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1、2Q24 Financial ResultsJuly 12,20242Q24 Financial highlights1See note 3 on slide 92See note 4 on slide 93Represents the estimated Basel III common equity Tier 1(“CET1”)capital and ratio and Total Loss-Absorbing Capacity for the current period.See note 1 on slide 104Standardized risk-weighted assets(“
2、RWA”).Estimated for the current period.See note 1 on slide 105Cash and marketable securities represents HQLA and unencumbered marketable securities.Estimated for the current period.See note 2 on slide 106See note 1 on slide 97Includes the net impact of employee issuances.Excludes excise tax and comm
3、issions8 Last twelve months(“LTM”)9 See note 4 on slide 101ROTCE128%ROTCE ex.significant items220%CET1 capital ratios3Std.15.3%|Adv.15.5%Total Loss-Absorbing Capacity3$534BStd.RWA4$1.7TCash and marketable securities5$1.5TAverage loans$1.3T Pretax Net incomeEPSNet gain related to Visa shares9$7,857$5
4、,959$2.04Donation of Visa shares to pre-fund contributions to the Firms Foundation($1,000)($524)($0.18)Net investment securities losses($546)($414)($0.14)SIGNIFICANT ITEMS IN CORPORATE($MM,EXCLUDING EPS)Balance sheetLoans:average loans of$1.3T up 6%YoY including First Republic and flat QoQDeposits:a
5、verage deposits of$2.4T down 1%YoY and flat QoQCET1 capital of$267B3 Standardized CET1 capital ratio of 15.3%3;Advanced CET1 capital ratio of 15.5%3Capital distributedCommon dividend of$3.3B or$1.15 per share$4.9B of common stock net repurchases7Net payout LTM of 45%7,8Income statement2Q24 net incom
6、e of$18.1B and EPS of$6.12 Excluding significant items2,2Q24 net income of$13.1B,EPS of$4.40 and ROTCE of 20%Managed revenue of$51.0B6Expense of$23.7B and managed overhead ratio of 47%62Q24 Financial results11See note 1 on slide 92 Actual numbers for all periods,not over/(under)3See note 3 on slide
7、94See note 2 on slide 95Includes the markets-related revenues of the former Commercial Banking business segment.Prior-period amounts have been revised to conform with the current presentation6See note 5 on slide 97Reflects fully taxable-equivalent(“FTE”)adjustments of$792mm in 2Q242Q24 1Q24 2Q23 Net
8、 interest income$22.9($0.3)$1.0 Noninterest revenue28.1 8.8 7.6 Managed revenue151.0 8.4 8.6 Expense23.7 1.0 2.9 Credit costs3.1 1.2 0.2 Net income$18.1$4.7$3.7 Net income applicable to common stockholders$17.7$4.8$3.7 EPS diluted$6.12$1.68$1.37 ROE223%17%20%ROTCE2,328 21 25 Overhead ratio managed1,
9、247 53 49 Memo:NII excluding Markets4$22.9($0.1)$0.6 NIR excluding Markets4,520.3 8.7 7.3 Markets revenue57.8(0.2)0.7 Managed revenue151.0 8.4 8.6 Adjusted expense6$23.4$0.6$3.0 Adjusted overhead ratio1,2,646%54%48%$O/(U)$B2Q24 1Q24 2Q23 Net charge-offs$2.2$2.0$1.4 Reserve build/(release)0.8(0.1)1.5
10、 Credit costs$3.1$1.9$2.9 2Q24ROE O/H ratio CCB30%53%CIB17%51%AWM32%67%2Q24 Tax rateEffective rate:22.6%Managed rate:25.1%1,72$B,EXCEPT PER SHARE DATA15.0%15.3%(48 bps)(27 bps)(0 bps)104 bps0 bps1Q24NetincomeCapitalDistributionsRWAAOCIOther2Q245678Includes impact of Visa shares:+32bps1,712 1,743 12
11、6 12 1Q24LendingMarket RiskCredit Riskex.Lending2Q24 2Q24 1Q24 2Q23 Risk-based capital metrics1CET1 capital$267$258$236 CET1 capital ratio Standardized15.3%15.0%13.8%CET1 capital ratio Advanced15.5 15.3 13.9 Basel III Standardized RWA$1,743$1,712$1,707 Leverage-based capital metric2Firm SLR6.1%6.1%5
12、.8%Liquidity metrics3Firm LCR112%112%112%Bank LCR125 129 129 Total excess HQLA$275$307$296 HQLA and unencumbered marketable securities1,464 1,496 1,411 Balance sheet metricsTotal assets(EOP)$4,143$4,091$3,868 Deposits(average)2,371 2,375 2,387 Tangible book value per share492.77 88.43 79.90 Fortress
