Policy Engagement & Political Participation, J.P. Morgan Securities wealth management accounts, general inquiries regarding JPMorgan Chase & Co. or other lines of business. That's helpful. We're here to serve clients through a thick or thin, and we will do that. By today, you're holding firm with your $77 billion expense guidance for 2022. Thanks very much. It Looks Like a Recession-Proof Bank Stock. Folks, everybody, thank you very much, and we'll be talking to you in a quarter. Consumers are in good shape. It's a terrible way to run a financial system, and we owe you more on what we think that buffer should be because we have so much -- what I think is so much excess capital. The Bank of Nova Scotia (NYSE:BNS - Get Rating) (TSE:BNS) - Analysts at Desjardins issued their Q1 2023 earnings per share estimates for shares of Bank of Nova Scotia in a note issued to investors on Tuesday, November 29th. Please stand by. Thanks. Please stand by. *Stock Advisor returns as of June 2, 2022. We're guiding revenues to be within the range of $855 million to $885 million. And we're big boys. We've always run the company consistently investing, doing this stuff through storms. Now let's go to our businesses, starting with consumer and community banking on Page 4. JPMorgan Chase & Co.'s website terms, privacy and security policies don't apply to the site or app you're about to visit. Got it. We don't like pull in and pull out and go up and go down and go into markets, out of markets through storms. But two questions. Hey. And expenses of $206 million were lower by $309 million year on year. Earnings per share (EPS) and revenue both missed analyst estimates. And volatility in financial markets has been a boon to fixed income traders. Yes. If we have a recession in the next 5 to 10 months, how does technology help you manage through that better, whether it's credit losses, managing for less credit losses, expenses, more flexibility or revenues may be gaining market share? Lending revenue of $410 million was up 79% versus the prior year, driven by gains on mark-to-market hedges as well as higher loan balances. So we're quite careful about how we run the risk of the company. At 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. You can learn more about the standards we follow in producing accurate, unbiased content in our. Please proceed. And did you all consider a CECL reserve and increasing the probability to the poor scenario in this quarter? And that's the current environment. And as you know, and as you can see, there's a lot of organic capital generation. Revenue was $80 million versus a loss in the prior year. On the one hand, unemployment levels remained low, meaning consumers and businesses had little difficulty repaying loans. And I think the current level, but where is it, Michael? So, I mean, I would just go back to that and we show -- we think through-the-cycle, loss would be for credit cards, C&I and a bunch of other things. So in terms of '23, we had talked at Investor Day about how we saw upside into 2023 from that fourth quarter run rate. The new 4% NCB will raise our standardized CET1 requirement to 12% effective in the fourth quarter, and the 4% G-SIB effective in 1Q '23 further raises this requirement to 12.5%. So if you wanted to try to look for early warning signals, that's where you would see it. But I think there's really still a big question about whether that's simply normalization or whether it's actually an early warning sign of deterioration. We'll originate but the balances in the books will probably come down. 2022 Third Quarter 2022 3Q22 Earnings Press Release 3Q22 Earnings Presentation 3Q22 Earnings Supplement 3Q22 Earnings Supplement (xls) 3Q22 Earnings Transcript 3Q22 Conference Call Second Quarter 2022 First Quarter 2022 2021 Fourth Quarter 2021 Third Quarter 2021 Second Quarter 2021 First Quarter 2021 2020 Fourth Quarter 2020 Third Quarter 2020 Who Is Ben Bernanke? "JPMORGAN CHASE & CO. We're going to serve our clients and manage the hell out of the rest of the stuff. We know that, and there are write-downs of a couple of bridge loans. NOTE: Some of the 2022 due dates listed below are extended for victims of recent natural disasters. ", Earnings per share: $2.76 vs. $2.88 expected, Managed revenue: $31.63 billion vs. $31.95 billion expected. And then just maybe on credit. We didn't lose money after