JPMorgan Beats Revenue Estimates In Q4 – A Record Quarter For Wealth Unit Offsets Apple Card Drag
Synopsis
JPM posted revenue of $46.8 billion, ahead of Wall Street estimates of $46.2 billion, according to Fiscal.ai data.
JPMorgan Chase & Co (JPM) reported fourth-quarter results on Tuesday, posting revenue of $46.8 billion, a 7% year-over-year increase and ahead of Wall Street expectations of $46.2 billion, according to Fiscal.ai data.
Net income for Q4 fell 7% to $13.05 billion, or $4.63 per share. This came in slightly below street estimates of $4.86 per share. Excluding a significant reserve item tied to the Apple Card portfolio, net income would have been $14.7 billion, the bank added.
On a segment basis, Consumer & Community Banking revenue climbed 6% to $19.4 billion, driven by higher deposits, increased card spending, and growth in wealth management fees. Commercial & Investment Bank revenue also rose 10% to $19.4 billion, as a 17% jump in Markets & Securities Services more than offset weaker investment banking activity.
Asset & Wealth Management revenue rose 13% to a record $6.5 billion, driven by higher assets under management and performance fees, the bank said.
JPM shares were trading 0.2% higher in premarket trading on Tuesday.
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