Stærkt kvartal af JP Morgan
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Jeg har gennem længere tid været bullish på US economy og US Banker. De er lige på vej ind i et housing recovery derovre. JP Morgan regnskab bekræfter det.
Investor Contact: Sarah Youngwood (212) 270-7325 Media Contact: Joe Evangelisti (212) 270-7438
1
For notes on non-GAAP measures, including managed basis reporting, see page 14. For additional notes on financial measures, see page
15.
2
Comparisons below are versus prior year.
3
Includes the estimated impact of final Basel 2.5 rules and the Basel III Advanced Notice of Proposed Rulemaking.
STRONG PERFORMANCE ACROSS ALL BUSINESSES• Continued momentum in all our businesses; strong lending in Commercial Banking, Business
Banking, Mortgage Banking and Asset Management
Investment Bank reported favorable Fixed Income results; maintained #1 ranking for
Global Investment Banking fees
2 Consumer & Business Banking average deposits up 9%; Business Banking loan growth
for the eighth consecutive quarter to a record $19 billion, up 8%
Mortgage Banking record production revenue; originations of $47 billion, up 29%
Credit Card sales volume1
Commercial Banking reported record revenue; loan growth for the ninth consecutive
quarter to a record $124 billion, up 15%
up 11%
Treasury & Securities Services reported record assets under custody of $18.2 trillion, up
12%
Asset Management reported fourteenth consecutive quarter of positive net long-term
product flows; record loan balances of $75 billion
• JPMorgan Chase supported consumers, businesses and our communities
Provided $200 billion of credit
21
Provided $15 billion of credit
to consumers YTD; originated 664,000 mortgages YTD
1
Provided over $380 billion of credit
to U.S. small businesses YTD, up 21%
1
Raised nearly $670 billion of capital for clients YTD
to corporations YTD
$52 billion of capital raised and credit1
Hired more than 4,500 U.S. veterans since the beginning of 2011
provided for more than 1,300 nonprofit and
government entities YTD, including states, municipalities, hospitals and universities
• Third-quarter results included the following significant items:
$900 million pretax benefit ($0.14 per share after-tax increase in earnings) from reduced
mortgage loan loss reserves in Real Estate Portfolios
$825 million pretax incremental charge-offs ($0.13 per share after-tax decrease in
earnings) due to regulatory guidance on certain residential loans in Real Estate Portfolios
$888 million pretax benefit ($0.14 per share after-tax increase in earnings) due to
extinguishment gains on redeemed trust preferred capital debt securities in Corporate
$684 million pretax expense ($0.11 per share after-tax decrease in earnings) for additional
litigation reserves in Corporate
JPMorgan Chase & Co.
News Release
• Fortress balance sheet strengthened
Basel I Tier 1 common1
Estimated Basel III Tier 1 common
of $135 billion; or 10.4%, up from 9.9% in the prior quarter
1
of 8.4%3
Loan loss reserves of $23 billion; Global liquidity Reserve of $449 billion
, up from 7.9% in the prior quarter -
2
New York, October 12, 2012 - JPMorgan Chase & Co. (NYSE: JPM) today reported record net
income for third-quarter 2012 of $5.7 billion, compared with net income of $4.3 billion in the third
quarter of 2011. Earnings per share were a record $1.40, compared with $1.02 in the third quarter of
2011. The Firm's return on tangible common equity1
Jamie Dimon, Chairman and Chief Executive Officer, commented on financial results: "The Firm
reported strong performance across all our businesses in the third quarter of 2012. Revenue for the
quarter was $25.9 billion, up 6% compared with the prior year, or 16% before the impact of DVA.
These results reflected continued momentum in all our businesses."
for the third quarter of 2012 was 16%,
compared with 13% in the prior year.
Dimon continued: "The Investment Bank reported favorable Fixed Income Markets results and
maintained its #1 ranking for Global Investment Banking fees. Consumer & Business Banking
average deposits were up 9% and Business Banking loan balances grew for the eighth consecutive
quarter to a record $19 billion, up 8% compared with the prior year. Mortgage Banking originations
were $47 billion, up 29% compared with the prior year. Credit Card sales volume1
Dimon commented: "Importantly, we believe the housing market has turned the corner. In our
Mortgage Banking business, we were encouraged that credit trends continued to modestly improve,
and, as a result, the Firm reduced the related loan loss reserves by $900 million. Despite this
improvement, the absolute level of charge-offs remains elevated. We also expect to see high default-
related expense for a while longer. We are acting responsibly to help homeowners and prevent
foreclosures, offering nearly 1.4 million mortgage modifications and completing 578,000 since 2009.
Credit trends in our credit card portfolio continued to improve, and the wholesale credit environment
remained stable."
was up 11%
compared with the prior year. Commercial Banking reported record revenue and grew loan balances
for the ninth consecutive quarter to a record $124 billion, up 15% compared with the prior year.
Treasury & Securities Services assets under custody rose to a record $18.2 trillion, up 12% compared
with the prior year. Asset Management reported positive net long-term product flows for the
fourteenth consecutive quarter and record loan balances of $75 billion."
"The underlying strength in the Firm's results is reflected in our support for customers, corporate
clients and communities around the world. The Firm has provided credit and raised capital of over
$1.3 trillion for our commercial and consumer clients during the first nine months of 2012. This
included more than $15 billion of credit provided for U.S. small businesses, an increase of 21%
compared with the same period last year. This also included $52 billion of capital raised and credit1
Dimon added: "There were several significant items that affected our results this quarter − some
positively, some negatively. As we always do, we discuss these significant items in detail within our
disclosures."provided for more than 1,300 nonprofit and government entities so far this year, including states,
municipalities, hospitals and universities."
Commenting on the balance sheet, Dimon said: "We strengthened our fortress balance sheet, ending
the third quarter with a strong Basel I Tier 1 common ratio1 of 10.4%, up from 9.9% in the second
quarter. We estimate that our Basel III Tier 1 common ratio1 was approximately 8.4%3 at the end of
the third quarter, up from 7.9% in the second quarter."
JPMorgan Chase & Co.
News Release
Dimon concluded: "I am proud of the momentum we are seeing throughout our businesses. The
exceptional power of our franchise is evident in the solid foundation of our fortress balance sheet and
the tremendous capacity of JPMorgan Chase to support our customers and communities around the
world while making significant investments for the future."
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