SEC Filing | JPMorgan Chase & Co.

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jpm-20240412

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 12, 2024

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)

Delaware

1-5805

13-2624428

(State or other jurisdiction of
incorporation or organization)

(Commission File Number)

(I.R.S. employer
identification no.)

383 Madison Avenue,

New York,

New York

10179

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD	JPM PR D	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE	JPM PR C	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG	JPM PR J	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ	JPM PR K	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL	JPM PR L	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM	JPM PR M	The New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024	AMJ	NYSE Arca, Inc.
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC	JPM/32	The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC	AMJB	NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On April 12, 2024, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2024 first quarter net income of $13.4 billion, or $4.44 per share, compared with net income of $12.6 billion, or $4.10 per share, in the first quarter of 2023. A copy of the 2024 first quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

Each of the Exhibits provided with this Form 8-K shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934.

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2023, which has been filed with the Securities and Exchange Commission and are available on JPMorgan Chase’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update any forward-looking statements.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits



Exhibit No.						Description of Exhibit

99.1						JPMorgan Chase & Co. Earnings Release - First Quarter 2024 Results
99.2						JPMorgan Chase & Co. Earnings Release Financial Supplement - First Quarter 2024
101						Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104						Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


JPMorgan Chase & Co.
(Registrant)


By:			/s/ Elena Korablina
			Elena Korablina
			Managing Director and Firmwide Controller
			(Principal Accounting Officer)


Dated:			April 12, 2024

Document

Exhibit 99.1


JPMorgan Chase & Co. 383 Madison Avenue, New York, NY 10179-0001 NYSE symbol: JPM www.jpmorganchase.com

JPMORGAN CHASE REPORTS FIRST-QUARTER 2024 NET INCOME OF $13.4 BILLION ($4.44 PER SHARE),

EXCLUDING A $725 MILLION INCREASE TO THE FDIC SPECIAL ASSESSMENT, NET INCOME OF

$14.0 BILLION ($4.63 PER SHARE)

FIRST-QUARTER 2024 RESULTS1

ROE 17%

ROTCE2 21%

CET1 Capital Ratios3

Std. 15.0% | Adv. 15.3%

Total Loss-Absorbing Capacity3 $520B

Std. RWA3 $1.7T

Cash and marketable securities4 $1.5T

Average loans $1.3T


Firmwide Metrics	n	Reported revenue of $41.9 billion and managed revenue of $42.5 billion2
	n	Expense of $22.8 billion; reported overhead ratio of 54%; managed overhead ratio2 of 53%; expense included a $725 million increase to the estimated FDIC special assessment2,5, which increased the overhead ratio by 2%
	n	Credit costs of $1.9 billion included $2.0 billion of net charge-offs and a $72 million net reserve release
	n	Average loans up 16%, or up 3% excluding First Republic6; average deposits up 2%, or flat excluding First Republic

CCB ROE 35%	n	Average deposits down 3%, or down 7% excluding First Republic; client investment assets up 46%, or up 25% excluding First Republic
	n	Average loans up 27%, or up 6% excluding First Republic; Card Services net charge-off rate of 3.32%
	n	Debit and credit card sales volume7 up 9%
	n	Active mobile customers8 up 7%

CIB ROE 18%	n	#1 ranking for Global Investment Banking fees with 9.1% wallet share in 1Q24
	n	Markets revenue down 5%, with Fixed Income Markets down 7% and Equity Markets flat

CB ROE 24%	n	Gross Investment Banking and Markets revenue9 of $913 million, up 4%
	n	Average loans up 17%, or up 1% excluding First Republic; average deposits flat, or down 3% excluding First Republic

AWM ROE 33%	n	AUM10 of $3.6 trillion, up 19%
	n	Average loans up 6%, or up 1% excluding First Republic; average deposits up 2%, or down 4% excluding First Republic


Jamie Dimon, Chairman and CEO, commented: “We reported strong results in the first quarter, delivering net income of $13.4 billion, or $14.0 billion excluding a $725 million increase to the FDIC special assessment. Last month, we announced a 10% increase to the common dividend. Our exceptionally high CET1 capital ratio of 15.0% and peer-leading returns provide us with the capacity and flexibility to both reinvest for growth and maintain an attractive capital-return profile, without compromising our fortress balance sheet.” Dimon continued: “This quarter, NII declined 4% sequentially, and as expected, NII ex. Markets declined 2% sequentially due to deposit margin compression and lower deposit balances, mostly in CCB. Looking ahead, we expect normalization to continue for both NII and credit costs.” Dimon continued: “Our lines of business saw strong underlying performance. In CCB, client investment assets were up 25% excluding First Republic, and we continued to add new customers. In CIB, IB fees increased 21%, reflecting improved DCM and ECM activity. In CB, we saw strong growth in Payments fees and onboarded a significant number of new client relationships. Finally, in AWM, asset management fees were up 14%, with continued strong net inflows.” Dimon added: “Many economic indicators continue to be favorable. However, looking ahead, we remain alert to a number of significant uncertain forces. First, the global landscape is unsettling – terrible wars and violence continue to cause suffering, and geopolitical tensions are growing. Second, there seems to be a large number of persistent inflationary pressures, which may likely continue. And finally, we have never truly experienced the full effect of quantitative tightening on this scale. We do not know how these factors will play out, but we must prepare the Firm for a wide range of potential environments to ensure that we can consistently be there for clients.” Dimon concluded: “We continue to be a pillar of strength for our clients, communities and markets across the world – while also delivering for shareholders. This quarter, we grew customers, continued to position the Firm for the future, maintained our fortress principles, raised the dividend and played a critical role in driving economic growth by extending credit and raising capital totaling more than $655 billion.”

SIGNIFICANT ITEMS IN 1Q24 RESULTS

n $725 million increase to the estimated FDIC special assessment in Corporate ($0.19 decrease in EPS11)

CAPITAL DISTRIBUTIONS

n Common dividend of $3.3 billion or $1.15 per share

n $2.0 billion of common stock net repurchases12

n Net payout LTM12,13 of 42%

FORTRESS PRINCIPLES

n Book value per share of $106.81, up 13%; tangible book value per share2 of $88.43, up 15%

n Basel III common equity Tier 1 capital3 of $258 billion and Standardized ratio3 of 15.0%; Advanced ratio3 of 15.3%

n Firm supplementary leverage ratio of 6.1%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n More than $655 billion of credit and capital14 raised in 1Q24, reflecting approximately

n $55 billion of credit for consumers

n $10 billion of credit for U.S. small businesses

n $575 billion of credit and capital for corporations and non-U.S. government entities

n $15 billion of credit and capital for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities


Investor Contact: Mikael Grubb (212) 270-2479			Media Contact: Joseph Evangelisti (212) 270-2438
Note: Totals may not sum due to rounding. 1 Percentage comparisons noted in the bullet points are for the first quarter of 2024 versus the prior-year first quarter, unless otherwise specified. 2 For notes on non-GAAP financial measures, including managed basis reporting, see page 6. For additional notes see page 7.

JPMorgan Chase & Co.

News Release

In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments is also presented on a managed basis. For more information about managed basis and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.

Comparisons noted in the sections below are for the first quarter of 2024 versus the prior-year first quarter, unless otherwise specified.

JPMORGAN CHASE (JPM)


Results for JPM										4Q23				1Q23
($ millions, except per share data)	1Q24			4Q23			1Q23			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %

Net revenue - reported	$	41,934		$	38,574		$	38,349		$	3,360	9	%	$	3,585	9	%
Net revenue - managed	42,548			39,943			39,336			2,605		7		3,212		8
Noninterest expense	22,757			24,486			20,107			(1,729)		(7)		2,650		13
Provision for credit losses	1,884			2,762			2,275			(878)		(32)		(391)		(17)
Net income	$	13,419		$	9,307		$	12,622		$	4,112	44	%	$	797	6	%
Earnings per share - diluted	$	4.44		$	3.04		$	4.10		$	1.40	46	%	$	0.34	8	%
Return on common equity	17		%	12		%	18		%
Return on tangible common equity	21			15			23

Discussion of Results:

Net income was $13.4 billion, up 6%, or up 1% excluding First Republic.

Net revenue was $42.5 billion, up 8%, or up 4% excluding First Republic. Net interest income (“NII”) was $23.2 billion, up 11%, or up 5% excluding First Republic. NII excluding Markets2 was $23.0 billion, up 10%, or up 4% excluding First Republic, driven by the impact of balance sheet mix and higher rates, as well as higher revolving balances in Card Services, largely offset by deposit margin compression and lower deposit balances in CCB. Noninterest revenue was $19.3 billion, up 5%, or up 3% excluding First Republic. The current quarter reflected higher asset management fees and higher Investment Banking fees, predominantly offset by lower CIB Markets noninterest revenue. The prior-year quarter reflected higher net investment securities losses in Corporate, largely offset by net investment valuation gains in AWM.

Noninterest expense was $22.8 billion, up 13%, or up 9% excluding First Republic, driven by higher compensation, including an increase in employees, and a $725 million increase to the FDIC special assessment to reflect the FDIC’s revised estimated losses.

The provision for credit losses was $1.9 billion, reflecting net charge-offs of $2.0 billion and a net reserve release of $72 million. The net reserve release included a $142 million net release in Wholesale and a $44 million net build in Consumer. Net charge-offs of $2.0 billion were up $819 million, predominantly driven by Card Services. The prior-year provision was $2.3 billion, reflecting net charge-offs of $1.1 billion and a net reserve build of $1.1 billion.

Net income attributable to First Republic was $668 million. This reflected $1.3 billion of net interest income, $315 million of noninterest revenue, $806 million of noninterest expense and a net benefit to the provision for credit losses of $31 million. For additional information, refer to note 6 on page 7.

JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)


Results for CCB							4Q23				1Q23
($ millions)	1Q24		4Q23		1Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	17,653	$	18,097	$	16,456	$	(444)	(2)	%	$	1,197	7	%
Banking & Wealth Management	10,324		10,877		10,041		(553)		(5)		283		3
Home Lending	1,186		1,161		720		25		2		466		65
Card Services & Auto	6,143		6,059		5,695		84		1		448		8
Noninterest expense	9,297		9,336		8,065		(39)		—		1,232		15
Provision for credit losses	1,913		2,189		1,402		(276)		(13)		511		36
Net income	$	4,831	$	4,788	$	5,243	$	43	1	%	$	(412)	(8)	%

Discussion of Results:

Net income was $4.8 billion, down 8%, or down 15% excluding First Republic. Net revenue was $17.7 billion, up 7%, or up 1% excluding First Republic.

Banking & Wealth Management net revenue was $10.3 billion, up 3%, or down 4% excluding First Republic, driven by lower net interest income, partially offset by higher asset management fees. The decline in net interest income was primarily driven by lower deposit balances and deposit margin compression. Home Lending net revenue was $1.2 billion, up 65%, or up 10% excluding First Republic, predominantly driven by higher net interest income and higher production revenue. Card Services & Auto net revenue was $6.1 billion, up 8%, driven by higher Card Services net interest income on higher revolving balances, partially offset by higher amortization related to new account origination costs in Card Services and lower auto operating lease income.

Noninterest expense was $9.3 billion, up 15%, or up 9% excluding First Republic, largely driven by higher compensation, primarily for bankers and advisors as well as technology, in addition to continued investments in marketing.

The provision for credit losses was $1.9 billion, reflecting net charge-offs of $1.9 billion and a net reserve build of $34 million, consisting of $153 million in Card Services, predominantly offset by a net release of $125 million in Home Lending, primarily due to improvements in the outlook for home prices. The net reserve build in Card Services was primarily due to seasoning of newer vintages, largely offset by reduced borrower uncertainty. Net charge-offs of $1.9 billion were up $827 million, predominantly driven by continued normalization in Card Services. The prior-year provision was $1.4 billion, reflecting net charge-offs of $1.1 billion and a net reserve build of $350 million.

JPMorgan Chase & Co.

News Release

CORPORATE & INVESTMENT BANK (CIB)


Results for CIB							4Q23				1Q23
($ millions)	1Q24		4Q23		1Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	13,633	$	10,958	$	13,600	$	2,675	24	%	$	33	—	%
Banking	4,483		4,058		4,223		425		10		260		6
Markets & Securities Services	9,150		6,900		9,377		2,250		33		(227)		(2)
Noninterest expense	7,218		6,774		7,483		444		7		(265)		(4)
Provision for credit losses	32		210		58		(178)		(85)		(26)		(45)
Net income	$	4,753	$	2,524	$	4,421	$	2,229	88	%	$	332	8	%

Discussion of Results:

Net income was $4.8 billion, up 8%. Net revenue was $13.6 billion, flat to the prior year.

Banking revenue was $4.5 billion, up 6%. Investment Banking revenue was $2.0 billion, up 27%. Investment Banking fees were up 21%, driven by higher debt and equity underwriting fees, partially offset by lower advisory fees. Payments revenue was $2.4 billion, down 1%, driven by deposit margin compression and higher deposit-related client credits, largely offset by fee growth and higher deposit balances. Lending revenue was $130 million, down 51%, predominantly driven by mark-to-market losses on hedges of the retained lending portfolio.

Markets & Securities Services revenue was $9.2 billion, down 2%. Markets revenue was $8.0 billion, down 5%. Fixed Income Markets revenue was $5.3 billion, down 7%, driven by lower activity in Rates and Commodities compared with a strong prior year, partially offset by higher revenue in Securitized Products. Equity Markets revenue was $2.7 billion, flat to the prior year. Securities Services revenue was $1.2 billion, up 3%.

Noninterest expense was $7.2 billion, down 4%, predominantly driven by lower legal expense.

