Q1 Snap: good but not spectacular result
JPM delivered another good result, although after stripping out mark-to-market gains this was arguably a 1% miss. FICC revenue was flat YoY, which was better than expectations and equity trading was up 25% YoY, driven by derivatives and prime services. Loan growth surprised to the upside with 7% YoY growth in commercial lending and NIM expansion of 6bp QoQ (loan yield up 20bp) helped drive strong net interest income growth. Credit quality remained very good with NCOs ticking down 17bp YoY thanks to a large write-back in oil & gas. Compensation costs ticked up given strong trading figures and volume-related costs were also higher. Lastly, the balance sheet remained healthy with the CET1 ratio at 12.5% and the adj. ROTE of 17% was up 4pp YoY.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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