J.P.Morgan Results Presentation Deck | Slidebook.io

J.P.Morgan Results Presentation Deck

January 2024, 31 slides

earnings release financial supplement fourth quarter chase | J.P.Morgan

chase table of contents consolidated results consolidated financial highlights consolidated statements of income consolidated balance sheets condensed average balance sheets and yields reconciliation from reported to managed basis segment results managed basis capital and other selected balance sheet items earnings per share and related information business segment results consumer community banking corporate investment bank commercial banking asset wealth management corporate credit related information non financial measures supplemental information on first republic glossary of terms and acronyms a page a refer to the glossary of terms and acronyms on pages of chase the firm annual report on form for the year ended the form and the glossary of terms and acronyms and line of business metrics on pages and pages respectively of the firm quarterly report on form for the quarterly period ended | J.P.Morgan

chase consolidated financial highlights in millions except per share and ratio data selected income statement data reported basis total net revenue total expense provision profit a provision for credit losses net income managed basis total net revenue total expense provision profit a provision for credit losses net income earnings per share data net income basic diluted average shares basic diluted market and per common share data market capitalization common shares at period end book value per share tangible book value per share a cash dividends declared per share financial ratios return on common equity roe return on tangible common equity a return on assets capital ratios quarterly trends full year change change common equity tier capital ratio tier capital ratio total capital ratio tier leverage ratio supplementary leverage ratio on may chase acquired certain assets and assumed certain liabilities of first republic bank the first republic acquisition from the federal deposit insurance corporation refer to page for additional information a provision profit and are each non financial measures tangible common equity is also a non financial measure refer to page for a reconciliation of common stockholders equity to refer to page for further discussion of these measures refer to reconciliation from reported to managed basis on page for further discussion of managed basis ratios are based upon amounts the capital metrics reflect the current expected credit losses capital transition provisions beginning the billion capital benefit is being phased out at per year over a three year period as of june and march capital reflected the remaining billion benefit as of capital reflected a billion benefit refer to capital risk management on pages of the firm quarterly report on form for the quarterly period ended and pages of the firm form for additional information reflect the firm ratios under the standardized approach refer to page for further information on the firm capital metrics included a billion special assessment from the on certain banks to recover losses to the deposit insurance fund arising from the protection of uninsured depositors resulting from bank resolutions in estimated page an | J.P.Morgan

chase consolidated financial highlights continued in millions except ratios employee data and where otherwise noted selected balance sheet data period end total assets loans consumer excluding credit card loans credit card loans wholesale loans total loans deposits offices bearing interest bearing non offices bearing interest bearing total deposits long term debt common stockholders equity total stockholders equity loans to deposits ratio employees a confidence level total average line of business net revenue consumer community banking corporate investment bank commercial banking asset wealth management corporate total net revenue line of business net income loss consumer community banking corporate investment bank commercial banking asset wealth management corporate net income memo selected metrics wealth management client assets in billions number of client advisors morgan payments total net revenue merchant processing volume in billions average deposits in billions quarterly trends full year change change i i i i on may chase acquired certain assets and assumed certain liabilities of first republic bank from the refer to page for additional information a this metric which was formerly has been renamed employees but otherwise unchanged refer to corporate investment bank on page for further information refer to reconciliation from reported to managed basis on page for a further discussion of managed basis consists of global private bank in and client investment assets in morgan wealth management in predominantly in and total net revenue includes certain revenues that are reported as investment banking product revenue in excludes the net impact of equity investments included a five year billion purchase money note issued to the as well as federal home loan bank advances associated with the first republic acquisition at and june included billion billion and billion of client investment assets associated with first republic respectively included individuals associated with first republic who became employees effective i in the first quarter of the allocations of revenue and expense to associated with a merchant services revenue sharing agreement were discontinued and are now retained in payments in prior period amounts have been revised to conform with the current presentation page | J.P.Morgan

chase consolidated statements of income in millions except per share and ratio data quarterly trends change revenue investment banking fees principal transactions lending and deposit related fees asset management fees commissions and other fees investment securities losses mortgage fees and related income card income other income revenue interest income interest expense net interest income total net revenue provision for credit losses expense compensation expense occupancy expense technology communications and equipment expense professional and outside services marketing other expense a total expense income before income tax expense income tax expense net income net income per common share data basic earnings per share diluted earnings per share financial ratios return on common equity return on tangible common equity return on assets effective income tax rate overhead ratio change full year on may chase acquired certain assets and assumed certain liabilities of first republic bank from the refer to page for additional information a included legal expense of million million million million and million for the three months ended june march and respectively and billion and million for the full year and respectively ratios are based upon amounts refer to page for further discussion of included a billion special assessment from the on certain banks to recover losses to the arising from the protection of uninsured depositors resulting from bank resolutions in included an income tax benefit of million and million for the three months and full year ended respectively related to the of certain income tax regulations the benefit resulted in a reduction in the firm effective tax rate of percentage points in the fourth quarter of income taxes associated with the first republic acquisition are reflected in the estimated bargain purchase gain resulting in a reduction in the firm effective tax rate of percentage points in the second quarter of page | J.P.Morgan

