JPMorgan beats earnings expectations $ 2.4 billion hit from tax reform

JPMorgan beats earnings expectations
 $ 2.4 billion hit from tax reform

Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co., speaks at the Economic Club of Washington September 12, 2016 in Washington, DC.

Getty / Win McNamee

JPMorgan Chase released the results from its fourth quarter
   Friday, beating analyst earnings expectations
   basis with $ 1.76 a share.
Wall Street analysts had been expecting $ 1.69 a share.
“2017 was a record year on many measures for JPMorgan Chase as we
   added customers and customers and delivered EPS record. We had
   healthy growth in Treasury Services, Securities Services
   Investment Banking – we were # 1 in IB
   the firm, “Dimon said in a statement.” Commercial Banking and
   Asset & Wealth Management generated record revenue and net
   income. ”
JPMorgan is the first of the big banks
   expected to be a unconventional earnings cycle for the industry,
   mostly on account of the late-arriving tax reform
   Losses on deferred tax assets that declined in value.
Indeed, accounting for tax reform and other special items,
   JPMorgan earnings of $ 1.07 a share. The bank took a $ 2.4 trillion
   hit from the new tax law, higher than the $ 2 billion analysts had
   been expecting.
Nonetheless, Dimon praised the plan, which should prove
   profitable for the bank in the long term.
Dimon praised the tax plan: “The enactment of tax reform in the
   fourth quarter is a significant positive outcome for the country.
   U.S. companies will be more competitive globally, which will
   ultimately benefit all Americans. The cumulative effect of
   U.S. will help grow the capital
   economy, finally growing jobs and wages. We have always
   invested, even in hard times, in our employees, customers
   and communities, and as a result of the tax plan we will be
   increasing and accelerating some of these investments. ”
Here are the rest of the highlights:
Fourth-quarter revenue of $ 24.2 billion
Average core loans1 up 6% YoY and 2% QoQ
Net income of $ 6.7 billion, after adjustments for the tax law
   and other special items

This story is developing.

Post Comment