JPMorgan Chase
Q4 2022 Earnings Call
Jan 13, 2023, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's fourth-quarter 2022 earnings call. This call is being recorded. Your line will be muted for the duration of the call.
We will now go live to the presentation. Please stand by. At this time, I would like to turn the call over to JPMorgan Chase's chairman and CEO, Jamie Dimon, and Chief Financial Officer Jeremy Barnum. Mr.
Barnum, please go ahead.
Jeremy Barnum -- Chief Executive Officer
Thank you very much. Good morning, everyone. The presentation is available on our website, and please refer to the disclaimer on the back. Starting on Page 1.
The firm reported net income of $11 billion, EPS of $3.57, and revenue of 35.6 billion, and delivered an ROTCE of 20%. This quarter, we had two significant items in corporate: a $914 million gain on the sale of Visa B shares, offset by 874 million of net investment securities loss. Touching on a few highlights. Combined credit and debit spend is up 9% year on year, with growth in both discretionary and nondiscretionary spending.
We ended the year ranked No. 1 for global IB fees, with wallet share of 8%. And credit continues to normalize, but actual performance remains strong across the company. On Page 2, we have more on our fourth-quarter results.
Revenue of 35.6 billion was up 5.2 billion, or 17%, year on year. NII ex markets was up 8.4 billion, or 72%, driven by higher rates. NII ex markets was down 3.5 billion, or 26%, predominantly driven by lower IB fees, as well as management and performance fees in AWM, lower auto lease income and home lending production revenue. And market revenue was up 382 million, or 7%, year on year.
Expenses of 19 billion were up 1.1 billion, or 6%, year on year, primarily driven by higher structural expense and investments. And credit costs of 2.3 billion included net charge-offs of 887 million. The net reserve build of 1.4 billion was driven by updates to the firm's macroeconomic outlook, which now reflects a mild recession in the central case, as well as loan growth in card services, partially offset by a reduction in pandemic-related uncertainty. Looking at the full-year results on Page 3.