2Q24 Financial highlights
Jamie Dimon, Chairman and CEO, commented: “The Firm performed well in the second quarter, generating net income of $13.1 billion and a ROTCE of 20% after excluding a net gain on our Visa shares, a contribution to the Firm’s Foundation and discretionary securities losses.” Dimon concluded: “Finally, we take pride in driving economic growth by extending credit and raising capital totaling more than $1.4 trillion YTD for large and small businesses, governments and U.S. consumers.”
Income statement
2Q24 net income of $18.1B and EPS of $6.12
– Excluding significant items , 2Q24 net income of $13.1B, EPS of $4.40 and ROTCE of 20%
Managed revenue of $51.0B
Expense of $23.7B and managed overhead ratio of 47%
Balance sheet
Loans: average loans of $1.3T up 6% YoY including First Republic and flat QoQ
Deposits: average deposits of $2.4T down 1% YoY and flat QoQ
CET1 capital of $267B
– Standardized CET1 capital ratio of 15.3% ; Advanced CET1 capital ratio of 15.5%
Capital distributed
Common dividend of $3.3B or $1.15 per share
$4.9B of common stock net repurchases
Net payout LTM of 45%
Outlook
Expect FY2024 net interest income of ~$91B, market dependent
Expect FY2024 net interest income excluding Markets of ~$91B, market dependent
Expect FY2024 adjusted expense of ~$92B, market dependent
– Adjusted expense excludes Firmwide legal expense and includes the increase to the FDIC special assessment in 1Q24 and the Foundation contribution in 2Q24
Expect FY2024 Card Services NCO rate of ~3.4%