 JPMorgan Chase (NYSE:JPM) announced earnings that beat expectations and in the process said that its investment banking business was critical to its improved numbers. The big bank earned $3.3 billion and had EPS of $.74 in the period that ended in March. The was up from $.40 in the same period a year ago.As an example of how critical investment banking operations have become t the largest financial firms in the US, especially in light of default rates on credit cards and home loans, JPM had net income of $2.5 billion in its investment bank division. Without that improvement, the bank’s results would have been woeful.
SNL financial has put together a clear summary of the bank’s results which is certainly better than what most analysts give their clients. It is published here for 24/7 Wall St. readers. Bank and Thrift Early Entry Financials |
|
| JPMorgan Chase & Co. (JPM) | |
| Balance Sheet ($000) | 3/31/2010 |
| Loans, Gross of Reserve for Losses | 713,799,000 |
| Loan Loss Reserve | 38,186,000 |
| Net Loans Receivable | 675,613,000 |
| Intangible Assets | 51,589,000 |
| Total Assets | 2,135,796,000 |
| Tangible Assets | 2,084,207,000 |
| Deposits | 925,303,000 |
| Total Liabilities | 1,971,075,000 |
| Liabilities and Mezzanine Equity | NA |
| Common Equity | 156,569,000 |
| Total Equity | 164,721,000 |
| Tangible Common Equity | 104,980,000 |
| Tangible Equity | 113,132,000 |
| Common Shares Outstanding (Actual) | 3,975,400,000 |
| As-reported Book Value per Share ($) | 39.38 |
| Basic Book Value per Share ($) | 39.38 |
| Book Value per Share ($) | 39.38 |
| As-reported Tangible Book Value per Share ($) | NA |
| Basic Tangible Book Value per Share ($) | 26.41 |
| Tangible Book Value per Share ($) | 26.40 |
| Income Statement ($000) | 3/31/2010 |
| Net Interest Income | 13,710,000 |
| Net Interest Income, FTE (if available) | NA |
| Noninterest Income | 13,215,000 |
| Revenues | 26,925,000 |
| Total Noninterest Expense | 16,124,000 |
| Pre-Provision Net Revenue | 10,801,000 |
| Net Income | 3,326,000 |
| Diluted EPS after Extraordinary Items ($) | 0.74 |
| Average Balance Sheet ($000) | 3/31/2010 |
| Average Loans | 725,136,000 |
| Average Interest-earning Assets | 1,672,307,247 |
| Average Other Interest Earning Assets | 947,171,247 |
| Average Assets | 2,038,680,000 |
| Average Deposits | 931,835,000 |
| Average Common Equity | 156,891,000 |
| Average Equity | 164,246,000 |
| Average Tangible Equity | NA |
| Average Book Value per Share | NA |
| Asset Quality and Capital Ratios (%) | 3/31/2010 |
| Nonperforming Assets ($000) | NA |
| Net Charge-offs ($000) | 7,910,000 |
| Nonperforming Assets/Assets | NA |
| Nonperforming Assets/Equity | NA |
| Loan Loss Reserves/Gross Loans | 5.35 |
| Loan Loss Reserves/Assets | 1.79 |
| Loan Loss Reserves/NPAs | NA |
| Net Charge-offs/Avg Loans | 4.36 |
| Net Loan Charge-offs/Avg Loan Loss Reserves | 90.67 |
| Tier 1 Common Capital Ratio | 9.10 |
| Tier 1 Capital Ratio | 11.50 |
| Balance Sheet Ratios (%) | 3/31/2010 |
| Equity/Assets | 7.71 |
| Common Equity/Assets | 7.33 |
| Tangible Common Equity/Tangible Assets | 5.04 |
| Tangible Equity/Tangible Assets | 5.43 |
| Intangibles/Equity | 31.32 |
| Deposits/Assets | 43.32 |
| Tangible Equity and Reserves/Tangible Assets | 7.26 |
| Loans, Net of Reserves/Assets | NA |
| Equity + Reserves/Assets | 9.50 |
| Loans, Gross of Reserves/Assets and Reserves | 32.83 |
| Profitability (%) | 3/31/2010 |
| Reported Net Interest Margin | 3.32 |
| Return on Average Assets | 0.65 |
| Return on Average Equity | 8.10 |
| Overhead Ratio | 21.22 |
| Efficiency Ratio | 59.88 |
| Net Interest Income/Revenue | 50.92 |
| Net Interest Income/Avg Assets | 2.69 |
| Net Interest Margin | 3.28 |
| Net Operating Expense/Avg Assets | 0.57 |
| Noninterest Expense/Avg Assets | 3.16 |
| Noninterest Income/Avg Assets | 2.59 |
| Compound 5-Yr Growth (%) | 3/31/2010 |
| Net Loans Five-year CAGR | 11.28 |
| Assets Five-year CAGR | 12.62 |
| Deposits Five-year CAGR | 11.72 |
| Equity Five-year CAGR | 9.35 |
| Equity Per Share Five-year CAGR | 5.74 |
| Net Interest Income Five-year CAGR | 21.27 |
| Net Income Five-year CAGR | 7.99 |
| EPS after Extra Five-year CAGR | 3.27 |
| Revenue Five-year CAGR | 14.55 |
| Regular Dividends Paid Five-year CAGR | NA |
| Additional Growth Rates (%) | 3/31/2010 |
| Net Loans Receivable Growth | 49.02 |
| Asset Growth | 20.43 |
| Deposit Growth | -5.57 |
| Equity Growth | -1.56 |
| Net Interest Income Growth | NA |
| Net Income Growth, after Extraordinary Items | 55.35 |
| Book Value per Share Growth | -5.02 |
| EPS Growth, after Extraordinary Items | 85.0 |
| Growth Rate of Regular Dividends Paid | -86.84 |
| Source: SNL Financial |
The Ultimate JPMorgan Chase Earnings Cheat Sheet
By
Douglas A. McIntyre
Updated
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