JPMorgan (JPM) Expects 2024 Net Interest Income About $90B, Versus Consensus of $86.08B
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JPMorgan's annual profit surges to record even as quarterly net income dips
January 12, 2024 6:56 AM ESTBy Niket Nishant and Nupur Anand
(Reuters) - JPMorgan Chase reported its best-ever annual profit and forecast higher-than-expected interest income for 2024, even as its quarterly profit fell.
The largest U.S. lender also took a nearly $3 billion charge to replenish a government deposit insurance fund.
JPMorgan benefited from its acquisition of failed First Republic Bank in May, which brought in billions of dollars of loans and bolstered its net interest income (NII) - the difference between what banks make on loans and pay out on deposits.
The bank expects full-year net interest income (NII) of... More
Bank and financial stocks mostly lower following earnings
January 12, 2024 6:55 AM ESTBank and financial stocks mostly lower following earnings from several giants:
Reported earnings today:
Bank of America (NYSE: BAC) -2.8%Bank of New York (NYSE: BK) +0.5%BlackRock (NYSE:... MoreJPMorgan (JPM) Tops Q4 EPS, Revenue Modeslty
January 12, 2024 6:50 AM ESTJPMorgan (NYSE: JPM) reported Q4 EPS of $3.97, ex-items, $0.48 better than the analyst estimate of $3.49. Revenue for the quarter came in at $39.9 billion versus the consensus estimate of $39.71 billion.
Jamie Dimon, Chairman and CEO, commented: We ended the year with a solid quarter, producing net income of $9.3 billion, or $12.1 billion excluding the FDIC special assessment and discretionary securities losses. Our record results in 2023 reflect over-earning on both NII and credit, but we remain confident in our ability to continue to deliver very healthy returns even after they normalize. Our balance sheet remained extremely... More
