In Banking & Wealth Management, revenue was up 67% year-on-year, driven by higher NII on higher rates. CCB reported net income of $5.2 billion on revenue of $16.5 billion, which was up 35% year-on-year. Spend remains solid, and we have not observed any notable pullback throughout the quarter. Both continue to show resilience and remain on the path to normalization as expected, but we continue to monitor their activity closely. consumers and small businesses based on our data. Now, let’s go to our businesses, starting with CCB on. And in line with what we previously said, we resumed stock buybacks this quarter and distributed a total of $1.9 billion and net repurchases back to shareholders. We ended the quarter with a CET1 ratio of 13.8%, up about 60 basis points, which was primarily driven by the benefit of net income less distributions and AOCI gains. Onto balance sheet and capital on page 3. The net reserve build of $1.1 billion was largely driven by deterioration in our weighted average economic outlook. And credit costs of $2.3 billion included net charge-offs of $1.1 billion, predominantly in card. These results include the impact of the higher FDIC assessment I mentioned last quarter, which, of course, is unrelated to recent events. And markets revenue was down $371 million or 4% year-on-year.Įxpenses of $20.1 billion were up $916 million or 5% year-on-year, driven by compensation-related costs, reflecting the annualization of last year’s headcount growth and wage inflation. NIR ex markets was down $1.1 billion or 10% driven by the securities losses previously mentioned as well as lower IB fees and lower auto lease income on lower volume. NII ex markets was up $9.2 billion or 78%, driven by higher rates, partially offset by lower deposit balances. Revenue of $39.3 billion was up $7.7 billion or 25% year-on-year. And credit continues to normalize, but actual performance remains strong across the Company. Consumer spending remained solid with combined debit and credit card spend up 10% year-on-year. Now back to the quarter touching on a few highlights. We expect these outflows to be driven by the same factors as last quarter as well as the expectation that we will not retain all of this quarter’s inflows.
Chase transcriptions full#
It’s important to note that while the sequential period-end deposit increase is higher than we would have otherwise expected, our current full year NII outlook, which I will address at the end, still assumes modest deposit outflows from here. We estimate that we have retained approximately $50 billion of these deposit inflows at quarter-end. Regarding the deposit inflows, at the Firm-wide level, average deposits were down 3% quarter-on-quarter, while end-of-period deposits were up 2% quarter-on-quarter, implying an intra-quarter reversal of the recent outflow trend as a consequence of the March events. So, I will go straight to the specific impacts on the Firm.Īs you would expect, we saw significant new account opening activity and meaningful deposit and money market fund inflows, most significantly in the Commercial Bank, Business Banking and AWM. Jamie has addressed a number of the important themes in his shareholder letter and the recent televised interview. These results included $868 million of net investment securities losses in corporate.īefore reviewing our results for the quarter, let’s talk about the recent bank failures.
The Firm reported net income of $12.6 billion, EPS of $4.10 on revenue of $39.3 billion and delivered an ROTCE of 23%. The presentation is available on our website, and please refer to the disclaimer in the back. Please stand by.Īt 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. Your line will be muted for the duration of the call. Welcome to the First Quarter 2023 Earnings Call. ( NYSE: JPM.PK) Q1 2023 Earnings Conference Call Ap8:30 AM ETĮbrahim Poonawala - Bank of America Merrill Lynch
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