13、 balance sheet$B,EXCEPT PER SHARE DATASTANDARDIZED CET1 RATIO(%)1STANDARDIZED RISK-WEIGHTED ASSETS($B)193Note:Totals may not sum due to rounding1Estimated for the current period.See note 1 on slide 102Estimated for the current period.Represents the supplementary leverage ratio(“SLR”)3Estimated for t
14、he current period.Liquidity Coverage Ratio(“LCR”)represents the average LCR for the Firm and JPMorgan Chase Bank,N.A.(“Bank”).See note 2 on slide 104See note 3 on slide 95Reflects Net Income Applicable to Common Equity6Includes net share repurchases and common dividends7Excludes AOCI on cash flow he
15、dges and DVA related to structured notes8Primarily CET1 capital deductions9Includes Loans and CommitmentsConsumer&Community Banking1,2CIBAWMCorp.CCB42Q24 1Q24 2Q23 Banking&Wealth ManagementBusiness Banking average loans$19.5$19.4$19.6 Business Banking loan originations1.3 1.1 1.3 Client investment a
16、ssets(EOP)1,013.7 1,010.3 892.9 Deposit margin2.72%2.71%2.83%Home LendingAverage loans$254.4$257.9$229.6 Loan originations610.7 6.6 11.2 Third-party mortgage loans serviced(EOP)642.8 626.2 604.5 Net charge-off/(recovery)rate(0.07)%(0.01)%(0.05)%Card Services&AutoCard Services average loans$210.1$204
17、.7$187.0 Auto average loans and leased assets86.5 87.7 82.1 Auto loan and lease originations10.8 8.9 12.0 Card Services net charge-off rate3.50%3.32%2.41%Card Services net revenue rate9.61 10.09 9.11 Card Services sales volume5$316.6$291.0$294.0 2Q24 1Q24 2Q23 Average equity$54.5$54.5$54.3 ROE30%35%
18、38%Overhead ratio53 53 48 Average loans$571.7$571.1$518.3 Average deposits1,073.5 1,079.2 1,157.3 Active mobile customers(mm)455.6 54.7 52.0 Debit&credit card sales volume5$453.7$420.7$424.0 Average loans up 10%YoY including First Republic and flat QoQAverage deposits down 7%YoY and 1%QoQEOP deposit
19、s down 9%YoY and 3%QoQActive mobile customers up 7%YoYDebit&credit card sales volume up 7%YoYClient investment assets up 14%YoY and flat QoQKEY DRIVERS/STATISTICS($B)DETAIL BY BUSINESSFINANCIAL PERFORMANCESELECTED INCOME STATEMENT DATA($MM)KEY DRIVERS/STATISTICS($B)3$O/(U)2Q24 1Q24 2Q23 Revenue$17,7
20、01$48$468 Banking&Wealth Management10,375 51(561)Home Lending1,319 133 312 Card Services&Auto6,007(136)717 Expense9,425 128 1,112 Credit costs2,643 730 781 Net charge-offs(NCOs)2,064 185 813 Change in allowance579 545(32)Net income$4,210($621)($1,096)Net income of$4.2B,down 21%YoYRevenue of$17.7B,up
21、 3%YoY,predominantly due to higher noninterest revenue in Banking&Wealth Management and Card Services&AutoExpense of$9.4B,up 13%YoY,predominantly driven by the allocation of certain First Republic-related expense from Corporate to CCB starting in 3Q23,and higher compensation,as well as continued inv
22、estments in technology and marketingCredit costs of$2.6BNCOs of$2.1B,up$813mm YoY,predominantly driven by Card Services as newer vintages season and credit normalization continuesNet reserve build of$579mm was primarily in Card Services,predominantly driven by loan growth and updates to certain macr
23、oeconomic variables1See note 1 on slide 92See note 3 on slide 10For additional footnotes see slide 11KEY DRIVERS/STATISTICS($B)4$O/(U)2Q24 1Q24 2Q23 Revenue$17,917$333$1,410 Investment Banking revenue2,464 248 777 Payments4,546 80(168)Lending1,936 212 187 Other4 7(34)Total Banking&Payments8,950 547
24、762 Fixed Income Markets4,822(505)214 Equity Markets2,971 285 517 Securities Services1,261 78 40 Credit Adjustments&Other(87)(72)(123)Total Markets&Securities Services8,967(214)648 Expense9,166 442 972 Credit costs384 383(751)Net income$5,897($725)$597 FINANCIAL PERFORMANCECommercial&Investment Bank
25、1,2,31See note 1 on slide 9;2See note 3 on slide 10For additional footnotes see slide 11CCBCIBAWMCorp.2Q24 1Q24 2Q23 Average equity$132.0$132.0$137.5 ROE17%20%15%Overhead ratio51 50 50 IB fees($mm)$2,356$2,014$1,569 Average Banking&Payments loans 351.4 350.3 343.5 Average client deposits5936.7 931.6