chase consolidated balance sheets in millions assets cash and due from banks deposits with banks federal funds sold and securities purchased under resale agreements securities borrowed trading assets debt and equity instruments derivative receivables available for sale securities held to maturity securities investment securities net of allowance for credit losses loans less allowance for loan losses loans net of allowance for loan losses accrued interest and accounts receivable premises and equipment goodwill and other intangible assets other assets total assets liabilities deposits federal funds purchased and securities loaned or sold under repurchase agreements short term borrowings trading liabilities debt and equity instruments derivative payables accounts payable and other liabilities beneficial interests issued by consolidated vies long term debt total liabilities stockholders equity preferred stock common stock additional paid in capital retained earnings accumulated other comprehensive income loss treasury stock at cost total stockholders equity mar change a a a page total liabilities and stockholders equity on may chase acquired certain assets and assumed certain liabilities of first republic bank from the refer to page for additional information a included a five year billion purchase money note issued to the as well as advances associated with the first republic acquisition included an addition to the allowance for loan losses of billion associated with the first republic acquisition | J.P.Morgan

chase condensed average balance sheets and yields in millions except rates quarterly trends full year change change average balances assets deposits with banks federal funds sold and securities purchased under resale agreements securities borrowed trading assets debt instruments investment securities loans all other interest earning assets a total interest earning assets trading assets equity and other instruments trading assets derivative receivables all other earning assets total assets liabilities interest bearing deposits federal funds purchased and securities loaned or sold under repurchase agreements short term borrowings trading liabilities debt and all other interest bearing liabilities beneficial interests issued by consolidated vies long term debt total interest bearing liabilities bearing deposits trading liabilities equity and other instruments trading liabilities derivative payables all other bearing liabilities total liabilities preferred stock common stockholders equity total stockholders equity total liabilities and stockholders equity average rates interest earning assets deposits with banks federal funds sold and securities purchased under resale agreements securities borrowed trading assets debt instruments investment securities loans all other interest earning assets a total interest earning assets interest bearing liabilities interest bearing deposits federal funds purchased and securities loaned or sold under repurchase agreements short term borrowings trading liabilities debt and all other interest bearing liabilities beneficial interests issued by consolidated vies long term debt total interest bearing liabilities interest rate spread net yield on interest earning assets memo net yield on interest earning assets excluding markets a includes brokerage related held for investment customer receivables which are classified in accrued interest and accounts receivable and all other interest earning assets which are classified in other assets on the consolidated balance sheets all other interest bearing liabilities include brokerage related customer payables interest includes the effect of related hedging derivatives taxable equivalent amounts are used where applicable net yield on interest earning assets excluding markets is a non financial measure refer to page for further discussion of this measure page | J.P.Morgan

chase reconciliation from reported to managed basis in millions except ratios the firm prepares its consolidated financial statements using accounting principles generally accepted in the that presentation which is referred to as reported basis provides the reader with an understanding of the firm results that can be tracked consistently from year to year and enables a comparison of the firm performance with other companies financial statements in addition to analyzing the firm results on a reported basis management reviews results including the overhead ratio on a managed basis these managed basis results are non financial measures the firm also reviews the results of the lines of business on a managed basis refer to the notes on non financial measures on page for additional information on managed basis the following summary table provides a reconciliation from reported results to managed basis other income other income reported fully taxable equivalent adjustments a other income managed total revenue total revenue reported fully taxable equivalent adjustments total revenue managed net interest income net interest income reported fully taxable equivalent adjustments a net interest income managed total net revenue total net revenue reported fully taxable equivalent adjustments total net revenue managed provision profit provision profit reported fully taxable equivalent adjustments provision profit managed income before income tax expense income before income tax expense reported fully taxable equivalent adjustments income before income tax expense managed income tax expense income tax expense reported fully taxable equivalent adjustments income tax expense managed overhead ratio overhead ratio reported overhead ratio managed a predominantly recognized in and corporate quarterly trends full year change change page | J.P.Morgan

