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2021-04-14
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JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves<blockquote>摩根大通释放52亿美元贷款损失准备金，超出分析师预期</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":344825158,"tweetId":"344825158","gmtCreate":1618399416074,"gmtModify":1634293229369,"author":{"id":3575040910386797,"idStr":"3575040910386797","authorId":3575040910386797,"authorIdStr":"3575040910386797","name":"trollololol","avatar":"https://static.tigerbbs.com/bb3709f9470a5163c6c7031ab692e8c9","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":8,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Reply and like please</p></body></html>","htmlText":"<html><head></head><body><p>Reply and like please</p></body></html>","text":"Reply and like please","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/344825158","repostId":1195099187,"repostType":4,"repost":{"id":"1195099187","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618397517,"share":"https://www.laohu8.com/m/news/1195099187?lang=zh_CN&edition=full","pubTime":"2021-04-14 18:51","market":"us","language":"en","title":"JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves<blockquote>摩根大通释放52亿美元贷款损失准备金，超出分析师预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195099187","media":"Tiger Newspress","summary":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Re","content":"<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul>(April 14) JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p><blockquote><ul><li>收益：每股4.50美元，而Refinitiv调查的分析师预期为每股3.10美元。</li><li>营收：331.2亿美元，预期305.2亿美元。</li></ul>（4月14日）摩根大通在周三开盘前公布了第一季度财报。</blockquote></p><p>Here are the numbers:</p><p><blockquote>以下是数字：</blockquote></p><p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul>JPMorgan Chase slipped 1% in premarket trading.</p><p><blockquote><ul><li><b>收益：</b>每股4.50美元，而Refinitiv调查的分析师预期为每股3.10美元。</li><li><b>收入：</b>331.2亿美元，预期为305.2亿美元。</li><li>信贷成本净收益为42亿美元，其中包括52亿美元的净准备金释放和11亿美元的净冲销。</li><li>平均贷款增长1%；平均存款增长36%</li><li>1.5万亿美元的流动性来源，包括HQLA和无抵押有价证券</li><li>平均存款增长32%；客户投资资产增长44%</li><li>平均贷款下降7%；借记卡和信用卡销量增长9%</li><li>活跃移动客户增长9%</li><li>2021年第一季度全球投资银行钱包份额为9.0%</li><li>市场总收入为91亿美元，增长25%，其中固定收益市场增长15%，股票市场增长47%</li><li>投资银行业务总收入为11亿美元，增长65%</li><li>平均贷款下降2%；平均存款增长54%</li><li>管理资产(AUM)为2.8万亿美元，增长28%</li><li>平均贷款增长18%；平均存款增长43%</li></ul>摩根大通在盘前交易中下跌1%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p><blockquote>摩根大通是第一家公布第一季度收益的主要银行，将受到密切关注，以寻找该行业将如何摆脱冠状病毒大流行的线索。</blockquote></p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p><blockquote>一个关键问题是，随着美国经济复苏步伐加快，银行是否会继续释放不再需要的贷款损失准备金——以及释放的规模。第四季度，摩根大通释放了29亿美元的准备金，部分超出了预期。</blockquote></p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p><blockquote>摩根大通拥有全球收入最大的华尔街部门，预计也将受益于SPAC创纪录发行推动的强劲投资银行费用，SPAC是空白支票公司，第一季度的活动超过了2020年全年，这本身就是创纪录的一年。交易收入预计也将成为本季度的推动力。</blockquote></p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve said banks that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p><blockquote>分析师还将对该银行预计进行股票回购的速度感到好奇。上个月，美联储表示，通过该行业2021年压力测试的银行将被允许从6月30日开始恢复更高水平的股息支付和回购。</blockquote></p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><blockquote>今年迄今为止，摩根大通股价上涨了21%，而KBW银行指数则上涨了25%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p><blockquote>结果讨论：</blockquote></p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p><blockquote>净利润为143亿美元，增加114亿美元，主要是由于信贷准备金释放52亿美元，而上一年信贷准备金建设为68亿美元。