This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

JPMorgan Chase Reports First-Quarter 2014 Net Income Of $5.3 Billion, Or $1.28 Per Share, On Revenue1 Of $23.9 Billion

Stocks in this article: JPM

JPMorgan Chase & Co. (NYSE:JPM):

  • The Firm had solid underlying performance 2 , given industry-wide headwinds in Markets and Mortgage
    • Consumer & Community Banking: average Consumer & Business Banking deposits up 9%; credit card sales volume 1 up 10%; record client investment assets up 16%; Business Banking loan originations up 22%
    • Corporate & Investment Bank: maintained #1 ranking for Global Investment Banking fees with 8.2% wallet share; assets under custody up 10%
    • Commercial Banking: period-end loan balances up 7%, driven by 15% growth in Commercial Real Estate; gross investment banking revenue with Commercial Banking clients up 31%
    • Asset Management: twentieth consecutive quarter of positive net long-term client flows; record client assets up 10%; record average loan balances up 20%
  • The Board intends to increase the second quarter common stock dividend from the current $0.38 per share to $0.40 per share 3 ; the Firm repurchased $0.4 billion of common equity in the first quarter and is authorized to repurchase $6.5 billion of common equity through the first quarter of 2015
  • Fortress balance sheet maintained
    • Basel III Tier 1 common 1,4 of $156 billion, or 9.5%
    • Strong liquidity — High Quality Liquid Assets (“HQLA”) 5 of $538 billion
    • Firm Supplementary Leverage Ratio ("SLR") 1,6 of 5.1% including the impact of the U.S. NPR announced this week
  • JPMorgan Chase supported consumers, businesses and our communities
    • $455 billion of credit and capital raised in the first quarter 1
      • $47 billion of credit for consumers
      • $5 billion of credit for U.S. small businesses
      • $138 billion of credit for corporations
      • $253 billion of capital raised for clients
      • $12 billion of credit and capital raised for nonprofit and government entities, including states, municipalities, hospitals and universities
    • Hired over 6,700 U.S. veterans and service members since 2011



For notes on non-GAAP financial measures, including managed basis reporting, see page 12. For additional notes on financial measures, see page 13.


Percentage comparisons noted in the bullet points are calculated versus the prior-year first quarter.


The Firm’s dividends are subject to the Board’s approval at the customary times those dividends are declared.


Represents the estimated impact of Basel III Advanced fully phased-in capital rules the Firm will be subject to as of January 1, 2019.


HQLA is the estimated amount of assets that will qualify for inclusion in the Basel III Liquidity Coverage Ratio.




JPMorgan Chase & Co. (NYSE:JPM) today reported net income for the first quarter of 2014 of $5.3 billion, compared with net income of $6.5 billion in the first quarter of 2013. Earnings per share were $1.28, compared with $1.59 in the first quarter of 2013. Revenue 1 for the quarter was $23.9 billion, down 8% compared with the prior year. The Firm’s return on tangible common equity 1 for the first quarter of 2014 was 13%, compared with 17% in the prior year.

As previously announced, the Board of Directors intends to increase the second-quarter common stock dividend to $0.40 per share 3 from the current $0.38 per share; and the Board has also authorized the Firm to repurchase $6.5 billion of common equity commencing within the second quarter of this year through the end of the first quarter of 2015. During the first quarter of 2014, the Firm repurchased $0.4 billion of common equity. The Federal Reserve Board informed the Firm that it does not object to the Firm’s proposed 2014 capital distribution plan.

Jamie Dimon, Chairman and Chief Executive Officer, commented on the financial results: “JPMorgan Chase had a good start to the year, given there were industry-wide headwinds in Markets and Mortgage. Consumer & Community Banking deposit growth and card sales volume both remain above the industry average 2, and we have made significant progress in Business Banking originations – up 22%. The Corporate & Investment Bank was #1 in Global IB fees, with #1 positions in global debt and equity, global syndicated loans and global long-term debt. Gross investment banking revenue with Commercial Banking clients was up 31%. Asset Management had its twentieth consecutive quarter of positive net long-term client flows and had record loan balances, up 20%.”

Dimon continued: “We have growing confidence in the economy – consumers, corporations and middle market companies are in increasingly good financial shape and housing has turned the corner in most markets – and we are doing our part to support the recovery. JPMorgan Chase provided credit and raised capital of over $450 billion for our clients during the first quarter of 2014, which included $5 billion for U.S. small businesses.”

1 of 14

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs