JPMorgan Chase & Co. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 12, 2018 at 06:47 am EST
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JPMorgan Chase & Co. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net income of $4.2 billion, or $1.07 per share, compared with net income of $6.7 billion, or $1.71 per share, in the fourth quarter of 2016. Total net revenue was $24,153 million compared to $23,376 million a year ago. On a managed basis, the company reported total net revenue of $25,450 million compared to $24,333 million a year ago. On a managed basis, net income was $4,232 million compared to $6,727 million a year ago. Book value per share was $67.04 compared to $64.06 a year ago. Tangible book value per share was $53.56 compared to $51.44 a year ago. Return on common equity was 7% compared to 11% a year ago. Return on tangible common equity was 8% compared to 14% a year ago. Return on assets was 0.66% compared to 1.06% a year ago. Income before income tax expense was $8,254 million compared to $8,679 million a year ago.
For the full year, on a reported basis, the company reported total net revenue was $99,624 million compared to $95,668 million a year ago. Net income was $24,441 million compared to $24,733 million a year ago. On a managed basis, the company reported total net revenue of $103,641 million compared to $99,142 million a year ago. On a managed basis, net income was $24,441 million compared to $24,733 million a year ago. Diluted net income per share was $6.31 compared to 6.19 a year ago. Return on common equity was 10% compared to 10% a year ago. Return on tangible common equity was 12% compared to 13% a year ago. Return on assets was 0.96% compared to 1.00% a year ago. Income before income tax expense was $35,900 million compared to $34,536 million a year ago.
JPMorgan Chase & Co. is one of the biggest banking groups in the world. Revenues (including intragroup) break down by activity as follows:
- investment and market banking (40.2%): consulting for mergers-acquisitions and restructuring, capital increases, investment capital, active on the stock, bond, and derived product markets, stock market brokerage, etc.;
- retail banking (38.9%): sale of standard and specialized financial services (real estate loans, automobile loans, insurance, etc.) through a network of more than 4,790 banking agencies. The group also develops credit cards sale activity;
- asset management (13.2%): USD 3,113 billion of assets under management at the end of 2021;
- commercial banking (7.7%).
At the end of 2021, the group was managing USD 2,462.3 billion in current deposits and USD 1,077.7 billion in current loans.
Income breaks down geographically as follows: the United States (76.2%), Europe/Middle East/Africa (13.6%), Asia/Pacific (7.9%), Latin America and Caribbean Islands (2.3%).