</blockquote></p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p><blockquote>净收入为331亿美元，增长14%。非利息收入为201亿美元，增长39%，这是由于CIB Markets收入增加、投资银行费用增加以及上一年记录的过桥账簿13中未发生信贷调整和其他损失以及持有待售头寸的降价所推动的。净利息收入为130亿美元，下降11%，主要是由于利率下降的影响，但部分被资产负债表增长所抵消。</blockquote></p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p><blockquote>非利息支出为187亿美元，增长12%，主要是由销量和收入相关支出增加以及持续投资推动的。费用的增加还包括对公司基金会的5.5亿美元捐款。</blockquote></p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><blockquote>信贷损失拨备的净收益为42亿美元，主要由净准备金释放52亿美元推动，而上一年的费用为83亿美元，主要由净准备金增加68亿美元推动。消费者准备金释放为45亿美元，其中包括35亿美元的信用卡释放，反映了宏观经济情景的改善，以及6.25亿美元的住房贷款准备金释放，这主要是由于房价指数(HPI)预期的改善以及较小程度上的投资组合流失。批发储备释放为7.16亿美元，反映了宏观经济情景的改善。11亿美元的净冲销减少了4.12亿美元，主要是由信用卡推动的。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p><blockquote>结果讨论：</blockquote></p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p><blockquote>净利润为67亿美元，比上一年准备金增加65亿美元，这是由于信贷准备金释放的推动。净收入为125亿美元，下降6%。</blockquote></p><p></p><p>Consumer & Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card & Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p><blockquote>受存款利润率压缩影响，消费者和商业银行业务净收入为56亿美元，下降10%，但大部分被存款余额增长所抵消。住房贷款净收入为15亿美元，增长26%，这是由生产收入增加推动的，但部分被余额减少导致的净利息收入减少所抵消。卡和汽车净收入为54亿美元，下降7%，原因是余额减少导致卡净利息收入下降，但部分被卡收购成本下降和卡净交换收入增加所抵消。</blockquote></p><p>Noninterest expense was $7.2 billion, down 1%.</p><p><blockquote>非利息支出为72亿美元，下降1%。</blockquote></p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</p><p><blockquote>信贷损失拨备为36亿美元的净收益，其中包括46亿美元的准备金释放，反映了与上一年45亿美元的准备金建立相比宏观经济情景的改善。在Card的推动下，净冲销为10亿美元，减少了2.9亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves<blockquote>摩根大通释放52亿美元贷款损失准备金，超出分析师预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves<blockquote>摩根大通释放52亿美元贷款损失准备金，超出分析师预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-14 18:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul>(April 14) JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p><blockquote><ul><li>收益：每股4.50美元，而Refinitiv调查的分析师预期为每股3.10美元。</li><li>营收：331.2亿美元，预期305.2亿美元。</li></ul>（4月14日）摩根大通在周三开盘前公布了第一季度财报。</blockquote></p><p>Here are the numbers:</p><p><blockquote>以下是数字：</blockquote></p><p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul>JPMorgan Chase slipped 1% in premarket trading.</p><p><blockquote><ul><li><b>收益：</b>每股4.50美元，而Refinitiv调查的分析师预期为每股3.10美元。</li><li><b>收入：</b>331.2亿美元，预期为305.2亿美元。</li><li>信贷成本净收益为42亿美元，其中包括52亿美元的净准备金释放和11亿美元的净冲销。</li><li>平均贷款增长1%；平均存款增长36%</li><li>1.5万亿美元的流动性来源，包括HQLA和无抵押有价证券</li><li>平均存款增长32%；客户投资资产增长44%</li><li>平均贷款下降7%；借记卡和信用卡销量增长9%</li><li>活跃移动客户增长9%</li><li>2021年第一季度全球投资银行钱包份额为9.0%</li><li>市场总收入为91亿美元，增长25%，其中固定收益市场增长15%，股票市场增长47%</li><li>投资银行业务总收入为11亿美元，增长65%</li><li>平均贷款下降2%；平均存款增长54%</li><li>管理资产(AUM)为2.8万亿美元，增长28%</li><li>平均贷款增长18%；平均存款增长43%</li></ul>摩根大通在盘前交易中下跌1%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p><blockquote>摩根大通是第一家公布第一季度收益的主要银行，将受到密切关注，以寻找该行业将如何摆脱冠状病毒大流行的线索。</blockquote></p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p><blockquote>一个关键问题是，随着美国经济复苏步伐加快，银行是否会继续释放不再需要的贷款损失准备金——以及释放的规模。第四季度，摩根大通释放了29亿美元的准备金，部分超出了预期。</blockquote></p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p><blockquote>摩根大通拥有全球收入最大的华尔街部门，预计也将受益于SPAC创纪录发行推动的强劲投资银行费用，SPAC是空白支票公司，第一季度的活动超过了2020年全年，这本身就是创纪录的一年。交易收入预计也将成为本季度的推动力。</blockquote></p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve said banks that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p><blockquote>分析师还将对该银行预计进行股票回购的速度感到好奇。上个月，美联储表示，通过该行业2021年压力测试的银行将被允许从6月30日开始恢复更高水平的股息支付和回购。