JPMorgan Chase reported net income of $18.1 billion for Q2 2024, up 25%, with earnings per share of $6.12, ROE of 23% and ROTCE of 28%. The results include a $7.9 billion net gain related to Visa shares and a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.

1. 01

   JPMorgan Chase reported net income of $18.1 billion for Q2 2024, up 25%, with earnings per share of $6.12, ROE of 23% and ROTCE of 28%. The results include a $7.9 billion net gain related to Visa shares and a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.

2. 02

   The company said Visa accepted its tender of 37.2 million Visa Class B-1 common shares in exchange offer on May 6, 2024. It recognized the net gain of $7.9 billion in the period ended June 30, 2024.

3. 03

   The company said net interest income for Q2 2024 rose 4% to $22.7 billion, and noninterest revenue rose 41% to $27.5 billion. The prior-year period included the preliminary estimated bargain purchase gain of $2.7 billion related to First Republic.

4. 04

   The company said the provision for credit losses for Q2 2024 was $3.1 billion, consisting of $2.2 billion in net charge-offs and a $821 million net addition to the allowance for credit losses. The provision in the prior-year period was $2.9 billion.

Key figures

Quarter ended June 30, 2024

Revenue

$50.2B

Net income

$18.1B

EPS

$6.12

Analysis 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.

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

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