26、 922.7 Assets under custody($T)34.0 34.0 30.4 Net charge-off/(recovery)rate60.14%0.06%0.14%SELECTED INCOME STATEMENT DATA($MM)5$O/(U)2Q24 1Q24 2Q23 Banking&Payments revenue$8,950$547$762 Global Corporate&Investment Banking6,141 321 689 Commercial Banking2,860 23 59 Middle Market Banking1,936 9(60)Co
27、mmercial Real Estate Banking924 14 119 Other(51)203 14 8REVENUE BY CLIENT COVERAGE SEGMENT($MM)Net income of$5.9B,up 11%YoY;revenue of$17.9B,up 9%YoY Banking&Payments revenueIB revenue of$2.5B,up 46%YoY,driven by higher fees across all productsPayments revenue of$4.5B,down 4%YoY,driven by deposit ma
28、rgin compression and higher deposit-related client credits,largely offset by fee growthLending revenue of$1.9B,up 11%YoY,predominantly driven by the impact of the First Republic acquisition,lower losses on hedges of the retained lending portfolio and the impact of higher ratesMarkets&Securities Serv
29、ices revenueMarkets revenue of$7.8B,up 10%YoY Fixed Income Markets revenue of$4.8B,up 5%YoY,largely driven by Securitized Products Equity Markets revenue of$3.0B,up 21%YoY,driven by strong performance in Equity Derivatives and PrimeSecurities Services revenue of$1.3B,up 3%YoY,driven by higher volume
30、s and market levels,largely offset by deposit margin compression Expense of$9.2B,up 12%YoY,predominantly driven by higher compensation,including revenue-related compensation,higher legal expense and higher volume-related non-compensation expense Credit costs of$384mm Net reserve build of$220mm,drive
31、n by incorporating the First Republic portfolio into the Firms modeled approach7,as well as net downgrade activity,primarily in Real Estate,largely offset by the impact of net lending activityNCOs of$164mm,of which approximately half was in OfficeFINANCIAL PERFORMANCESELECTED INCOME STATEMENT DATA($
32、MM)Asset&Wealth Management1,21See note 1 on slide 92See note 3 on slide 103Actual numbers for all periods,not over/(under)CCBCIBAWMCorp.2Q24 1Q24 2Q23 Average equity$15.5$15.5$16.7 ROE32%33%29%Pretax margin32 33 33 Assets under management(AUM)$3,682$3,564$3,188 Client assets5,387 5,219 4,558 Average
33、 loans224.1 223.4 219.5 Average deposits227.4 227.7 211.9$O/(U)2Q24 1Q24 2Q23 Revenue$5,252$143$309 Asset Management2,437 111 309 Global Private Bank2,815 32-Expense3,543 83 380 Credit costs20 77(125)Net income$1,263($27)$37 KEY DRIVERS/STATISTICS($B)3Net income of$1.3B,up 3%YoY Revenue of$5.3B,up 6
34、%YoY,driven by growth in management fees on higher average market levels and strong net inflows,as well as higher brokerage activity,largely offset by deposit margin compressionExpense of$3.5B,up 12%YoY,predominantly driven by higher compensation,including revenue-related compensation and continued
35、growth in private banking advisor teams,as well as higher legal expense and distribution feesAUM of$3.7T was up 15%YoY and client assets of$5.4T were up 18%YoY,each driven by higher market levels and continued net inflowsFor the quarter,AUM had long-term net inflows of$52B and liquidity net inflows
36、of$16BAverage loans of$224B,up 2%YoY and flat QoQAverage deposits of$227B,up 7%YoY due to the allocation of First Republic deposits to AWM in 4Q23 and flat QoQ6Corporate1,21See note 1 on slide 92See note 3 on slide 10CCBCIBAWMCorp.2Q24 1Q24 2Q23 Revenue$10,122$7,920$6,404 Net interest income2,364(11
37、3)626 Noninterest revenue7,758 8,033 5,778 Expense1,579 303 427 Credit costs5(22)248 Net income/(loss)$6,779$6,103$4,139$O/(U)Revenue of$10.1B,up$6.4B YoYNet interest income of$2.4B,up$626mm YoY,driven by the impact of balance sheet mix and higher ratesNoninterest revenue was a net gain of$7.8B,comp
