JPMorganChase (JPM) Q4 2024 earnings summary

Executive summary

• Q4 2024 net income was $14.0B ($4.81/share), with full-year net income at $58.5B ($19.75/share); excluding significant items, full-year net income was $54.0B ($18.22/share).

• Q4 managed revenue was $43.7B, up 10% year-over-year; FY24 managed revenue was $180.6B, up $18.2B YoY.

• ROTCE for Q4 was 21% and for FY24 was 22%; CET1 capital ratio stood at 15.7% at year-end.

• Record results in several business lines, including markets, payments, security services, and asset management.

• Common dividend of $3.5B and $4.0B in net share repurchases in Q4; net payout LTM of 54%.

Financial highlights

• Q4 net interest income was $23.5B; noninterest revenue $20.3B; managed overhead ratio 52%.

• Q4 expenses were $22.8B, down 7% YoY; excluding last year’s FDIC assessment, up 5%.

• Q4 net charge-offs were $2.4B; provision for credit losses was $2.6B.

• Q4 average loans $1.3T, average deposits $2.4T, both up 2% YoY.

• Tangible book value per share at year-end was $97.30, up from $86.08 YoY.

Outlook and guidance

• FY2025 net interest income expected at ~$94B; NII ex-Markets at ~$90B.

• FY2025 adjusted expense projected at ~$95B, reflecting investments in growth, technology, and inflation.

• Card net charge-off rate for 2025 expected at ~3.6%.

• NII normalization expected, but less than previously thought.

• Deposit margin compression expected in 2025 due to lower rates, partially offset by balance sheet growth.