quarterly trends full year change change chase segment results managed basis in millions total net revenue fully taxable equivalent consumer community banking corporate investment bank commercial banking asset wealth management corporate total net revenue total expense consumer community banking corporate investment bank commercial banking asset wealth management corporate a a a a total expense provision profit loss consumer community banking corporate investment bank commercial banking asset wealth management corporate provision profit provision for credit losses consumer community banking corporate investment bank commercial banking asset wealth management corporate provision for credit losses net income loss consumer community banking corporate investment bank commercial banking asset wealth management corporate total net income a a a a a in the first quarter of the allocations of revenue and expense to associated with a merchant services revenue sharing agreement were discontinued and are now retained in payments in prior period amounts have been revised to conform with the current presentation page | J.P.Morgan

chase capital and other selected balance sheet items in millions except ratio data mar change change full year capital a risk based capital metrics standardized capital tier capital total capital risk weighted assets capital ratio tier capital ratio total capital ratio advanced capital tier capital total capital risk weighted assets capital ratio tier capital ratio total capital ratio leverage based capital metrics adjusted average assets tier leverage ratio total leverage exposure total loss absorbing capacity eligible external memo capital standardized advanced capital beginning balance net income applicable to common equity dividends declared on common stock net purchase of treasury stock changes in additional paid in capital changes related to applicable to capital unrealized gains losses on investment securities translation adjustments net of hedges fair value hedges defined benefit pension and other employee benefit plans changes related to other capital adjustments change in standardized advanced capital standardized advanced capital ending balance a the capital metrics reflect the capital transition provisions beginning the billion capital benefit is being phased out at per year over a three year period as of june and march capital reflected the remaining billion benefit as of capital reflected a billion benefit refer to capital risk management on pages of the firm quarterly report on form for the quarterly period ended and pages of the firm form for additional information adjusted average assets for purposes of calculating the leverage ratios includes quarterly average assets adjusted for on balance sheet assets that are subject to deduction from tier capital predominantly goodwill inclusive of estimated equity method goodwill and other intangible assets estimated page | J.P.Morgan

chase capital and other selected balance sheet items continued in millions except ratio data mar change change full year tangible common equity period end a common stockholders equity less goodwill less other intangible assets add certain deferred tax liabilities total tangible common equity tangible common equity average a common stockholders equity less goodwill less other intangible assets add certain deferred tax liabilities total tangible common equity intangible assets period end goodwill mortgage servicing rights other intangible assets total intangible assets a refer to page for further discussion of represents deferred tax liabilities related to tax deductible goodwill and to identifiable intangibles created in nontaxable transactions which are netted against goodwill and other intangibles when calculating page | J.P.Morgan

chase earnings per share and related information in millions except per share and ratio data quarterly trends full year change change earnings per share basic earnings per share net income less preferred stock dividends net income applicable to common equity less dividends and undistributed earnings allocated to participating securities net income applicable to common stockholders total weighted average basic shares outstanding net income per share diluted earnings per share net income applicable to common stockholders total weighted average basic shares outstanding add dilutive impact of unvested performance share units earning restricted stock units and stock appreciation rights total weighted average diluted shares outstanding net income per share common dividends cash dividends declared per share dividend ratio common share repurchase program a total shares of common stock repurchased average price paid per share of common stock aggregate repurchases of common stock employee issuance shares issued from treasury stock related to employee stock based compensation awards and employee stock purchase plans net impact of employee issuances on stockholders equity a the firm is authorized to purchase up to billion of common shares under its current repurchase program in the second half of as a result of the expected increases in regulatory capital requirements the firm temporarily suspended share repurchases in the first quarter of the firm resumed repurchasing shares under its common share repurchase program the net impact of employee issuances on stockholders equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods the cost is partially offset by tax impacts related to the distribution of shares and the exercise of on the board of directors declared a quarterly common stock dividend of per share page | J.P.Morgan

provision for credit losses chase consumer community banking financial highlights in millions except ratio data income statement revenue lending and deposit related fees asset management fees mortgage fees and related income card income all other income a revenue net interest income total net revenue expense compensation expense noncompensation expense total expense income before income tax expense income tax expense net income revenue by line of business banking wealth management home lending card services auto quarterly trends full year change change mortgage fees and related income details production revenue net mortgage servicing revenue mortgage fees and related income financial ratios roe overhead ratio a primarily includes operating lease income and commissions and other fees operating lease income was million million million million and million for the three months ended june march and respectively and billion and billion for the full year and respectively included depreciation expense on leased assets of million million million million and million for the three months ended june march and respectively and billion and billion for the full year and respectively included risk management results of million million million million and million for the three months ended june march and respectively and million and million for the full year and respectively includes first republic refer to page for additional information banking wealth management and home lending included revenue associated with first republic of million and million respectively for the three months ended billion and million respectively for the three months ended million and million respectively for the three months ended june and billion and million respectively for the full year in the first quarter of the allocations of revenue and expense to associated with a merchant services revenue sharing agreement were discontinued and are now retained in payments in prior period amounts have been revised to conform with the current presentation page | J.P.Morgan

