JPMorgan Chase tops estimates as trading revenue exceeds expectations

Summary

CNBC's Leslie Picker reports JPMorgan Chase's fourth-quarter results, noting an EPS beat excluding Apple Card impacts and a revenue beat, but lower net income and investment banking fees. She relays Jamie Dimon's view that the U.S. economy remains resilient and consumers are healthy, while warning that markets may underappreciate geopolitical, inflation, and asset-price risks. JPMorgan shares rose about 2% on the results, and hosts highlighted Dimon's cautious risk-manager stance.

• JPMorgan reported Q4 EPS of $5.23 excluding Apple Card impact, with Apple Card reducing EPS by about $0.60.
• Revenue beat expectations at $46.767 billion; net income fell about 7% to $13.25 billion.
• Investment banking fees declined 5% year over year and 11% quarter over quarter.
• Apple Card forward purchase led to a $2.1 billion reserve build; book value per share was $126.99.
• Jamie Dimon said the U.S. economy remains resilient, labor markets softened but are not worsening, and consumers and businesses remain healthy.
• Dimon warned markets may underappreciate risks from geopolitics, sticky inflation, and elevated asset prices.
• JPMorgan shares rose about 2% after the results.