Categories Earnings, Finance

JPMorgan’s (JPM) Q4 results beat expectations

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.

JPMorgan beat revenue and earnings estimates for Q4 2019

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.

Also read: Citigroup Q4 2019 Earnings Report

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

IPO Alert: Here’s what to look for when CaliberCos goes public

The massive slowdown in the IPO market continued in the second half as the challenges posed by high inflation and interest rate hikes weighed on investor confidence. Meanwhile, there is

CarMax (KMX) Stock: Does the current dip offer a buying opportunity?

The automotive sector is one of the worst affected by the combination of high inflation and rising interest rates. Consumers have become more cautious and are prioritizing their purchases with

Ultimax Digital gears up for $10mln IPO. Here’s all you need to know

The IPO market has witnessed muted activity this year, and things don’t seem to have improved in the second half. The upcoming public listing of video game technology firm Ultimax

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top