JPMorgan Chase & Co. (NYSE:JPM) Q3 2024 Earnings Conference Call October 11, 2024 8:30 AM ET

Company Participants

Jeremy Barnum - Chief Financial Officer
Jamie Dimon - Chairman and Chief Executive Officer

Conference Call Participants

Jim Mitchell - Seaport Global Securities
Steven Chubak - Wolfe Research
Erika Najarian - UBS
Glenn Schorr - Evercore ISI
Gerard Cassidy - RBC Capital Markets
Mike Mayo - Wells Fargo Securities
Ebrahim Poonawala - Bank of America
Betsy Graseck - Morgan Stanley
Saul Martinez - HSBC

Operator

Good morning, ladies and gentlemen. Welcome to JPMorgan Chase’s Third Quarter 2024 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. The presentation is available on JPMorgan Chase's website. Please refer to the disclaimer in the back concerning forward-looking statements. 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

Thank you, and good morning, everyone. Starting on page one, the firm reported net income of $12.9 billion, EPS of $4.37 and revenue of $43.3 billion with an ROTCE of 19%.

Touching on a couple of highlights. In CCB, we ranked number one in retail deposit share for the fourth straight year. In CIB, both IB fees and markets revenue were notably up year-on-year reflecting strength across the franchise. In AWM, we had record quarterly revenues and record long-term flows.

Now turning to page two for the firm wide results. The firm reported revenue of $43.3 billion, up $2.6 billion or 6% year-on-year. NII ex-markets was up $274 million or 1%, driven by the impact of balance sheet mix and securities reinvestment, higher revolving balances in card and higher wholesale deposit balances, predominantly offset by lower deposit balances in banking and wealth management and deposit margin compression.

NIR ex-markets was up $1.8 billion or 17%, but excluding the prior year's net investment securities losses, it was up 10% on higher asset management and investment banking fees and markets revenue was up $535 million or 8% year-on-year. Expenses of $22.6 billion were up $808 million or 4% year-on-year, driven by compensation including revenue related compensation and growth in employees, partially offset by lower legal expense.

And credit costs were $3.1 billion, reflecting net charge offs of $2.1 billion and a net reserve bill of $1 billion, which included $882 million in consumer, primarily in card and $144 million in wholesale. Net charge offs were up $590 million year-on-year, predominantly driven by card.