JPMorgan Chase & Co. (NYSE: JPM) beat revenue and earnings estimates for the fourth quarter of 2019, allowing the stock to gain 1.9% in premarket hours on Tuesday. The consensus estimate was for earnings of $2.33 per share on revenue of $27.8 billion.
On a reported basis, revenue rose 8% to $28.3 billion from the same period last year. Managed revenue was $29.2 billion, up 9% year-over-year.
Net income rose 21% to $8.5 billion while EPS grew 30% to $2.57 from last year.
Jamie Dimon, Chairman and CEO, said, “While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year. The U.S. consumer continues to be in a strong position and we see the benefits of this across our consumer businesses.”
Net interest income dropped 2% to $14.3 billion due to lower rates. Non-interest revenue jumped 21% to $14.9 billion, mainly driven by higher revenue in Fixed Income and Equity Markets, Asset & Wealth Management, Home Lending, and Auto. Non-interest expense rose 4% to $16.3 billion, due to higher volume- and revenue-related expense.
Book value per share rose 8% to $75.98 while tangible book value per share grew 8% to $60.98. Basel III common equity Tier 1 capital ratio was 12.4%.
In Consumer & Community Banking, net revenues grew 3% year-over-year to $14 billion. Corporate & Investment Bank revenues increased 31% to $9.5 billion. In Commercial Banking, revenues fell 3% to $2.2 billion due to lower net interest income and lower deposit margin. Asset & Wealth Management revenues were $3.7 billion, up 8%, driven by higher investment valuations and average market levels, as well as by growth in loans and deposits.
JPMorgan’s peers Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) are also reporting their earnings results today.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
Key highlights from Adobe (ADBE) Q2 2021 earnings results
Adobe Systems Incorporated (NASDAQ: ADBE) reported second quarter 2021 earnings results today. Total revenue grew 23% year-over-year to $3.84 billion. GAAP net income was $1.11 billion, or $2.32 per share,
Three factors that bode well for Delta Air Lines (DAL) going forward
Shares of Delta Air Lines Inc. (NYSE: DAL) have gained 45% over the past 12 months and 11% since the beginning of this year. After a particularly distressful period, like
KR Earnings: All you need to know about Kroger Q1 2021 earnings results
The Kroger Co. (NYSE: KR) reported first-quarter 2021 earnings results today. Total company sales were $41.3 billion compared to $41.5 billion in the same period last year. Excluding fuel, sales
