Record Q4 2018 for JPMorgan Chase
16 January 2019 New York
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JPMorgan Chase reported a record Q4 2018 net income of $7.1 billion and a record full-year 2018 net income of $32.5 billion.
Net income saw an increase of 67 percent. The year prior included a $2.4 billion reduction to net income as a result of the enactment of the Tax Cuts & Jobs Act, JPMorgan Chase revealed.
Net revenue was $26.8 billion, up 4 percent, while net interest income was $14.5 billion, up 9 percent, driven by the impact of higher rates as well as loan growth.
This was partially offset by lower markets net interest income. Noninterest revenue was $12.3 billion, down 1 percent, with no notable drivers on a firm-wide basis, the firm revealed.
Meanwhile, the provision for credit losses was $1.5 billion, an increase of $240 million from the prior year.
Commenting on the financial results if JPMorgan Chase, Jamie Dimon, chairman and CEO, said: “Last year was another strong year for JPMorgan Chase, with the firm generating record revenue and net income, even without the impact of tax reform.”
“Each line of business grew revenue and net income for the year while continuing to make significant investments in products, people and technology, demonstrating the power of the platform. We grew core loans 7 percent, in line with our expectations while maintaining credit discipline and a fortress balance sheet with significant
capital and liquidity.”
Dimon added: "Credit and debit sales volume, as well as merchant processing volume, were all up double digits. Despite a challenging quarter, we grew markets revenue in the investment bank for the year with a record performance in equities and solid performance in fixed income. Investment banking fees were a record for the year, driven by strength in both CIB and commercial banking."
Dimon concluded: “In 2018, we accelerated investments in products, services and technology to help our employees, customers and communities. In Q4, we opened Chase branches in new states for the first time in nearly a decade. While it is early days, we’re seeing terrific results so far—and this is only the start as we continue to open branches in several new markets in the months and years to come."
Net income saw an increase of 67 percent. The year prior included a $2.4 billion reduction to net income as a result of the enactment of the Tax Cuts & Jobs Act, JPMorgan Chase revealed.
Net revenue was $26.8 billion, up 4 percent, while net interest income was $14.5 billion, up 9 percent, driven by the impact of higher rates as well as loan growth.
This was partially offset by lower markets net interest income. Noninterest revenue was $12.3 billion, down 1 percent, with no notable drivers on a firm-wide basis, the firm revealed.
Meanwhile, the provision for credit losses was $1.5 billion, an increase of $240 million from the prior year.
Commenting on the financial results if JPMorgan Chase, Jamie Dimon, chairman and CEO, said: “Last year was another strong year for JPMorgan Chase, with the firm generating record revenue and net income, even without the impact of tax reform.”
“Each line of business grew revenue and net income for the year while continuing to make significant investments in products, people and technology, demonstrating the power of the platform. We grew core loans 7 percent, in line with our expectations while maintaining credit discipline and a fortress balance sheet with significant
capital and liquidity.”
Dimon added: "Credit and debit sales volume, as well as merchant processing volume, were all up double digits. Despite a challenging quarter, we grew markets revenue in the investment bank for the year with a record performance in equities and solid performance in fixed income. Investment banking fees were a record for the year, driven by strength in both CIB and commercial banking."
Dimon concluded: “In 2018, we accelerated investments in products, services and technology to help our employees, customers and communities. In Q4, we opened Chase branches in new states for the first time in nearly a decade. While it is early days, we’re seeing terrific results so far—and this is only the start as we continue to open branches in several new markets in the months and years to come."
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