chase consumer community banking financial highlights continued in millions except employee data selected balance sheet data period end total assets loans banking wealth management a home lending card services auto total loans deposits equity selected balance sheet data average total assets loans banking wealth management home lending card services auto total loans deposits equity employees quarterly trends full year change change a at june march and included million million million million and million of loans respectively in business banking under the protection program refer to pages of the firm form for further information on the at june march and home lending loans held for sale and loans at fair value were billion billion billion billion and billion respectively average home lending loans held for sale and loans at fair value were billion billion billion billion and billion for the three months ended june march and respectively and billion and billion for the full year and respectively at included billion and billion for banking wealth management and home lending respectively billion and billion respectively at and billion and billion respectively at june associated with first republic includes first republic in the fourth quarter of transferred certain deposits associated with first republic to and refer to page for additional information average banking wealth management and home lending loans associated with first republic were billion and billion respectively for the three months ended billion and billion respectively for the three months ended billion and billion respectively for the three months ended june and billion and billion respectively for the full year average deposits associated with first republic were billion billion and billion for the three months ended and june respectively and billion for the full year page | J.P.Morgan

chase consumer community banking financial highlights continued in millions except ratio data credit data and quality statistics loans a net charge offs recoveries banking wealth management home lending card services auto total net charge offs recoveries net charge off recovery rate banking wealth management home lending card services auto total net charge off recovery rate day delinquency rate home lending card services auto day delinquency rate card services allowance for loan losses banking wealth management home lending card services auto quarterly trends full year change change total allowance for loan losses a at june march and loans excluded mortgage loans or more days past due and insured by government agencies of million million million million and million respectively these amounts have been excluded based upon the government guarantee in addition the firm policy is generally to exempt credit card loans from being placed on status as permitted by regulatory guidance generally excludes loans that were under payment deferral programs offered in response to the covid pandemic at june march and included million million million million and million of loans respectively under the given that loans are guaranteed by the the firm does not expect to realize material credit losses on these loans refer to pages of the firm form for further information on the at june march and the principal balance of loans under payment deferral programs offered in response to the covid pandemic was million million million million and million in home lending respectively loans that are performing according to their modified terms are generally not considered delinquent at june march and excluded mortgage loans or more days past due and insured by government agencies of million million million million and million respectively these amounts have been excluded based upon the government guarantee at and june included million million and million allowance respectively associated with first republic on the firm adopted the financial instruments credit losses troubled debt accounting guidance the adoption of this guidance resulted in a net decrease in the allowance for loan losses of million driven by residential real estate and credit card refer to credit related information on pages and note of the firm quarterly report on form for the quarterly period ended march for further information page | J.P.Morgan

chase consumer community banking financial highlights continued in millions except ratio data and where otherwise noted quarterly trends full year change change business metrics number of branches active digital customers in thousands a active mobile customers in thousands debit and credit card sales volume in billions total payments transaction volume in trillions banking wealth management average deposits deposit margin business banking average loans business banking origination volume client investment assets number of client advisors home lending in billions mortgage origination volume by channel retail correspondent total mortgage origination volume third party mortgage loans serviced period end carrying value period end card services sales volume excluding commercial card in billions net revenue rate net yield on average loans auto loan and lease origination volume in billions average auto operating lease assets a users of all web and or mobile platforms who have logged in within the past days users of all mobile platforms who have logged in within the past days total payments transaction volume includes debit and credit card sales volume and gross outflows of ach teller wires person to person and checks includes assets invested in managed accounts and morgan mutual funds where is the investment manager refer to segment results on pages for additional information at and june included billion billion and billion of client investment assets associated with first republic respectively mortgage origination volume was billion billion billion billion and billion for the three months ended june march and respectively and billion and billion for the full year and respectively excludes first republic included billion billion and billion for the three months ended and june respectively and billion for the full year associated with first republic included million million and billion for the three months ended and june respectively and billion for the full year associated with first republic page | J.P.Morgan