38、ared with a net gain of$2.0B in the prior year The current quarter included the$7.9B net gain related to Visa shares and$546mm of net investment securities losses The prior-year quarter included the estimated$2.7B bargain purchase gain associated with First Republic and$900mm of net investment secur
39、ities lossesExpense of$1.6B,up$427mm YoY,driven by the$1.0B donation of Visa shares to pre-fund contributions to the Firms Foundation,largely offset by the allocation of certain First Republic expense from Corporate to the LOBs,predominantly CCB,starting in 3Q23,as well as lower legal expenseSELECTE
40、D INCOME STATEMENT DATA($MM)FINANCIAL PERFORMANCE7Outlook11See notes 1,2 and 5 on slide 9Expect FY2024 net interest income of$91B,market dependentExpect FY2024 net interest income excluding Markets of$91B,market dependent1Expect FY2024 Card Services NCO rate of3.4%3FIRMWIDEExpect FY2024 adjusted exp
41、ense of$92B,market dependent Adjusted expense excludes Firmwide legal expense and includes the increase to the FDIC special assessment in 1Q24 and the Foundation contribution in 2Q2428Notes on non-GAAP financial measures1.In addition to analyzing the Firms results on a reported basis,management revi
42、ews Firmwide results,including the overhead ratio,on a“managed”basis;these Firmwide managed basis results are non-GAAP financial measures.The Firm also reviews the results of the lines of business on a managed basis.The Firms definition of managed basis starts,in each case,with the reported U.S.GAAP
43、 results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on a fully taxable-equivalent basis.Accordingly,revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a
44、basis comparable to taxable investments and securities.These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources.The corresponding income tax impact related to tax-exempt items is recorded within income tax exp
45、ense.These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.For a reconciliation of the Firms results from a reported to managed basis,refer to page 7 of the Earnings Release Financial Supplement2.In addition to reviewing net interest income(“NI
46、I”)and noninterest revenue(“NIR”)on a managed basis,management also reviews these metrics excluding Markets,which is composed of Fixed Income Markets and Equity Markets.Markets revenue consists of principal transactions,fees,commissions and other income,as well as net interest income.These metrics,w
47、hich exclude Markets,are non-GAAP financial measures.Management reviews these metrics to assess the performance of the Firms lending,investing(including asset-liability management)and deposit-raising activities,apart from any volatility associated with Markets activities.In addition,management also
48、assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines.For example,securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue.Management believes these measures p
49、rovide investors and analysts with alternative measures to analyze the revenue trends of the Firm.For a reconciliation of NII and NIR from reported to excluding Markets,refer to page 28 of the Earnings Release Financial Supplement.For additional information on Markets revenue,refer to page 75 of the
50、 Firms 2023 Form 10-K3.Tangible common equity(“TCE”),return on tangible common equity(“ROTCE”)and tangible book value per share(“TBVPS”),are each non-GAAP financial measures.TCE represents the Firms common stockholders equity(i.e.,total stockholders equity less preferred stock)less goodwill and iden
51、tifiable intangible assets(other than mortgage servicing rights),net of related deferred tax liabilities.For a reconciliation from common stockholders equity to TCE,refer to page 10 of the Earnings Release Financial Supplement.ROTCE measures the Firms net income applicable to common equity as a perc
