefiting from balance sheet growth and portfolio reinvestments.
• 4Provision for credit losses increased to $3.1 billion, driven by higher net charge-offs in Card Services.
• 5Strong capital position maintained with CET1 capital ratio at 15.3% and a robust Liquidity Coverage Ratio (LCR) of 114%.
• 6Asset & Wealth Management delivered a strong ROE of 34%, and Consumer & Community Banking achieved an ROE of 29%.
• 7Investment Banking fees surged 31% year-over-year, reflecting strong advisory and debt underwriting performance.

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