Jp Morgan Chase & Co. · NYSE:JPM
Jp Morgan Chase & — Q4 2024 Earnings Presentation
19 slides from Jp Morgan Chase &'s earnings presentation, Jan 15, 2025
Slide 1: 4Q24 Financial Results
January 15, 2025 4Q24 Financial Results
Slide 2: Agenda
Agenda Page 1 4Q24 and FY24 Financial Results 1 2 Financial Outlook 9 3 Notes 12
Slide 3: 4Q24 Financial highlights
4Q24 Financial highlights CET1 capital ratios2 Std. RWA3 $1.8T ROTCE1 15.7% | Adv. 15.8% Std. $1.4T Cash and marketable securities4 21% Total Loss-Absorbing Capacity $547B 2 Average loans $1.3T 4Q24 net income of $14.0B and EPS of $4.81 Income statement Managed revenue of $43.7B5 Expense of $2
Slide 4: 4Q24 Financial results
4Q24 Financial results1 $B, EXCEPT PER SHARE DATA $ O/(U) 4Q24 3Q24 4Q23 Net interest income $23.5 ($0.1) ($0.7) Noninterest revenue 20.3 0.5 4.5 Managed revenue 1 $B 4Q24 3Q24 4Q23 43.7 0.4 3.8 Net charge-offs $2.4 $2.1 $2.2 Expense Reserve build/(release) 0.3 1.0 0.6 22.8 0.2 (1.7) Credit costs Cr
Slide 5: FY24 Financial results
FY24 Financial results1,2 $B, EXCEPT PER SHARE DATA $ O/(U) FY2024 FY2023 FY2023 Net interest income $93.1 $89.7 $3.3 Noninterest revenue 87.5 72.6 14.9 Managed revenue 1 $B FY2024 FY2023 180.6 162.4 18.2 Net charge-offs $8.6 $6.2 Expense Reserve build/(release) 2.0 3.1 91.8 87.2 4.6 Credit costs Cr
Slide 6: Fortress balance sheet
Fortress balance sheet $B, EXCEPT PER SHARE DATA STANDARDIZED CET1 RATIO1 4Q24 3Q24 4Q23 77 bps 1 Risk-based capital metrics 21 bps 15.7% CET1 capital $276 $273 $251 (42 bps) (20 bps) (0 bps) CET1 capital ratio – Standardized 15.7% 15.3% 15.0% 15.3% CET1 capital ratio – Advanced 15.8 15.5 15.0 Basel
Slide 7: Consumer & Community Banking
CCB CIB AWM Corp. Consumer & Community Banking1 SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE $ O/(U) Net income of $4.5B, down 6% YoY 4Q24 3Q24 4Q23 Revenue of $18.4B, up 1% YoY, driven by higher noninterest revenue 2 predominantly in Card Services & Auto and Home Lending, partiall
Slide 8: Commercial & Investment Bank
CCB CIB AWM Corp. Commercial & Investment Bank1,2 SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE $ O/(U) Net income of $6.6B, up 59% YoY; revenue of $17.6B, up 18% YoY 4Q24 3Q24 4Q23 Banking & Payments revenue Revenue $17,598 $583 $2,624 IB revenue of $2.6B, up 46% YoY, driven by h
Slide 9: Asset & Wealth Management
CCB CIB AWM Corp. Asset & Wealth Management1 SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE $ O/(U) Net income of $1.5B, up 25% YoY 4Q24 3Q24 4Q23 Revenue of $5.8B, up 13% YoY, predominantly driven by growth in Revenue $5,778 $339 $683 management fees on higher average market levels
Slide 10: Corporate
CCB CIB AWM Corp. Corporate1 SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE $ O/(U) Revenue of $2.0B, up $223mm YoY 4Q24 3Q24 4Q23 Net interest income of $2.0B, down $415mm YoY, driven by lower rates, Revenue $2,000 ($1,070) $223 largely offset by the impact of balance sheet actions,
Slide 11: Agenda
Agenda Page 1 4Q24 and FY24 Financial Results 1 2 Financial Outlook 9 3 Notes 12
Slide 12: We expect ~$90B in NII ex. Markets for 2025, as balance sheet growth partially offsets lower rates
We expect ~$90B in NII ex. Markets for 2025, as balance sheet growth partially offsets lower rates NET INTEREST INCOME EX. MARKETS1 ($B) CARD SERVICES AVERAGE BALANCE ($B) $224 250 1,900 $92 $1 ~$90 $203 1,800 ($3) $177 200 1,700 4Q: $23 Total O/S $148 1,600 150 1,500 Rates / margins2 Balance sheet
Slide 13: Our 2025 expense outlook is ~$95B
Our 2025 expense outlook is ~$95B ADJUSTED EXPENSE1 ($B) Volume- and revenue-related FDIC SA and Foundation contribution2 Auto lease growth Capital markets growth / activity ~$95 $91.1 $2 Bankers, Advisors, Branches and 2025 YoY expense drivers Corp. $2 (ex. FDIC SA and Foundation contributi
Slide 14: Outlook
Outlook1 FIRMWIDE Expect FY2025 net interest income of ~$94B, market dependent 1 Expect FY2025 net interest income excluding Markets of ~$90B, market dependent Expect FY2025 adjusted expense of ~$95B, market dependent 2 – Adjusted expense excludes Firmwide legal expense 3 Expect FY2025 Card Services
Slide 15: Agenda
Agenda Page 1 4Q24 and FY24 Financial Results 1 2 Financial Outlook 9 3 Notes 12
Slide 16: Notes on non-GAAP financial measures
Notes on non-GAAP financial measures 1. In addition to analyzing the Firm’s results on a reported basis, management reviews 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
Slide 17: Additional notes
Additional notes 1. Reflects the Current Expected Credit Losses ("CECL") capital transition provisions. As of December 31, 2024 and September 30, 2024, CET1 capital and Total Loss- Absorbing Capacity reflected the remaining $720mm CECL benefit; as of December 31, 2023, CET1 capital reflected a $1.4B
Slide 18: Additional notes on slides 5-6
Additional notes on slides 5-6 Slide 5 – Consumer & Community Banking 3. Actual numbers for all periods, not over/(under) 4. Users of all mobile platforms who have logged in within the past 90 days 5. Excludes Commercial Card 6. Firmwide mortgage origination volume was $14.2B, $13.3B, and $8.6B for
Slide 19: Forward-looking statements
Forward-looking statements This 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 an