52、entage of average TCE.TBVPS represents the Firms TCE at period-end divided by common shares at period-end.Book value per share was$111.29,$106.81 and$98.11 at June 30,2024,March 31,2024 and June 30,2023,respectively.TCE,ROTCE and TBVPS are utilized by the Firm,as well as investors and analysts,in as
53、sessing the Firms use of equity4.Second-quarter 2024 net income,earnings per share and ROTCE excluding significant items are non-GAAP financial measures.Significant items collectively refer to the net gain related to Visa shares of$7.9B,a donation of Visa shares to pre-fund contributions to the Firm
54、s Foundation of$1.0B and net investment securities losses of$546mm.Excluding these items resulted in a decrease of$5.0B(after tax)to reported net income from$18.1B to$13.1B;a decrease of$1.72 per share to reported EPS from$6.12 to$4.40;and a decrease of 8ppts to reported ROTCE from 28%to 20%.Managem
55、ent believes these measures provide useful information to investors and analysts in assessing the Firms results5.Adjusted expense and adjusted overhead ratio are each non-GAAP financial measures.Adjusted expense represents noninterest expense excluding Firmwide legal expense of$317mm,($72mm)and$420m
56、m for the three months ended June 30,2024,March 31,2024 and June 30,2023,respectively.The adjusted overhead ratio measures the Firms adjusted expense as a percentage of managed net revenue.Management believes this information helps investors understand the effect of these items on reported results a
57、nd provides an alternate presentation of the Firms performance9Additional notes1.Reflects the Current Expected Credit Losses(CECL)capital transition provisions.As of June 30,2024 and March 31,2024,CET1 capital and Total Loss-Absorbing Capacity reflected the remaining CECL benefit of$720mm;as of June
58、 30,2023,CET1 capital reflected the benefit of$1.4B.Refer to Note 21 of the Firms Quarterly Report on Form 10-Q for the quarterly period ended March 31,2024 and Note 27 of the Firms 2023 Form 10-K for additional information2.Total excess high-quality liquid assets(“HQLA”)represent the average eligib
59、le unencumbered liquid assets that are in excess of what is required to meet the estimated Firm and Bank total net cash outflows over a prospective 30 calendar-day period of significant stress under the LCR rule.HQLA and unencumbered marketable securities,includes end-of-period HQLA,excluding regula
60、tory prescribed haircuts under the LCR rule where applicable,for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank,N.A.,which are not transferable to non-bank affiliates and thus excluded from the Firms LCR.Also includes other end-o
61、f-period unencumbered marketable securities,such as equity and debt securities.Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank.Refer to Liquidity Risk Management on pages 44-51 of the Firms Quarterly Report on Form 10-Q for the quart
62、erly period ended March 31,2024 and pages 102-109 of the Firms 2023 Form 10-K for additional information3.The First Republic acquisition closed on May 1,2023,therefore,the current period included approximately one additional month of results associated with First Republic compared with the prior-yea
63、r period.Additionally,certain noninterest expense and deposits associated with First Republic were allocated among segments commencing in the third quarter of 2023,resulting in increases or decreases to the YoY change in certain lines.The prior-year quarter also included the estimated bargain purcha
64、se gain of$2.7B in Corporate as well as the$1.2B credit reserve established for the First Republic portfolio across LOBs4.On April 8,2024,Visa Inc.announced the commencement of an exchange offer for Visa Class B-1 common stock.On May 6,2024,the Firm announced that Visa accepted the Firms tender of i