The provision for credit losses was $32 million, reflecting a net reserve build of $30 million. The prior-year provision was $58 million, predominantly reflecting net charge-offs.

COMMERCIAL BANKING (CB)


Results for CB							4Q23				1Q23
($ millions)	1Q24		4Q23		1Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	3,951	$	4,016	$	3,511	$	(65)	(2)	%	$	440	13	%
Noninterest expense	1,506		1,395		1,308		111		8		198		15
Provision for credit losses	(31)		366		417		(397)		NM		(448)		NM
Net income	$	1,869	$	1,653	$	1,347	$	216	13	%	$	522	39	%

Discussion of Results:

Net income was $1.9 billion, up 39%, or up 21% excluding First Republic.

Net revenue was $4.0 billion, up 13%, or up 3% excluding First Republic, driven by higher noninterest revenue due to payments fee growth, partially offset by higher deposit-related client credits. Net interest income was flat excluding First Republic, reflecting lower deposit balances and deposit margin compression, predominantly offset by the impact of higher rates.

Noninterest expense was $1.5 billion, up 15%, or up 13% excluding First Republic, predominantly driven by higher compensation, reflecting an increase in employees including front office and technology investments, as well as higher volume-related expense.

The provision for credit losses was a net benefit of $31 million, reflecting a net reserve release of $98 million and net charge-offs of $67 million. The net release included a reserve build associated with net downgrade activity, primarily in Real Estate, which was more than offset by updates to certain macroeconomic variables and the impact of net lending activity. The prior-year provision was $417 million, reflecting a net reserve build.

JPMorgan Chase & Co.

News Release

ASSET & WEALTH MANAGEMENT (AWM)


Results for AWM							4Q23				1Q23
($ millions)	1Q24		4Q23		1Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	5,109	$	5,095	$	4,784	$	14	—	%	$	325	7	%
Noninterest expense	3,460		3,388		3,091		72		2		369		12
Provision for credit losses	(57)		(1)		28		(56)		NM		(85)		NM
Net income	$	1,290	$	1,217	$	1,367	$	73	6	%	$	(77)	(6)	%

Discussion of Results:

Net income was $1.3 billion, down 6%, or down 26% excluding First Republic.

Net revenue was $5.1 billion, up 7%, or down 1% excluding First Republic, reflecting net investment valuation gains in the prior year, primarily a gain of $339 million associated with closing the J.P. Morgan Asset Management China acquisition. Excluding these gains and First Republic, net revenue was up 5%, driven by higher management fees on strong net inflows and higher average market levels, partially offset by lower net interest income due to deposit margin compression.

Noninterest expense was $3.5 billion, up 12%, or up 11% excluding First Republic, largely driven by higher compensation, including revenue-related compensation, continued growth in private banking advisor teams and the impact of the J.P. Morgan Asset Management China acquisition, as well as higher distribution fees.

The provision for credit losses was a net benefit of $57 million, reflecting a net reserve release. The prior-year provision was $28 million.

Assets under management were $3.6 trillion, up 19%, and client assets were $5.2 trillion, up 20%, each driven by higher market levels and continued net inflows.

CORPORATE


Results for Corporate							4Q23				1Q23
($ millions)	1Q24		4Q23		1Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	2,202	$	1,777	$	985	$	425	24	%	$	1,217	124	%
Noninterest expense	1,276		3,593		160		(2,317)		(64)		1,116		NM
Provision for credit losses	27		(2)		370		29		NM		(343)		(93)
Net income/(loss)	$	676	$	(875)	$	244	$	1,551	NM		$	432	177	%

Discussion of Results:

Net income was $676 million, or $918 million excluding First Republic, compared with net income of $244 million in the prior year.

Net revenue was $2.2 billion, up $1.2 billion. Net interest income was $2.5 billion, up $737 million, driven by the impact of balance sheet mix and higher rates. Noninterest revenue was a net loss of $275 million, compared with a net loss of $755 million in the prior year. The current quarter included $366 million of net investment securities losses, compared with $868 million of net securities losses in the prior year. Investment securities losses predominantly reflected sales of mortgage-backed securities and U.S. Treasuries.

Noninterest expense was $1.3 billion, up $1.1 billion, or up $889 million excluding First Republic, predominantly driven by a $725 million increase to the FDIC special assessment to reflect the FDIC’s revised estimated losses.

The provision for credit losses was $27 million. The prior-year provision was $370 million, reflecting a net reserve build for single-name exposures.

JPMorgan Chase & Co.

News Release

2. Notes on non-GAAP financial measures:

a.The Firm prepares its Consolidated Financial Statements in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with the U.S. GAAP financial statements of other companies. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on a fully taxable-equivalent 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. For a reconciliation of the Firm’s results from a reported to managed basis, refer to page 7 of the Earnings Release Financial Supplement.

b.Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”) are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, refer to page 10 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $106.81, $104.45 and $94.34 at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

c.In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of CIB’s Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s 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 a reconciliation of NII and NIR from reported to excluding Markets, refer to page 29 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to page 75 of the Firm’s 2023 Form 10-K.

d.First-quarter 2024 net income and earnings per share excluding the $725 million increase to the estimated FDIC special assessment are non-GAAP financial measures. Excluding this item resulted in an increase of $550 million (after tax) to reported net income from $13.4 billion to $14.0 billion and an increase of $0.19 per share to reported EPS from $4.44 to $4.63. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s results.

JPMorgan Chase & Co.

News Release

Additional notes:

3.Estimated. Reflects the Current Expected Credit Losses (“CECL”) capital transition provisions. As of March 31, 2024, CET1 capital and Total Loss-Absorbing Capacity reflected the final remaining $720 million CECL benefit. Refer to Note 27 of the Firm’s 2023 Form 10-K for additional information.

4.Estimated. Cash and marketable securities includes end-of-period eligible high-quality liquid assets (“HQLA”), excluding regulatory prescribed haircuts under the liquidity coverage ratio (“LCR”) rule where applicable, for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm’s LCR. Also includes other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 102-109 of the Firm’s 2023 Form 10-K for additional information.

5.Refers to the FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which reflects an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.

6.On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition") from the Federal Deposit Insurance Corporation (“FDIC”). All references in this press release to “excluding First Republic” or “attributable to First Republic” refer to excluding or including the relevant effects of the First Republic acquisition, as well as subsequent related business and activities, as applicable.

7.Excludes Commercial Card.

8.Users of all mobile platforms who have logged in within the past 90 days. As of March 31, 2024, excludes First Republic.

9.Includes gross revenues earned by the Firm that are subject to a revenue sharing arrangement between CB and the CIB for Investment Banking and Markets products sold to CB clients. This includes revenues related to fixed income and equity markets products. Refer to page 65 of the Firm’s 2023 Form 10-K for a discussion of revenue sharing.

10.Assets under management (“AUM”).

11.Earnings per share (“EPS”).

12.Includes the net impact of employee issuances. Excludes excise tax and commissions.

13.Last twelve months (“LTM”).

14.Credit provided to clients represents new and renewed credit, including loans and lending-related commitments, as well as unused amounts of advised uncommitted lines of credit where the Firm has discretion on whether or not to make a loan under these lines. Credit and capital for corporations and non-U.S. government entities includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.

JPMorgan Chase & Co.

News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $4.1 trillion in assets and $337 billion in stockholders’ equity as of March 31, 2024. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, April 12, 2024, at 8:30 a.m. (EDT) to present first-quarter 2024 financial results. The general public can access the call by dialing (888) 324-3618 in the U.S. and Canada, or (312) 470-7119 for international callers; use passcode 1364784#. Please dial in 15 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.

A replay of the conference call will be available beginning at approximately 11:00 a.m. (EDT) on April 12, 2024 through 11:59 p.m. (EDT) on April 26, 2024 by telephone at (800) 839-1117 (U.S. and Canada) or (203) 369-3355 (international); use passcode 67370#. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2023, which has been filed with the Securities and Exchange Commission and is available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.

Document

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

JPMORGAN CHASE & CO.

TABLE OF CONTENTS

Page(s)

Consolidated Results

Consolidated Financial Highlights

2–3

Consolidated Statements of Income

Consolidated Balance Sheets

Condensed Average Balance Sheets and Annualized Yields

Reconciliation from Reported to Managed Basis

Segment Results - Managed Basis

Capital and Other Selected Balance Sheet Items

9–10

Earnings Per Share and Related Information

Business Segment Results

Consumer & Community Banking (“CCB”)

12–15

Corporate & Investment Bank (“CIB”)

16–18

Commercial Banking (“CB”)

19–20

Asset & Wealth Management (“AWM”)

21–23

Corporate

Credit-Related Information

25–28

Non-GAAP Financial Measures

Supplemental Information on First Republic

Glossary of Terms and Acronyms (a)

(a) Refer to the Glossary of Terms and Acronyms on pages 315–321 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).


JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)

	QUARTERLY TRENDS
																		1Q24 Change
SELECTED INCOME STATEMENT DATA	1Q24				4Q23				3Q23			2Q23			1Q23			4Q23		1Q23
Reported Basis
Total net revenue	$	41,934			$	38,574			$	39,874		$	41,307		$	38,349		9	%	9	%
Total noninterest expense	22,757			(f)	24,486			(f)	21,757			20,822			20,107			(7)		13
Pre-provision profit (a)	19,177				14,088				18,117			20,485			18,242			36		5
Provision for credit losses	1,884				2,762				1,384			2,899			2,275			(32)		(17)
NET INCOME	13,419				9,307				13,151			14,472			12,622			44		6

Managed Basis (b)
Total net revenue	42,548				39,943				40,686			42,401			39,336			7		8
Total noninterest expense	22,757			(f)	24,486			(f)	21,757			20,822			20,107			(7)		13
Pre-provision profit (a)	19,791				15,457				18,929			21,579			19,229			28		3
Provision for credit losses	1,884				2,762				1,384			2,899			2,275			(32)		(17)
NET INCOME	13,419				9,307				13,151			14,472			12,622			44		6

EARNINGS PER SHARE DATA
Net income: Basic	$	4.45			$	3.04			$	4.33		$	4.76		$	4.11		46		8
Diluted	4.44				3.04				4.33			4.75			4.10			46		8
Average shares: Basic	2,908.3				2,914.4				2,927.5			2,943.8			2,968.5			—		(2)
Diluted	2,912.8				2,919.1				2,932.1			2,948.3			2,972.7			—		(2)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	575,195			$	489,320			$	419,254		$	422,661		$	380,803		18		51
Common shares at period-end	2,871.6				2,876.6				2,891.0			2,906.1			2,922.3			—		(2)
Book value per share	106.81				104.45				100.30			98.11			94.34			2		13
Tangible book value per share (“TBVPS”) (a)	88.43				86.08				82.04			79.90			76.69			3		15
Cash dividends declared per share	1.15				1.05				1.05			1.00			1.00			10		15

FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	17		%		12		%		18		%	20		%	18		%
Return on tangible common equity (“ROTCE”) (a)	21				15				22			25			23
Return on assets	1.36				0.95				1.36			1.51			1.38

CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)	15.0		%	(g)	15.0		%		14.3		%	13.8		%	13.8		%
Tier 1 capital ratio (e)	16.4			(g)	16.6				15.9			15.4			15.4
Total capital ratio (e)	18.2			(g)	18.5				17.8			17.3			17.4
Tier 1 leverage ratio	7.2			(g)	7.2				7.1			6.9			6.9
Supplementary leverage ratio (“SLR”)	6.1			(g)	6.1				6.0			5.8			5.9

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition") from the Federal Deposit Insurance Corporation (“FDIC”). Refer to page 30 for additional information.

(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 29 for a further discussion of these measures.

(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(c)Ratios are based upon annualized amounts.

(d)The capital metrics reflect the Current Expected Credit Losses ("CECL") capital transition provisions. As of March 31, 2024, CET1 capital reflected the final remaining $720 million CECL benefit; as of December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, CET1 capital reflected a $1.4 billion benefit. Refer to Note 27 of the Firm’s 2023 Form 10-K for additional information.

(e)Reflect the Firm’s ratios under the Basel III Standardized approach. Refer to page 9 for further information on the Firm’s capital metrics.

(f)Included the FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which reflects an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.

(g)Estimated.

