JPMorgan Chase & Co. Beats Earnings Estimates

JPMorgan Chase & Co. (NYSE:JPM) released its latest earnings report before opening bell this morning, posting earnings of $1.45 per share or $5.91 billion on revenue of $24.82 billion for the first quarter. Analysts had been expecting earnings per share of $1.40 on revenue of $24.49 billion for the quarter.

Key metrics from JPMorgan’s earnings report

The biggest U.S. bank according to assets reported a 9% increase in average Consumer and Business Banking deposits and a new record in client investment assets, which increased 12%. JPMorgan’s active mobile customer base grew 22%, while its credit card sales volume increased 8%.

In the bank’s Global Investment Banking segment, it saw an 8.6% wallet share for the first quarter and record gross revenue from Commercial Investment banking. At the end of the period, JPMorgan’s loan balances had increased 11% year over year.

JPMorgan also recorded a 7% increase in assets under management in the quarter, which is a new record, and marked the 24th quarter in a row in which there were positive long-term flows into its assets under management.

JPMorgan’s earnings by segment

The bank reported net income of $645 million from its JPMorgan Chase business, a 12% increase from last year. Net revenue rose to $24.8 billion for the quarter. The bank’s Consumer and Community Banking Segment recorded $2.2 billion in net income and $10.7 billion in net revenue.

In Corporate & Investment Banking, JPMorgan reported $2.5 billion in net income and $3.1 billion in banking revenue. The Commercial Banking division saw $598 million in net income and $1.7 billion in net revenue. For the Asset Management segment, net income rose to 4502 million, while revenue rose to $3 billion for the first quarter.

Corporate net income fell significantly from $115 million last year to $58 million this year. The segment posted a net revenue loss of $213 million, much worse than last year’s loss of $1 million.

JPMorgan improves book value, ups dividend

The bank’s tangible book value per share increased 9% year over year to $45.45. JPMorgan’s Basel III Common Equity Tier 1 has a 10.6% ratio, and the firm’s SLR was 5.7%, while the bank’s SLR was 6%.

Also this morning, the bank increased its dividend from 40 cents to 44 cents per share.

As of this writing, shares of JPMorgan were up 0.87% to $62.61 per share.

Disclosure: None

Like this article? Sign ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments