JPM — Q4 2024 Earnings Call
Financial ServicesJPMorgan Chase & Co. • Reported: 2025-01-15
EPS Actual
$4.81
Est. $4.09
▲ Beat
Revenue Actual
$43.7B
Est. $41.9B
▲ Beat
Overall Result
Double Beat
EPS + Revenue vs. estimates
Period
Q4 2024
FY2024 • Reported 2025-01-15
Executive Summary
JPMorgan Chase reported record Q4 2024 results with revenue of $43.7 billion and net income of $14 billion. The investment banking franchise delivered its best quarter in years, with IB fees up 46% on strong M&A and equity underwriting. Full-year 2024 net income reached a record $58.5 billion.
Key Highlights
Revenue
positive
Record Q4 revenue
Revenue of $43.7B beat estimates by $1.8B, driven by investment banking and trading outperformance.
Investment Banking
positive
IB fees surge 46%
Investment banking fees grew 46% as the M&A cycle showed signs of recovery and equity markets rallied.
Trading
positive
Trading revenue strong
Markets revenue was $7B, with equities up 22% and fixed income up 20% on client activity.
Capital
positive
Fortress balance sheet
CET1 ratio of 15.7%, well above requirements, providing flexibility for buybacks and growth.
Direct Quotes
JD
Jamie Dimon
CEO • Full Year Results
"The firm delivered record results in 2024, with net income of $58.5 billion. The economy remains resilient, but we remain vigilant about geopolitical and economic uncertainty."
JB
Jeremy Barnum
CFO • Investment Banking
"Investment banking fees were up 46%, reflecting a broad-based recovery in activity. We're seeing increased appetite for M&A across sectors."