Invest Shift 株式投資ブログ


JPMorgan(JPM)2020Q1決算 売上とEPSをミス


・発表日 2020/4/14 pre-market
・売上 $28.25B -3% コンセンサス予想より-$1.2B
GAAP EPS $0.78 -70.5% コンセンサス予想より-$1.34
GAAP net income $2.86B
ROE 4%(2019Q1 16%)
・Net interest income $14.5B +0%
・Noninterest revenue $14.5B -5%

・決算発表後の株価 pre-marketで+2.87%
・2020FYコンセンサス予想PER 101/8.30=12.16
・2021FYコンセンサス予想PER 101/9.12=11.07

COVID-19対応のため、provision for credit lossesを$6.8B積み増して$8.3 billionとしています。内訳としては、$4.4Bを主にクレジットカードの貸し倒れ、$2.4Bを企業向け金融に充てています。これは一時的にGDPが-25%、失業率が10%となり、今年後半での着実な回復することを見込んだ数字となっています。

Now, turning to page 5, we’ll have some more detail on the reserve builds. Our net reserve build of $6.8 billion for the quarter consists of $4.4 billion in consumer, predominantly in card, and $2.4 billion and wholesale with builds primarily due to impact of COVID-19 as well as lower oil prices. This reserve increase assumes in the second quarter that U.S. GDP is down approximately 25% and the unemployment rate rises above 10%, followed by solid recovery over the second half of the year. In addition to these macro assumptions specific to each business, our consumer reserve build reflects our best estimate of the impact of payment relief that we are providing for our customers as well as the federal government stimulus programs. And in wholesale, the majority of the build is in sectors most directly impacted by COVID-19, such as in consumer and retail, and also in oil and gas. We expect other sectors to be impacted to a lesser extent if we avoid a prolonged downturn.


セグメントは「Consumer and Community Banking(CCB)」「Corporate & Investment Bank(CIB)」「Commercial Banking(CB)」「Asset & Wealth Management(AWM)」です。

Average total loans -1%+3% excluding the impact of loan sales in Home Lending)

Provision for credit losses $8.3B +454%


売上 $13.2B -2% 利益 $191M -95% ROE 1%(2019Q1 30%)

Average loans 448.9B -6.3%


売上 $9.9B -1% 利益 $2B -39% ROE 9%(2019Q1 16%)


売上 $2.2B -10% 利益は$147M -86% ROE 2%(2019Q1 19%)


売上 $3.6B +3% 利益 $664M +0% ROE 25%(2019Q1 25%)

AUM 2.2T +7%


にほんブログ村 株ブログ 米国株へ