Page 2


JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)

	QUARTERLY TRENDS
																				1Q24 Change
	1Q24				4Q23				3Q23				2Q23				1Q23			4Q23		1Q23
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	4,090,727			$	3,875,393			$	3,898,333			$	3,868,240			$	3,744,305		6	%	9	%
Loans:
Consumer, excluding credit card loans	403,404				410,093				408,769				408,204				311,433			(2)		30
Credit card loans	206,740				211,123				196,935				191,348				180,079			(2)		15
Wholesale loans	699,472				702,490				704,355				700,517				637,384			—		10
Total loans	1,309,616				1,323,706				1,310,059				1,300,069				1,128,896			(1)		16

Deposits:
U.S. offices:
Noninterest-bearing	657,651				643,748				651,240				656,778				663,772			2		(1)
Interest-bearing	1,311,857				1,303,100				1,295,609				1,311,893				1,290,614			1		2
Non-U.S. offices:
Noninterest-bearing	24,109				23,097				22,410				24,268				25,071			4		(4)
Interest-bearing	434,792				430,743				410,267				406,023				397,796			1		9
Total deposits	2,428,409				2,400,688				2,379,526				2,398,962				2,377,253			1		2

Long-term debt	395,872			(e)	391,825			(e)	362,793			(e)	364,078			(e)	295,489			1		34
Common stockholders’ equity	306,737				300,474				289,967				285,112				275,678			2		11
Total stockholders’ equity	336,637				327,878				317,371				312,516				303,082			3		11

Loans-to-deposits ratio	54		%		55		%		55		%		54		%		47		%

Employees	311,921				309,926				308,669				300,066				296,877			1		5

95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)	$	48			$	35			$	41			$	47			$	47		37		2

LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking	$	17,653			$	18,097			$	18,362			$	17,233			$	16,456		(2)		7
Corporate & Investment Bank	13,633				10,958				11,730				12,519				13,600			24		—
Commercial Banking	3,951				4,016				4,031				3,988				3,511			(2)		13
Asset & Wealth Management	5,109				5,095				5,005				4,943				4,784			—		7
Corporate	2,202				1,777				1,558				3,718				985			24		124
TOTAL NET REVENUE	$	42,548			$	39,943			$	40,686			$	42,401			$	39,336		7		8

LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	4,831			$	4,788			$	5,895			$	5,306			$	5,243		1		(8)
Corporate & Investment Bank	4,753				2,524				3,092				4,092				4,421			88		8
Commercial Banking	1,869				1,653				1,935				1,208				1,347			13		39
Asset & Wealth Management	1,290				1,217				1,417				1,226				1,367			6		(6)
Corporate	676				(875)				812				2,640				244			NM		177
NET INCOME	$	13,419			$	9,307			$	13,151			$	14,472			$	12,622		44		6

MEMO: SELECTED FIRMWIDE METRICS
Wealth Management (c)
Client assets (in billions)	$	3,360			$	3,177			$	2,929			$	2,862			$	2,594		6		30
Number of client advisors	9,107				8,971				8,867				8,367				8,314			2		10

J.P.Morgan Payments (d)
Total net revenue	4,465				4,557				4,504				4,729				4,458			(2)		—

Merchant processing volume (in billions)	604				639				610				600				559			(5)		8
Average deposits (in billions)	732				730				702				720				707			—		4

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.

(a)Refer to Corporate & Investment Bank VaR on page 18 for further information.

(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(c)Consists of Global Private Bank in AWM and client investment assets in J.P.Morgan Wealth Management in CCB.

(d)Predominantly in CIB and CB. Total net revenue includes certain revenues that are reported as investment banking product revenue in CB, and excludes the net impact of equity investments.

(e)Included a five-year $50 billion Purchase Money Note issued to the FDIC, as well as Federal Home Loan Bank (“FHLB”) advances associated with the First Republic acquisition.

Page 3


JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)

	QUARTERLY TRENDS
																			1Q24 Change
REVENUE	1Q24				4Q23				3Q23			2Q23				1Q23			4Q23		1Q23
Investment banking fees	$	1,954			$	1,635			$	1,722		$	1,513			$	1,649		20	%	18	%
Principal transactions	6,790				3,725				6,210			6,910				7,615			82		(11)
Lending- and deposit-related fees	1,902				1,926				2,039			1,828				1,620			(1)		17
Asset management fees	4,146				4,077				3,904			3,774				3,465			2		20
Commissions and other fees	1,805				1,697				1,705			1,739				1,695			6		6

Investment securities losses	(366)				(743)				(669)			(900)				(868)			51		58
Mortgage fees and related income	275				263				414			278				221			5		24
Card income	1,218				1,247				1,209			1,094				1,234			(2)		(1)
Other income (a)	1,128				696				614			3,292				1,007			62		12
Noninterest revenue	18,852				14,523				17,148			19,528				17,638			30		7
Interest income	47,438				47,384				44,556			41,644				37,004			—		28
Interest expense	24,356				23,333				21,830			19,865				16,293			4		49
Net interest income	23,082				24,051				22,726			21,779				20,711			(4)		11
TOTAL NET REVENUE	41,934				38,574				39,874			41,307				38,349			9		9

Provision for credit losses	1,884				2,762				1,384			2,899				2,275			(32)		(17)

NONINTEREST EXPENSE
Compensation expense	13,118				11,847				11,726			11,216				11,676			11		12
Occupancy expense	1,211				1,208				1,197			1,070				1,115			—		9
Technology, communications and equipment expense	2,421				2,409				2,386			2,267				2,184			—		11
Professional and outside services	2,548				2,606				2,620			2,561				2,448			(2)		4
Marketing	1,160				1,298				1,126			1,122				1,045			(11)		11
Other expense (b)	2,299			(e)	5,118			(e)	2,702			2,586				1,639			(55)		40
TOTAL NONINTEREST EXPENSE	22,757				24,486				21,757			20,822				20,107			(7)		13
Income before income tax expense	17,293				11,326				16,733			17,586				15,967			53		8
Income tax expense (a)	3,874				2,019			(f)	3,582			3,114			(g)	3,345			92		16
NET INCOME	$	13,419			$	9,307			$	13,151		$	14,472			$	12,622		44		6


NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	4.45			$	3.04			$	4.33		$	4.76			$	4.11		46		8
Diluted earnings per share	4.44				3.04				4.33			4.75				4.10			46		8

FINANCIAL RATIOS
Return on common equity (c)	17		%		12		%		18		%	20		%		18		%
Return on tangible common equity (c)(d)	21				15				22			25				23
Return on assets (c)	1.36				0.95				1.36			1.51				1.38
Effective income tax rate	22.4				17.8			(f)	21.4			17.7			(g)	20.9
Overhead ratio	54				63				55			50				52

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.

(a)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. The adoption of this guidance resulted in a change to the classification and timing of the amortization associated with certain of the Firm’s alternative energy tax-oriented investments. The amortization of these investments that was previously recognized in other income is now recognized in income tax expense, which aligns with the associated tax credits and other tax benefits. The change in accounting increased the Firm’s income tax expense for the three months ended March, 31, 2024, by approximately $450 million, with no material impact to net income.

(b)Included Firmwide legal expense of $(72) million, $175 million, $665 million, $420 million and $176 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(c)Ratios are based upon annualized amounts.

(d)Refer to page 29 for a further discussion of ROTCE.

(e)Included the FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which reflects an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.

(f)Included an income tax benefit of $463 million for the three months ended December 31, 2023, related to the finalization of certain income tax regulations. The benefit resulted in a reduction in the Firm’s effective tax rate of 4.1 percentage points in the fourth quarter of 2023.

(g)Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain, resulting in a reduction in the Firm’s effective tax rate of 3.4 percentage points in the second quarter of 2023.

Page 4


JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
															Mar 31, 2024
															Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Dec 31,		Mar 31,
	2024			2023			2023			2023			2023		2023		2023
ASSETS
Cash and due from banks	$	22,750		$	29,066		$	24,921		$	26,064		$	25,098	(22)	%	(9)	%
Deposits with banks	539,366			595,085			486,448			469,059			520,902		(9)		4
Federal funds sold and securities purchased under
resale agreements	330,559			276,152			350,059			325,628			317,111		20		4
Securities borrowed	198,336			200,436			188,279			163,563			195,917		(1)		1
Trading assets:
Debt and equity instruments	697,788			485,743			534,923			572,779			519,618		44		34
Derivative receivables	56,621			54,864			67,070			64,217			59,274		3		(4)
Available-for-sale (“AFS”) securities	236,152			201,704			197,119			203,262			197,248		17		20
Held-to-maturity (”HTM”) securities	334,527			369,848			388,261			408,941			412,827		(10)		(19)
Investment securities, net of allowance for credit losses	570,679			571,552			585,380			612,203			610,075		—		(6)
Loans	1,309,616			1,323,706			1,310,059			1,300,069			1,128,896		(1)		16
Less: Allowance for loan losses	22,351			22,420			21,946			21,980		(b)	20,053		—		11
Loans, net of allowance for loan losses	1,287,265			1,301,286			1,288,113			1,278,089			1,108,843		(1)		16
Accrued interest and accounts receivable	129,823			107,363			127,752			111,561			115,316		21		13
Premises and equipment	30,279			30,157			29,677			29,493			28,266		—		7
Goodwill, MSRs and other intangible assets	64,374			64,381			64,910			64,238			62,090		—		4
Other assets	162,887			159,308			150,801			151,346			181,795		2		(10)
TOTAL ASSETS	$	4,090,727		$	3,875,393		$	3,898,333		$	3,868,240		$	3,744,305	6		9

LIABILITIES
Deposits	$	2,428,409		$	2,400,688		$	2,379,526		$	2,398,962		$	2,377,253	1		2
Federal funds purchased and securities loaned or sold
under repurchase agreements	325,670			216,535			268,750			266,272			246,396		50		32
Short-term borrowings	46,268			44,712			45,470			41,022			42,241		3		10
Trading liabilities:
Debt and equity instruments	192,324			139,581			165,494			132,264			145,153		38		32
Derivative payables	36,003			40,847			41,963			46,545			44,711		(12)		(19)
Accounts payable and other liabilities	301,469			290,307			292,070			286,934			275,077		4		10
Beneficial interests issued by consolidated VIEs	28,075			23,020			24,896			19,647			14,903		22		88
Long-term debt	395,872		(a)	391,825		(a)	362,793		(a)	364,078		(a)	295,489		1		34
TOTAL LIABILITIES	3,754,090			3,547,515			3,580,962			3,555,724			3,441,223		6		9

STOCKHOLDERS’ EQUITY
Preferred stock	29,900			27,404			27,404			27,404			27,404		9		9
Common stock	4,105			4,105			4,105			4,105			4,105		—		—
Additional paid-in capital	89,903			90,128			89,899			89,578			89,155		—		1
Retained earnings	342,414			332,901			327,044			317,359			306,208		3		12
Accumulated other comprehensive income/(loss) (“AOCI”)	(11,639)			(10,443)			(17,104)			(14,290)			(14,418)		(11)		19
Treasury stock, at cost	(118,046)			(116,217)			(113,977)			(111,640)			(109,372)		(2)		(8)
TOTAL STOCKHOLDERS’ EQUITY	336,637			327,878			317,371			312,516			303,082		3		11
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,090,727		$	3,875,393		$	3,898,333		$	3,868,240		$	3,744,305	6		9

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.

(a)Included a five-year $50 billion Purchase Money Note issued to the FDIC, as well as FHLB advances associated with the First Republic acquisition.

(b)Included an addition to the allowance for loan losses of $1.1 billion associated with the First Republic acquisition.

Page 5


JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS
																1Q24 Change
AVERAGE BALANCES	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
ASSETS
Deposits with banks	$	535,708		$	540,040		$	456,954		$	495,018		$	505,662		(1)	%	6	%
Federal funds sold and securities purchased under resale agreements	323,988			319,056			309,848			326,563			313,187			2		3
Securities borrowed	192,545			200,369			188,279			191,393			192,843			(4)		—
Trading assets - debt instruments	422,516			374,254			383,576			391,945			357,682			13		18
Investment securities	580,046			579,450			606,593			611,552			622,050			—		(7)
Loans	1,311,578			1,315,439			1,306,322			1,238,237			1,129,624			—		16
All other interest-earning assets (a)	79,134			79,787			80,156			89,072			95,709			(1)		(17)
Total interest-earning assets	3,445,515			3,408,395			3,331,728			3,343,780			3,216,757			1		7
Trading assets - equity and other instruments	190,783			144,642			173,998			169,558			152,081			32		25
Trading assets - derivative receivables	57,635			62,069			66,972			63,339			64,526			(7)		(11)
All other noninterest-earning assets	274,704			270,526			267,079			274,711			276,613			2		(1)
TOTAL ASSETS	$	3,968,637		$	3,885,632		$	3,839,777		$	3,851,388		$	3,709,977		2		7
LIABILITIES
Interest-bearing deposits	$	1,726,142		$	1,713,189		$	1,694,758		$	1,715,699		$	1,670,036		1		3
Federal funds purchased and securities loaned or
sold under repurchase agreements	294,983			254,211			254,105			263,718			252,310			16		17
Short-term borrowings	38,529			37,941			37,837			35,335			38,763			2		(1)
Trading liabilities - debt and all other interest-bearing liabilities (b)	302,997			287,443			288,007			293,269			277,576			5		9
Beneficial interests issued by consolidated VIEs	27,407			23,133			21,890			15,947			13,483			18		103
Long-term debt	340,411			325,843			315,267			294,239			249,336			4		37
Total interest-bearing liabilities	2,730,469			2,641,760			2,611,864			2,618,207			2,501,504			3		9
Noninterest-bearing deposits	648,644			658,912			660,983			671,715			650,443			(2)		—
Trading liabilities - equity and other instruments	28,622			34,176			29,508			28,513			29,769			(16)		(4)
Trading liabilities - derivative payables	39,877			42,447			46,754			46,934			49,357			(6)		(19)
All other noninterest-bearing liabilities	192,796			186,871			178,466			180,730			180,303			3		7
TOTAL LIABILITIES	3,640,408			3,564,166			3,527,575			3,546,099			3,411,376			2		7
Preferred stock	27,952			27,404			27,404			27,404			27,404			2		2
Common stockholders’ equity	300,277			294,062			284,798			277,885			271,197			2		11
TOTAL STOCKHOLDERS’ EQUITY	328,229			321,466			312,202			305,289			298,601			2		10
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,968,637		$	3,885,632		$	3,839,777		$	3,851,388		$	3,709,977		2		7

AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	4.79		%	4.79		%	4.58		%	4.20		%	3.87		%
Federal funds sold and securities purchased under resale agreements	5.23			5.26			5.06			4.63			4.06
Securities borrowed	4.52			4.59			4.39			3.91			3.61
Trading assets - debt instruments	4.38			4.39			4.32			4.12			4.15
Investment securities	3.64			3.53			3.23			3.01			2.79
Loans	7.03			6.97			6.79			6.59			6.37
All other interest-earning assets (a)(d)	10.22			10.10			9.42			8.85			7.50
Total interest-earning assets	5.55			5.53			5.32			5.01			4.68

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	2.85			2.78			2.53			2.24			1.85
Federal funds purchased and securities loaned or
sold under repurchase agreements	5.41			5.51			5.50			5.17			4.51
Short-term borrowings	5.57			5.55			5.38			4.87			4.40
Trading liabilities - debt and all other interest-bearing liabilities (b)	3.50			3.58			3.39			3.25			2.88
Beneficial interests issued by consolidated VIEs	5.34			5.36			5.38			4.95			4.43
Long-term debt	5.46			5.33			5.33			5.28			5.39
Total interest-bearing liabilities	3.59			3.50			3.32			3.04			2.64

INTEREST RATE SPREAD	1.96			2.03			2.00			1.97			2.04
NET YIELD ON INTEREST-EARNING ASSETS	2.71			2.81			2.72			2.62			2.63
Memo: Net yield on interest-earning assets excluding Markets (e)	3.83			3.86			3.89			3.83			3.80

(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.