chase corporate investment bank financial highlights in millions except ratio data income statement revenue investment banking fees a principal transactions lending and deposit related fees commissions and other fees card income all other income revenue net interest income total net revenue provision for credit losses expense compensation expense noncompensation expense total expense income before income tax expense income tax expense net income financial ratios roe overhead ratio compensation expense as percentage of total net revenue revenue by business investment banking payments lending total banking fixed income markets equity markets securities services credit adjustments other quarterly trends full year change change total markets securities services total net revenue a includes share of revenue from investment banking products sold to clients through the that is subject to a revenue sharing arrangement which is reported as a reduction in all other income includes tax equivalent adjustments predominantly due to income tax credits and other tax benefits related to alternative energy investments income tax credits and amortization of the cost of investments in affordable housing projects and tax exempt income from municipal bonds of billion million million million and million for the three months ended june march and respectively and billion and billion for the full year and respectively consists primarily of centrally managed credit valuation adjustments funding valuation adjustments on derivatives other valuation adjustments and certain components of fair value option elected liabilities which are primarily reported in principal transactions revenue results are presented net of associated hedging activities and net of and amounts allocated to fixed income markets and equity markets in the first quarter of the allocations of revenue and expense to associated with a merchant services revenue sharing agreement were discontinued and are now retained in payments in prior period amounts have been revised to conform with the current presentation page | J.P.Morgan

chase corporate investment bank financial highlights continued in millions except ratio and employee data selected balance sheet data period end total assets loans loans retained a quarterly trends full year change change loans held for sale and loans at fair value total loans equity selected balance sheet data average total assets trading assets debt and equity instruments trading assets derivative receivables loans loans retained a loans held for sale and loans at fair value total loans deposits equity employees credit data and quality statistics net charge offs recoveries nonperforming assets loans loans retained loans held for sale and loans at fair value total loans derivative receivables assets acquired in loan satisfactions total nonperforming assets allowance for credit losses allowance for loan losses allowance for lending related commitments total allowance for credit losses net charge off recovery rate a allowance for loan losses to period end loans retained a allowance for loan losses to period end loans retained excluding trade finance and conduits allowance for loan losses to loans retained a loans to total period end loans a loans retained includes credit portfolio loans loans held by consolidated firm administered seller conduits trade finance loans other held for investment loans and overdrafts loans held for sale and loans at fair value primarily reflect lending related positions originated and purchased in markets including loans held for allowance for loan losses of million million million million and million were held against these loans at june march and respectively at june march and loans excluded mortgage loans or more days past due and insured by government agencies of million million million million and million respectively these amounts have been excluded based upon the government guarantee loans held for sale and loans at fair value were excluded when calculating the net charge off recovery rate management uses allowance for loan losses to period end loans retained excluding trade finance and conduits a non financial measure to provide a more meaningful assessment of allowance coverage ratio page | J.P.Morgan

chase corporate investment bank financial highlights continued in millions except where otherwise noted quarterly trends full year change business metrics advisory equity underwriting debt underwriting total investment banking fees client deposits and other third party liabilities average a merchant processing volume in billions assets under custody period end in billions confidence level total average trading by risk type fixed income foreign exchange equities commodities and other diversification benefit to trading trading credit portfolio diversification benefit to change a client deposits and other third party liabilities pertain to the payments and securities services businesses represents merchant processing volume trading includes substantially all market making and client driven activities as well as certain risk management activities in including credit spread sensitivity to refer to measurement on pages of the firm form for further information and pages of the firm quarterly report on form for the quarterly period ended for further information diversification benefit represents the difference between the portfolio and the sum of its individual components this reflects the non additive nature of due to imperfect correlation across risks credit portfolio includes the derivative hedges of the and hedges of the retained loan portfolio which are reported in principal transactions revenue this does not include the retained loan portfolio which is not reported at fair value in the first quarter of in line with the firm internal model governance the credit risk component of related to certain was removed from credit portfolio due to the widening of the credit spreads for those to elevated levels the related hedges were also removed to maintain consistency this exposure is now reflected in other sensitivity based measures page morgan a | J.P.Morgan

chase commercial banking financial highlights in millions except ratio data quarterly trends full year change change income statement revenue lending and deposit related fees card income all other income revenue net interest income total net revenue a provision for credit losses expense compensation expense noncompensation expense total expense income before income tax expense income tax expense net income revenue by product lending payments investment banking other total net revenue a investment banking and markets revenue gross revenue by client segment middle market banking corporate client banking commercial real estate banking other total net revenue a financial ratios roe overhead ratio a total net revenue included tax equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties as well as tax exempt income related to municipal financing activities of million million million million and million for the three months ended june march and respectively and million and million for the full year and respectively in the third quarter of certain revenue from markets products was reclassified from payments to investment banking prior period amounts have been revised to conform with the current presentation includes share of revenue from investment banking and markets products sold to clients through the which is reported in all other income includes gross revenues earned by the firm that are subject to a revenue sharing arrangement between and the for investment banking and markets products sold to clients this includes revenues related to fixed income and equity markets products refer to page of the firm form for discussion of revenue sharing includes first republic refer to page for additional information middle market banking and commercial real estate banking included million and million respectively for the three months ended million and million respectively for the three months ended million and million respectively for the three months ended june and million and million respectively for the full year associated with first republic page | J.P.Morgan

