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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)
Delaware1-580513-2624428
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. employer
identification no.)
383 Madison Avenue,
New York,New York10179
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212270-6000
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 classTrading Symbol(s)Name of each exchange on which registered
Common stockJPMThe 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 DThe 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 CThe 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 JThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJJPM PR KThe 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 MMJPM PR MThe New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024AMJNYSE Arca, Inc.
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
JPM/32The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLCAMJBNYSE 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
99.2
101Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

2



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



3
Document
Exhibit 99.1
JPMorgan Chase & Co.
383 Madison Avenue, New York, NY 10179-0001
NYSE symbol: JPM
www.jpmorganchase.com
https://cdn.kscope.io/85b85fb4bd026b9eaa67f80eadadc06e-jpmclogoa181.gif
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) 270-2479Media 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 JPM4Q231Q23
($ millions, except per share data)1Q244Q231Q23$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue - reported$41,934 $38,574 $38,349 $3,360 %$3,585 %
Net revenue - managed42,548 39,943 39,336 2,605 3,212 
Noninterest expense22,757 24,486 20,107 (1,729)(7)2,650 13 
Provision for credit losses1,884 2,762 2,275 (878)(32)(391)(17)
Net income$13,419 $9,307 $12,622 $4,112 44 %$797 %
Earnings per share - diluted$4.44 $3.04 $4.10 $1.40 46 %$0.34 %
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.
2

JPMorgan Chase & Co.
News Release
CONSUMER & COMMUNITY BANKING (CCB)
Results for CCB4Q231Q23
($ millions)1Q244Q231Q23$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$17,653 $18,097 $16,456 $(444)(2)%$1,197 %
Banking & Wealth Management
10,324 10,877 10,041 (553)(5)283 
Home Lending1,186 1,161 720 25 466 65 
Card Services & Auto6,143 6,059 5,695 84 448 
Noninterest expense
9,297 9,336 8,065 (39)— 1,232 15 
Provision for credit losses1,913 2,189 1,402 (276)(13)511 36 
Net income$4,831 $4,788 $5,243 $43 %$(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.

3

JPMorgan Chase & Co.
News Release

CORPORATE & INVESTMENT BANK (CIB)
Results for CIB4Q231Q23
($ millions)1Q244Q231Q23$ 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 
Markets & Securities Services9,150 6,900 9,377 2,250 33 (227)(2)
Noninterest expense
7,218 6,774 7,483 444 (265)(4)
Provision for credit losses32 210 58 (178)(85)(26)(45)
Net income$4,753 $2,524 $4,421 $2,229 88 %$332 %

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 CB4Q231Q23
($ millions)1Q244Q231Q23$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$3,951 $4,016 $3,511 $(65)(2)%$440 13 %
Noninterest expense1,506 1,395 1,308 111 198 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.
4

JPMorgan Chase & Co.
News Release
ASSET & WEALTH MANAGEMENT (AWM)
Results for AWM4Q231Q23
($ millions)1Q244Q231Q23$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$5,109 $5,095 $4,784 $14 — %$325 %
Noninterest expense3,460 3,388 3,091 72 369 12 
Provision for credit losses(57)(1)28 (56)NM(85)NM
Net income$1,290 $1,217 $1,367 $73 %$(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 Corporate4Q231Q23
($ millions)1Q244Q231Q23$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$2,202 $1,777 $985 $425 24 %$1,217 124 %
Noninterest expense1,276 3,593 160 (2,317)(64)1,116 NM
Provision for credit losses27 (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.
5

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.




6

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.




7

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.


8
Document
                                                                    
Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2024







                                                                    
JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment Results - Managed Basis8
Capital and Other Selected Balance Sheet Items9–10
Earnings Per Share and Related Information11
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
Corporate24
Credit-Related Information25–28
Non-GAAP Financial Measures29
Supplemental Information on First Republic
30
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.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q24 Change
SELECTED INCOME STATEMENT DATA 1Q244Q233Q232Q231Q234Q231Q23
Reported Basis
Total net revenue$41,934 $38,574 $39,874 $41,307 $38,349 %%
Total noninterest expense22,757 (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 
Provision for credit losses1,884 2,762 1,384 2,899 2,275 (32)(17)
NET INCOME13,419 9,307 13,151 14,472 12,622 44 
Managed Basis (b)
Total net revenue42,548 39,943 40,686 42,401 39,336 
Total noninterest expense22,757 (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 
Provision for credit losses1,884 2,762 1,384 2,899 2,275 (32)(17)
NET INCOME13,419 9,307 13,151 14,472 12,622 44 
EARNINGS PER SHARE DATA
Net income: Basic$4.45 $3.04 $4.33 $4.76 $4.11 46 
Diluted4.44 3.04 4.33 4.75 4.10 46 
Average shares: Basic2,908.3 2,914.4 2,927.5 2,943.8 2,968.5 — (2)
Diluted2,912.8 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-end2,871.6 2,876.6 2,891.0 2,906.1 2,922.3 — (2)
Book value per share106.81 104.45 100.30 98.11 94.34 13 
Tangible book value per share (“TBVPS”) (a)88.43 86.08 82.04 79.90 76.69 15 
Cash dividends declared per share1.15 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 assets1.36 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 ratio7.2 (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.




