"Our capital cup runneth over, and that's why we increased the dividend. If I could give people consistent dividend guidance, et cetera." - Jamie Dimon
— Jamie Dimon
03Detailed Report
JPM
JPMorgan Chase Co
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 28, 2026
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Executive Summary
JPMorgan Chase & Co's (NYSE: JPM) Q1 2024 results indicate solid performance with a reported net income of $13.4 billion, an increase of 6.31% year-over-year, translating to an EPS of $4.44, reflecting a notable increase of 8.27% YOY. Revenue reached $42.5 billion, bolstered by robust investment banking activity and strong inflows into asset management. Management emphasized the firm's strategic positioning and forecasted the normalization of net interest income (NII) amid persistent economic uncertainties. CEO Jamie Dimon noted the significance of managing risks effectively while capitalizing on growth opportunities, particularly in light of geopolitical factors. Overall, the results underscore JPM's resilience in a dynamic market environment, as it navigates regulatory challenges and market shifts in consumer behavior.
Key Performance Indicators
Revenue
Increasing
41.91B
QoQ: 8.57% | YoY: 9.28%
Gross Profit
Increasing
41.91B
1.00% margin
QoQ: 8.57% | YoY: 9.28%
Operating Income
Increasing
19.61B
QoQ: 21.56% | YoY: 11.37%
Net Income
Increasing
13.42B
QoQ: 44.18% | YoY: 6.31%
EPS
Increasing
4.45
QoQ: 46.38% | YoY: 8.27%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance:
- Total revenue for Q1 2024: $42.5 billion, up from $40.9 billion in Q1 2023 (4% YOY).
- Investment Banking fees grew by 18% YOY, reflecting strength in underwriting.
Profitability Metrics:
- Net income: $13.4 billion, yielding an ROTCE of 21%.
- Operating income ratio: 46.8%, indicating efficiency in cost management despite rising expenses.
Balance Sheet Health:
- CET1 ratio stands at 15%, stable compared to the previous quarter, signaling a strong capital position.
- Total assets of $4.09 trillion demonstrate steady growth in asset management and consumer banking sectors.
Cash Flow:
- Net cash provided by operating activities registered at -$154 billion, impacted by significant changes in working capital, though cash at the end of the period remains robust at $562 billion.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
41.91B
9.28%
8.57%
Gross Profit
41.91B
9.28%
8.57%
Operating Income
19.61B
11.37%
21.56%
Net Income
13.42B
6.31%
44.18%
EPS
4.45
8.27%
46.38%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Excellent
46.80%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
32.00%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.33%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
3.99%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
1.57
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
High Risk
2.28
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
10.78x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.72x
Price-to-book ratio reasonable for profitable companies
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