loans held for sale and loans at fair value chase commercial banking financial highlights continued in millions except employee and ratio data selected balance sheet data period end total assets loans loans retained total loans equity period end loans by client segment middle market banking a corporate client banking commercial real estate banking other total loans a selected balance sheet data average total assets loans loans retained loans held for sale and loans at fair value total loans deposits equity average loans by client segment middle market banking corporate client banking commercial real estate banking other total loans employees credit data and quality statistics net charge offs recoveries nonperforming assets loans loans retained loans held for sale and loans at fair value total loans assets acquired in loan satisfactions total nonperforming assets allowance for credit losses allowance for loan losses allowance for lending related commitments total allowance for credit losses quarterly trends full year change change i i i i net charge off recovery rate allowance for loan losses to period end loans retained allowance for loan losses to loans retained loans to period end total loans a as of june march and total loans included million million million million and million of loans respectively under the of which million million million million and million were in middle market banking respectively refer to pages of the firm form for further information on the allowance for loan losses of million million million million and million was held against loans retained at june march and respectively loans held for sale and loans at fair value were excluded when calculating the net charge off recovery rate includes first republic refer to page for additional information as of included billion and billion for middle market banking and commercial real estate banking respectively as of included billion and billion respectively and as of june included billion and billion respectively associated with first republic average loans retained associated with first republic were billion billion and billion for the three months ended and june respectively and billion for the full year in the fourth quarter of certain deposits associated with first republic were transferred from refer to page for additional information average middle market banking and commercial real estate banking loans associated with first republic were billion and billion respectively for the three months ended billion and billion respectively for the three months ended billion and billion respectively for the three months ended june and billion and billion respectively for the full year i as of and june included million million and million allowance respectively for first republic page | J.P.Morgan

quarterly trends full year change change chase asset wealth management financial highlights in millions except ratio and employee data income statement revenue asset management fees commissions and other fees all other income revenue net interest income total net revenue provision for credit losses expense compensation expense noncompensation expense total expense income before income tax expense income tax expense net income revenue by line of business asset management global private bank total net revenue financial ratios roe overhead ratio margin ratio asset management global private bank asset wealth management a a a a a a a a a a a a a employees number of global private bank client advisors a includes first republic refer to page for additional information prior period amounts have been revised to conform with the current presentation a a a a page | J.P.Morgan

chase asset wealth management financial highlights continued in millions except ratio data selected balance sheet data period end total assets loans deposits equity selected balance sheet data average total assets loans deposits equity credit data and quality statistics net charge offs recoveries loans allowance for credit losses allowance for loan losses allowance for lending related commitments total allowance for credit losses net charge off recovery rate allowance for loan losses to period end loans allowance for loan losses to loans loans to period end loans quarterly trends full year change change a a a a a a a a a includes first republic in the fourth quarter of certain deposits associated with first republic were transferred from refer to page for additional information included billion billion and billion for the three months ended and june respectively and billion for the full year associated with first republic at and june included million million and million allowance respectively associated with first republic page | J.P.Morgan

chase asset wealth management financial highlights continued in billions client assets assets by asset class liquidity fixed income equity asset alternatives total assets under management custody brokerage administration deposits total client assets a assets by client segment private banking global institutional global funds total assets under management private banking global institutional global funds total client assets a assets under management beginning balance net asset flows liquidity fixed income equity asset alternatives market performance other impacts ending balance client assets beginning balance net asset flows market performance other impacts ending balance mar change change full year a includes client investment assets invested in managed accounts and morgan mutual funds where is the investment manager page | J.P.Morgan

quarterly trends full year change change chase corporate financial highlights in millions except employee data income statement revenue principal transactions investment securities losses all other income revenue net interest income total net revenue a provision for credit losses expense income loss before income tax expense benefit income tax expense benefit net income loss memo total net revenue total assets loans deposits employees supplemental information treasury and investment securities losses available for sale securities average held to maturity securities average investment securities portfolio average available for sale securities period end i treasury and chief investment office other corporate total net revenue net income loss treasury and other corporate total net income loss selected balance sheet data period end held to maturity securities period end investment securities portfolio net of allowance for credit losses period end i a included tax equivalent adjustments predominantly driven by tax exempt income from municipal bonds of million million million million and million for the three months ended june march and respectively and million and million for the full year and respectively predominantly relates to the firm international consumer initiatives in upon adoption of the derivatives and hedging fair value hedging portfolio layer method accounting guidance the firm elected to transfer billion of securities to the transferred securities were placed in a closed securities portfolio as part of a portfolio layer method hedge during the firm transferred billion of investment securities from to for capital management purposes at june march and the estimated fair value of the securities portfolio was billion billion billion billion and billion respectively refer to note of the firm quarterly report on form for the quarterly period ended for additional information on the portfolio layer method at june march and the allowance for credit losses on investment securities was million million million million and million respectively includes first republic refer to page for additional information included a billion special assessment from the on certain banks to recover losses to the arising from the protection of uninsured depositors resulting from bank resolutions in included an income tax benefit of million and million for the three months and full year ended respectively related to the of certain income tax regulations at and june included securities of billion billion and billion respectively associated with first republic i income taxes associated with the first republic acquisition are reflected in the estimated bargain purchase gain included a million gain on sale of visa shares page | J.P.Morgan

