JPMorgan Chase ended 2024 with a strong fourth quarter with each line of business posting solid results.
Jamie Dimon, Chairman and CEO said: “In Commercial and Investment banking, clients were active, with IB fees up 49%, and Markets revenue up 21%. In Consumer and Community Banking, we continued to acquire new customers across Consumer Banking, Business Banking, Card and wealth management. For example, nearly 2 million net new checking accounts were opened during 2024. Finally, in Asset and Wealth Management, management fees rise 21%, and revenue hits a record $5.8bn. More impressively, client asset net inflows totaled $486bn in 2024, bringing cumulative net inflows over the past two years to $976bn.”
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JPMorgan Chase FY24 highlights
Average loans are up by1% year-over-year with debit and credit card sales volume up 8% y-o-y. Active mobile customers rise by 7% y-o-y. On the other hand, Banking & Wealth Management net revenue falls by 7% to $10.2bn, driven by lower net interest income on deposit margin compression and lower deposit balances. This is partially offset by higher asset management fees in JP Morgan Wealth Management.
Home Lending net revenue rises by 12%, predominantly driven by higher production revenue. Card Services & Auto net revenue is up by 14%, driven by Card Services, reflecting higher net interest income on higher revolving balances and higher card income on higher sales volume.
Another highlight is a slight drop y-o-y to $2.6bn for provisions for bad debts.
Asset and wealth management highlights
Net revenue rises by 13%, predominantly driven by growth in management fees on higher average market levels and strong net inflows, as well as higher performance fees. Assets under management were $4.0trn, and client assets of $5.9trn, each rise by 18%, driven by continued net inflows and higher market levels.
The market responded positively with Chase ahead by 2%. The Chase share price is ahead by 50% over the past 12 months with its market cap now topping $710bn.