(b) All other interest-bearing liabilities include brokerage-related customer payables.

(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.

(e) Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 29 for a further discussion of this measure.

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 29 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.








	QUARTERLY TRENDS
																1Q24 Change
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
OTHER INCOME
Other income - reported (a)	$	1,128		$	696		$	614		$	3,292		$	1,007		62	%	12	%
Fully taxable-equivalent adjustments (a)(b)	493			1,243			682			990			867			(60)		(43)
Other income - managed	$	1,621		$	1,939		$	1,296		$	4,282		$	1,874		(16)		(14)

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	18,852		$	14,523		$	17,148		$	19,528		$	17,638		30		7
Fully taxable-equivalent adjustments	493			1,243			682			990			867			(60)		(43)
Total noninterest revenue - managed	$	19,345		$	15,766		$	17,830		$	20,518		$	18,505		23		5

NET INTEREST INCOME
Net interest income - reported	$	23,082		$	24,051		$	22,726		$	21,779		$	20,711		(4)		11
Fully taxable-equivalent adjustments (b)	121			126			130			104			120			(4)		1
Net interest income - managed	$	23,203		$	24,177		$	22,856		$	21,883		$	20,831		(4)		11

TOTAL NET REVENUE
Total net revenue - reported	$	41,934		$	38,574		$	39,874		$	41,307		$	38,349		9		9
Fully taxable-equivalent adjustments	614			1,369			812			1,094			987			(55)		(38)
Total net revenue - managed	$	42,548		$	39,943		$	40,686		$	42,401		$	39,336		7		8

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	19,177		$	14,088		$	18,117		$	20,485		$	18,242		36		5
Fully taxable-equivalent adjustments	614			1,369			812			1,094			987			(55)		(38)
Pre-provision profit - managed	$	19,791		$	15,457		$	18,929		$	21,579		$	19,229		28		3

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	17,293		$	11,326		$	16,733		$	17,586		$	15,967		53		8
Fully taxable-equivalent adjustments	614			1,369			812			1,094			987			(55)		(38)
Income before income tax expense - managed	$	17,907		$	12,695		$	17,545		$	18,680		$	16,954		41		6

INCOME TAX EXPENSE
Income tax expense - reported (a)	$	3,874		$	2,019		$	3,582		$	3,114		$	3,345		92		16
Fully taxable-equivalent adjustments (a)	614			1,369			812			1,094			987			(55)		(38)
Income tax expense - managed	$	4,488		$	3,388		$	4,394		$	4,208		$	4,332		32		4

OVERHEAD RATIO
Overhead ratio - reported	54		%	63		%	55		%	50		%	52		%
Overhead ratio - managed	53			61			53			49			51

(b)Predominantly recognized in CIB, CB and Corporate.

Page 7


JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)


	QUARTERLY TRENDS
											1Q24 Change
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	17,653	$	18,097	$	18,362	$	17,233	$	16,456	(2)	%	7	%
Corporate & Investment Bank (a)	13,633		10,958		11,730		12,519		13,600		24		—
Commercial Banking (a)	3,951		4,016		4,031		3,988		3,511		(2)		13
Asset & Wealth Management	5,109		5,095		5,005		4,943		4,784		—		7
Corporate	2,202		1,777		1,558		3,718		985		24		124
TOTAL NET REVENUE	$	42,548	$	39,943	$	40,686	$	42,401	$	39,336	7		8

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	9,297	$	9,336	$	9,105	$	8,313	$	8,065	—		15
Corporate & Investment Bank (a)	7,218		6,774		7,443		6,894		7,483		7		(4)
Commercial Banking (a)	1,506		1,395		1,375		1,300		1,308		8		15
Asset & Wealth Management	3,460		3,388		3,138		3,163		3,091		2		12
Corporate	1,276		3,593		696		1,152		160		(64)		NM
TOTAL NONINTEREST EXPENSE	$	22,757	$	24,486	$	21,757	$	20,822	$	20,107	(7)		13

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	8,356	$	8,761	$	9,257	$	8,920	$	8,391	(5)		—
Corporate & Investment Bank (a)	6,415		4,184		4,287		5,625		6,117		53		5
Commercial Banking (a)	2,445		2,621		2,656		2,688		2,203		(7)		11
Asset & Wealth Management	1,649		1,707		1,867		1,780		1,693		(3)		(3)
Corporate	926		(1,816)		862		2,566		825		NM		12
PRE-PROVISION PROFIT	$	19,791	$	15,457	$	18,929	$	21,579	$	19,229	28		3

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	1,913	$	2,189	$	1,446	$	1,862	$	1,402	(13)		36
Corporate & Investment Bank (a)	32		210		(185)		38		58		(85)		(45)
Commercial Banking (a)	(31)		366		90		1,097		417		NM		NM
Asset & Wealth Management	(57)		(1)		(13)		145		28		NM		NM
Corporate	27		(2)		46		(243)		370		NM		(93)
PROVISION FOR CREDIT LOSSES	$	1,884	$	2,762	$	1,384	$	2,899	$	2,275	(32)		(17)

NET INCOME/(LOSS)
Consumer & Community Banking	$	4,831	$	4,788	$	5,895	$	5,306	$	5,243	1		(8)
Corporate & Investment Bank (a)	4,753		2,524		3,092		4,092		4,421		88		8
Commercial Banking (a)	1,869		1,653		1,935		1,208		1,347		13		39
Asset & Wealth Management	1,290		1,217		1,417		1,226		1,367		6		(6)
Corporate	676		(875)		812		2,640		244		NM		177
TOTAL NET INCOME	$	13,419	$	9,307	$	13,151	$	14,472	$	12,622	44		6

(a)As a result of the organizational changes that were announced on January 25, 2024, the Firm will be reorganizing its business segments to reflect the manner in which the segments will be managed. The reorganization of the business segments will be effective in the second quarter of 2024. Refer to Recent events on page 52 of JPMorgan Chase's 2023 Form 10-K for additional information.

Page 8


JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)

																	Mar 31, 2024
																	Change
	Mar 31,				Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2024				2023			2023			2023			2023			2023		2023
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	257,569		(c)	$	250,585		$	241,825		$	235,827		$	227,144		3	%	13	%
Tier 1 capital	280,774			(c)	277,306			268,579			262,585			253,837			1		11
Total capital	312,255			(c)	308,497			300,859			295,281			286,398			1		9
Risk-weighted assets	1,715,588			(c)	1,671,995			1,692,219			1,706,927			1,647,363			3		4
CET1 capital ratio	15.0		%	(c)	15.0		%	14.3		%	13.8		%	13.8		%
Tier 1 capital ratio	16.4			(c)	16.6			15.9			15.4			15.4
Total capital ratio	18.2			(c)	18.5			17.8			17.3			17.4

Advanced
CET1 capital	$	257,569		(c)	$	250,585		$	241,825		$	235,827		$	227,144		3		13
Tier 1 capital	280,774			(c)	277,306			268,579			262,585			253,837			1		11
Total capital	298,854			(c)	295,417			287,560			281,953			273,122			1		9
Risk-weighted assets	1,684,038			(c)	1,669,156			1,671,593			1,694,714			1,633,774			1		3
CET1 capital ratio	15.3		%	(c)	15.0		%	14.5		%	13.9		%	13.9		%
Tier 1 capital ratio	16.7			(c)	16.6			16.1			15.5			15.5
Total capital ratio	17.7			(c)	17.7			17.2			16.6			16.7

Leverage-based capital metrics
Adjusted average assets (b)	$	3,913,680		(c)	$	3,831,200		$	3,785,641		$	3,796,579		$	3,656,598		2		7
Tier 1 leverage ratio	7.2		%	(c)	7.2		%	7.1		%	6.9		%	6.9		%

Total leverage exposure	$	4,634,646		(c)	$	4,540,465		$	4,500,253		$	4,492,761		$	4,327,863		2		7
SLR	6.1		%	(c)	6.1		%	6.0		%	5.8		%	5.9		%

Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC	$	520,408		(c)	$	513,799		$	496,183		$	493,760		$	488,245		1		7

MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance	$	250,585			$	241,825		$	235,827		$	227,144		$	218,934		4		14
Net income applicable to common equity	13,022				8,921			12,765			14,099			12,266			46		6
Dividends declared on common stock	(3,348)				(3,064)			(3,080)			(2,948)			(2,963)			(9)		(13)
Net purchase of treasury stock	(1,829)				(2,240)			(2,337)			(2,268)			(2,036)			18		10
Changes in additional paid-in capital	(225)				229			321			423			111			NM		NM
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities	141				4,362			(1,950)			757			2,212			(97)		(94)
Translation adjustments, net of hedges	(204)				402			(340)			70			197			NM		NM
Fair value hedges	(21)				(86)			(5)			11			(21)			76		—
Defined benefit pension and other postretirement employee benefit plans	26				455			(21)			(6)			(55)			(94)		NM
Changes related to other CET1 capital adjustments	(578)			(c)	(219)			645			(1,455)			(1,501)			(164)		61
Change in Standardized/Advanced CET1 capital	6,984			(c)	8,760			5,998			8,683			8,210			(20)		(15)
Standardized/Advanced CET1 capital, ending balance	$	257,569		(c)	$	250,585		$	241,825		$	235,827		$	227,144		3		13

(a)The capital metrics reflect the CECL capital transition provisions. As of March 31, 2024, CET1 capital reflected the final remaining $720 million CECL benefit; as of December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, CET1 capital reflected a $1.4 billion benefit. Refer to Note 27 of the Firm’s 2023 Form 10-K for additional information.

(b)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 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.

(c)Estimated.

Page 9


JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)

											Mar 31, 2024
											Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Mar 31,
	2024		2023		2023		2023		2023		2023		2023
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity	$	306,737	$	300,474	$	289,967	$	285,112	$	275,678	2	%	11	%
Less: Goodwill	52,636		52,634		52,492		52,380		52,144		—		1
Less: Other intangible assets	3,133		3,225		3,309		3,629		2,191		(3)		43
Add: Certain deferred tax liabilities (b)	2,981		2,996		3,025		3,097		2,754		(1)		8
Total tangible common equity	$	253,949	$	247,611	$	237,191	$	232,200	$	224,097	3		13

TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity	$	300,277	$	294,062	$	284,798	$	277,885	$	271,197	2		11
Less: Goodwill	52,614		52,538		52,427		52,342		51,716		—		2
Less: Other intangible assets	3,157		3,254		3,511		2,191		1,296		(3)		144
Add: Certain deferred tax liabilities (b)	2,988		2,992		3,080		2,902		2,549		—		17
Total tangible common equity	$	247,494	$	241,262	$	231,940	$	226,254	$	220,734	3		12

INTANGIBLE ASSETS (period-end)
Goodwill	$	52,636	$	52,634	$	52,492	$	52,380	$	52,144	—		1
Mortgage servicing rights	8,605		8,522		9,109		8,229		7,755		1		11
Other intangible assets	3,133		3,225		3,309		3,629		2,191		(3)		43
Total intangible assets	$	64,374	$	64,381	$	64,910	$	64,238	$	62,090	—		4

(a)Refer to page 29 for further discussion of TCE.

(b)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 TCE.

Page 10


JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)

	QUARTERLY TRENDS
																	1Q24 Change
	1Q24				4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
EARNINGS PER SHARE
Basic earnings per share
Net income	$	13,419			$	9,307		$	13,151		$	14,472		$	12,622		44	%	6	%
Less: Preferred stock dividends	397				386			386			373			356			3		12
Net income applicable to common equity	13,022				8,921			12,765			14,099			12,266			46		6
Less: Dividends and undistributed earnings allocated to
participating securities	80				51			80			88			73			57		10
Net income applicable to common stockholders	$	12,942			$	8,870		$	12,685		$	14,011		$	12,193		46		6

Total weighted-average basic shares outstanding	2,908.3				2,914.4			2,927.5			2,943.8			2,968.5			—		(2)
Net income per share	$	4.45			$	3.04		$	4.33		$	4.76		$	4.11		46		8

Diluted earnings per share
Net income applicable to common stockholders	$	12,942			$	8,870		$	12,685		$	14,011		$	12,193		46		6
Total weighted-average basic shares outstanding	2,908.3				2,914.4			2,927.5			2,943.8			2,968.5			—		(2)
Add: Dilutive impact of unvested performance share units (“PSUs”), nondividend-earning restricted stock units (“RSUs”) and stock appreciation rights (“SARs”)	4.5				4.7			4.6			4.5			4.2			(4)		7
Total weighted-average diluted shares outstanding	2,912.8				2,919.1			2,932.1			2,948.3			2,972.7			—		(2)
Net income per share	$	4.44			$	3.04		$	4.33		$	4.75		$	4.10		46		8

COMMON DIVIDENDS
Cash dividends declared per share	$	1.15		(c)	$	1.05		$	1.05		$	1.00		$	1.00		10		15
Dividend payout ratio	26		%		34		%	24		%	21		%	24		%

COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	15.9				15.2			15.6			16.7			22.0			5		(28)
Average price paid per share of common stock	$	179.50			$	151.02		$	151.46		$	137.20		$	133.67		19		34
Aggregate repurchases of common stock	2,849				2,301			2,364			2,293			2,940			24		(3)

EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	10.9				0.8			0.6			0.5			10.0			NM		9
Net impact of employee issuances on stockholders’ equity (b)	$	801			$	308		$	368		$	467		$	1,028		160		(22)

(a)The Firm is authorized to purchase up to $30 billion of common shares under its current repurchase program.

