Q3 2024 JPMorgan Chase & Co Earnings Call Transcript
Key Points
- JPMorgan Chase & Co (JPM) reported a strong net income of $12.9 billion with an EPS of $4.37, reflecting robust financial performance.
- The company maintained its number one position in retail deposit share for the fourth consecutive year, showcasing its strong market presence.
- Investment Banking (IB) fees and markets revenue saw significant year-on-year growth, indicating strength across the franchise.
- Asset and Wealth Management (AWM) achieved record quarterly revenues and long-term flows, highlighting successful business operations.
- The firm ended the quarter with a CET1 ratio of 15.3%, demonstrating a solid capital position.
- Credit costs increased to $3.1 billion, with net charge-offs rising by $590 million year-on-year, primarily driven by card services.
- Average deposits in the Consumer & Community Banking (CCB) segment were down 8% year-on-year, indicating a decline in customer deposits.
- Expenses rose by $808 million or 4% year-on-year, driven by higher compensation and employee growth, which could impact profitability.
- The Commercial and Investment Bank (CIB) reported a 2% year-on-year decline in average banking and payments loans, reflecting softness in loan demand.
- The regulatory environment and geopolitical uncertainties pose ongoing challenges for the M&A pipeline, potentially affecting future growth.
Good morning ladies and gentlemen, welcome to JPMorgan Chase's third-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 JPMorgan 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 $12.9 billion EPS of $4.37, on revenue of $43.3 billion with an ROTCE of 19%.
Touching on a couple of highlights. In CCB, we ranked number one in retail deposit share for the fourth straight year. In CIB, both IB fees and markets revenue were notably up year on year reflecting strength across the franchise. In AWM, we had record quarterly revenues and
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