Friday, January 14, 2011

JPMorgan Reports Good Q4 Financial Results (Financial Charts, Review) *EPS $1.12* JPM

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JPMorgan Chase reported Q4 2010 financial results on Friday, January 14, 2011

JPMorgan Reports Good Q4 2010 Financial Results

JPMorgan Chase & Co.  reported quarterly financial results on Friday, January 14 before the market opened. JPMorgan financial performance charts for Q4 2010 and prior quarters have been posted, along with commentary, on the JPMorgan Financial Performance page. The charts are:

JPMorgan Performance by the Quarters
Earnings per Share (Diluted)
Net Revenues, Operating Income, Net Income
Operating Margin, Net Margin, Capital to Assets Ratio
Return on Assets
Income Statement Components
Net Revenues and Earnings per Share Growth Rates

In addition, a Bonus Chart has been included below in this post, JPMorgan's Operating Expense Ratio. More charts have been posted on the JPMorgan Financial Performance page.

JP Morgan's Q4 2010 financial results overall were good, improved, and even very good compared to the financial performance in the depths of the Great Recession and USA Financial System Crisis.

Income Statement Q4 2010 Financial performance was good and showed a definite improving trend. Q4 2010 was $26.098B net revenues, $4.831B net income, and $1.12 earnings per share. Net revenues were up +9.54%, net income was up +9.35%, and earnings per share were up +10.89% from the prior quarter Q3 2010. Net revenues were up a solid +12.67%, net income was up an impressive +47.38%, and earnings per share were up an amazing +51.35% from prior year Q4 2009. Net income has been above $4 billion and earnings per share above $1.00 for the last 3 quarters, maintaining an overall improvement since the dismal performance of Q3 and Q4 of 2008 at the lows of the USA Financial System Crisis. The operating margin 26.87% increases QoQ, but the net margin 18.51% was flat QoQ. Both are well above the Great Recession lows.

Balance Sheet Q4 2010 JPMorgan's "fortress balance sheet" of $2.12 trillion in total assets maintains a reasonable capital ratio of 8.32% and an adequate Tier 1 Capital (estimated) and Tier 1 Common (estimated) ratios of 12.1% and 9.8%, respectively. Total assets were down slightly QoQ -1.12%, but this appears to be of no consequence.

JPMorgan Bonus Chart!
JPMorgan Performance by the Quarters (Operating Expense Ratio)

JPMorgan Operating Expense Ratio (Chart) Below is a chart of the operating expense ratio for JPMorgan. This is a negative trend of an increasing operating expense ratio (NonInterest Expense divided by Total Revenues which are NonInterest Income and Interest Income). An increasing share of each dollar of revenues is being spent on operating expenses. Ultimately a continuation of this trend will affect profitability and already has. The chart covers the past 6 quarters, from September 2009 through the latest quarter reported, December 2010. More charts have been posted on the JPMorgan Financial Performance page. Recent chart data is:
Quarter, Operating Expense Ratio
Sep09: 44.63%
Dec09: 45.47%
Mar10: 52.34%
Jun10: 52.01%
Sep10: 53.47%
Dec10: 54.18%

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