AI English summary of an SEC filing — figures as filed
JPMorgan Chase JPMJPMorgan Chase said net income for Q3 2024 fell 2% to $12.9 billion, with earnings per share of $4.37, ROE of 16% and ROTCE of 19%. Net interest income rose 3% to $23.4 billion, and noninterest revenue rose 12% to $19.2 billion.
Key points
AI summaryJPMorgan Chase said net income for Q3 2024 fell 2% to $12.9 billion, with earnings per share of $4.37, ROE of 16% and ROTCE of 19%. Net interest income rose 3% to $23.4 billion, and noninterest revenue rose 12% to $19.2 billion.
The company said the provision for credit losses for Q3 was $3.1 billion, consisting of net charge-offs of $2.1 billion and a net addition to the allowance for credit losses of $1.0 billion. It cited the seasoning of newer vintages and continued credit normalization in Card Services as the factors behind the increase in net charge-offs.
The company said noninterest expense for Q3 rose 4% to $22.6 billion. It cited higher compensation expense, including revenue-related compensation, and growth in the number of employees as the drivers, which were partially offset by lower legal expense.
The company said it recognized a net gain of $7.9 billion in Q2 2024 on the exchange of 37.2 million Visa Class B-1 common shares it had tendered to Visa. It also said it contributed Visa shares worth $1.0 billion to the JPMorgan Chase Foundation in the same quarter, and that as of September 30, 2024 it had disposed of all of its Visa C shares.
Key figures
Quarter ended September 30, 2024
- Revenue
- $42.7B
- Net income
- $12.9B
- EPS
- $4.37
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.
Q3 2024 net income $12.9 billion
JPMorgan Chase said net income for Q3 2024 fell 2% to $12.9 billion, with earnings per share of $4.37, ROE of 16% and ROTCE of 19%. Net interest income rose 3% to $23.4 billion, and noninterest revenue rose 12% to $19.2 billion.
Source · Based on the MD&A text of the filing
Q3 provision for credit losses $3.1 billion
The company said the provision for credit losses for Q3 was $3.1 billion, consisting of net charge-offs of $2.1 billion and a net addition to the allowance for credit losses of $1.0 billion. It cited the seasoning of newer vintages and continued credit normalization in Card Services as the factors behind the increase in net charge-offs.
Source · Based on the MD&A text of the filing
Q3 noninterest expense $22.6 billion
The company said noninterest expense for Q3 rose 4% to $22.6 billion. It cited higher compensation expense, including revenue-related compensation, and growth in the number of employees as the drivers, which were partially offset by lower legal expense.
Source · Based on the MD&A text of the filing
Q2 2024 net gain on Visa shares $7.9 billion
The company said it recognized a net gain of $7.9 billion in Q2 2024 on the exchange of 37.2 million Visa Class B-1 common shares it had tendered to Visa. It also said it contributed Visa shares worth $1.0 billion to the JPMorgan Chase Foundation in the same quarter, and that as of September 30, 2024 it had disposed of all of its Visa C shares.
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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