BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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JPMorgan Chase Reports Strong Q3 2024 Results, Beating Expectations
JPMorgan Chase & Co. has once again exceeded market expectations with its third-quarter 2024 earnings report, delivering robust results. The bank reported a net income of $12.9 billion, a slight decrease from $13.1 billion in the same period last year. However, earnings per share (EPS) rose to $4.37, outperforming analysts' expectations of $4.01. This represented a 1% increase in EPS year-over-year, despite the minor decline in net income.
JPMorgan's revenue grew by 7% year-over-year, reaching $42.7 billion, while managed revenue hit $43.3 billion, a 6% increase. Key drivers of this growth included a 3% rise in net interest income, reaching $23.5 billion, and an 11% jump in noninterest revenue, supported by strong asset management and investment banking performance. Additionally, JPMorgan’s assets under management grew to $3.9 trillion, a remarkable 23% increase from the prior year.
The bank set aside $3.1 billion in credit costs, accounting for higher reserves and charge-offs, reflecting a cautious approach to risk management. Shareholder returns remained strong, with $3.6 billion distributed in dividends and $6.0 billion spent on stock buybacks.
JPMorgan also revised its full-year guidance upward, signaling confidence in continued growth for the remainder of 2024. These results underscore the bank’s solid position in the financial sector, despite broader economic challenges.
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