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JPMorgan profit beats estimates on M&A boost

Friday, January 14, 2022
JPMorgan profit beats estimates on M&A boost © Reuters. FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar

By Anirban Sen and Matt Scuffham

(Reuters) -JPMorgan Chase & Co reported a 14% fall in fourth-quarter earnings on Friday but sailed past analysts' estimates, helped by a stellar performance at its investment banking unit that offset a slowdown in its trading arm.

The country's largest lender, whose fortunes are often seen as a barometer of the health of the U.S. economy, posted a 28% jump in investment banking revenue, while overall trading revenue fell 13%.

Large U.S. lenders have benefited from higher consumer spending, while their trading arms gained from exceptional volatility in financial markets last year.

However, soaring inflation, a potential Omicron-induced economic slowdown and trading revenues returning to normal levels after an exceptional year are set to challenge the banking industry's growth in the coming months.

JPMorgan (NYSE:JPM)'s shares, up 6% this year, slipped 3% in trading before the bell on Friday.

"The economy continues to do quite well despite headwinds related to the Omicron variant, inflation and supply chain bottlenecks," JPMorgan Chief Executive Jamie Dimon said.

"We remain optimistic on U.S. economic growth as business sentiment is upbeat and consumers are benefiting from job and wage growth."

The trading shortfall in the forth quarter was cushioned by yet another strong showing at its investment bank as global mergers and acquisitions activity shattered all-time records in 2021 and pushed investment banking fees to a record-high in the first half of the year.

Wall Street banking remained strong for most of the past year, as large, cash-flush financial sponsors and corporates embarked on a dealmaking spree, helping drive up investment banking fees to their highest-ever levels.

During the quarter, JPMorgan maintained its position as the banking world's second-biggest provider of worldwide M&A advisory after Goldman Sachs (NYSE:GS), according to Refinitiv. The league tables rank financial services firms by the amount of M&A fees they generate.

Overall, the lender posted a profit of $10.4 billion, or $3.33 per share, in the quarter ended Dec. 31. Analysts had estimated a profit of $3.01 per share, according to Refinitiv data.

Revenue remained nearly flat at $30.3 billion. The bank's earnings were also buoyed by reserve releases of $1.8 billion.

During the quarter, JPMorgan took down more funds that it had set side during the height of the pandemic in anticipation of an expected wave of loan defaults.

But that didn't happen, thanks to a consumer-friendly monetary policy and government stimulus checks that buoyed consumer spending, allowing banks to release billions from their loan-loss reserve.

Citigroup (NYSE:C) will report results later on Friday. Wells Fargo (NYSE:WFC) & Co reported an 86% jump in fourth-quarter profit on Friday, propped up by gains from the sale of its corporate trust and asset management businesses.

Goldman Sachs, Wall Street's premier investment bank, will report earnings on Tuesday, while Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC) round out the earnings season on Wednesday.

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26-01-2022 10:14:38 (UTC+7)

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 EUR/USD1.1287Neutral
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 USD/JPY114.36Neutral
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 EUR/JPY129.07↑ Buy
 EUR/CHF1.0387Buy
 Gold1,835.95↑ Buy
 Silver23.867↑ Sell
 Copper4.4988↑ Sell
 Crude Oil WTI87.10Neutral
 Brent Oil88.68Neutral
 Natural Gas4.123Neutral
 US Coffee C239.48↑ Buy
 Euro Stoxx 504,173.05Neutral
 S&P 5004,426.28Sell
 DAX15,482.75Neutral
 FTSE 1007,500.45↑ Sell
 Hang Seng24,289.90↑ Buy
 Small Cap 20002,037.60Neutral
 IBEX 358,649.24↑ Sell
 BASF67.590↑ Sell
 Bayer51.58Sell
 Allianz224.95Sell
 Adidas245.15↑ Sell
 Lufthansa7.045↑ Sell
 Siemens AG141.84↑ Sell
 Deutsche Bank AG11.437↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,190/ 6,240
(-5/ -5) # 1,175
SJC HCM6,180/ 6,245
(-10/ -10) # 1,179
SJC Hanoi6,180/ 6,247
(-10/ -10) # 1,181
SJC Danang6,180/ 6,247
(-10/ -10) # 1,181
SJC Nhatrang6,180/ 6,247
(-10/ -10) # 1,181
SJC Cantho6,180/ 6,247
(-10/ -10) # 1,181
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JPY192,82204,12
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