JP Morgan earnings: Good, but it could have been better

One of the most important names in this earnings season is the investment giant JP Morgan. The company released its results before the market open, and pre-market price moves have been minimal.
The market had very high expectations for the company, and the tough comparison base didn’t make it any easier to meet them. Still, in the end, the company managed to deliver another record quarter.

Revenue exceeded USD 50 billion versus expectations of USD 49.2 billion. Including:
- FICC and trading: up 21% y/y, to USD 7 billion. Expectations were around USD 6.65 billion.
- Investment banking: up 38% y/y to USD 3.14 billion.
- Advisory: up 82% y/y to USD 1.27 billion.
EPS: USD 5.94, versus expectations of about USD 5.45.
Assets:
- Deposits: USD 2.68 trillion
- Loans: USD 1.5 trillion
Net interest margin (NIM): 2.5% versus the expected 2.57%

So why doesn’t the stock price seem to be reacting to results that look phenomenal at first glance? Above all, despite strong revenue and profit, the net interest margin (NIM), a metric shareholders and the market consider crucial, came in slightly below expectations. In addition, the company lowered its full-year net interest income guidance from USD 104.5 billion to USD 103 billion. This means that despite beating revenue expectations, the core of the company’s business weakened slightly, but measurably.

Beyond the company’s numbers, the market also weighed every word from the firm’s legendary CEO, James Dimon. He managed to reassure part of the market that has real concerns about the consumer’s future condition and risks stemming from the PE/PC market. Dimon clearly confirmed that current volatility is benefiting the company, the consumer remains strong overall, and the U.S. economy and growth remain resilient—however, he pointed out that complex and real risks are being created by the situation in the commodities market and the war in Iran.

JPM.US (D1)

Despite recent declines driven by concerns surrounding PE/PC, the stock maintains a long-term, clearly defined uptrend. Source: xStation5

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