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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
SELECTED BALANCE SHEET DATA (period-end)
Total assets$4,090,727 $3,875,393 $3,898,333 $3,868,240 $3,744,305 %%
Loans:
Consumer, excluding credit card loans403,404 410,093 408,769 408,204 311,433 (2)30 
Credit card loans206,740 211,123 196,935 191,348 180,079 (2)15 
Wholesale loans699,472 702,490 704,355 700,517 637,384 — 10 
Total loans1,309,616 1,323,706 1,310,059 1,300,069 1,128,896 (1)16 
Deposits:
U.S. offices:
Noninterest-bearing657,651 643,748 651,240 656,778 663,772 (1)
Interest-bearing1,311,857 1,303,100 1,295,609 1,311,893 1,290,614 
Non-U.S. offices:
Noninterest-bearing24,109 23,097 22,410 24,268 25,071 (4)
Interest-bearing434,792 430,743 410,267 406,023 397,796 
Total deposits2,428,409 2,400,688 2,379,526 2,398,962 2,377,253 
Long-term debt395,872 
(e)
391,825 
(e)
362,793 
(e)
364,078 
(e)
295,489 34 
Common stockholders’ equity306,737 300,474 289,967 285,112 275,678 11 
Total stockholders’ equity336,637 327,878 317,371 312,516 303,082 11 
Loans-to-deposits ratio54 %55 %55 %54 %47 %
Employees
311,921 309,926 308,669 300,066 296,877 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)
$48 $35 $41 $47 $47 37 
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking$17,653 $18,097 $18,362 $17,233 $16,456 (2)
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 — 
Corporate2,202 1,777 1,558 3,718 985 24 124 
TOTAL NET REVENUE$42,548 $39,943 $40,686 $42,401 $39,336 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking$4,831 $4,788 $5,895 $5,306 $5,243 (8)
Corporate & Investment Bank
4,753 2,524 3,092 4,092 4,421 88 
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)
Corporate676 (875)812 2,640 244 NM177 
NET INCOME$13,419 $9,307 $13,151 $14,472 $12,622 44 
MEMO: SELECTED FIRMWIDE METRICS
Wealth Management (c)
Client assets (in billions)$3,360 $3,177 $2,929 $2,862 $2,594 30 
Number of client advisors9,107 8,971 8,867 8,367 8,314 10 
J.P.Morgan Payments (d)
Total net revenue4,465 4,557 4,504 4,729 4,458 (2)— 
Merchant processing volume (in billions)
604 639 610 600 559 (5)
Average deposits (in billions)732 730 702 720 707 — 
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.


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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q24 Change
REVENUE1Q244Q233Q232Q231Q234Q231Q23
Investment banking fees $1,954 $1,635 $1,722 $1,513 $1,649 20 %18 %
Principal transactions6,790 3,725 6,210 6,910 7,615 82 (11)
Lending- and deposit-related fees1,902 1,926 2,039 1,828 1,620 (1)17 
Asset management fees4,146 4,077 3,904 3,774 3,465 20 
Commissions and other fees1,805 1,697 1,705 1,739 1,695 
Investment securities losses(366)(743)(669)(900)(868)51 58 
Mortgage fees and related income275 263 414 278 221 24 
Card income1,218 1,247 1,209 1,094 1,234 (2)(1)
Other income (a)1,128 696 614 3,292 1,007 62 12 
Noninterest revenue18,852 14,523 17,148 19,528 17,638 30 
Interest income47,438 47,384 44,556 41,644 37,004 — 28 
Interest expense24,356 23,333 21,830 19,865 16,293 49 
Net interest income23,082 24,051 22,726 21,779 20,711 (4)11 
TOTAL NET REVENUE41,934 38,574 39,874 41,307 38,349 
Provision for credit losses1,884 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 expense1,211 1,208 1,197 1,070 1,115 — 
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)
Marketing1,160 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 EXPENSE22,757 24,486 21,757 20,822 20,107 (7)13 
Income before income tax expense17,293 11,326 16,733 17,586 15,967 53 
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 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$4.45 $3.04 $4.33 $4.76 $4.11 46 
Diluted earnings per share4.44 3.04 4.33 4.75 4.10 46 
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 rate22.4 17.8 
(f)
21.4 17.7 
(g)
20.9 
Overhead ratio54 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.




