JPMorgan Chase reported first-quarter 2024 net income of $13.4 billion, a 6% increase compared with the same period a year earlier, on managed revenue of $42.5 billion. The results reflected the continued contribution of the First Republic Bank acquisition, which closed in May 2023 following that institution's government-brokered resolution; excluding the First Republic contribution, net income growth was approximately 1% year-on-year. The bank achieved a return on tangible common equity of 21%.
INVESTMENT BANKING FEES
Investment banking fees rose in the first quarter of 2024.
CAPITAL POSITION
JPMorgan's Common Equity Tier 1 ratio stood at 15.0% (Standardised) at the end of the first quarter.
The final US implementation of the Basel III endgame capital rules remains under discussion following the initial proposal from the Federal Reserve, the OCC, and the FDIC. Management has warned that the proposal as drafted would raise its capital requirements significantly.