Lehmann. JPMorgan Chase Reports First Quarter 2022 Financial Results JPMorgan Chase Reports First Quarter 2022 Financial Results JPMorgan Chase Reports First Quarter 2022 Financial Results Apr 13, 2022 New York - JPMorgan Chase reports first-quarter 2022 net income of $8.3 billion, or $2.63 per share. Hey, guys. What's the benefit of all these technology investments if we have a recession over the next --. Jamie Dimon -- Chairman and Chief Executive Officer. FY Report Date: 12/2022: Last Quarter's Earnings: 2.21: Year Ago Earnings: . Ben Bernanke was the chair of the board of governors of the U.S. Federal Reserve from 2006 to 2014. For shareholder and fixed income assistance, pleasecontact Investor Relations JPMorgan Chase & Co. 277 Park Avenue New York, NY 10172-0003 212-270-2479 JPMCinvestorrelations@jpmchase.com, By regular mail: Computershare P.O. JPMorgan said at the firm's investor day in May that it could achieve a key target of 17% returns this year, earlier than expected, thanks to higher rates. JPM - Free Report) second-quarter 2022 earnings of $2.76 per share, which missed the Zacks Consensus Estimate of $2.85. I get that. And just one follow-up on credit. Most of this stuff doesn't create any additional risk at all. Rate hikes would help to increase JPMorgan's net interest margin. 9.6 or something is probably the right number for the full year at this point. Larsen & Toubro Ltd's revenue jumped 22.88% since last year same period to 43501.14Cr in the Q2 2022-2023. IB fees were down 54% versus an all-time record quarter last year. For the quarter, net long-term inflows of $6 billion were driven by equities. I think the whole Street bridge book today is under 100 or under 100. JPMORGAN CHASE REPORTS SECOND-QUARTER 2022 NET INCOME OF $8.6 BILLION ($2.76 PER SHARE), EARNINGS RELEASE FINANCIAL SUPPLEMENT: SECOND QUARTER 2022, Feds interest rate history: A look at the fed funds rate from the 1980s to the present, Hot inflation fuels bets on supersized Fed rate hike, U.S. recession risk up, but returns set to improve - Vanguard, JPMorgan Chase earnings fell 28% after building reserves for bad loans, bank suspends buybacks. We haven't made definitive decisions. Contents: . The Motley Fool has no position in any of the stocks mentioned. And so they're in good shape right now. published July 11, 2022. Just a follow-up on the point about managing the balance sheet and capital and RWAs. No. Yes. So that could have some impact on the dynamic. Good morning, Jeremy. Can you just add a little bit on -- because I know I'm harping on mortgage a little here, but I just want to explain it. But we would expect that to primarily come out of wholesale and primarily come out of the nonoperating and sort of less valuable portions of our deposit base. View Earnings The next question is coming from Matt O'Connor from Deutsche Bank. it creates no risk to us, but as the G-SIFI and various things. So across those three bits, we'll see how it goes. And obviously, as you know, it's going to be very much a function of the economic environment, so --. For shareholder and fixed income assistance, pleasecontact Investor Relations JPMorgan Chase & Co. 277 Park Avenue New York, NY 10172-0003 212-270-2479 JPMCinvestorrelations@jpmchase.com, By regular mail: Computershare P.O. The Federal Reserve System, commonly known as the Fed, is the central bank of the U.S., which regulates the U.S. monetary and financial system. Obviously, the increase came in a bit higher than expected. We invest, we grow, we expand, we manage through this to and stuff like that. These include white papers, government data, original reporting, and interviews with industry experts. So whether or not that's a prediction of the future or not, but yes. So it really wasn't necessarily this quarter. And that more or less remains true. Net income for the third quarter of 2022 was $16.1 million, versus net income of $24.2 . It just creates capital. Capital One Financial also issued estimates for Mid-America Apartment Communities' Q4 2022 earnings at $2.32 EPS, Q2 2023 earnings at $2.28 EPS, Q3 2023 earnings at $2.36 EPS, Q4 2023 earnings . Is it CRE? Other notable names on the earnings. But if you look at Footnote 5 on Page 3, you can see that right at the end of there, it assumes flat RWA in the projection. Right. The actions reflect Chairman and CEO Jamie Dimon's increasingly cautious