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JPMorgan Chase's (JPM) CEO Jamie Dimon on Q2 2017 Results - Earnings Call Transcript

Jul. 14, 2017 1:58 PM ETJPMorgan Chase & Co. (JPM)1 Comment
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JPMorgan Chase & Co. (NYSE:JPM) Q2 2017 Results Earnings Conference Call July 14, 2017 8:30 AM ET


Jamie Dimon - Chairman and CEO

Marianne Lake - CFO


Glenn Schorr - Evercore ISI

Ken Usdin - Jefferies

Betsy Graseck - Morgan Stanley

John McDonald - Sanford Bernstein

Erika Najarian - Bank of America Merrill Lynch

Saul Martinez - UBS

Matt O'Connor - Deutsche Bank

Gerard Cassidy - RBC

Steve Chubak - Nomura Instinet

Andrew Lim - SocGen


Good morning, ladies and gentlemen. Welcome to JPMorgan Chase’s Second Quarter 2017 Earnings Call. This call is being recorded. Your line will be muted for the duration of the call. We will now go live to the presentation. Please stand-by.

At this time, I would like to turn the call over to JPMorgan Chase’s Chairman and CEO, Jamie Dimon, and Chief Financial Officer, Marianne Lake. Ms. Lake, please go ahead.

Marianne Lake

Thanks operator and good morning everyone. I’m going to take you through the earnings presentation which is available on our website. Please refer to the disclaimer at the back of the presentation.

Starting on page one, the firm reports a record net income of $7 billion, EPS of $1.82 and a return on tangible common equity of 14% on revenue of $26.4 billion. Included in the result is a legal benefit of approximately $400 million after tax from a previously announced settlement involving the FDIC's Washington Mutual receivership.

Other notable items predominantly net result changes and legal expense were a small net negative this quarter, so underlying adjusted performance was really strong and highlights of the quarter include average core loan growth of 8% year-on-year, reflecting continued growth across products; double-digit consumer deposit growth; strong card sales, up 15%; and Merchant volume up 12%; number one, global IB fees up 10% and we delivered record net income in both

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