Re: JPMorgan Chase (JPM)
Posted: Sat Jul 15, 2023 8:04 amnot 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
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