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JPMorgan beats estimates on Q4 revenues but misses on earnings

JPMorgan Chase & Company (JPM) reported better-than-expected revenues for the fourth quarter of 2018 but missed estimates on earnings. The stock was down 2.4% in premarket hours on Tuesday.

JPMorgan fourth quarter 2018 earnings infographic
JPMorgan Q4 2018 Earnings Infographic

Reported revenues grew 7% year-over-year to $26.1 billion while managed revenues were up 4% to $26.8 billion. Net income increased 67% to a record $7.1 billion while EPS grew 85% to $1.98 from the same period a year ago.

Net interest income grew 9%, driven by higher rates and loan growth. Non-interest revenue dropped 1% to $12.3 billion. Non-interest expense rose 6%, driven mainly by investments in the business, including technology, marketing and real estate.

Also see: JPMorgan Chase Q4 2018 Earnings Transcript

The provision for credit losses increased by $240 million from last year to $1.5 billion in the quarter, driven by higher net reserve builds in the Consumer and Wholesale portfolios. Return on common equity was 12% in the quarter.

Earnings preview: JPMorgan will brave global headwinds in Q4

JPMorgan saw revenue declines across all its segments except for Consumer & Community Banking. In the Consumer & Community Banking segment, revenues benefited from higher net interest income on higher deposit and card margins and balance growth. Revenues in the Asset & Wealth Management segment were negatively impacted by lower market levels.

Banking stocks have faced pressures from a slowing economy, market volatility and the trade war. On Monday, JPMorgan’s rival Citigroup (C) reported fourth quarter results, beating earnings estimates but missing on revenues.

 

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

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