JPMorgan (JPM) Tops Q3 EPS by 10c

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October 12, 2017 6:50 AM EDT

JPMorgan (NYSE: JPM) reported Q3 EPS of $1.76, $0.10 better than the analyst estimate of $1.66. Revenue for the quarter came in at $26.2 billion versus the consensus estimate of $25.36 billion.

Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase delivered solid results in a competitive environment this quarter with steady core growth across the platform. And for the first time, the Firm led the nation in total U.S. deposits, as consumers and businesses continue to view us as their partner of choice.”

Dimon added: “In Consumer & Community Banking, card sales and merchant processing volumes were once again up double digits, while loans and deposits continued to grow strongly. In the Corporate & Investment Bank, we continued to lead our peers in Investment Banking fees, and Treasury Services and Securities Services each generated over $1 billion in revenue. Commercial Banking again delivered outstanding performance with record revenue as our long-term investments in the business are paying off. Our Asset & Wealth Management business delivered strong results with record net income and AUM this quarter.”

Dimon concluded: “The global economy continues to do well and the U.S. consumer remains healthy with solid wage growth. Unfortunately, natural disasters in the U.S. and abroad have impacted many of our customers and we have responded with enormous financial support as well as the expertise and generosity of our employees to help these customers, clients and communities. Building on our success to-date in Detroit, we have announced new initiatives in Chicago and Washington, D.C. to drive inclusive economic growth in those communities. We will be there to do our part. And this is in addition to the $1.7 trillion of credit and capital supplied this year to consumers and small and mid-sized businesses and corporate clients.”

Release:

THIRD-QUARTER 2017 RESULTS1
ROE 11%
ROTCE2 13%
Common equity Tier 12
12.5%
Net payout LTM3,4
77%
Firmwide Metrics
n
Reported revenue of $25.3 billion; managed revenue of $26.2 billion2
n
Average core loans2 up 7% YoY and 2% QoQ
CCB
ROE 19%
n
Average core loans2 up 8%; average deposits of $646 billion, up 9%
n
29.3 million active mobile customers, up 12%
n
Credit card sales volume5 and merchant processing volume each up 13%
CIB
ROE 13%
n
Maintained #1 ranking for Global Investment Banking fees with 8.2% wallet share YTD
n
Banking revenue up 5%; Markets revenue down 21%
CB
ROE 17%
n
Record revenue of $2.1 billion, up 15%; net income of $881 million, up 13%
n
Average loan balances of $200 billion, up 10%
AWM
ROE 29%
n
Record net income of $674 million, up 21%; revenue of $3.2 billion, up 6%
n
Average loan balances of $125 billion, up 10%
n
Record assets under management (“AUM”) of $1.9 trillion, up 10%; 81% of mutual fund AUM ranked in the 1st or 2nd quartile over 5 years
Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase delivered solid results in a competitive environment this quarter with steady core growth across the platform. And for the first time, the Firm led the nation in total U.S. deposits, as consumers and businesses continue to view us as their partner of choice.”
Dimon added: “In Consumer & Community Banking, card sales and merchant processing volumes were once again up double digits, while loans and deposits continued to grow strongly. In the Corporate & Investment Bank, we continued to lead our peers in Investment Banking fees, and Treasury Services and Securities Services each generated over $1 billion in revenue. Commercial Banking again delivered outstanding performance with record revenue as our long-term investments in the business are paying off. Our Asset & Wealth Management business delivered strong results with record net income and AUM this quarter.”
Dimon concluded: “The global economy continues to do well and the U.S. consumer remains healthy with solid wage growth. Unfortunately, natural disasters in the U.S. and abroad have impacted many of our customers and we have responded with enormous financial support as well as the expertise and generosity of our employees to help these customers, clients and communities. Building on our success to-date in Detroit, we have announced new initiatives in Chicago and Washington, D.C. to drive inclusive economic growth in those communities. We will be there to do our part. And this is in addition to the $1.7 trillion of credit and capital supplied this year to consumers and small and mid-sized businesses and corporate clients.”
FORTRESS PRINCIPLES
n
Book value per share of $66.95, up 5%; tangible book value per share2 of $54.03, up 5%
n
Basel III common equity Tier 1 capital2 of $187 billion and ratio2 of 12.5%
n
Firm SLR2 of 6.6%
OPERATING LEVERAGE
n
3Q17 reported expense of $14.3 billion; reported overhead ratio of 57%; 3Q17 adjusted expense2 of $14.4 billion; adjusted overhead ratio2 of 55%
CAPITAL RETURN
n
$6.5 billion4 returned to shareholders in 3Q17
n
$4.5 billion of net repurchases and common dividend of $0.56 per share
SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES
n
$1.7 trillion of credit and capital6 raised YTD
n
$197 billion of credit for consumers
n
$17 billion of credit for U.S. small businesses
n
$601 billion of credit for corporations
n
$820 billion of capital raised for corporate clients and non-U.S. government entities
n
$65 billion of credit and capital raised for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities

For earnings history and earnings-related data on JPMorgan (JPM) click here.


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