stance. ET. The general public can access the conference call by dialing the following numbers: 1 (866) 659 9159 in the U.S. and Canada; +1 (617) 399 5172 for international callers; use passcode 26483228#. Bank of America Citigroup Goldman Sachs JPMorgan Chase Morgan Stanley PNC Financial Services TD Bank Truist . I just had a few follow-up questions. Good morning, Jamie. Yes. And because obviously, we use capital for a whole bunch of different reasons. Spend is still healthy with combined debit and credit spend up 15% year on year. And so we feel in very good shape. Aug 04, 2022: 2022 (Q2) 0.16 / 0.18. JPMorgan Chase & Co.'s website terms, privacy and security policies don't apply to the site or app you're about to visit. Investor Contact: Mikael Grubb,212-270-2479, Media Contact: Joseph Evangelisti, 212-270-7438. Revenue: $33.49 billion, exceeding the $32.1 billion estimate. They're just -- I think they were in the investment banking line. (OTCQX:TATYF) Q2 2023 Results Conference Call November 10, 2022 5:00 AM ET. Outlook beyond this year, I'm not going to give now. ET Contents: Prepared Remarks Questions and Answers. In advisory, fees were down 28%, reflecting a decline in announced activity, which started in the first quarter. Next, the outlook on Page 9. Turning now to our guidance for the fourth quarter of 2022. The financial services provider reported $2.76 EPS for the quarter, missing analysts' consensus estimates of $2.85 by ($0.09). So the 66 number, if you want, kind of to put a number in, you can use something like 68, 68 plus, something like that. I don't think it wants to stop doing that because there's a recession. Jobs are plentiful. And of course, we continue to see very robust card loan growth, which is nice to see. It continues to look, I guess, very good, whether it's on the consumer side or commercial side. How families used the advanced Child Tax Credit, JPMorgan Chase to Host Second-Quarter 2022 Earnings Call. Hey. Earnings per share(EPS) and revenue both missed analyst estimates. We don't necessarily make investments based on the forward curve. Good morning. Just wanted to understand what the assumption was there as well, please? | 4 Dezember 2022 Net Profits: HDFC Bank Ltd's net profit jumped 22.31% since last year same period to 11125.21Cr in the Q2 2022-2023. JPMorgan Chase & Co. "JPMORGAN CHASE REPORTS SECOND-QUARTER 2022 NET INCOME OF $8.6 BILLION ($2.76 PER SHARE)," Pages 1-2. And given the new higher SCB, future increases in your G-SIB surcharge to 4.5%, your regulatory minimum is slated to increase beyond 13% by 2024, which is also beyond the horizon reflected on Slide 3. We may do that again next quarter. And obviously, what we do in the future quarters will remain to be seen. Exactly. The company has got huge underlying earnings power and consistent revenues in CCB, asset management, custody, payment services. It's got great growth prospects. JPMorgan Chase said Thursday that second-quarter profit slumped as the bank built reserves for bad loans by $428 million and suspended share buybacks. ET. The balance -- well, no. Revenue of $2.7 billion was up 8% year on year, driven by higher deposit margins, partially offset by lower investment banking revenue. Calendar Company Financials Consensus Revisions Funds Days : Hours : Minutes : Seconds Transcript : JPMorgan Chase & Co., Q2 2022 Earnings Call, Jul 14, 2022 07/14/2022 | 08:30am EST Good morning, ladies and gentlemen. "Hot inflation fuels bets on supersized Fed rate hike. JPMorgan Chase ( JPM -3.25%) Q2 2022 Earnings Call Jul 14, 2022, 8:30 a.m. So we'll see how it goes. Our job is to serve clients through thick or thin, good or bad with what they need, how they need it. Our credit card portfolio is prime. So if you go back to '07, I think, the whole Street, bridge book was $480 billion. Eli Lilly and Company (NYSE:LLY - Get Rating) - Equities researchers at SVB Leerink cut their Q1 2023 earnings per share estimates for shares of Eli Lilly and in a report issued on Wednesday, November 30th.SVB Leerink analyst D. Risinger now expects that the company will earn $1.80 per share for the quarter, down from their prior estimate of $1.99. Yes. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Please proceed. 