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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Mar 31, 2024
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2024202320232023202320232023
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)
Federal funds sold and securities purchased under
resale agreements330,559 276,152 350,059 325,628 317,111 20 
Securities borrowed198,336 200,436 188,279 163,563 195,917 (1)
Trading assets:
Debt and equity instruments697,788 485,743 534,923 572,779 519,618 44 34 
Derivative receivables56,621 54,864 67,070 64,217 59,274 (4)
Available-for-sale (“AFS”) securities236,152 201,704 197,119 203,262 197,248 17 20 
Held-to-maturity (”HTM”) securities334,527 369,848 388,261 408,941 412,827 (10)(19)
Investment securities, net of allowance for credit losses570,679 571,552 585,380 612,203 610,075 — (6)
Loans1,309,616 1,323,706 1,310,059 1,300,069 1,128,896 (1)16 
Less: Allowance for loan losses22,351 22,420 21,946 21,980 
(b)
20,053 — 11 
Loans, net of allowance for loan losses1,287,265 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 equipment30,279 30,157 29,677 29,493 28,266 — 
Goodwill, MSRs and other intangible assets64,374 64,381 64,910 64,238 62,090 — 
Other assets162,887 159,308 150,801 151,346 181,795 (10)
TOTAL ASSETS$4,090,727 $3,875,393 $3,898,333 $3,868,240 $3,744,305 
LIABILITIES
Deposits$2,428,409 $2,400,688 $2,379,526 $2,398,962 $2,377,253 
Federal funds purchased and securities loaned or sold
under repurchase agreements325,670 216,535 268,750 266,272 246,396 50 32 
Short-term borrowings46,268 44,712 45,470 41,022 42,241 10 
Trading liabilities:
Debt and equity instruments192,324 139,581 165,494 132,264 145,153 38 32 
Derivative payables36,003 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 10 
Beneficial interests issued by consolidated VIEs28,075 23,020 24,896 19,647 14,903 22 88 
Long-term debt395,872 
(a)
391,825 
(a)
362,793 
(a)
364,078 
(a)
295,489 34 
TOTAL LIABILITIES3,754,090 3,547,515 3,580,962 3,555,724 3,441,223 
STOCKHOLDERS’ EQUITY
Preferred stock29,900 27,404 27,404 27,404 27,404 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital89,903 90,128 89,899 89,578 89,155 — 
Retained earnings342,414 332,901 327,044 317,359 306,208 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’ EQUITY336,637 327,878 317,371 312,516 303,082 11 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,090,727 $3,875,393 $3,898,333 $3,868,240 $3,744,305 
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.

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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDS
1Q24 Change
AVERAGE BALANCES1Q244Q233Q232Q231Q234Q231Q23
ASSETS
Deposits with banks $535,708 $540,040 $456,954 $495,018 $505,662 (1)%%
Federal funds sold and securities purchased under resale agreements323,988 319,056 309,848 326,563 313,187 
Securities borrowed192,545 200,369 188,279 191,393 192,843 (4)— 
Trading assets - debt instruments 422,516 374,254 383,576 391,945 357,682 13 18 
Investment securities580,046 579,450 606,593 611,552 622,050 — (7)
Loans1,311,578 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 
Trading assets - equity and other instruments190,783 144,642 173,998 169,558 152,081 32 25 
Trading assets - derivative receivables57,635 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 (1)
TOTAL ASSETS$3,968,637 $3,885,632 $3,839,777 $3,851,388 $3,709,977 
LIABILITIES
Interest-bearing deposits $1,726,142 $1,713,189 $1,694,758 $1,715,699 $1,670,036 
Federal funds purchased and securities loaned or
sold under repurchase agreements294,983 254,211 254,105 263,718 252,310 16 17 
Short-term borrowings
38,529 37,941 37,837 35,335 38,763 (1)
Trading liabilities - debt and all other interest-bearing liabilities (b)
302,997 287,443 288,007 293,269 277,576 
Beneficial interests issued by consolidated VIEs27,407 23,133 21,890 15,947 13,483 18 103 
Long-term debt 340,411 325,843 315,267 294,239 249,336 37 
Total interest-bearing liabilities 2,730,469 2,641,760 2,611,864 2,618,207 2,501,504 
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 payables39,877 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 
TOTAL LIABILITIES3,640,408 3,564,166 3,527,575 3,546,099 3,411,376 
Preferred stock27,952 27,404 27,404 27,404 27,404 
Common stockholders’ equity300,277 294,062 284,798 277,885 271,197 11 
TOTAL STOCKHOLDERS’ EQUITY328,229 321,466 312,202 305,289 298,601 10 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,968,637 $3,885,632 $3,839,777 $3,851,388 $3,709,977 
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 agreements5.23 5.26 5.06 4.63 4.06 
Securities borrowed4.52 4.59 4.39 3.91 3.61 
Trading assets - debt instruments 4.38 4.39 4.32 4.12 4.15 
Investment securities3.64 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 agreements5.41 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 VIEs5.34 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 SPREAD1.96 2.03 2.00 1.97 2.04 
NET YIELD ON INTEREST-EARNING ASSETS2.71 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.
(c)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(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.
https://cdn.kscope.io/85b85fb4bd026b9eaa67f80eadadc06e-image3.gif
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
1Q244Q233Q232Q231Q234Q231Q23
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 
Fully taxable-equivalent adjustments493 1,243 682 990 867 (60)(43)
Total noninterest revenue - managed$19,345 $15,766 $17,830 $20,518 $18,505 23 
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)
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 
Fully taxable-equivalent adjustments614 1,369 812 1,094 987 (55)(38)
Total net revenue - managed$42,548 $39,943 $40,686