65、ts 37.2mm shares of Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock.Visas acceptance resulted in a gain for the Firm relating to the Visa Class C common stock,which is held at fair value.Refer to pages 8 and 100 of the Firms Quar
66、terly Report on Form 10-Q for the quarter ended March 31,2024 for additional information10Additional notes on slides 4-5Slide 4 Consumer&Community Banking3.Actual numbers for all periods,not over/(under)4.Users of all mobile platforms who have logged in within the past 90 days.Excludes First Republi
67、c accounts not yet converted to JPMorgan Chase platforms5.Excludes Commercial Card6.Firmwide mortgage origination volume was$12.3B,$7.6B and$13.0B for the three months ended June 30,2024,March 31,2024 and June 30,2023,respectivelySlide 5 Commercial&Investment Bank3.Effective in the second quarter of
68、 2024,the Firm reorganized its reportable business segments by combining the former Corporate&Investment Bank and Commercial Banking business segments to form one segment,the Commercial&Investment Bank(CIB)4.Actual numbers for all periods,not over/(under)5.Client deposits and other third-party liabi
69、lities(“client deposits”)pertain to the Payments and Securities Services businesses6.Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery)rate7.As a result of the First Republic acquisition,the Firm recorded an allowance for credit losses for the lo
70、ans acquired and lending-related commitments assumed as of May 1,2023.Given the differences in risk rating methodologies for the First Republic portfolio,and the ongoing integration of products and systems,the allowance for credit losses for the acquired wholesale portfolio was measured based on oth
71、er facilities underwritten by the Firm with similar risk characteristics and not based on modeled estimates.As of June 30,2024,the allowance for credit losses for the acquired wholesale portfolio was measured using the Firms modeled approach.Refer to the Critical Accounting Estimates on pages 78-80
72、and Note 26 of the Firms Quarterly Report on Form 10-Q for the quarterly period ended March 31,2024 for additional information8.Banking&Payments revenue by client coverage segment consists of the following:Global Corporate Banking&Global Investment Banking(Global Corporate&Investment Banking)provide
73、s banking products and services generally to large corporations,financial institutions and merchantsCommercial Banking provides banking products and services generally to middle market clients,including start-ups,small and midsized companies,local governments,municipalities,and nonprofits,as well as
74、 to commercial real estate clientsOther includes amounts related to credit protection purchased against certain retained loans and lending-related commitments in Lending,the impact of equity investments in Payments and balances not aligned with a primary client coverage segment11Forward-looking stat
75、ementsThis presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.These statements are based on the current beliefs and expectations of JPMorgan Chase&Co.s management and are subject to significant risks and uncertainties.Actual re
76、sults may differ from those set forth in the forward-looking statements.Factors that could cause JPMorgan Chase&Co.s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase&Co.s Annual Report on Form 10-K for the year ended December 3
77、1,2023 and Quarterly Report on Form 10-Q for the quarter ended March 31,2024,which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase&Co.s website(https:/jpmorganchaseco.gcs- on the Securities and Exchange Commissions website(www.sec.gov).JPMorgan Chase&Co.does not undertake to update any forward-looking statements.12