(b)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 SARs.

(c)On March 19, 2024, the Board of Directors declared a quarterly common stock dividend of $1.15 per share.

Page 11


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS
																				1Q24 Change
	1Q24				4Q23				3Q23				2Q23				1Q23			4Q23		1Q23
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	822			$	856			$	836			$	841			$	823		(4)	%	—	%
Asset management fees	947			(d)	899			(d)	891			(d)	816			(d)	676			5		40
Mortgage fees and related income	274				261				417				274				223			5		23
Card income	682				684				626				483				739			—		(8)
All other income (a)	1,220			(d)	1,270			(d)	1,212			(d)	1,129			(d)	1,162			(4)		5
Noninterest revenue	3,945				3,970				3,982				3,543				3,623			(1)		9
Net interest income	13,708			(d)	14,127			(d)	14,380			(d)	13,690			(d)	12,833			(3)		7
TOTAL NET REVENUE	17,653				18,097				18,362				17,233				16,456			(2)		7

Provision for credit losses	1,913			(d)	2,189			(d)	1,446			(d)	1,862			(d)	1,402			(13)		36

NONINTEREST EXPENSE
Compensation expense	4,229				4,023				3,975				3,628				3,545			5		19
Noncompensation expense (b)	5,068				5,313				5,130				4,685				4,520			(5)		12
TOTAL NONINTEREST EXPENSE	9,297			(d)	9,336			(d)	9,105			(d)	8,313			(d)	8,065			—		15

Income before income tax expense	6,443				6,572				7,811				7,058				6,989			(2)		(8)
Income tax expense	1,612				1,784				1,916				1,752				1,746			(10)		(8)
NET INCOME	$	4,831			$	4,788			$	5,895			$	5,306			$	5,243		1		(8)

REVENUE BY LINE OF BUSINESS
Banking & Wealth Management	$	10,324		(e)	$	10,877		(e)	$	11,345		(e)	$	10,936		(e)	$	10,041		(5)		3
Home Lending	1,186			(e)	1,161			(e)	1,252			(e)	1,007			(e)	720			2		65
Card Services & Auto	6,143				6,059				5,765				5,290				5,695			1		8

MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	130				82				162				102				75			59		73
Net mortgage servicing revenue (c)	144				179				255				172				148			(20)		(3)
Mortgage fees and related income	$	274			$	261			$	417			$	274			$	223		5		23

FINANCIAL RATIOS
ROE	35		%		33		%		41		%		38		%		40		%
Overhead ratio	53				52				50				48				49

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $665 million, $666 million, $685 million, $704 million and $741 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(b)Included depreciation expense on leased assets of $427 million, $425 million, $458 million, $445 million and $407 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(c)Included MSR risk management results of $(1) million, $7 million, $111 million, $25 million and $(12) million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(d)Includes First Republic. Refer to page 30 for additional information.

(e)Banking & Wealth Management and Home Lending included revenue associated with First Republic of $639 million and $392 million, respectively, for the three months ended March 31, 2024, $745 million and $346 million, respectively, for the three months ended December 31, 2023, $1.0 billion and $351 million, respectively, for the three months ended September 30, 2023, and $596 million and $235 million, respectively, for the three months ended June 30, 2023.

Page 12


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)

	QUARTERLY TRENDS
															1Q24 Change
	1Q24			4Q23			3Q23			2Q23			1Q23		4Q23		1Q23
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	629,122		$	642,951		$	626,196		$	620,193		$	506,382	(2)	%	24	%

Loans:
Banking & Wealth Management	31,266		(c)	31,142		(c)	30,574		(c)	30,959		(c)	28,038		—		12
Home Lending (a)	254,243		(c)	259,181		(c)	261,858		(c)	262,432		(c)	172,058		(2)		48
Card Services	206,823			211,175			196,955			191,353			180,079		(2)		15
Auto	76,508			77,705			74,831			73,587			69,556		(2)		10
Total loans	568,840			579,203			564,218			558,331			449,731		(2)		26

Deposits	1,105,583		(d)	1,094,738		(d)	1,136,884		(d)	1,173,514		(d)	1,147,474		1		(4)
Equity	54,500			55,500			55,500			55,500			52,000		(2)		5

SELECTED BALANCE SHEET DATA (average)
Total assets	$	627,862		$	629,744		$	622,760		$	576,417		$	506,775	—		24

Loans:
Banking & Wealth Management	31,241		(e)	30,718		(e)	30,686		(e)	30,628		(e)	28,504		2		10
Home Lending (b)	257,866		(e)	261,394		(e)	264,041		(e)	229,569		(e)	172,124		(1)		50
Card Services	204,701			202,685			195,245			187,028			180,451		1		13
Auto	77,268			76,409			74,358			71,083			68,744		1		12
Total loans	571,076			571,206			564,330			518,308			449,823		—		27

Deposits	1,079,243		(f)	1,092,432		(f)	1,143,539		(f)	1,157,309		(f)	1,112,967		(1)		(3)
Equity	54,500			55,500			55,500			54,346			52,000		(2)		5

Employees	142,758			141,640			141,125			137,087			135,983		1		5

(a)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, Home Lending loans held-for-sale and loans at fair value were $4.8 billion, $3.4 billion, $4.1 billion, $3.9 billion and $4.2 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $4.7 billion, $4.7 billion, $5.7 billion, $5.3 billion and $3.5 billion for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(c)At March 31, 2024, included $3.9 billion and $89.7 billion for Banking & Wealth Management and Home Lending, respectively, $4.0 billion and $90.7 billion, respectively, at December 31, 2023, $3.1 billion and $91.2 billion, respectively, at September 30, 2023, and $3.4 billion and $91.3 billion, respectively, at June 30, 2023, associated with First Republic.

(d)Includes First Republic. In the fourth quarter of 2023, CCB transferred certain deposits associated with First Republic to AWM, CB, and CIB. Refer to page 30 for additional information.

(e)Average Banking & Wealth Management and Home Lending loans associated with First Republic were $4.0 billion and $90.2 billion, respectively, for the three months ended March 31, 2024, $3.4 billion and $91.1 billion, respectively, for the three months ended December 31, 2023, $3.2 billion and $91.1 billion, respectively, for the three months ended September 30, 2023, and $2.7 billion and $57.2 billion, respectively, for the three months ended June 30, 2023.

(f)Average deposits associated with First Republic were $40.6 billion, $42.9 billion, $66.7 billion and $47.2 billion for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively.

Page 13


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS
																1Q24 Change
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)	$	3,647		$	3,740		$	3,690		$	3,823		$	3,835		(2)	%	(5)	%

Net charge-offs/(recoveries)
Banking & Wealth Management	79			81			88			92			79			(2)		—
Home Lending	(7)			6			(16)			(28)			(18)			NM		61
Card Services	1,688			1,426			1,227			1,124			922			18		83
Auto	119			125			100			63			69			(5)		72
Total net charge-offs/(recoveries)	$	1,879		$	1,638		$	1,399		$	1,251		$	1,052		15		79
Net charge-off/(recovery) rate
Banking & Wealth Management	1.02		%	1.05		%	1.14		%	1.20		%	1.12		%
Home Lending	(0.01)			0.01			(0.02)			(0.05)			(0.04)
Card Services	3.32			2.79			2.49			2.41			2.07
Auto	0.62			0.65			0.53			0.36			0.41
Total net charge-off/(recovery) rate	1.33			1.15			0.99			0.98			0.96

30+ day delinquency rate
Home Lending (b)	0.70		%	0.66		%	0.59		%	0.58		%	0.81		%
Card Services	2.23			2.14			1.94			1.70			1.68
Auto	1.03			1.19			1.13			0.92			0.90

90+ day delinquency rate - Card Services	1.16			1.05			0.94			0.84			0.83

Allowance for loan losses
Banking & Wealth Management	$	706		$	685		$	686		$	731		$	720		3		(2)
Home Lending	432		(c)	578		(c)	573		(c)	777		(c)	427			(25)		1
Card Services	12,606			12,453			11,901			11,600			11,400			1		11
Auto	742			742			742			717			716			—		4
Total allowance for loan losses	$	14,486		$	14,458		$	13,902		$	13,825		$	13,263	(d)	—		9

(a)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $107 million, $123 million, $123 million, $139 million and $164 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(b)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $147 million, $176 million, $175 million, $195 million and $219 million, respectively. These amounts have been excluded based upon the government guarantee.

(c)Includes First Republic.

(d)On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance resulted in a net decrease in the allowance for loan losses of $591 million, driven by residential real estate and credit card. Refer to Credit-related information on pages 27-28, and Note 1 of the Firm’s 2023 Form 10-K for further information.

Page 14


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)

	QUARTERLY TRENDS
																1Q24 Change
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
BUSINESS METRICS
Number of:
Branches	4,907			4,897			4,863			4,874			4,784			—	%	3	%
Active digital customers (in thousands) (a)	68,496		(f)	66,983		(f)	66,765		(f)	65,559		(f)	64,998			2		5
Active mobile customers (in thousands) (b)	54,674		(f)	53,828		(f)	53,221		(f)	51,963		(f)	50,933			2		7

Debit and credit card sales volume (in billions)	$	420.7		$	441.0		$	426.3		$	424.0		$	387.3		(5)		9
Total payments transaction volume (in trillions) (c)	1.5		(f)	1.5		(f)	1.5		(f)	1.5		(f)	1.4			—		7

Banking & Wealth Management
Average deposits	$	1,065,562	(g)	$	1,077,725	(g)	$	1,127,807	(g)	$	1,142,755	(g)	$	1,098,494		(1)		(3)
Deposit margin	2.71		%	2.82		%	2.92		%	2.83		%	2.78		%
Business Banking average loans	$	19,447		$	19,511		$	19,520		$	19,628		$	19,884		—		(2)
Business Banking origination volume	1,130			1,130			1,321			1,275			1,027			—		10
Client investment assets (d)	1,010,315			951,115			882,253			892,897			690,819			6		46
Number of client advisors	5,571			5,456			5,424			5,153			5,125			2		9

Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	4.4	(h)	$	4.7	(h)	$	6.8	(h)	$	7.3	(h)	$	3.6		(6)		22
Correspondent	2.2			2.5			4.2			3.9			2.1			(12)		5
Total mortgage origination volume (e)	$	6.6		$	7.2		$	11.0		$	11.2		$	5.7		(8)		16
Third-party mortgage loans serviced (period-end)	626.2			631.2			637.8			604.5			575.9			(1)		9
MSR carrying value (period-end)	8.6			8.5			9.1			8.2			7.7			1		12

Card Services
Sales volume, excluding commercial card (in billions)	$	291.0		$	307.2		$	296.2		$	294.0		$	266.2		(5)		9
Net revenue rate	10.09		%	9.82		%	9.60		%	9.11		%	10.38		%
Net yield on average loans	9.90			9.70			9.54			9.31			9.89

Auto
Loan and lease origination volume (in billions)	$	8.9		$	9.9		$	10.2		$	12.0		$	9.2		(10)		(3)
Average auto operating lease assets	10,435			10,440			10,701			11,015			11,538			—		(10)

(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.

(b)Users of all mobile platforms who have logged in within the past 90 days.

(c)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.

(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 21-23 for additional information. At March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023 included $146.6 billion, $144.6 billion, $140.6 billion, and $150.9 billion of client investment assets associated with First Republic, respectively.

(e)Firmwide mortgage origination volume was $7.6 billion, $8.6 billion, $13.0 billion, $13.0 billion and $6.8 billion for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively

(f)Excludes First Republic.

(g)Included $40.6 billion, $42.9 billion, $66.7 billion, and $47.2 billion for the three months ended March 31, 2024 December 31, 2023, September 30, 2023, and June 30, 2023, respectively, associated with First Republic.

(h)Included $304 million, $410 million, $730 million, and $1.1 billion for the three months ended March 31, 2024 December 31, 2023, September 30, 2023, and June 30, 2023, respectively, associated with First Republic.

