- Q4 net income of $2.4B or $1.07 per share vs. $6.7B and $1.71 a year ago. This year's result, however, includes a $2.4B negative impact from the new tax bill. Backing that out, Q4 earnings would have been flat from last year, and EPS was $1.76, up a nickel Y/Y, and topping estimates by $0.07.
- $6.7B returned to owners in Q4 - $4.7B of buybacks and $0.56 per share dividend.
- Among Consumer & Community Banking items, provisions of $1.231B were up 30% Y/Y, with a net reserve build this year vs. a sizable release a year ago. Behind the build was $200M in credit cards, driven mostly by loan growth.
- Among Corporate & Investment Bank items, FICC revenue plunged 34% Y/Y (or 27% if excluding the impact of the tax bill). Estimates had been for a drop in the high teens.
- Tangible book value per share of $53.56, up 4%. CET 1 ratio of 12.1%.
- Conference call at 8:30 ET
- Presentation slides
- Previously: JPMorgan Chase beats by $0.07, beats on revenue (Jan. 12)
- JPM +0.15% premarket
- Now read: JPMorgan: The Great Years Are Round The Corner
Original article