JPMorgan Q2 earnings
It is always more difficult to value banks than simple businesses like supermarkets.
Too many “adjustments“ and “assumptions“ are needed to understand the earnings of a bank.
Too many “adjustments“ and “assumptions“ are needed to understand the earnings of a bank.
As an outsider, it is also impossible to tell if the banks are doing charge-offs, provisions, and so on properly. We just have to trust in what they say in the earnings. (actually, that’s kind of true for all companies).
JPMorgan CHASE reported earnings for 2Q2024. net income was $18.1 billion for the quarter compared to $14.5 billion same quarter last year.
However, we excluded “significant items“ listed by the bank. The growth looks less amazing. Excluding “significant items“, the bank made $13.1 billion for the quarter and 13.3 billion same quarter last year, basically flat in adjusted earnings.I think this is a better representation of the bank’s real earnings.
That said, $13billion+ a quarter is still great(11-12 PE). I own the shares.
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