Page 15


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS
																1Q24 Change
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
INCOME STATEMENT
REVENUE
Investment banking fees (a)	$	2,001		$	1,654		$	1,717		$	1,557		$	1,654		21	%	21	%
Principal transactions	6,639			3,648			5,918			6,697			7,408			82		(10)
Lending- and deposit-related fees	642			585			556			533			539			10		19
Commissions and other fees	1,248			1,194			1,174			1,219			1,234			5		1
Card income	326			361			374			400			315			(10)		3
All other income	380			678			131			396			373			(44)		2
Noninterest revenue	11,236			8,120			9,870			10,802			11,523			38		(2)
Net interest income	2,397			2,838			1,860			1,717			2,077			(16)		15
TOTAL NET REVENUE (b)	13,633			10,958			11,730			12,519			13,600			24		—

Provision for credit losses	32			210			(185)			38			58			(85)		(45)

NONINTEREST EXPENSE
Compensation expense	4,090			3,374			3,425			3,461			4,085			21		—
Noncompensation expense	3,128			3,400			4,018			3,433			3,398			(8)		(8)
TOTAL NONINTEREST EXPENSE	7,218			6,774			7,443			6,894			7,483			7		(4)

Income before income tax expense	6,383			3,974			4,472			5,587			6,059			61		5
Income tax expense	1,630			1,450			1,380			1,495			1,638			12		—
NET INCOME	$	4,753		$	2,524		$	3,092		$	4,092		$	4,421		88		8

FINANCIAL RATIOS
ROE	18		%	9		%	11		%	15		%	16		%
Overhead ratio	53			62			63			55			55
Compensation expense as percentage of total net revenue	30			31			29			28			30

REVENUE BY BUSINESS
Investment Banking	$	1,986		$	1,576		$	1,613		$	1,494		$	1,560		26		27
Payments	2,367			2,332			2,094			2,451			2,396			2		(1)
Lending	130			150			291			299			267			(13)		(51)
Total Banking	4,483			4,058			3,998			4,244			4,223			10		6
Fixed Income Markets	5,297			4,033			4,514			4,567			5,699			31		(7)
Equity Markets	2,685			1,778			2,067			2,451			2,683			51		—
Securities Services	1,183			1,191			1,212			1,221			1,148			(1)		3
Credit Adjustments & Other (c)	(15)			(102)			(61)			36			(153)			85		90
Total Markets & Securities Services	9,150			6,900			7,732			8,275			9,377			33		(2)
TOTAL NET REVENUE	$	13,633		$	10,958		$	11,730		$	12,519		$	13,600		24		—

(a)Includes CB's share of revenue from investment banking products sold to CB clients through the CIB that is subject to a revenue sharing arrangement which is reported as a reduction in All other income.

(b)Includes tax-equivalent adjustments, predominantly due to income tax credits, amortization of the cost of investments and other tax benefits related to alternative energy investments and affordable housing projects; and income from tax-exempt securities of $471 million, $1.2 billion, $643 million, $953 million and $839 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively. Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.

(c)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) 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 CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 16


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
	QUARTERLY TRENDS
																1Q24 Change
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,594,901		$	1,338,168		$	1,446,231		$	1,432,054		$	1,436,237		19	%	11	%
Loans:
Loans retained (a)	194,299			197,523			194,255			194,450			187,133			(2)		4
Loans held-for-sale and loans at fair value (b)	40,466			38,919			39,069			38,959			38,335			4		6
Total loans	234,765			236,442			233,324			233,409			225,468			(1)		4

Equity	102,000			108,000			108,000			108,000			108,000			(6)		(6)

SELECTED BALANCE SHEET DATA (average)
Total assets	$	1,492,897		$	1,401,288		$	1,423,182		$	1,461,857		$	1,429,662		7		4
Trading assets - debt and equity instruments	580,753			490,329			522,845			533,082			488,767			18		19
Trading assets - derivative receivables	57,239			62,454			65,774			63,094			64,016			(8)		(11)
Loans:
Loans retained (a)	192,857			193,870			193,683			189,153			185,572			(1)		4
Loans held-for-sale and loans at fair value (b)	42,321			39,438			39,227			38,132			42,569			7		(1)
Total loans	235,178			233,308			232,910			227,285			228,141			1		3

Deposits	780,073			764,438			726,617			722,818			699,586			2		12
Equity	102,000			108,000			108,000			108,000			108,000			(6)		(6)


Employees	74,367			74,404			74,900			74,822			74,352			—		—

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	2		$	121		$	45		$	56		$	50		(98)		(96)

Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)	929			866			978			924			832			7		12
Nonaccrual loans held-for-sale and loans at fair value (d)	1,080			828			801			818			808			30		34
Total nonaccrual loans	2,009			1,694			1,779			1,742			1,640			19		23

Derivative receivables	293			364			293			286			291			(20)		1
Assets acquired in loan satisfactions	109			115			126			133			86			(5)		27
Total nonperforming assets	2,411			2,173			2,198			2,161			2,017			11		20

Allowance for credit losses:
Allowance for loan losses	2,291			2,321			2,414			2,531			2,454			(1)		(7)
Allowance for lending-related commitments	1,077			1,048			1,095			1,207			1,301			3		(17)
Total allowance for credit losses	3,368			3,369			3,509			3,738			3,755			—		(10)

Net charge-off/(recovery) rate (a)(e)	—		%	0.25		%	0.09		%	0.12		%	0.11		%

Allowance for loan losses to period-end loans retained (a)	1.18			1.18			1.24			1.30			1.31
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)	1.65			1.64			1.74			1.86			1.81

Allowance for loan losses to nonaccrual loans retained (a)(c)	247			268			247			274			295
Nonaccrual loans to total period-end loans	0.86			0.72			0.76			0.75			0.73

(a)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

(b)Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization.

(c)Allowance for loan losses of $126 million, $95 million, $182 million, $145 million and $153 million were held against these nonaccrual loans at March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(d)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $50 million, $59 million, $65 million, $76 million and $99 million, respectively. These amounts have been excluded based upon the government guarantee.

(e)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(f)Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

Page 17


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS
											1Q24 Change
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
BUSINESS METRICS
Advisory	$	598	$	751	$	767	$	540	$	756	(20)	%	(21)	%
Equity underwriting	355		324		274		318		235		10		51
Debt underwriting	1,048		579		676		699		663		81		58
Total investment banking fees	$	2,001	$	1,654	$	1,717	$	1,557	$	1,654	21		21

Client deposits and other third-party liabilities (average) (a)	665,868		660,750		638,119		647,479		633,729		1		5

Merchant processing volume (in billions) (b)	604		639		610		600		559		(5)		8

Assets under custody (“AUC”) (period-end) (in billions)	$	33,985	$	32,392	$	29,725	$	30,424	$	29,725	5		14

95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income	$	35	$	35	$	49	$	57	$	56	—		(38)
Foreign exchange	13		10		17		12		10		30		30
Equities	6		5		7		8		7		20		(14)
Commodities and other	7		8		10		12		15		(13)		(53)
Diversification benefit to CIB trading VaR (d)	(29)		(29)		(48)		(48)		(44)		—		34
CIB trading VaR (c)	32		29		35		41		44		10		(27)
Credit Portfolio VaR (e)	24		16		15		14		11		50		118
Diversification benefit to CIB VaR (d)	(15)		(13)		(12)		(11)		(10)		(15)		(50)
CIB VaR	$	41	$	32	$	38	$	44	$	45	28		(9)

(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.

(b)Represents Firmwide merchant processing volume.

(c)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 137–139 of the Firm’s 2023 Form 10-K for further information.

(d)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.

(e)Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.

Page 18


JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS
																				1Q24 Change
	1Q24				4Q23				3Q23				2Q23				1Q23			4Q23		1Q23
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	331		(e)	$	324		(e)	$	410		(e)	$	249			$	227		2	%	46	%
Card income	199				191				198				201				173			4		15
All other income	395				391				364				385				381			1		4
Noninterest revenue	925				906				972				835				781			2		18
Net interest income	3,026			(e)	3,110			(e)	3,059			(e)	3,153			(e)	2,730			(3)		11
TOTAL NET REVENUE (a)	3,951				4,016				4,031				3,988				3,511			(2)		13

Provision for credit losses	(31)			(e)	366			(e)	90			(e)	1,097			(e)	417			NM		NM

NONINTEREST EXPENSE
Compensation expense	806			(e)	733			(e)	730			(e)	656				641			10		26
Noncompensation expense	700				662				645				644				667			6		5
TOTAL NONINTEREST EXPENSE	1,506				1,395				1,375				1,300				1,308			8		15

Income before income tax expense	2,476				2,255				2,566				1,591				1,786			10		39
Income tax expense	607				602				631				383				439			1		38
NET INCOME	$	1,869			$	1,653			$	1,935			$	1,208			$	1,347		13		39

REVENUE BY PRODUCT
Lending	$	1,609		(e)	$	1,629		(e)	$	1,662		(e)	$	1,480		(e)	$	1,222		(1)		32
Payments (b)	2,014				2,045				2,045				2,188				1,972			(2)		2
Investment banking (b)(c)	320				298				290				273				306			7		5
Other	8				44				34				47				11			(82)		(27)
TOTAL NET REVENUE (a)	$	3,951			$	4,016			$	4,031			$	3,988			$	3,511		(2)		13

Investment Banking and Markets revenue, gross (d)	$	913			$	924			$	821			$	767			$	881		(1)		4

REVENUE BY CLIENT SEGMENT
Middle Market Banking	$	1,832		(f)	$	1,898		(f)	$	1,876		(f)	$	1,916		(f)	$	1,681		(3)		9
Corporate Client Banking	1,194				1,164				1,208				1,229				1,176			3		2
Commercial Real Estate Banking	909			(f)	939			(f)	921			(f)	806			(f)	642			(3)		42
Other	16				15				26				37				12			7		33
TOTAL NET REVENUE (a)	$	3,951			$	4,016			$	4,031			$	3,988			$	3,511		(2)		13

FINANCIAL RATIOS
ROE	24		%		21		%		25		%		16		%		18		%
Overhead ratio	38				35				34				33				37

(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 $86 million, $108 million, $103 million, $89 million and $82 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(b)In the third quarter of 2023, certain revenue from CIB Markets products was reclassified from payments to investment banking. Prior-period amounts have been revised to conform with the current presentation.

(c)Includes CB’s share of revenue from Investment Banking and Markets’ products sold to CB clients through the CIB which is reported in All other income.

(d)Includes gross revenues earned by the Firm that are subject to a revenue sharing arrangement between CB and the CIB for Investment Banking and Markets’ products sold to CB clients. This includes revenues related to fixed income and equity markets products. Refer to page 65 of the Firm’s 2023 Form 10-K for discussion of revenue sharing.

(e)Includes First Republic. Refer to page 30 for additional information.

(f)Middle Market Banking and Commercial Real Estate Banking included $72 million and $278 million, respectively, for the three months ended March 31, 2024, $75 million and $284 million, respectively, for the three months ended December 31, 2023, $93 million and $273 million, respectively, for the three months ended September 30, 2023, and $48 million and $130 million, respectively, for the three months ended June 30, 2023, associated with First Republic.

Page 19


JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee and ratio data)	QUARTERLY TRENDS
																1Q24 Change
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	303,350		$	300,325		$	300,367		$	305,280		$	261,181		1	%	16	%
Loans:
Loans retained	281,155		(c)	277,663		(c)	281,389		(c)	282,124		(c)	238,752			1		18
Loans held-for-sale and loans at fair value	280			545			915			1,540			1,538			(49)		(82)
Total loans	$	281,435		$	278,208		$	282,304		$	283,664		$	240,290		1		17
Equity	30,000			30,000			30,000			30,000			28,500			—		5

Period-end loans by client segment
Middle Market Banking	$	79,207	(d)	$	78,043	(d)	$	78,955	(d)	$	79,885	(d)	$	73,329		1		8
Corporate Client Banking	57,373			56,132			59,645			60,511			58,256			2		(2)
Commercial Real Estate Banking	144,267		(d)	143,507		(d)	143,413		(d)	142,897		(d)	108,582			1		33
Other	588			526			291			371			123			12		378
Total loans	$	281,435		$	278,208		$	282,304		$	283,664		$	240,290		1		17

SELECTED BALANCE SHEET DATA (average)
Total assets	$	301,221		$	302,429		$	301,964		$	290,875		$	255,468		—		18
Loans:
Loans retained	278,330		(e)	280,009		(e)	281,602		(e)	270,091		(e)	236,808			(1)		18
Loans held-for-sale and loans at fair value	1,216			977			1,378			726			1,155			24		5
Total loans	$	279,546		$	280,986		$	282,980		$	270,817		$	237,963		(1)		17
Deposits	265,715		(f)	267,788		(f)	262,148			275,196			265,943			(1)		—
Equity	30,000			30,000			30,000			29,505			28,500			—		5

Average loans by client segment
Middle Market Banking	$	78,364	(g)	$	78,601	(g)	$	78,774	(g)	$	78,037	(g)	$	73,030		—		7
Corporate Client Banking	56,633			58,480			60,816			59,159			56,581			(3)		—
Commercial Real Estate Banking	143,959		(g)	143,456		(g)	142,955		(g)	133,394		(g)	108,143			—		33
Other	590			449			435			227			209			31		183
Total loans	$	279,546		$	280,986		$	282,980		$	270,817		$	237,963		(1)		17

Employees	18,111			17,867			17,281			15,991			15,026			1		21

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	67		$	126		$	53		$	100		$	37		(47)		81
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (a)	1,217			809			889			1,068			918			50		33
Nonaccrual loans held-for-sale and loans
at fair value	13			—			24			—			—			NM		NM
Total nonaccrual loans	1,230			809			913			1,068			918			52		34

Assets acquired in loan satisfactions	50			54			47			—			—			(7)		NM
Total nonperforming assets	1,280			863			960			1,068			918			48		39
Allowance for credit losses:
Allowance for loan losses	5,000			5,005			4,721			4,729			3,566			—		40
Allowance for lending-related commitments	708			801			845			801			966			(12)		(27)
Total allowance for credit losses	5,708		(h)	5,806		(h)	5,566		(h)	5,530		(h)	4,532			(2)		26

Net charge-off/(recovery) rate (b)	0.10		%	0.18		%	0.07		%	0.15		%	0.06		%
Allowance for loan losses to period-end loans retained	1.78			1.80			1.68			1.68			1.49
Allowance for loan losses to nonaccrual loans retained (a)	411			619			531			443			388
Nonaccrual loans to period-end total loans	0.44			0.29			0.32			0.38			0.38

(a)Allowance for loan losses of $249 million, $156 million, $164 million, $205 million and $170 million was held against nonaccrual loans retained at March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(b)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(c)Includes First Republic. Refer to page 30 for additional information.

