Summary by Moomoo AI
JPMorgan Chase reported Q2 2024 net income of $18.1 billion ($6.12 per share), up 25% YoY. Results included a $7.9 billion net gain related to Visa shares and a $1.0 billion donation of Visa shares to the Firm's Foundation. Excluding significant items, net income was $13.1 billion ($4.40 per share) with ROTCE of 20%.Total revenue rose 20% to $51.0 billion, driven by higher investment banking fees (+50%), markets revenue (+10%), and asset management fees (+13%). Net interest income was $22.9 billion, up 4%. Credit costs were $3.1 billion, including $2.2 billion of net charge-offs and an $821 million reserve build.The bank maintained strong capital levels with a CET1 ratio of 15.3%. Average loans increased 6% YoY including First Republic, while deposits remained relatively stable QoQ. Management highlighted continued vigilance around potential risks including geopolitical tensions, inflation pressures, and quantitative tightening impacts.