</blockquote></p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><blockquote>今年迄今为止，摩根大通股价上涨了21%，而KBW银行指数则上涨了25%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p><blockquote>结果讨论：</blockquote></p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p><blockquote>净利润为143亿美元，增加114亿美元，主要是由于信贷准备金释放52亿美元，而上一年信贷准备金建设为68亿美元。</blockquote></p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p><blockquote>净收入为331亿美元，增长14%。非利息收入为201亿美元，增长39%，这是由于CIB Markets收入增加、投资银行费用增加以及上一年记录的过桥账簿13中未发生信贷调整和其他损失以及持有待售头寸的降价所推动的。净利息收入为130亿美元，下降11%，主要是由于利率下降的影响，但部分被资产负债表增长所抵消。</blockquote></p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p><blockquote>非利息支出为187亿美元，增长12%，主要是由销量和收入相关支出增加以及持续投资推动的。费用的增加还包括对公司基金会的5.5亿美元捐款。</blockquote></p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><blockquote>信贷损失拨备的净收益为42亿美元，主要由净准备金释放52亿美元推动，而上一年的费用为83亿美元，主要由净准备金增加68亿美元推动。消费者准备金释放为45亿美元，其中包括35亿美元的信用卡释放，反映了宏观经济情景的改善，以及6.25亿美元的住房贷款准备金释放，这主要是由于房价指数(HPI)预期的改善以及较小程度上的投资组合流失。批发储备释放为7.16亿美元，反映了宏观经济情景的改善。11亿美元的净冲销减少了4.12亿美元，主要是由信用卡推动的。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p><blockquote>结果讨论：</blockquote></p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p><blockquote>净利润为67亿美元，比上一年准备金增加65亿美元，这是由于信贷准备金释放的推动。净收入为125亿美元，下降6%。</blockquote></p><p></p><p>Consumer & Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card & Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p><blockquote>受存款利润率压缩影响，消费者和商业银行业务净收入为56亿美元，下降10%，但大部分被存款余额增长所抵消。住房贷款净收入为15亿美元，增长26%，这是由生产收入增加推动的，但部分被余额减少导致的净利息收入减少所抵消。卡和汽车净收入为54亿美元，下降7%，原因是余额减少导致卡净利息收入下降，但部分被卡收购成本下降和卡净交换收入增加所抵消。</blockquote></p><p>Noninterest expense was $7.2 billion, down 1%.</p><p><blockquote>非利息支出为72亿美元，下降1%。</blockquote></p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</p><p><blockquote>信贷损失拨备为36亿美元的净收益，其中包括46亿美元的准备金释放，反映了与上一年45亿美元的准备金建立相比宏观经济情景的改善。在Card的推动下，净冲销为10亿美元，减少了2.9亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195099187","content_text":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue: $33.12 billion, vs. $30.52 billion expected.(April 14) JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.Here are the numbers:Earnings:$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue:$33.12 billion, vs. $30.52 billion expected.Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.Average loans up 1%; average deposits up 36%$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securitiesAverage deposits up 32%; client investment assets up 44%Average loans down 7%; debit and credit card sales volume up 9%Active mobile customers up 9%Global Investment Banking wallet share of 9.0% in 1Q21Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%Gross Investment Banking revenue of $1.1 billion, up 65%Average loans down 2%; average deposits up 54%Assets under management (AUM) of $2.8 trillion, up 28%Average loans up 18%; average deposits up 43%JPMorgan Chase slipped 1% in premarket trading.JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve said banks that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.Discussion of Results:Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.Discussion of Results:Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.Consumer & Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card & Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.Noninterest expense was $7.2 billion, down 1%.The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":277,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":18,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/344825158"}
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