chase credit related information in millions credit exposure consumer excluding credit card loans a mar change loans retained loans held for sale and loans at fair value total consumer excluding credit card loans credit card loans loans retained total credit card loans total consumer loans wholesale loans loans retained loans held for sale and loans at fair value total wholesale loans total loans derivative receivables receivables from customers total credit related assets lending related commitments consumer excluding credit card credit card wholesale total lending related commitments total credit exposure memo total by category consumer exposure wholesale exposure total credit exposure a includes scored loans held in scored mortgage and home equity loans held in and scored mortgage loans held in and corporate includes loans held in corporate as well as risk rated loans held in including business banking and morgan wealth management loans held in banking wealth management and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses receivables from customers reflect held for investment margin loans to brokerage clients in and these are reported within accrued interest and accounts receivable on the consolidated balance sheets also includes commercial card lending related commitments primarily in and represents total consumer loans and lending related commitments represents total wholesale loans lending related commitments derivative receivables and receivables from customers as of and june includes credit exposure associated with first republic consisting of billion billion and billion in the consumer credit portfolio respectively and billion billion and billion in the wholesale credit portfolio respectively prior period amount has been revised to conform with the current presentation page | J.P.Morgan

chase credit related information continued in millions except ratio data nonperforming assets a consumer loans loans retained loans held for sale and loans at fair value total consumer loans wholesale loans loans retained loans held for sale and loans at fair value total wholesale loans total loans derivative receivables assets acquired in loan satisfactions total nonperforming assets wholesale lending related commitments total nonperforming exposure mar change loan related ratios total loans to total loans total consumer excluding credit card loans to total consumer excluding credit card loans total wholesale loans to total wholesale loans a at june march and nonperforming assets excluded mortgage loans or more days past due and insured by government agencies of million million million million and million respectively these amounts have been excluded based upon the government guarantee in addition the firm policy is generally to exempt credit card loans from being placed on status as permitted by regulatory guidance refer to note of the firm form for additional information on the firm credit card and charge off policies generally excludes loans that were under payment deferral or other assistance including amendments or waivers of financial covenants in response to the covid pandemic represents commitments that are risk rated as page | J.P.Morgan

chase credit related information continued in millions except ratio data summary of changes in the allowances allowance for loan losses beginning balance net charge offs gross charge offs gross recoveries collected net charge offs provision for loan losses other ending balance quarterly trends full year change change allowance for lending related commitments beginning balance provision for lending related commitments other ending balance allowance for investment securities total allowance for credit losses a net charge off recovery rates consumer retained excluding credit card loans credit card retained loans total consumer retained loans wholesale retained loans total retained loans memo average retained loans consumer retained excluding credit card loans credit card retained loans total average retained consumer loans wholesale retained loans total average retained loans a at june march and excludes an allowance for credit losses associated with certain accounts receivable in of million million million million and million respectively and at march excludes an allowance for credit losses associated with certain other assets in corporate of million included billion of provision for credit losses associated with the first republic acquisition on the firm adopted the financial instruments credit losses troubled debt accounting guidance the adoption of this guidance eliminated the existing accounting and disclosure requirements for trouble debt including the requirement to measure the allowance using a discounted cash flow methodology the firm elected to apply its portfolio based allowance approach to substantially all its non collateral dependent modified loans to troubled borrowers resulting in a net decrease in the beginning balance of the allowance for loan losses of million predominantly driven by residential real estate and credit card refer to note of the firm quarterly report on form for the quarterly period ended march for further information page | J.P.Morgan

