JPMorgan Chase (JPM)

[winston]

not vested

2Q earnings

For the second quarter, JPMorgan reported earnings of $4.37 per share and revenue of $42.4 billion, beating analysts’ expectations for earnings of $4.00 per share and revenue of $38.96 billion.

From the same quarter last year, earnings rose 58% and revenue increased 34%.

JPMorgan Chairman and CEO Jamie Dimon said, “The U.S. economy continues to be resilient. Consumer balance sheets remain healthy, and consumers are spending, albeit a little more slowly. Labor markets have softened somewhat, but job growth remains strong.”

And here's what JPMorgan had to say in its press release about its loan loss reserves:

The provision for credit losses was $2.9 billion. Excluding First Republic, the provision was $1.7 billion, reflecting net chargeoffs 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.

As you may remember, First Republic Bank (FRC), collapsed back in the spring. The bank was then acquired by JPMorgan – which benefited the company this quarter, as the acquisition added around $203 billion in loans and securities and $92 billion in deposits.

JPMorgan also increased its future guidance for 2034 net interest income to $87 billion, up from its previous guidance for $84 billion in May.

Following the better-than-expected earnings report, shares of JPMorgan climbed to a new 52-week high.

Source: Investor Place

[behappyalways]

JPM not only was gifted First Republic's best loans and soaked up their deposits for free when the bank failed (and taxpayers kept the toxic garbage) but it also got a tax break of 3.4%, lowering the effective tax rate to 17.7%

https://twitter.com/zerohedge/status/16 ... 3644687360

[behappyalways]

JPM results:

- Net income up 67%, but up 40% excluding First Republic.
- Net revenue up 34%, but up only 21% excluding FR
- Net interest income up 44%, but up 38% excluding FR

Almost as if Jamie Dimon is even richer thanks to First Republic's collapse

https://twitter.com/zerohedge/status/16 ... 4813621249

JPM not only was gifted First Republic's best loans and soaked up their deposits for free when the bank failed (and taxpayers kept the toxic garbage) but it also got a tax break of 3.4%, lowering the effective tax rate to 17.7%

https://twitter.com/zerohedge/status/16 ... 3644687360

[behappyalways]

JPMorgan Reports Blowout Earnings, Record Net Interest Income Thanks To First Republic Collapse, Boosts outlook
https://www.zerohedge.com/markets/jpmor ... c-collapse

[behappyalways]

JPM CEO Dimon Dumps $140 Million In Shares After Slamming Fed Forecasts
https://www.zerohedge.com/markets/jpm-c ... -forecasts

[behappyalways]

Jamie Dimon's Words of Wisdom
https://twitter.com/AyeshaTariq/status/ ... 2931774833



JPM Reports Mediocre Q4 Earnings But Impresses With Stellar 2024 Forecast (Which Is Based On 6 Fed Cuts)
https://www.zerohedge.com/markets/jpm-r ... 6-fed-cuts

[winston]

not vested

1Q Earnings

For the first quarter 2024, JPM Chase posted earnings of $4.44 per share, up 8.3% from earnings of $4.10 per share a year ago.

Analysts were calling for earnings of $4.15 per share, so JPM posted a 16.8% earnings miss.

Revenue of $41.9 billion topped analysts’ estimates for $41.84 billion. This is up 9.4% from revenue of $38.3 billion reported in the same quarter of last year.

I should also add that shares of JPM dropped more than 5% after giving disappointing guidance on 2024 interest income.

Full-year 2024 net interest income is expected to be around $90 billion, which is essentially unchanged from the previous year.

Source: Investor Place

[behappyalways]

Russia To Seize $440 Million From JPMorgan
https://www.zerohedge.com/markets/russi ... n-jpmorgan

[winston]

not vested

JPMorgan Chase on Monday (May 20) raised its forecast for net interest income (NII), or the difference between what it makes on loans and pays out on deposits, to US$91 billion, excluding the markets division.

JPMorgan’s previous forecasts for NII had disappointed analysts as they were expecting the bank to reap greater benefits from persistently higher interest rates.

JPMorgan acquired billions in loans after it bought the collapsed First Republic Bank last May.

The purchase fueled interest income and helped propel profits to a record.

Source: Phillips