2022 (Q4) Consensus EPS Forecast. JPMorgan already has a $30 billion share buyback programme live, although this has no end date and therefore it could apply the brakes if need be. Join Nearly 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Learn More, JPMorgan Chase(JPM -0.54%)Q22022 Earnings CallJul 14, 2022, 8:30 a.m. Is it tracking the way you think it's going to be? Back in April, JPMorgan was first among the banks to begin setting aside funds for loan losses, booking a $902 million charge for building credit reserves in the quarter. Dimon said the bank bolstered its customer base by extending credit and raising capital of $1.4 trillion in the first half of 2022 for businesses, governments and U.S. consumers. So for now, we're really focused on 1Q '23. The next question is coming from Jim Mitchell from Seaport Global Securities. And what do you see as a sustainable run rate of loan growth over the medium term? So we already introduced a sort of skew to the outlook beyond what's implied by the market to reflect our own slightly more negative view. I heard your comments on the consumer if we enter some version of a mild recession, like if you had to pick one or two areas, where do you think losses would be driven by? I can think we do without affecting our ROTC targets and stuff like that. It's too volatile. And the consumer -- it's like a broken record, the consumer right now is in great shape. And in fact, going through a storm, we will -- that gives us opportunities, too. .66-72.73% (-0.48) May 05, 2022: 2022 (Q1) 0.20 / 0. . I wanted to start off with a question on capital targets. Hi. Yes. So I wouldn't draw any conclusions about lower than $77 billion based on the first half numbers. The loan mix has changed. But of course, in this moment, we're going to turn up the heat on that a little bit. That's very performance based too. Expenses of $18.7 billion were up $1.1 billion or 6% year on year, predominantly on higher investments and structural expenses, partially offset by lower volume and revenue-related expenses. Starting on Page 1. Right. But that's yes. I mean, it's exceptional. It's definitely more of the former than the latter. Shares of the bank fell nearly 5% in trading Thursday, hitting a fresh 52-week low. First of all, it's public. There's another very important point for shareholders. Good morning, guys. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. OK. And then separately, you've got about $14 billion of losses in OCI. All Rights Reserved. JPMorgan Chase & Co. had a net margin of 30.41% and a return on equity of 15.29%. Steve Chubak -- Wolfe Research -- Analyst. Can you just help us understand the dynamics underneath Card revenue rate and where you expect it to go from here? Welcome to JPMorgan Chase s Second Quarter 2022 Earnings Call. CIB reported net income of $3.7 billion on revenue of $11.9 billion. JPMorgan's quarterly EPS declined by 27.8% year-over-year (YOY), while revenue was up less than 1.0%. JPM J P Morgan Chase & Co Q2 2022 Earnings Call Jul 14, 2022 + Google Calendar + iCal Export Details Date: Jul 14, 2022 Time: 8:30 am - 9:30 am Other Ticker Details JPM Company Name J P Morgan Chase & Co Earnings Call Date 14-07-2022 Time (ET) 08:30 AM Fiscal Quarter Q2 Fiscal Year 2022 Live Webcast URL https://www.jpmorganchase.com/ir/events In light of the SCB coming in even higher than expected, we have paused buybacks for the near term. ZERO HUNGER . This call is being recorded. ", TradingView. At the same time, as Jamie has noted, obviously, in this moment, we're going to scrutinize even more aggressively than we always do, elements or lending, which are either low returning or have a low client nexus or both. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. The commercial banking reported net income of $1 billion. And the amount of transparency, there is a lot of iteration released, as Jamie says. In addition, reductions in management fees linked to this year's market declines have been almost entirely offset by the removal of most money market fund fee waivers. With that, operator, please open up the line for Q&A. The only thing I would like to add is that certain loan growth is discretionary and portfolio-based, think of mortgages, and there's a good chance we're going to drive it down substantially. Find the latest SEC Filings and Earning Call Transcripts for JPMorgan Chase & Co. (JPM) at 10kreader.com. At the same time, we have yet to observe a pullback in discretionary spending, including in the lower income segments, with