Q4 2024 JPMorgan Chase & Co Earnings Call Transcript
Key Points
- JPMorgan Chase & Co (JPM) reported a strong net income of $14 billion for the fourth quarter of 2024, with an EPS of $4.81.
- The firm achieved a 10% year-on-year increase in revenue, reaching $43.7 billion.
- Record revenue was reported in markets, payments, and securities services within the Corporate & Investment Bank (CIB) segment.
- Asset & Wealth Management (AWM) saw record long-term net inflows of $234 billion, positive across all channels, regions, and asset classes.
- The CET1 ratio improved to 15.7%, up 40 basis points from the previous quarter, indicating strong capital management.
- Net interest income (NII) excluding markets was down $548 million or 2% due to lower rates and deposit margin compression.
- Expenses increased by $1.2 billion or 5% year-on-year, driven by compensation and higher brokerage and distribution fees.
- Credit costs were $2.6 billion, reflecting net charge-offs of $2.4 billion and a net reserve build of $267 million.
- Average banking and payments loans were down 2% year-on-year and down 1% sequentially, indicating a decline in lending activity.
- The firm faces uncertainties in the regulatory environment, which could impact capital requirements and operational strategies.
Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's fourth 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. The presentation is available on JP Morgan Chase's website. Please refer to the disclaimer in the back concerning forward-looking statements. 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.
Thank you, and good morning, everyone. Starting on Page 1. The firm reported net income of $14 billion, EPS of $4.81 on revenue of $43.7 billion with an ROTCE of 21%.
On page 2, we have more on our fourth quarter results. The firm reported revenue of $43.7 billion, up $3.8 billion or 10% year-on-year. NII ex markets was down $548 million or 2% driven by the impact of lower rates and the associated deposit margin compression as well as
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