JPMorgan Chase & Co. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 14, 2014 at 05:38 pm IST
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JPMorgan Chase & Co. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, on reported basis, the company reported total net revenue of $23,156 million compared to $23,653 million a year ago. Net income was $5,278 million compared to $5,692 million a year ago. On managed basis, reported total net revenue of $24,112 million compared to $22,198 million a year ago. Net income was $5,278 million compared to $5,962 million a year ago. Diluted earnings per share were $1.30 compared to $1.39 a year ago. Return on common equity was 10% compared to 11% a year ago. Return on tangible common equity was 14% compared to 15% a year ago. Return on assets was 0.87% compared to 0.98% a year ago.
For the year, on reported basis, the company reported total net revenue of $96,606 million compared to $97,031 million a year ago. Net income was $17,923 million compared to $21,284 million a year ago. On managed basis, reported total net revenue of $99,796 million compared to $99,890 million a year ago. Net income was $17,923 million compared to $21,284 million a year ago. Diluted earnings per share were $4.35 compared to $5.20 a year ago. Book value as at December 31, 2013 was $53.25 compared to $51.27 a year ago. Tangible book value as at December 31, 2013 was $40.81 compared to $38.75 a year ago. Return on common equity was 9% compared to 11% a year ago. Return on tangible common equity was 11% compared to 15% a year ago. Return on assets was 0.75% compared to 0.94% a year ago.
JPMorgan Chase & Co. is one of the biggest banking groups in the world. Revenues (including intragroup) break down by activity as follows:
- investment and market banking (40.2%): consulting for mergers-acquisitions and restructuring, capital increases, investment capital, active on the stock, bond, and derived product markets, stock market brokerage, etc.;
- retail banking (38.9%): sale of standard and specialized financial services (real estate loans, automobile loans, insurance, etc.) through a network of more than 4,790 banking agencies. The group also develops credit cards sale activity;
- asset management (13.2%): USD 3,113 billion of assets under management at the end of 2021;
- commercial banking (7.7%).
At the end of 2021, the group was managing USD 2,462.3 billion in current deposits and USD 1,077.7 billion in current loans.
Income breaks down geographically as follows: the United States (76.2%), Europe/Middle East/Africa (13.6%), Asia/Pacific (7.9%), Latin America and Caribbean Islands (2.3%).