AI English summary of an SEC filing — figures as filed
JPMorgan Chase JPMThe company reported net income of $13.4 billion for Q1 2024, up 6%, with earnings per share of $4.44, ROE of 17% and ROTCE of 21%. The results included a $725 million increase in the FDIC special assessment in Corporate.
Key points
AI summaryThe company reported net income of $13.4 billion for Q1 2024, up 6%, with earnings per share of $4.44, ROE of 17% and ROTCE of 21%. The results included a $725 million increase in the FDIC special assessment in Corporate.
JPMorgan Chase reported net interest income of $23.1 billion for Q1, up 11%, noninterest revenue of $18.9 billion, up 7%, and noninterest expense of $22.8 billion, up 13%. The company cited higher compensation expense, the impact of First Republic and the $725 million increase in the FDIC special assessment as factors behind the rise in noninterest expense.
The company reported a provision for credit losses of $1.9 billion and net charge-offs of $2.0 billion for Q1, and said net charge-offs rose $819 million. The increase was driven mainly by CCB, and within it Card Services. The total allowance for credit losses was $24.7 billion as of March 31, 2024.
The company said total assets were $4.1 trillion and stockholders’ equity was $336.6 billion as of March 31, 2024. Nonperforming assets on the same day were $8.3 billion, up 11%, and the company attributed the increase mainly to wholesale nonaccrual loans.
Key figures
Quarter ended March 31, 2024
- Revenue
- $41.9B
- Net income
- $13.4B
- EPS
- $4.44
- Operating cash flow
- −$154.2B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Q1 2024 Net Income and Key Profitability Metrics
The company reported net income of $13.4 billion for Q1 2024, up 6%, with earnings per share of $4.44, ROE of 17% and ROTCE of 21%. The results included a $725 million increase in the FDIC special assessment in Corporate.
Source · Based on the MD&A text of the filing
Net Interest Income, Noninterest Revenue and Noninterest Expense
JPMorgan Chase reported net interest income of $23.1 billion for Q1, up 11%, noninterest revenue of $18.9 billion, up 7%, and noninterest expense of $22.8 billion, up 13%. The company cited higher compensation expense, the impact of First Republic and the $725 million increase in the FDIC special assessment as factors behind the rise in noninterest expense.
Source · Based on the MD&A text of the filing
Credit Loss Provision and Net Charge-offs
The company reported a provision for credit losses of $1.9 billion and net charge-offs of $2.0 billion for Q1, and said net charge-offs rose $819 million. The increase was driven mainly by CCB, and within it Card Services. The total allowance for credit losses was $24.7 billion as of March 31, 2024.
Source · Based on the MD&A text of the filing
Asset Size and Nonperforming Assets
The company said total assets were $4.1 trillion and stockholders’ equity was $336.6 billion as of March 31, 2024. Nonperforming assets on the same day were $8.3 billion, up 11%, and the company attributed the increase mainly to wholesale nonaccrual loans.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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