JPMorgan (JPM) Posts Q1 adj.-EPS of $1.41, Topping Views

(Updated - April 13, 2016 6:43 AM EDT)

JPMorgan (NYSE: JPM) reported Q1 EPS of $1.41, $0.15 better than the analyst estimate of $1.26. Revenue was $24.1 billion, versus the consensus of $23.8 billion.

Jamie Dimon, Chairman and CEO, commented on the financial results: “We delivered solid results this quarter with strong underlying drivers. The consumer businesses continue to grow loans and deposits impressively, attracting deposits faster than the industry. The U.S. consumer remains healthy and consumer credit trends are favorable.”

Dimon added: “While challenging markets impacted the industry, we maintained our leadership positions and market share in the Corporate & Investment Bank and Asset Management, reflecting the strength of our platform. Even in a challenging environment, clients continue to turn to us in the global markets and we saw positive net long-term asset flows in Asset Management.”

Dimon concluded: “We are one of the most trusted financial institutions in the world, delivering consistently for our clients, communities and shareholders. We plan to increase capital return in the first half of 2016 as the board approved an incremental $1.9 billion in share buybacks. As we build for the future, we are continuously innovating and investing to succeed. We are strengthening the Firm to withstand any environment and to maintain scale and profitability through the cycle."

SIGNIFICANT ITEMS

• First-quarter results included $479 million after-tax impact from wholesale credit costs ($0.13 decrease in earnings per share)

FORTRESS PRINCIPLES

• Tangible book value per share1 of $48.96, up 8%
• Basel III common equity Tier 1 capital1 of $176 billion; ratio of 11.7%1
• Firm SLR1 of 6.6% and Bank SLR1 of 6.7%
• Compliant with U.S. LCR9 – HQLA10 of $505 billion

OPERATING LEVERAGE

• 1Q16 adjusted expense1 of $13.9 billion; adjusted overhead ratio1 of 58%

CAPITAL RETURN

• $3.0 billion5 returned to shareholders in the first quarter
• $1.3 billion of net repurchases and common dividend of $0.44 per share

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

• $496 billion of credit and capital11 raised YTD
• $59 billion of credit for consumers
• $6 billion of credit for U.S. small businesses
• $160 billion of credit for corporations
• $251 billion of capital raised for corporate clients and non-U.S. government entities
• $20 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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