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JPMorgan Crushes Expectations In Q4 Report, As Profit Jumps 8%

From JPMorgan Chase & Co. (NYSE:JPM) early Friday posted Q4 earnings results that blew away expectations, as margins expanded amid rising rates and better banking performing across all units.

The New York-based banking giant posted Q4 EPS of $1.71, which blew away Wall Street expectations of just $1.42. Revenues fell 4.7% from last year to $24.33 billion, but still topped analyst estimates of $23.91 billion.

JPM noted that its book value per share of $64.06 was up 6%, while tangible book value per share of $51.44 rose 7% year-over year.

Meanwhile, net interest income grew 5% to $12.1 billion, helped by loan growth and rising interest rates. The provision for credit losses subsided significantly, down 33% to $864 million.

Average core loans rose 14% in the latest period, while average deposits gained 11%. Credit card sales volume jumped 14%, while merchant processing volume rose 10%. Investment Banking revenue totaled $1.49 billion, slightly missing expectations.

CEO Jamie Dimon commented via press release:

“The U.S. economy may be building momentum. Looking ahead there is opportunity for good, rational and thoughtful policy decisions to be implemented, which would spur growth, create jobs for Americans across the income spectrum and help communities, and we are well positioned to play our part. Business plays a critical positive role in society, and in collaboration with nonprofits, governments and educational institutions, it can help strengthen our economy and our country. I am extremely proud of our Firm – we earn our stripes every day by doing a great job for clients and communities.”

JPMorgan Chase & Co. shares rose $0.20 (+0.23%) in premarket trading Friday. Year-to-date, JPM has gained 0.50%, versus a 1.34% rise in the benchmark S&P 500 index during the same period.

JPM currently has a POWR Rating of A (Strong Buy), and is ranked #1 of 11 stocks in the Money Center Banks category.

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