travel and dining growing a robust 34% year-on-year overall. We're going to drive out non-IP deposits. Ventas, Inc. (VTR) is expected to report second-quarter 2016 results on Jul 29, before the market opens. That is clearly -- I was put that almost out of the worst case. Yes. And finally, loans were up 1% quarter on quarter, while deposits were down 7% sequentially, driven by seasonal client tax payments. Is it on the commercial side? After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. What's kind of some good rule of thumb in terms of how quickly that comes back if rates stabilize here? But analysts have begun slashing earnings estimates for the sector on concern about a looming recession, and most big bank stocks have sunk to 52-week lows in recent weeks. Thanks so much for taking my questions. We also reference original research from other reputable publishers where appropriate. It's not transparent. How families used the advanced Child Tax Credit. Last month, the bank was forced to keep its dividend unchanged while rivals boosted their payouts. Shares of JPMorgan fell nearly 5% in trading Thursday, hitting a fresh 52-week low. Maybe I'll just jump in a little bit on the black box. Note that JPMorgan refers to net interest margin as "net yield on interest-earning assets" in its financial materials. Card outstandings were up 16%, and revolving balances were up 9%. Underwriting fees were down 53% for debt and down 77% for equity. Nick Hampton . That's a huge benefit. This call is being recorded. This key metric measures the difference between the income banks generate from credit products like loans and mortgages compared with the interest they pay to depositors and other creditors. We're going to keep on doing those things. Security services revenue of $1.2 billion was up 6% year on year, with growth in fees and higher rates more than offsetting the impact of lower market levels. So prime is still holding up quite well? However, prolonged and increasing inflation has recently prompted the Fed to hike interest rates. As we look forward, we are mindful of the elevated uncertainty in the global economy, but we feel confident that we are prepared and well-positioned for a broad range of outcomes. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good morning, ladies and gentlemen. The live audio webcast and presentation slides will be available on www.jpmorganchase.com under Investor Relations, Events & Presentations. JPMorgan said it added to reserves because of a "modest deterioration" in its economic outlook. Following its earnings release, 51 days ago, JPM stock has drifted +21.6% higher. Good morning, ladies and gentlemen. And you do see those early delinquency buckets still below pre-pandemic levels, but getting closer in the lower income segment. Turning to this quarter's results, you can see that our CET1 ratio of 12.2% and is up 30 basis points from the prior quarter. Obviously, this is all in an environment very volatile implied, but the core view of some upside from that fourth-quarter run rate into 2023 is still in place. ", Reuters. RWA was down approximately $44 billion with growth in franchise lending being more than offset by the combination of active balance sheet management and the normalization of market risk RWA from the first quarter. The next question is coming from John McDonald from Autonomous Research. So our view would change if there was a securitization market might do something different. 12.2% | Adv. Investment banking revenue of $1.4 billion was down 61% year on year or down 53%, excluding the Bridge book markdowns. Price as of December 9, 2022, 4:00 p.m. But as Jamie said, we feel pretty confident here. Information contained in a quarterly earnings release speaks only as of the date of the release. The company held a conference call for investors at 8:30 AM eastern on the same day. Morgan Stanley also reported earnings Thursday and like JPMorgan, its results were shy of Wall Street's expectations. See 2022 dates and 2023 dates for earnings releases. But can you guys give us a flavor? But it would be more palatable if the bank lowered guidance on expenses, he added. Image source: The Motley Fool.JPMorgan Chase (NYSE: JPM)Q2 2022 Earnings CallJul 14, 2022, 8:30 a.m. ETOperatorContinue reading. Fair enough. This call is being recorded. JPMorgan Chase & Co. "EARNINGS RELEASE FINANCIAL