JPMorgan (JPM) Posts Q3 EPS of $1.58; Notes Record Commercial Banking Net Income
(Updated - October 14, 2016 6:42 AM EDT)
JPMorgan (NYSE: JPM) reported Q3 EPS of $1.58, which may not compare with the analyst estimate of $1.39. Revenue for the quarter came in at $25.5 billion versus the consensus estimate of $23.99 billion.
JPMorgan Jamie Dimon, Chairman and CEO, commented on the financial results: “We delivered strong results this quarter with each of our businesses performing well. We had record net income in Commercial Banking and record loan balances in Asset Management. The Corporate & Investment Bank reported its best third quarter revenue. In the Consumer businesses, we grew both loans and deposits double-digits, and our new card product, Sapphire Reserve, has gotten a great response – underscoring our unwavering commitment to enhancing customer engagement.”
Dimon added: “Over the past months we have continued our extraordinary efforts and submitted what we believe is a credible Resolution Plan, as we remain focused on our regulatory and control agenda.”
Dimon concluded: “We delivered a 13% ROTCE and over $6 billion of net income in a third quarter. We have provided credit and raised capital this year totaling $1.7 trillion for our customers, small businesses, clients and governments around the world. It's a testament to the power of our platform and our people. To remain best-in-class, we continue to invest significant resources in talent development, innovation, technology, security and controls.”
FORTRESS PRINCIPLES
- Tangible book value per share1 of $51.23, up 8%
- Basel III common equity Tier 1 capital1 of $181 billion; ratio1 of 11.9%
- Firm SLR1 of 6.6% and Bank SLR1 of 6.6%
- HQLA7 of $539 billion
OPERATING LEVERAGE
- Reported expense of $14.5 billion; reported overhead ratio of 59%; Adjusted expense1 of $14.5 billion; adjusted overhead ratio1 of 57%
CAPITAL RETURN
- $3.8 billion returned to shareholders in 3Q16
- $2.1 billion of net repurchases and common dividend of $0.48 per share
ROE was 13 percent.
Investment banking revenue was $1.74 billion, versus $1.54 billion expected.
FICC sales & trading revenue was $4.33 billion, versus expectations of $3.17 billion.
Equities sales & trading revenue was $1.41 billion, with the consensus at $1.35 billion.
Net investment margin was 2.96 percent, versus 2.93 percent expected. Net interest margin was 2.24 percent, compared with 2.26 billion expected
AUM was $1.77 trillion.
For earnings history and earnings-related data on JPMorgan (JPM) click here.
