JPMorgan Chase & Co. Reports Fourth-Quarter and Full-Year 2024 Financial Results

JPMorgan Chase & Co., a leading financial services firm based in the United States with operations worldwide, has released its fourth-quarter and full-year 2024 financial results. The company reported record net income and provided insights into its business performance, strategic initiatives, and future outlook.

Financial Highlights

For the fourth quarter of 2024, JPMorgan Chase reported a net income of $14.0 billion, translating to $4.81 per share. This marks a significant increase from the previous year's fourth quarter. The firm also achieved record full-year net income of $58.5 billion, or $19.75 per share. Excluding significant items, the full-year net income was $54.0 billion, or $18.22 per share.

Net revenue for the fourth quarter was $43.7 billion, up 10% year-over-year. Noninterest revenue saw a substantial increase of 29%, while net interest income excluding Markets was down 2%. Noninterest expense decreased by 7%, primarily due to the absence of the FDIC special assessment from the prior year.

Business and Operational Highlights

JPMorgan Chase's Consumer & Community Banking (CCB) segment reported a net income of $4.5 billion for the fourth quarter, down 6% year-over-year. The segment's net revenue was $18.4 billion, up 1%, driven by higher production revenue in Home Lending and increased net interest income in Card Services & Auto.

The Commercial & Investment Bank (CIB) segment posted a net income of $6.6 billion, up 59% year-over-year. The segment's net revenue was $17.6 billion, an 18% increase, with Investment Banking fees up 49% and Markets revenue up 21%.

The Asset & Wealth Management (AWM) segment reported a net income of $1.5 billion, up 25% year-over-year. Net revenue for the segment was $5.8 billion, up 13%, driven by higher management fees and strong net inflows.

Strategic Initiatives and Corporate Developments

JPMorgan Chase announced a common dividend of $3.5 billion, or $1.25 per share, and $4.0 billion of common stock net repurchases. The firm also highlighted its strong capital position, with a Basel III common equity Tier 1 capital of $276 billion and a total loss-absorbing capacity of $547 billion.

The firm raised approximately $2.8 trillion of credit and capital in 2024, including $250 billion for consumers, $40 billion for U.S. small businesses, and $2.4 trillion for corporations and non-U.S. government entities.

Management's Perspective

Jamie Dimon, Chairman and CEO, commented on the strong performance across all business lines, highlighting the firm's record net income and revenue growth. He emphasized the firm's commitment to maintaining a "fortress balance sheet" and the importance of balanced regulation to promote economic growth while ensuring a safe banking system.

Dimon also noted the resilience of the U.S. economy, with low unemployment and healthy consumer spending, but cautioned about potential inflationary pressures and geopolitical risks.

Future Outlook

JPMorgan Chase remains optimistic about the future, with expectations for continued growth and collaboration between government and business. The firm is prepared to navigate a wide range of economic scenarios, leveraging its strong financial position and diversified business model.

SEC Filing: JPMORGAN CHASE & CO [ JPM ] - 8-K - Jan. 15, 2025