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Baystreet Staf - Friday, January 12, 2024
JPMorgan Chase Reports Mixed Q4 Earnings
JPMorgan Chase (JPM) has reported mixed fourth-quarter financial results, which it blames on a $2.9 billion U.S. fee it paid related to the government's seizure of failed regional lenders.
The largest bank in America reported earnings per share (EPS) of $3.04 U.S., which was below the $3.32 U.S. that analysts had expected.
Revenue in the final quarter of 2023 amounted to $39.94 billion U.S., which topped the $39.78 billion U.S. that was forecast on Wall Street.
JPMorgan's profit in Q4 was down 15% from a year earlier. The bank blamed the drop on the nearly $3 billion U.S. fee it paid related to the U.S. regional bank crisis in 2023.
The U.S. Federal Deposit Insurance Corporation hit big banks with a special assessment to help replenish losses from a fund that reimbursed uninsured depositors of seized regional banks.
Last spring, JPMorgan acquired First Republic, a midsized lender to wealthy families, amid the collapse of several regional lenders.
The bank's latest earnings were also negatively impacted by $743 million U.S. in investment losses.
However, JPMorgan's revenue in Q4 increased 12% from a year ago.
The bank is widely viewed as having weathered the current high interest rate environment better than most other lenders in the U.S.
However, money earned from deals on Wall Street, such as mergers and acquisitions (M&A) and initial public offerings (IPOs), remains anemic.
The stock of JPMorgan has risen 22% in the last 12 months to $170.30 U.S., outperforming other big banks in the U.S.
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