(d)As of March 31, 2024, included $5.6 billion and $32.5 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, as of December 31, 2023, included $5.9 billion and $32.6 billion, respectively, as of September 30, 2023, included $6.1 billion and $32.7 billion, respectively, and as of June 30, 2023, included $6.2 billion and $33.3 billion, respectively, associated with First Republic.

(e)Average loans retained associated with First Republic were $38.6 billion, $39.0 billion, $39.0 billion and $28.6 billion for the three months ended March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023 respectively.

(f)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Average deposits associated with First Republic were $7.1 billion, and $5.7 billion for the three months ended March 31, 2024, and December 31, 2023, respectively.

(g)Average Middle Market Banking and Commercial Real Estate Banking loans associated with First Republic were $5.8 billion and $32.7 billion respectively, for the three months ended March 31, 2024, $6.3 billion and $32.7 billion, respectively, for the three months ended December 31, 2023, $6.2 billion and $32.8 billion, respectively, for the three months ended September 30, 2023, and $4.4 billion and $24.2 billion, respectively, for the three months ended June 30, 2023.

(h)As of March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, included $732 million, $729 million, $630 million and $608 million allowance, respectively, for First Republic.

Page 20


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)


	QUARTERLY TRENDS
																1Q24 Change
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
INCOME STATEMENT
REVENUE
Asset management fees	$	3,170		$	3,137		$	2,975	(b)	$	2,932	(b)	$	2,782	(b)	1	%	14	%
Commissions and other fees	193			153			190		(b)	194		(b)	160		(b)	26		21
All other income	151		(a)	148		(a)	266		(a)	232		(a)	391			2		(61)
Noninterest revenue	3,514			3,438			3,431			3,358			3,333			2		5
Net interest income	1,595		(a)	1,657		(a)	1,574		(a)	1,585		(a)	1,451			(4)		10
TOTAL NET REVENUE	5,109			5,095			5,005			4,943			4,784			—		7

Provision for credit losses	(57)		(a)	(1)		(a)	(13)		(a)	145		(a)	28			NM		NM

NONINTEREST EXPENSE
Compensation expense	1,972			1,857			1,777			1,746			1,735			6		14
Noncompensation expense	1,488			1,531			1,361			1,417			1,356			(3)		10
TOTAL NONINTEREST EXPENSE	3,460		(a)	3,388		(a)	3,138		(a)	3,163			3,091			2		12

Income before income tax expense	1,706			1,708			1,880			1,635			1,665			—		2
Income tax expense	416			491			463			409			298			(15)		40
NET INCOME	$	1,290		$	1,217		$	1,417		$	1,226		$	1,367		6		(6)

REVENUE BY LINE OF BUSINESS
Asset Management	$	2,326		$	2,403		$	2,164		$	2,128		$	2,434		(3)		(4)
Global Private Bank	2,783		(a)	2,692		(a)	2,841		(a)	2,815		(a)	2,350			3		18
TOTAL NET REVENUE	$	5,109		$	5,095		$	5,005		$	4,943		$	4,784		—		7

FINANCIAL RATIOS
ROE	33		%	28		%	32		%	29		%	34		%
Overhead ratio	68			66			63			64			65
Pretax margin ratio:
Asset Management	28			29			29			27			37
Global Private Bank	38			37			44			37			33
Asset & Wealth Management	33			34			38			33			35

Employees	28,670			28,485			28,083			26,931			26,773			1		7

Number of Global Private Bank client advisors	3,536			3,515			3,443			3,214			3,189			1		11

(a)Includes First Republic. Refer to page 30 for additional information.

(b)Prior-period amounts have been revised to conform with the current presentation.

Page 21

Page 22


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS
																1Q24 Change
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	240,555		$	245,512		$	249,866		$	247,118		$	232,516		(2)	%	3	%
Loans	222,472		(a)	227,929		(a)	228,114		(a)	222,493		(a)	211,140			(2)		5
Deposits	230,413		(a)	233,232		(a)	215,152			199,763			225,831			(1)		2
Equity	15,500			17,000			17,000			17,000			16,000			(9)		(3)

SELECTED BALANCE SHEET DATA (average)
Total assets	$	241,384		$	247,202		$	245,616		$	238,987		$	228,823		(2)		5
Loans	223,429		(b)	227,042		(b)	223,760		(b)	219,469		(b)	211,469			(2)		6
Deposits	227,723		(c)	226,640		(c)	201,975			211,872			224,354			—		2
Equity	15,500			17,000			17,000			16,670			16,000			(9)		(3)






CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	8		$	12		$	1		$	2		$	(2)		(33)		NM

Nonaccrual loans	769			650			621			615			477			18		61

Allowance for credit losses:
Allowance for loan losses	571			633			642			649			526			(10)		9
Allowance for lending-related commitments	27			28			32			39			19			(4)		42
Total allowance for credit losses	598		(d)	661		(d)	674		(d)	688		(d)	545			(10)		10

Net charge-off/(recovery) rate	0.01		%	0.02		%	—		%	—		%	—		%

Allowance for loan losses to period-end loans	0.26			0.28			0.28			0.29			0.25

Allowance for loan losses to nonaccrual loans	74			97			103			106			110
Nonaccrual loans to period-end loans	0.35			0.29			0.27			0.28			0.23

(a)Includes First Republic. In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 30 for additional information.

(b)Included $10.7 billion, $11.7 billion, $13.0 billion, and $9.7 billion for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023 respectively, associated with First Republic.

(c)Average deposits associated with First Republic were $12.6 billion, and $11.2 billion for the three months ended March 31, 2024, and December 31, 2023, respectively.

(d)At March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023 included $102 million, $128 million, $115 million, and $146 million allowance, respectively, associated with First Republic.

Page 23


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)


											Mar 31, 2024
											Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Mar 31,
CLIENT ASSETS	2024		2023		2023		2023		2023		2023		2023
Assets by asset class
Liquidity	$	927	$	926	$	867	$	826	$	761	—	%	22	%
Fixed income	762		751		707		718		682		1		12
Equity	964		868		780		792		733		11		32
Multi-asset	711		680		626		647		627		5		13
Alternatives	200		197		206		205		203		2		(1)
TOTAL ASSETS UNDER MANAGEMENT	3,564		3,422		3,186		3,188		3,006		4		19
Custody/brokerage/administration/deposits	1,655		1,590		1,458		1,370		1,341		4		23
TOTAL CLIENT ASSETS (a)	$	5,219	$	5,012	$	4,644	$	4,558	$	4,347	4		20


Assets by client segment
Private Banking	$	1,052	$	974	$	888	$	881	$	826	8		27
Global Institutional	1,494		1,488		1,424		1,423		1,347		—		11
Global Funds	1,018		960		874		884		833		6		22
TOTAL ASSETS UNDER MANAGEMENT	$	3,564	$	3,422	$	3,186	$	3,188	$	3,006	4		19

Private Banking	$	2,599	$	2,452	$	2,249	$	2,170	$	2,090	6		24
Global Institutional	1,595		1,594		1,514		1,497		1,417		—		13
Global Funds	1,025		966		881		891		840		6		22
TOTAL CLIENT ASSETS (a)	$	5,219	$	5,012	$	4,644	$	4,558	$	4,347	4		20

Assets under management rollforward
Beginning balance	$	3,422	$	3,186	$	3,188	$	3,006	$	2,766
Net asset flows:
Liquidity	(4)		49		40		60		93
Fixed income	14		6		1		37		26
Equity	21		12		16		20		22
Multi-asset	(2)		(1)		1		3		(2)
Alternatives	1		(5)		2		1		1
Market/performance/other impacts	112		175		(62)		61		100
Ending balance	$	3,564	$	3,422	$	3,186	$	3,188	$	3,006

Client assets rollforward
Beginning balance	$	5,012	$	4,644	$	4,558	$	4,347	$	4,048
Net asset flows	43		94		132		112		152
Market/performance/other impacts	164		274		(46)		99		147
Ending balance	$	5,219	$	5,012	$	4,644	$	4,558	$	4,347

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

Page 24


JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)

	QUARTERLY TRENDS
															1Q24 Change
	1Q24			4Q23			3Q23			2Q23			1Q23		4Q23		1Q23
INCOME STATEMENT
REVENUE
Principal transactions	$	65		$	(21)		$	128		$	113		$	82	NM		(21)	%
Investment securities losses	(366)			(743)			(669)			(900)			(868)		51	%	58
All other income	26		(e)	96		(e)	116		(e)	2,767		(e)	31		(73)		(16)
Noninterest revenue	(275)			(668)			(425)			1,980			(755)		59		64
Net interest income	2,477		(e)	2,445		(e)	1,983		(e)	1,738		(e)	1,740		1		42
TOTAL NET REVENUE (a)	2,202			1,777			1,558			3,718			985		24		124

Provision for credit losses	27			(2)			46			(243)			370		NM		(93)

NONINTEREST EXPENSE	1,276		(e)(f)	3,593		(e)(f)	696		(e)	1,152		(e)	160		(64)		NM
Income/(loss) before income tax expense/(benefit)	899			(1,814)			816			2,809			455		NM		98
Income tax expense/(benefit)	223			(939)		(h)	4			169		(i)	211		NM		6
NET INCOME/(LOSS)	$	676		$	(875)		$	812		$	2,640		$	244	NM		177

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	2,317			2,065			1,640			1,261			1,106		12		109
Other Corporate	(115)		(e)	(288)		(e)	(82)		(e)	2,457		(e)	(121)		60		5
TOTAL NET REVENUE	$	2,202		$	1,777		$	1,558		$	3,718		$	985	24		124

NET INCOME/(LOSS)
Treasury and CIO	1,641			1,396			1,129			1,057			624		18		163
Other Corporate	(965)		(e)	(2,271)		(e)	(317)		(e)	1,583		(e)	(380)		58		(154)
TOTAL NET INCOME/(LOSS)	$	676		$	(875)		$	812		$	2,640		$	244	NM		177

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,322,799		$	1,348,437		$	1,275,673		$	1,263,595		$	1,307,989	(2)		1
Loans	2,104			1,924			2,099			2,172			2,267		9		(7)
Deposits (b)	22,515			21,826			20,363			21,083			19,458		3		16

Employees	48,015			47,530			47,280			45,235			44,743		1		7

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses	$	(366)		$	(743)		$	(669)		$	(900)		$	(868)	51		58
Available-for-sale securities (average)	222,943			199,581			201,875			198,620			202,776		12		10
Held-to-maturity securities (average) (c)	354,759			377,709			402,816			410,594			417,350		(6)		(15)
Investment securities portfolio (average)	$	577,702		$	577,290		$	604,691		$	609,214		$	620,126	—		(7)
Available-for-sale securities (period-end)	233,770		(g)	199,354		(g)	195,200		(g)	201,211		(g)	195,228		17		20
Held-to-maturity securities (period-end) (c)	334,527			369,848			388,261			408,941			412,827		(10)		(19)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	568,297		$	569,202		$	583,461		$	610,152		$	608,055	—		(7)

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $49 million, $53 million, $57 million, $45 million and $56 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(b)Predominantly relates to the Firm's international consumer initiatives.

(c)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, the estimated fair value of the HTM securities portfolio was $305.4 billion, $342.8 billion, $348.7 billion, $375.3 billion and $382.0 billion, respectively.

(d)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, the allowance for credit losses on investment securities was $120 million, $94 million, $87 million, $74 million and $61 million, respectively.

(e)Includes First Republic. Refer to page 30 for additional information.

(g)At March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, included AFS securities of $20.1 billion, $24.2 billion, $22.9 billion and $25.8 billion, respectively, associated with First Republic.

(h)Included an income tax benefit of $463 million for the three months ended December 31, 2023, related to the finalization of certain income tax regulations.

(i)Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain.

Page 25


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
															Mar 31, 2024
															Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Dec 31,		Mar 31,
	2024			2023			2023			2023			2023		2023		2023
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	389,592		$	397,275		$	397,054		$	396,195		$	300,447	(2)	%	30	%
Loans held-for-sale and loans at fair value	13,812			12,818			11,715			12,009			10,986		8		26
Total consumer, excluding credit card loans	403,404			410,093			408,769			408,204			311,433		(2)		30

Credit card loans
Loans retained	206,740			211,123			196,935			191,348			180,079		(2)		15

Total credit card loans	206,740			211,123			196,935			191,348			180,079		(2)		15
Total consumer loans	610,144			621,216			605,704			599,552			491,512		(2)		24

Wholesale loans (b)
Loans retained	667,761			672,472			671,952			668,145			604,324		(1)		10
Loans held-for-sale and loans at fair value	31,711			30,018			32,403			32,372			33,060		6		(4)
Total wholesale loans	699,472			702,490			704,355			700,517			637,384		—		10

Total loans	1,309,616			1,323,706			1,310,059			1,300,069			1,128,896		(1)		16
Derivative receivables	56,621			54,864			67,070			64,217			59,274		3		(4)
Receivables from customers (c)	52,036			47,625			43,376			42,741			43,943		9		18
Total credit-related assets	1,418,273			1,426,195			1,420,505			1,407,027			1,232,113		(1)		15

Lending-related commitments
Consumer, excluding credit card	46,660			45,403			48,313			50,846			37,568		3		24
Credit card (d)	943,935			915,658			898,903			881,485			861,218		3		10
Wholesale	532,514			536,786			531,568			541,089			484,539		(1)		10
Total lending-related commitments	1,523,109			1,497,847			1,478,784			1,473,420			1,383,325		2		10

Total credit exposure	$	2,941,382	(g)	$	2,924,042	(g)	$	2,899,289	(g)	$	2,880,447	(g)	$	2,615,438	1		12

Memo: Total by category
Consumer exposure (e)	$	1,600,739		$	1,582,277		$	1,552,920		$	1,531,883		$	1,390,298	1		15
Wholesale exposure (f)	1,340,643			1,341,765			1,346,369			1,348,564			1,225,140		—		9
Total credit exposure	$	2,941,382		$	2,924,042		$	2,899,289		$	2,880,447		$	2,615,438	1		12

(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.