chase credit related information continued in millions except ratio data allowance components and ratios allowance for loan losses consumer excluding credit card asset specific a portfolio based total consumer excluding credit card credit card asset specific a portfolio based total credit card total consumer wholesale asset specific a portfolio based total wholesale total allowance for loan losses allowance for lending related commitments allowance for investment securities total allowance for credit losses credit ratios consumer excluding credit card allowance to total consumer excluding credit card retained loans credit card allowance to total credit card retained loans wholesale allowance to total wholesale retained loans wholesale allowance to total wholesale retained loans excluding trade finance and conduits total allowance to total retained loans consumer excluding credit card allowance to consumer excluding credit card retained loans total allowance excluding credit card allowance to retained loans excluding credit card loans wholesale allowance to wholesale retained loans total allowance to total retained loans mar change a on the firm adopted the financial instruments credit losses troubled debt accounting guidance under which it elected to change from an asset specific allowance approach to its non portfolio based allowance approach for modified loans to troubled borrowers for all portfolios except collateral dependent loans and risk rated loans for which the asset specific allowance approach will continue to apply management uses allowance for loan losses to period end loans retained excluding trade finance and conduits a non financial measure to provide a more meaningful assessment of the wholesale allowance coverage ratio refer to footnote a on page for information on the firm policy for credit card loans at and june included million million and million of consumer respectively and million million and million of wholesale respectively associated with first republic prior period amounts have been revised to conform with the current presentation page | J.P.Morgan

chase non financial measures non financial measures a in addition to analyzing the firm results on a reported basis management reviews results including the overhead ratio on a managed basis these managed basis results are non financial measures the firm also reviews the results of the lines of business on a managed basis the firm definition of managed basis starts in each case with the reported results and includes certain reclassifications to present total net revenue for the firm and each of the reportable business segments on an basis accordingly revenue from investments that receive tax credits and tax exempt securities is presented in the managed results on a basis comparable to taxable investments and securities these financial measures allow management to assess the comparability of revenue from year to year arising from both taxable and tax exempt sources the corresponding income tax impact related to tax exempt items is recorded within income tax expense these adjustments have no impact on net income as reported by the firm as a whole or by the lines of business provision profit is a non financial measure which represents total net revenue less total expense the firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses and are each non financial measures represents the firm common stockholders equity i total stockholders equity less preferred stock less goodwill and identifiable intangible assets other than net of related deferred tax liabilities measures the firm net income applicable to common equity as a percentage of average represents the firm at period end divided by common shares at period end and are utilized by the firm as well as investors and analysts in assessing the firm use of equity the ratio of the wholesale and allowance for loan losses to period end loans retained excluding trade finance and conduits is calculated excluding loans accounted for at fair value loans held for sale trade finance loans and consolidated firm administered seller conduits as well as their related allowances to provide a more meaningful assessment of the respective allowance coverage ratio in addition to reviewing net interest income net yield and revenue on a managed basis management also reviews these metrics excluding markets markets which is composed of fixed income markets and equity markets as shown below markets revenue consists of principal transactions fees commissions and other income as well as net interest income these metrics which exclude markets are non financial measures management reviews these metrics to assess the performance of the firm lending investing including asset liability management and deposit raising activities apart from any volatility associated with markets activities in addition management also assesses markets business performance on a total revenue basis as offsets may occur across revenue lines for example securities that generate net interest income may be risk managed by derivatives that are reflected at fair value in principal transactions revenue management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the firm for additional information on markets revenue refer to page of the firm form in millions except rates quarterly trends full year change net interest income reported fully taxable equivalent adjustments net interest income managed basis a less markets net interest income net interest income excluding markets a average interest earning assets less average markets interest earning assets average interest earning assets excluding markets net yield on average interest earning assets managed basis net yield on average markets interest earning assets net yield on average interest earning assets excluding markets revenue reported fully taxable equivalent adjustments revenue managed basis less markets revenue revenue excluding markets memo markets total net revenue a interest includes the effect of related hedges taxable equivalent amounts are used where applicable change page | J.P.Morgan

chase supplemental information on first republic in millions three months ended three months ended three months ended june corp total corp total corp total selected income statement data revenue asset management fees all other income revenue net interest income total net revenue provision for credit losses expense net income selected balance sheet data period end loans deposits a selected income statement data revenue asset management fees all other income revenue net interest income total net revenue provision for credit losses expense net income selected balance sheet data period end loans deposits corp total full year ended a all references to excludes first republic includes first republic or associated with first republic refer to the effects of the first republic acquisition as well as subsequent related business and activities as applicable a in the fourth quarter of transferred certain deposits associated with first republic to and on may chase acquired certain assets and assumed certain liabilities of first republic bank from the resulting in a preliminary estimated bargain purchase gain of billion recorded in other income the bargain purchase gain generally represents the excess of the estimated fair value of the net assets acquired over the purchase price and is subject to change for up to one year from the acquisition date as permitted by and as the settlement with the is finalized for the three months ended and measurement period adjustments of million and million respectively were recorded resulting in an estimated bargain purchase gain of billion for the full year excludes billion of loans and million of deposits in associated with first republic page | J.P.Morgan

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