JPMorgan (JPM) Tops Q4 EPS by 45c, Revenues Beat
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JPMorgan (NYSE: JPM) reported Q4 EPS of $3.07, $0.45 better than the analyst estimate of $2.62. Revenue for the quarter came in at $29.2 billion versus the consensus estimate of $28.7 billion.
- NET INCOME OF $12.1 BILLION ($3.79 PER SHARE), OR $9.9 BILLION EXCLUDING CREDIT RESERVE RELEASES OF $2.9 BILLION ($3.07 PER SHARE)1 FULL-YEAR 2020 NET INCOME OF $29.1 BILLION ($8.88 PER SHARE)
- Reported revenue of $29.2 billion; managed revenue of $30.2 billion
Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase reported strong results in the fourth quarter of 2020, concluding a challenging year where we generated record revenue, benefiting from our diversified business model and dedicated employees. While we reported record profits of $12.1 billion, we do not consider the reserve takedown of $2.9 billion to represent core or recurring profits – essentially reserve calculations, while done extremely diligently and carefully, now involve multiple, multi-year hypothetical probability-adjusted scenarios, which may or may not occur and which can be expected to introduce quarterly volatility in our reserves. While positive vaccine and stimulus developments contributed to these reserve releases this quarter, our credit reserves of over $30 billion continue to reflect significant near-term economic uncertainty and will allow us to withstand an economic environment far worse than the current base forecasts by most economists.”
For earnings history and earnings-related data on JPMorgan (JPM) click here.
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