(b)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. 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.

(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(d)Also includes commercial card lending-related commitments primarily in CB and CIB.

(e)Represents total consumer loans and lending-related commitments.

(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.

(g)As of March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023 includes credit exposure associated with First Republic consisting of $100.6 billion, $102.2 billion, $103.3 billion and $104.6 billion in the Consumer credit portfolio, respectively, and $84.3 billion, $90.6 billion, $95.2 billion and $98.2 billion in the Wholesale credit portfolio, respectively.

Page 26


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																Mar 31, 2024
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2024			2023			2023			2023			2023			2023		2023
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained	$	3,630		$	3,643		$	3,766		$	3,784		$	3,843		—	%	(6)	%
Loans held-for-sale and loans at fair value	481			560			408			481			452			(14)		6
Total consumer nonaccrual loans	4,111			4,203			4,174			4,265			4,295			(2)		(4)

Wholesale nonaccrual loans
Loans retained	2,927			2,346			2,907			2,593			2,211			25		32
Loans held-for-sale and loans at fair value	639			368			439			415			389			74		64
Total wholesale nonaccrual loans	3,566			2,714			3,346			3,008			2,600			31		37

Total nonaccrual loans (b)	7,677			6,917			7,520			7,273			6,895			11		11

Derivative receivables	293			364			293			286			291			(20)		1
Assets acquired in loan satisfactions	295			316			318			279			232			(7)		27
Total nonperforming assets	8,265			7,597			8,131			7,838			7,418			9		11
Wholesale lending-related commitments (c)	390			464			387			332			401			(16)		(3)
Total nonperforming exposure	$	8,655		$	8,061		$	8,518		$	8,170		$	7,819		7		11

NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.59		%	0.52		%	0.57		%	0.56		%	0.61		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.02			1.02			1.02			1.04			1.38
Total wholesale nonaccrual loans to total
wholesale loans	0.51			0.39			0.48			0.43			0.41

(a)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $157 million, $182 million, $188 million, $215 million and $263 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2023 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

(b)Generally excludes loans that were under payment deferral or other assistance, including amendments or waivers of financial covenants, in response to the COVID-19 pandemic.

(c)Represents commitments that are risk rated as nonaccrual.

Page 27


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS
																		1Q24 Change
	1Q24			4Q23			3Q23			2Q23				1Q23				4Q23		1Q23
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	22,420		$	21,946		$	21,980		$	20,053			$	19,139		(c)	2	%	17	%
Net charge-offs:
Gross charge-offs	2,381			2,557			1,869			1,776				1,451				(7)		64
Gross recoveries collected	(425)			(393)			(372)			(365)				(314)				(8)		(35)
Net charge-offs	1,956			2,164			1,497			1,411				1,137				(10)		72
Provision for loan losses	1,887			2,625			1,479			3,317			(b)	2,047				(28)		(8)
Other	—			13			(16)			21				4				NM		NM
Ending balance	$	22,351		$	22,420		$	21,946		$	21,980			$	20,053			—		11

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	1,974		$	2,075		$	2,186		$	2,370			$	2,382			(5)		(17)
Provision for lending-related commitments	(60)			(100)			(107)			(188)			(b)	(13)				40		(362)
Other	2			(1)			(4)			4				1				NM		100
Ending balance	$	1,916		$	1,974		$	2,075		$	2,186			$	2,370			(3)		(19)

ALLOWANCE FOR INVESTMENT SECURITIES	$	154		$	128		$	117		$	104			$	90			20		71

Total allowance for credit losses (a)	$	24,421		$	24,522		$	24,138		$	24,270			$	22,513			—		8

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.19		%	0.21		%	0.17		%	0.14		%		0.18		%
Credit card retained loans	3.32			2.79			2.49			2.41				2.07
Total consumer retained loans	1.26			1.08			0.93			0.91				0.89
Wholesale retained loans	0.05			0.31			0.06			0.10				0.06
Total retained loans	0.62			0.68			0.47			0.47				0.43

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	394,033		$	397,819		$	396,788		$	359,543			$	300,585			(1)		31
Credit card retained loans	204,637			202,652			195,232			187,027				180,451				1		13
Total average retained consumer loans	598,670			600,471			592,020			546,570				481,036				—		24
Wholesale retained loans	664,588			669,899			667,825			647,474				601,401				(1)		11
Total average retained loans	$	1,263,258		$	1,270,370		$	1,259,845		$	1,194,044			$	1,082,437			(1)		17

(a)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $274 million, $243 million, $17 million, $18 million and $20 million, respectively, and at March 31, 2023, excludes an allowance for credit losses associated with certain other assets in Corporate of $241 million.

(b)Included $1.2 billion of provision for credit losses associated with the First Republic acquisition.

(c)On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance eliminated the existing accounting and disclosure requirements for trouble debt restructurings (“TDRs”), including the requirement to measure the allowance using a discounted cash flow (“DCF”) 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 $587 million, predominantly driven by residential real estate and credit card. Refer to Note 1 of the Firm’s 2023 Form 10-K for further information.

Page 28


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																				Mar 31, 2024
																				Change
	Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,			Dec 31,		Mar 31,
	2024				2023				2023				2023				2023			2023		2023
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific	$	(873)			$	(876)			$	(942)			$	(971)			$	(1,030)		—	%	15	%
Portfolio-based	2,603				2,732				2,796				3,019				2,696			(5)		(3)
Total consumer, excluding credit card	1,730			(c)	1,856			(c)	1,854			(c)	2,048			(c)	1,666			(7)		4
Credit card
Asset-specific	—				—				—				—				—			—		—
Portfolio-based	12,600				12,450				11,900				11,600				11,400			1		11
Total credit card	12,600				12,450				11,900				11,600				11,400			1		11
Total consumer	14,330				14,306				13,754				13,648				13,066			—		10
Wholesale
Asset-specific	514				392				732				478				437			31		18
Portfolio-based	7,507				7,722				7,460				7,854				6,550			(3)		15
Total wholesale	8,021			(c)	8,114			(c)	8,192			(c)	8,332			(c)	6,987			(1)		15
Total allowance for loan losses	22,351				22,420				21,946				21,980				20,053			—		11
Allowance for lending-related commitments	1,916				1,974				2,075				2,186				2,370			(3)		(19)
Allowance for investment securities	154				128				117				104				90			20		71
Total allowance for credit losses	$	24,421			$	24,522			$	24,138			$	24,270			$	22,513		—		8

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.44		%		0.47		%		0.47		%		0.52		%		0.55		%
Credit card allowance to total credit card retained loans	6.09				5.90				6.04				6.06				6.33
Wholesale allowance to total wholesale retained loans	1.20				1.21				1.22				1.25				1.16
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (a)	1.31				1.31				1.33				1.36				1.26
Total allowance to total retained loans	1.77				1.75				1.73				1.75				1.85
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (b)	48				51				49				54				43
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (b)	149				166				151				163				143
Wholesale allowance to wholesale retained nonaccrual loans	274				346				282				321				316
Total allowance to total retained nonaccrual loans	341				374				329				345				331

(a)Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(b)Refer to footnote (a) on page 26 for information on the Firm’s nonaccrual policy for credit card loans.

(c)At March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, included $345 million, $396 million, $396 million and $377 million of Consumer, respectively, and $808 million, $800 million, $667 million and $695 million of Wholesale, respectively, associated with First Republic.

Page 29

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on an FTE 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.

(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest 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.

(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

(d)The ratio of the wholesale and CIB’s 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, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.

(e)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of CIB’s 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-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s 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 75 of the Firm’s 2023 Form 10-K.



	QUARTERLY TRENDS
																1Q24 Change
(in millions, except rates)	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23

Net interest income - reported	$	23,082		$	24,051		$	22,726		$	21,779		$	20,711		(4)	%	11	%
Fully taxable-equivalent adjustments	121			126			130			104			120			(4)		1
Net interest income - managed basis (a)	$	23,203		$	24,177		$	22,856		$	21,883		$	20,831		(4)		11
Less: Markets net interest income	183			615			(317)			(487)			(105)			(70)		NM
Net interest income excluding Markets (a)	$	23,020		$	23,562		$	23,173		$	22,370		$	20,936		(2)		10

Average interest-earning assets	$	3,445,515		$	3,408,395		$	3,331,728		$	3,343,780		$	3,216,757		1		7
Less: Average Markets interest-earning assets	1,031,075			985,997			970,789			1,003,877			982,572			5		5
Average interest-earning assets excluding Markets	$	2,414,440		$	2,422,398		$	2,360,939		$	2,339,903		$	2,234,185		—		8

Net yield on average interest-earning assets - managed basis	2.71		%	2.81		%	2.72		%	2.62		%	2.63		%
Net yield on average Markets interest-earning assets	0.07			0.25			(0.13)			(0.19)			(0.04)
Net yield on average interest-earning assets excluding Markets	3.83			3.86			3.89			3.83			3.80

Noninterest revenue - reported (b)	$	18,852		$	14,523		$	17,148		$	19,528		$	17,638		30		7
Fully taxable-equivalent adjustments (b)	493			1,243			682			990			867			(60)		(43)
Noninterest revenue - managed basis	$	19,345		$	15,766		$	17,830		$	20,518		$	18,505		23		5
Less: Markets noninterest revenue	7,799			5,196			6,898			7,505			8,487			50		(8)
Noninterest revenue excluding Markets	$	11,546		$	10,570		$	10,932		$	13,013		$	10,018		9		15

Memo: Markets total net revenue	$	7,982		$	5,811		$	6,581		$	7,018		$	8,382		37		(5)

(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.

(b) Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.

Page 30


JPMORGAN CHASE & CO.
SUPPLEMENTAL INFORMATION ON FIRST REPUBLIC
(in millions)

	THREE MONTHS ENDED MARCH 31, 2024									THREE MONTHS ENDED DECEMBER 31, 2023

	CCB		CB		AWM		CORP			Total		CCB			CB		AWM		CORP			Total
SELECTED INCOME STATEMENT DATA
REVENUE
Asset management fees	$	133	$	—	$	—	$	—		$	133	$	138		$	—	$	—	$	—		$	138

All other income	146		54		69		(87)		(a)	182		193			57		126		19		(a)	395
Noninterest revenue	279		54		69		(87)			315		331			57		126		19			533
Net interest income	752		298		298		—			1,348		760			304		306		(23)			1,347
TOTAL NET REVENUE	1,031		352		367		(87)			1,663		1,091			361		432		(4)			1,880

Provision for credit losses	(9)		4		(26)		—			(31)		15			97		13		—			125
Noninterest expense	518		28		33		227			806		599			27		33		231			890
NET INCOME	395		243		272		(242)			668		362			180		292		(187)			647

SELECTED BALANCE SHEET DATA (period-end)

Loans	$	93,565	$	38,126	$	10,188	$	—		$	141,879	$	94,671		$	38,495	$	11,436	$	—		$	144,602
Deposits	40,525		8,343		14,904		—			63,772		42,710		(b)	6,163		12,098		—			60,971		(c)



	THREE MONTHS ENDED SEPTEMBER 30, 2023									THREE MONTHS ENDED JUNE 30, 2023

	CCB		CB		AWM		CORP			Total		CCB		CB		AWM		CORP			Total
SELECTED INCOME STATEMENT DATA
REVENUE
Asset management fees	$	142	$	—	$	—	$	—		$	142	$	107	$	—	$	—	$	—		$	107

All other income	191		144		203		81		(a)	619		105		—		174		2,762		(a)	3,041
Noninterest revenue	333		144		203		81			761		212		—		174		2,762			3,148
Net interest income	1,022		222		233		(3)			1,474		619		178		129		(29)			897
TOTAL NET REVENUE	1,355		366		436		78			2,235		831		178		303		2,733			4,045

Provision for credit losses	(2)		26		(31)		—			(7)		408		608		146		—			1,162
Noninterest expense	583		18		17		240			858		37		—		—		562			599
NET INCOME	589		245		342		(99)			1,077		293		(327)		119		2,301			2,386

SELECTED BALANCE SHEET DATA (period-end)

Loans	$	94,333	$	38,729	$	12,026	$	—		$	145,088	$	94,721	$	39,500	$	13,696	$	—		$	147,917	(c)
Deposits	63,945		—		—		—			63,945		68,351		—		—		—			68,351

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)On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC, resulting in a preliminary estimated bargain purchase gain of $2.7 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 U.S. GAAP, and as the settlement with the FDIC is finalized. Measurement period adjustments of $(16) million, $(37) million, and $100 million were recorded for the three months ended March 31, 2024, December 31, 2023 and September 30, 2023, respectively, resulting in an estimated bargain purchase gain of $2.8 billion.

(b)In the fourth quarter of 2023, CCB transferred certain deposits associated with First Republic to AWM, CB and CIB.

(c)Excluded $1.9 billion of loans and $508 million of deposits in CIB associated with First Republic.