Q2 snap: broad-based strength
JPM delivered another good result with broad-based strength across the business. FICC revenue was up 7% YoY, which was better than expectations and equity trading was up 24% YoY, driven by derivatives and prime. Loan growth was healthy at +7% YoY (+2% QoQ) with 6% growth in commercial lending. Credit quality remained very good with NCOs flat YoY and 19% below consensus. Compensation costs ticked up given strong trading figures but the efficiency ratio of 57.5% was in line. Lastly, the balance sheet remained healthy with the CET1 ratio at 11.9% and the adj. ROTE of 16.8% was up 360pp YoY. Only 1/3 of EPS growth was attributable to the lower tax rate.JPMorgan Chase is a financial holding company. Through its subsidiaries, the company's segments include: Consumer and Community Banking, which provides services through bank branches, ATMs, digital (including mobile and online) and telephone banking; Corporate and Investment Bank, which consists of Banking and Markets and Securities Services, provides a suite of investment banking, market-making, prime brokerage, and treasury and securities products and services; Commercial Banking, which provides financial solutions, including lending, treasury services, investment banking and asset management products; and Asset and Wealth Management, which is engaged in investment and wealth management.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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