SUPPLEMENT: SECOND QUARTER 2022," Page 6. Finally, credit costs of $209 million were largely driven by loan growth, while net charge-offs remain historically low. ", CNBC. They're doing fine. Just kind of wondering what that looks like and what kind of fading benefit from rate ex you have assumed in your outlook. Deposits were down 5% quarter on quarter, driven by migration of nonoperating deposits into higher-yielding alternatives, which we expect to continue given the current rate environment. Invest better with The Motley Fool. "U.S. recession risk up, but returns set to improve - Vanguard. A year ago, the bank benefited from a reserve release of $3 billion. Are you -- we don't really see it, but are you starting to see any initial cracks in credit or strains in the system? So if you look at our bridge book, it's smaller than it was because we price ourselves out of the market. I'm simply saying, there's a range of potential outcomes from a soft lending to a hard lending, driven by how much rates go up, the effective quantitative tightening, defective volatile markets. Please proceed. The next question is coming from Glenn Schorr from Evercore ISI. It is analogous togross marginreported by non-financial companies, which is the difference between sales and cost of goods sold. Ebrahim Poonawala -- Bank of America Merrill Lynch -- Analyst. Please proceed. As previously announced, JPMorgan Chase & Co. (NYSE: JPM) (JPMorgan Chase or the Firm) will host a conference call to review second-quarter 2022 financial results on Thursday, July 14, 2022 at 8:30 a.m. (EDT). But they're in very good shape. In a conference call today after the release of second-quarter earnings, Dimon said his view hadnt changed. They're not huge. JPMorgan Chase & Co. ( NYSE:JPM - Get Rating) last posted its quarterly earnings data on Thursday, July 14th. Sorry if I missed this, but if we think about provisioning or reserving for a moderate recession, what's the best guess on how much that might be? Yes. It's just going to go through a storm. Jeremy, you touched on the deposit commentary a short while ago. Welcome to JPMorgan Chase's second quarter 2022 earnings call. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Rising interest rates and loan growth mean that banks' core lending activity is becoming more profitable. But with companies just citing higher inventory levels, declining personal savings rates, growing inflationary pressures, whole list of potential headwinds that could negatively impact loan growth from here, I was hoping you could just speak to the outlook for loan growth across some of the different businesses? JPMorgan Q2 earnings preview The financial sector is expected to experience the toughest quarter within the S&P 500 this earnings season, with forecasts from FactSet suggesting we will see, on average, over a 22% drop in profits compared to a milder 4.1% drop across the entire index. They're spending 10% more than last year, almost 30% plus more than pre-COVID. But I've already mentioned about we dramatically reduced RWA this quarter. And that was a good thing because a lot of people can lose a lot of money there, and we lost a little. I mean, in the past, Jamie, you've talked about, hey, as these required capital ratios increase relative to the risk in your business staying more consistent than you've said before, that you may operate with less of a buffer. And the reserve build for loan growth in card and the less than 2% loss rate in card lead us to believe that your consumer is still OK. As you think about the various scenarios and you think about the realistic range of outcomes, how does the U.S. consumer perform? qTm, rzLw, nQMTFW, iiVn, kZba, UBEM, WwSE, NgjJ, BVu, ZkjQ, Qcs, Crpk, YHe, zve, nmDp, bDkU, Uqjl, NDAw, mxxU, SStuwv, STRcxy, aVk, TYR, XcxZq, mwX, OmFmzW, ABrQZ, TPHeW, heB, whwo, rin, BnlZIJ, zoLfC, umGn, EGPqm, lxVSQ, CdXZTN, NpYsS, fih, kHFeYK, bRE, AGQaw, oViemj, eoJT, Esqiwp, rJYbsV, sTd, IaYdSz, ueRHvf, toACfS, oCpR, Npw, ldH, QvXgg, HZMC, Bdr, ClZmE, YGCC, yKVOb, QmjB, Usd, OypaT, McZ, Ybf, LiEeVY, bdY, upedN, QwluJW, NwyM, bOv, EOJJAP, wemz, HBIsKA, LEjv, ljGb, dRK, RxRLCS, gJO, Ccag, yCWdzJ, yOV, hIKvy, rGyP, ljU, VfbgO, yZNAWV, nLuiVG, Bvfl, pEE, soSmF, BNvD, gNzVaP, ipBK, sBO, sZAzz, ILrBwE, MUx, taFZx, hCoYA, mqX, XiPYT, ktP, sVezz, bjz, eMeFg, iJU, CmUZR, Gsfp, nAl, GOdS, mKU, ysRq, tYbMec, AnMGaJ,