JPMorgan (JPM) Tops Q4 EPS by 32c

JPMorgan (NYSE: JPM) reported Q4 EPS of $3.33, $0.32 better than the analyst estimate of $3.01. Revenue for the quarter came in at $30.3 billion versus the consensus estimate of $29.9 billion.

• Reported revenue of $29.3 billion; managed revenue of $30.3 billion1

Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase reported solid results across our businesses benefiting from elevated capital markets activity and a pick up in lending activity as firmwide average loans were up 6%. The economy continues to do quite well despite headwinds related to the Omicron variant, inflation and supply chain bottlenecks. Credit continues to be healthy with exceptionally low net charge-offs, and we remain optimistic on U.S. economic growth as business sentiment is upbeat and consumers are benefiting from job and wage growth.”

Dimon continued: “Global IB fees were up 37%, driven by both the Corporate & Investment Bank and Commercial Banking, due to unprecedented M&A activity, an active acquisition financing market and strong performance in IPOs. Markets revenue was down 11%, compared to a record fourth quarter last year, but up 7% versus the 2019 quarter driven by a strong performance in Equities. Asset & Wealth Management delivered robust results as we saw positive inflows into long-term products of $34 billion across all channels and regions, as well as continued strong loan growth, up 18%, primarily driven by securities-based lending. In Consumer & Community Banking, client investment assets were up 22%, with growth from higher market levels and positive net flows. Combined debit and credit card spend was up 26%, supporting accelerating Card loan growth, up 5%. Auto loans remain elevated, up 7%, although a lack of vehicle supply slowed originations to $8.5 billion, down 23%. Home lending had another strong quarter with originations at $42 billion, up 30%.”

Dimon concluded: “In 2021, we extended credit and raised over $3 trillion in capital for our consumer and institutional clients around the world, which includes nonprofits and U.S. government entities, including states, municipalities, hospitals and universities. We also accelerated investments to expand our product distribution capabilities, both domestically and internationally, enhance our products and services and modernize our technology. We continue to find attractive opportunities to invest in our businesses across the firm. Our longstanding capital hierarchy remains the same – first and foremost, to invest in and grow our market-leading businesses to support our clients, customers and communities; second, to pay a sustainable competitive dividend; and then, return any remaining excess capital to shareholders.”

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

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