JP Morgan Q4 2023 earnings results are here

US financial services giant, JP Morgan Chase & Co. (NYSE: JPM), reported the latest financial results for Q4 2023 before the market open in the US on Friday.

JP Morgan reported revenue of $38.574 billion for the quarter, falling short of Wall Street estimate of $39.73 billion. Revenue was up by 11.65% year-over-year.

Earnings per share (EPS) reached $3.04 per share for Q4 (down by 14.84% vs. Q4 2022), also below analyst estimate of $3.349 per share.

Company overview

• Founded: 2000
• Headquarters: New York City, United States
• Number of employees: 308,669 (2023)
• Industry: Financial services
• Key people: Jamie Dimon (Chairman & CEO), Daniel E. Pinto (President & COO)

CEO commentary

“We ended the year with a solid quarter, producing net income of $9.3 billion, or $12.1 billion excluding the FDIC special assessment and discretionary securities losses. Our record results in 2023 reflect over-earning on both NII and credit, but we remain confident in our ability to continue to deliver very healthy returns even after they normalize. Our balance sheet remained extremely strong, with a CET1 ratio of 15.0%, a staggering $514 billion of total loss-absorbing capacity and $1.4 trillion in cash and marketable securities. We continue to believe that the recent series of regulatory and legislative proposals, including Basel III endgame, could cause serious harm to consumers, businesses, and markets. We hope that regulators will make the necessary adjustments so the rules promote a strong financial system without causing undue consequences for end users,” CEO of JP Morgan, Jamie Dimon commented on the latest results.

Dimon also made comments on the state of the US economy and global challenges: “The U.S. economy continues to be resilient, with consumers still spending, and markets currently expect a soft landing. It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus. There is also an ongoing need for increased spending due to the green economy, the restructuring of global supply chains, higher military spending and rising healthcare costs. This may lead inflation to be stickier and rates to be higher than markets expect. On top of this, there are a number of downside risks to watch. Quantitative tightening is draining over $900 billion of liquidity from the system annually, and we have never seen a full cycle of tightening. And the ongoing wars in Ukraine and the Middle East have the potential to disrupt energy and food markets, migration, and military and economic relationships, in addition to their dreadful human cost. These significant and somewhat unprecedented forces cause us to remain cautious. While we hope for the best, the past year demonstrated why we must be prepared for any environment.”

Stock reaction

The stock ended Friday down by 0.73% at $169.05 a share.

Stock performance

• 5 day: -1.87%
• 1 month: +2.31%
• 3 months: +14.22%
• Year-to-date: -0.62%
• 1 year: +18.21%

JP Morgan Chase & Co. stock price targets

• Deutsche Bank: $190
• Bank of America: $188
• Barclays: $212
• Oppenheimer: $243
• Morgan Stanley: $191
• Piper Sandler: $170
• BMO Capital Markets: $171
• Jefferies Financial Group: $169
• Evercore ISI: $167
• Royal Bank of Canada: $158
• HSBC: $159
• Credit Suisse: $170

JP Morgan Chase & Co. is the 13th largest company in the world with a market cap of $488.72 billion.

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Sources: JP Morgan Chase & Co., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap