SEC Filing | JPMorgan Chase & Co.

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jpm-20250115

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): January 15, 2025

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
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 January 15, 2025, JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) reported 2024 fourth quarter net income of $14.0 billion, or $4.81 per share, compared with net income of $9.3 billion, or $3.04 per share, in the fourth quarter of 2023. A copy of the 2024 fourth 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 JPMorganChase’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 JPMorganChase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, which have been filed with the Securities and Exchange Commission and are available on JPMorganChase’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorganChase 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 - Fourth Quarter 2024 Results
99.2						JPMorgan Chase & Co. Earnings Release Financial Supplement - Fourth 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:			January 15, 2025

Document

Exhibit 99.1


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

JPMORGANCHASE REPORTS FOURTH-QUARTER 2024 NET INCOME OF $14.0 BILLION ($4.81 PER SHARE)

RECORD FULL-YEAR 2024 NET INCOME OF $58.5 BILLION ($19.75 PER SHARE)

RECORD FULL-YEAR 2024 NET INCOME EXCLUDING SIGNIFICANT ITEMS OF $54.0 BILLION ($18.22 PER SHARE)

FOURTH-QUARTER 2024 RESULTS 1

ROE 17%

ROTCE2 21%

CET1 Capital Ratios3

Std. 15.7% | Adv. 15.8%

Total Loss-Absorbing Capacity3 $547B

Std. RWA3 $1.8T

Cash and marketable securities4 $1.4T

Average loans $1.3T


Firmwide Metrics 2024 ROE 18% 2024 ROTCE 22%	n	Reported revenue of $42.8 billion and managed revenue of $43.7 billion2
	n	Expense of $22.8 billion; reported overhead ratio of 53% and managed overhead ratio2 of 52%
	n	Credit costs of $2.6 billion with $2.4 billion of net charge-offs and a $267 million net reserve build
	n	Average loans up 2% YoY, up 1% QoQ; average deposits up 2% YoY, up 1% QoQ

CCB 4Q24 ROE 32% 2024 ROE 32%	n	Average deposits down 4% YoY, flat QoQ; client investment assets up 14% YoY
	n	Average loans up 1% YoY and QoQ; Card Services net charge-off rate of 3.30%
	n	Debit and credit card sales volume5 up 8% YoY
	n	Active mobile customers6 up 7% YoY

CIB7 4Q24 ROE 19% 2024 ROE 18%	n	Investment Banking fees up 49% YoY, up 9% QoQ; #1 ranking for Global Investment Banking fees with 9.3% wallet share for the year
	n	Markets revenue up 21% YoY, with Fixed Income Markets up 20% YoY and Equity Markets up 22% YoY
	n	Average Banking & Payments loans down 2% YoY, down 1% QoQ; average client deposits8 up 9% YoY, up 5% QoQ

AWM 4Q24 ROE 38% 2024 ROE 34%	n	AUM9 of $4.0 trillion, up 18% YoY
	n	Average loans up 3% YoY, up 2% QoQ; average deposits up 10% YoY, up 5% QoQ


Jamie Dimon, Chairman and CEO, commented: “The Firm concluded the year with a strong fourth quarter, generating net income of $14.0 billion.” Dimon continued: “Each line of business posted solid results. In the CIB, clients were active, with IB fees up 49%, and Markets revenue rose 21%. Additionally, Payments fees grew by double digits for the fourth consecutive quarter, helping drive Payments revenue to a record $18.1 billion for the year. In CCB, we continued to acquire new customers across Consumer Banking, Business Banking, Card and wealth management. For example, nearly 2 million net new checking accounts were opened during 2024. Finally, in AWM, management fees rose 21%, and revenue hit a record $5.8 billion. More impressively, client asset net inflows totaled $486 billion in 2024, bringing cumulative net inflows over the past two years to $976 billion.” Dimon added: “Regarding regulation, we have consistently said that regulation should be designed to effectively balance promoting economic growth and maintaining a safe and sound banking system. It is possible to achieve both goals. This is not about weakening regulation — we maintain a fortress balance sheet, evidenced by $547 billion of total loss-absorbing capacity and $1.4 trillion of cash and marketable securities — but rather about setting rules that are transparent, fair, holistic in their approach and based on rigorous data analysis, so that banks can play their critical role in the economy and markets.” Dimon added: “The U.S. economy has been resilient. Unemployment remains relatively low, and consumer spending stayed healthy, including during the holiday season. Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business. However, two significant risks remain. Ongoing and future spending requirements will likely be inflationary, and therefore, inflation may persist for some time. Additionally, geopolitical conditions remain the most dangerous and complicated since World War II. As always, we hope for the best but prepare the Firm for a wide range of scenarios.” Dimon concluded: “I want to thank our exceptional employees across the globe. Their passion and dedication are what set us apart and enable us to be trusted partners for our clients and communities, which include consumers, small and large-sized businesses, schools, cities, states and countries.”

CAPITAL DISTRIBUTIONS

n Common dividend of $3.5 billion or $1.25 per share

n $4.0 billion of common stock net repurchases10

n Net payout LTM10,11 of 54%

FORTRESS PRINCIPLES

n Book value per share of $116.07, up 11%; tangible book value per share2 of $97.30, up 13%

n Basel III common equity Tier 1 capital3 of $276 billion, Standardized ratio3 of 15.7% and Advanced ratio3 of 15.8%

n Firm supplementary leverage ratio of 6.1%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n Approximately $2.8 trillion of credit and capital12 raised in 2024:

n $250 billion of credit for consumers

n $40 billion of credit for U.S. small businesses

n $2.4 trillion of credit and capital for corporations and non-U.S. government entities

n $65 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) 270-7438
Note: Totals may not sum due to rounding. 1 Percentage comparisons are for the fourth quarter of 2024 versus the prior-year fourth 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. (“JPMorganChase” 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 and Corporate 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 fourth quarter of 2024 versus the prior-year fourth quarter, unless otherwise specified.

JPMORGANCHASE (JPM)


Results for JPM										3Q24				4Q23
($ millions, except per share data)	4Q24			3Q24			4Q23			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %

Net revenue - reported	$	42,768		$	42,654		$	38,574		$	114	—	%	$	4,194	11	%
Net revenue - managed	43,738			43,315			39,943			423		1		3,795		10
Noninterest expense	22,762			22,565			24,486			197		1		(1,724)		(7)
Provision for credit losses	2,631			3,111			2,762			(480)		(15)		(131)		(5)
Net income	$	14,005		$	12,898		$	9,307		$	1,107	9	%	$	4,698	50	%
Earnings per share - diluted	$	4.81		$	4.37		$	3.04		$	0.44	10	%	$	1.77	58	%
Return on common equity	17		%	16		%	12		%
Return on tangible common equity	21			19			15

Discussion of Results:

Net income was $14.0 billion, up 50%.

Net revenue was $43.7 billion, up 10%. Net interest income was $23.5 billion, down 3%. Noninterest revenue was $20.3 billion, up 29%.

Net interest income excluding Markets2 was $23.0 billion, down 2%, driven by lower rates and deposit margin compression across the lines of business, as well as lower deposit balances in CCB. This was largely offset by the impact of balance sheet actions, primarily securities reinvestment, as well as higher revolving balances in Card Services and higher wholesale deposit balances. Noninterest revenue excluding Markets2 was $13.7 billion, up 30%, largely driven by higher asset management fees in AWM and CCB, higher investment banking fees and lower net investment securities losses compared to the prior year. Markets revenue was $7.0 billion, up 21%.

Noninterest expense was $22.8 billion, down 7%. Excluding the $2.9 billion FDIC special assessment in the prior year, noninterest expense was up 5%, predominantly driven by higher compensation, including growth in front office and technology employees, as well as higher brokerage expense and distribution fees.

The provision for credit losses was $2.6 billion, reflecting net charge-offs of $2.4 billion and a net reserve build of $267 million. Net charge-offs of $2.4 billion were up $200 million, primarily driven by Card Services. The net reserve build included a $572 million net build in Consumer, predominantly in Card Services, and a $282 million net release in Wholesale. The prior-year provision was $2.8 billion, reflecting net charge-offs of $2.2 billion and a net reserve build of $598 million.

JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)


Results for CCB							3Q24				4Q23
($ millions)	4Q24		3Q24		4Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue13	$	18,362	$	17,791	$	18,097	$	571	3	%	$	265	1	%
Banking & Wealth Management	10,154		10,090		10,877		64		1		(723)		(7)
Home Lending	1,297		1,295		1,161		2		—		136		12
Card Services & Auto	6,911		6,406		6,059		505		8		852		14
Noninterest expense	9,728		9,586		9,336		142		1		392		4
Provision for credit losses	2,623		2,795		2,189		(172)		(6)		434		20
Net income	$	4,516	$	4,046	$	4,788	$	470	12	%	$	(272)	(6)	%

Discussion of Results:

Net income was $4.5 billion, down 6%.

Net revenue13 was $18.4 billion, up 1%. Banking & Wealth Management net revenue was $10.2 billion, down 7%, driven by lower net interest income on deposit margin compression and lower deposit balances, partially offset by higher asset management fees in J.P. Morgan Wealth Management. Home Lending net revenue was $1.3 billion, up 12%, predominantly driven by higher production revenue. Card Services & Auto net revenue was $6.9 billion, up 14%, driven by Card Services, reflecting higher net interest income on higher revolving balances and higher card income on higher sales volume.

Noninterest expense was $9.7 billion, up 4%, predominantly driven by higher compensation for advisors and bankers, as well as higher technology expense.

The provision for credit losses was $2.6 billion, reflecting net charge-offs of $2.1 billion and a net reserve build of $557 million. Net charge-offs of $2.1 billion were up $428 million, driven by Card Services, primarily due to the seasoning of vintages originated in recent years and balance growth. The net reserve build was predominantly in Card Services, driven by growth in revolving balances, partially offset by changes in certain macroeconomic variables. The prior-year provision was $2.2 billion, reflecting net charge-offs of $1.6 billion and a net reserve build of $551 million.

JPMorgan Chase & Co.

News Release

COMMERCIAL & INVESTMENT BANK (CIB)7


Results for CIB							3Q24				4Q23
($ millions)	4Q24		3Q24		4Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	17,598	$	17,015	$	14,974	$	583	3	%	$	2,624	18	%
Banking & Payments	9,268		8,646		8,038		622		7		1,230		15
Markets & Securities Services	8,330		8,369		6,936		(39)		—		1,394		20
Noninterest expense	8,712		8,751		8,169		(39)		—		543		7
Provision for credit losses	61		316		576		(255)		(81)		(515)		(89)
Net income	$	6,636	$	5,691	$	4,177	$	945	17	%	$	2,459	59	%

Discussion of Results7:

Net income was $6.6 billion, up 59%.

Net revenue was $17.6 billion, up 18%. Banking & Payments revenue was $9.3 billion, up 15%. Investment Banking revenue was $2.6 billion, up 46%. Investment Banking fees were up 49%, driven by higher fees across all products. Payments revenue was $4.7 billion, up 6%. Excluding the net impact of equity investments, Payments revenue was up 3%, driven by higher deposit balances and fee growth, largely offset by deposit margin compression. Lending revenue was $1.9 billion, up 9%, predominantly driven by lower losses on hedges of the retained lending portfolio.

Markets & Securities Services revenue was $8.3 billion, up 20%. Markets revenue was $7.0 billion, up 21%. Fixed Income Markets revenue was $5.0 billion, up 20%, largely driven by higher revenue in Credit and Currencies & Emerging Markets. Equity Markets revenue was $2.0 billion, up 22%, predominantly driven by higher client activity in Derivatives and Cash. Securities Services revenue was $1.3 billion, up 10%, driven by fee growth on higher client activity and market levels, as well as higher deposit balances.

Noninterest expense was $8.7 billion, up 7%, predominantly driven by higher brokerage, technology and legal expense.

The provision for credit losses was $61 million, reflecting net charge-offs of $300 million and a net reserve release of $239 million. The provision was driven by net downgrade activity and the net impact of charge-offs, largely offset by a reserve release due to an update to loss assumptions on certain loans in Markets. The prior-year provision was $576 million, reflecting a net reserve build of $329 million and net charge-offs of $247 million.

ASSET & WEALTH MANAGEMENT (AWM)


Results for AWM							3Q24				4Q23
($ millions)	4Q24		3Q24		4Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	5,778	$	5,439	$	5,095	$	339	6	%	$	683	13	%
Noninterest expense	3,772		3,639		3,388		133		4		384		11
Provision for credit losses	(35)		4		(1)		(39)		NM		(34)		NM
Net income	$	1,517	$	1,351	$	1,217	$	166	12	%	$	300	25	%

Discussion of Results:

Net income was $1.5 billion, up 25%.

Net revenue was $5.8 billion, up 13%, predominantly driven by growth in management fees on higher average market levels and strong net inflows, as well as higher performance fees.

Noninterest expense was $3.8 billion, up 11%, predominantly driven by higher compensation, including revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.

Assets under management were $4.0 trillion, and client assets were $5.9 trillion, each up 18%, driven by continued net inflows and higher market levels.

JPMorgan Chase & Co.

News Release

CORPORATE


Results for Corporate							3Q24				4Q23
($ millions)	4Q24		3Q24		4Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue13	$	2,000	$	3,070	$	1,777	$	(1,070)	(35)	%	$	223	13	%
Noninterest expense	550		589		3,593		(39)		(7)		(3,043)		(85)
Provision for credit losses	(18)		(4)		(2)		(14)		(350)		(16)		NM
Net income/(loss)	$	1,336	$	1,810	$	(875)	$	(474)	(26)	%	$	2,211	NM

Discussion of Results:

Net income was $1.3 billion, compared with a net loss of $875 million in the prior year.

Net revenue13 was $2.0 billion, up $223 million. Net interest income was $2.0 billion, down $415 million, driven by lower rates, largely offset by the impact of balance sheet actions, primarily securities reinvestment. Noninterest revenue was a net loss of $30 million, compared with a net loss of $668 million in the prior year, driven by lower net investment securities losses.

Noninterest expense was $550 million, down $3.0 billion, predominantly driven by the absence of the $2.9 billion FDIC special assessment in the prior year.

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 as a whole and for each of the reportable business segments and Corporate 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 each of the lines of business and Corporate. 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 $116.07, $115.15 and $104.45 at December 31, 2024, September 30, 2024, and December 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 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 28 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.Full-year 2024 results included the impact of significant items. These items collectively refer to a $7.9 billion net gain related to Visa shares, a $1.0 billion donation of Visa shares to pre-fund contributions to the Firm’s Foundation, $546 million of net investment securities losses and a $725 million increase to the estimated FDIC special assessment, all of which were previously disclosed in the first and second quarters of 2024. Full-year 2024 revenue, net income, earnings per share and ROTCE excluding significant items are non-GAAP financial measures. Excluding these items resulted in a decrease of $7.3 billion to reported revenue from $177.6 billion to $170.2 billion, a decrease of $7.3 billion to managed revenue from $180.6 billion to $173.3 billion, a decrease of $4.5 billion (after tax) to reported net income from $58.5 billion to $54.0 billion, a decrease of $1.53 per share to reported EPS from $19.75 to $18.22 and a decrease of 2ppts to reported ROTCE from 22% to 20%. 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 December 31, 2024, CET1 capital and Total Loss-Absorbing Capacity reflected the remaining $720 million CECL benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 and 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 50-57 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 and pages 102-109 of the Firm’s 2023 Form 10-K for additional information.

5.Excludes Commercial Card.

6.Users of all mobile platforms who have logged in within the past 90 days.

7.Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank ("CIB").

8.Client deposits and other third party liabilities (“client deposits”) pertain to the Payments and Securities Services businesses.

9.Assets under management (“AUM”).

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

11.Last twelve months (“LTM”).

12.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.

13.During the fourth quarter of 2024, the Firm made a change to its funds transfer pricing with respect to consumer deposits, resulting in an increase in the funding benefit reflected within CCB net interest income which is fully offset within Corporate net interest income.

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. JPMorganChase had $4.0 trillion in assets and $345 billion in stockholders’ equity as of December 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, January 15, 2025, at 8:30 a.m. (ET) to present fourth-quarter and full-year 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. (ET) on January 15, 2025 through 11:59 p.m. (ET) on January 29, 2025 by telephone at (800) 839-1248 (U.S. and Canada) or (203) 369-3356 (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 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which have been filed with the Securities and Exchange Commission and are 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

FOURTH 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 & Corporate Results - Managed Basis

Capital and Other Selected Balance Sheet Items

9–10

Earnings Per Share and Related Information

Business Segment & Corporate Results

Consumer & Community Banking (“CCB”)

12–15

Commercial & Investment Bank (“CIB”)

16–19

Asset & Wealth Management (“AWM”)

20–22

Corporate

Credit-Related Information

24-27

Non-GAAP Financial Measures

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”) and

the Glossary of Terms and Acronyms and Line of Business Metrics on pages 192-197 and pages 198-199, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.


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


	QUARTERLY TRENDS																							FULL YEAR
																				4Q24 Change											2024 Change
SELECTED INCOME STATEMENT DATA	4Q24				3Q24			2Q24				1Q24				4Q23				3Q24		4Q23		2024				2023			2023
Reported Basis
Total net revenue	$	42,768			$	42,654		$	50,200		(g)	$	41,934			$	38,574			—	%	11	%	$	177,556		(g)	$	158,104		12	%
Total noninterest expense	22,762				22,565			23,713				22,757			(h)	24,486			(h)	1		(7)		91,797				87,172			5
Pre-provision profit (a)	20,006				20,089			26,487				19,177				14,088				—		42		85,759				70,932			21
Provision for credit losses	2,631				3,111			3,052				1,884				2,762				(15)		(5)		10,678				9,320			15
NET INCOME	14,005				12,898			18,149				13,419				9,307				9		50		58,471				49,552			18

Managed Basis (b)
Total net revenue	43,738				43,315			50,992			(g)	42,548				39,943				1		10		180,593			(g)	162,366			11
Total noninterest expense	22,762				22,565			23,713				22,757			(h)	24,486			(h)	1		(7)		91,797				87,172			5
Pre-provision profit (a)	20,976				20,750			27,279				19,791				15,457				1		36		88,796				75,194			18
Provision for credit losses	2,631				3,111			3,052				1,884				2,762				(15)		(5)		10,678				9,320			15
NET INCOME	14,005				12,898			18,149				13,419				9,307				9		50		58,471				49,552			18

EARNINGS PER SHARE DATA
Net income: Basic	$	4.82			$	4.38		$	6.13			$	4.45			$	3.04			10		59		$	19.79			$	16.25		22
Diluted	4.81				4.37			6.12				4.44				3.04				10		58		19.75				16.23			22
Average shares: Basic	2,836.9				2,860.6			2,889.8				2,908.3				2,914.4				(1)		(3)		2,873.9				2,938.6			(2)
Diluted	2,842.4				2,865.9			2,894.9				2,912.8				2,919.1				(1)		(3)		2,879.0				2,943.1			(2)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	670,618			$	593,643		$	575,463			$	575,195			$	489,320			13		37		$	670,618			$	489,320		37
Common shares at period-end	2,797.6				2,815.3			2,845.1				2,871.6				2,876.6				(1)		(3)		2,797.6				2,876.6			(3)
Book value per share	116.07				115.15			111.29				106.81				104.45				1		11		116.07				104.45			11
Tangible book value per share (“TBVPS”) (a)	97.30				96.42			92.77				88.43				86.08				1		13		97.30				86.08			13
Cash dividends declared per share	1.25				1.25			1.15				1.15				1.05				—		19		4.80				4.10			17

FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	17		%		16		%	23		%		17		%		12		%						18		%		17		%
Return on tangible common equity (“ROTCE”) (a)	21				19			28				21				15								22				21
Return on assets	1.35				1.23			1.79				1.36				0.95								1.43				1.30

CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)	15.7		%	(f)	15.3		%	15.3		%		15.0		%		15.0		%						15.7		%	(f)	15.0		%
Tier 1 capital ratio (e)	16.8			(f)	16.4			16.7				16.4				16.6								16.8			(f)	16.6
Total capital ratio (e)	18.5			(f)	18.2			18.5				18.2				18.5								18.5			(f)	18.5
Tier 1 leverage ratio	7.2			(f)	7.1			7.2				7.2				7.2								7.2			(f)	7.2
Supplementary leverage ratio (“SLR”)	6.1			(f)	6.0			6.1				6.1				6.1								6.1			(f)	6.1

On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (“FDIC”).

(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 28 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 December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining $720 million CECL benefit; as of December 31, 2023, CET1 capital reflected a $1.4 billion benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, and 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)Estimated.

(g)Included a $7.9 billion net gain related to Visa shares. Refer to Note 2 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information on the exchange offer for Visa Class B-1 common stock.

(h)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.

Page 2


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


	QUARTERLY TRENDS																				FULL YEAR
																	4Q24 Change										2024 Change
	4Q24				3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		2024			2023			2023
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	4,002,814			$	4,210,048		$	4,143,003		$	4,090,727		$	3,875,393		(5)	%	3	%	$	4,002,814		$	3,875,393		3	%
Loans:
Consumer, excluding credit card loans	392,810				394,945			396,955			403,404			410,093			(1)		(4)		392,810			410,093			(4)
Credit card loans	232,860				219,542			216,100			206,740			211,123			6		10		232,860			211,123			10
Wholesale loans	722,318				725,524			707,645			699,472			702,490			—		3		722,318			702,490			3
Total loans	1,347,988				1,340,011			1,320,700			1,309,616			1,323,706			1		2		1,347,988			1,323,706			2

Deposits:
U.S. offices:
Noninterest-bearing	592,500				611,334			632,316			657,651			643,748			(3)		(8)		592,500			643,748			(8)
Interest-bearing	1,345,914				1,326,489			1,291,737			1,311,857			1,303,100			1		3		1,345,914			1,303,100			3
Non-U.S. offices:
Noninterest-bearing	26,806				31,607			26,362			24,109			23,097			(15)		16		26,806			23,097			16
Interest-bearing	440,812				461,342			446,115			434,792			430,743			(4)		2		440,812			430,743			2
Total deposits	2,406,032				2,430,772			2,396,530			2,428,409			2,400,688			(1)		—		2,406,032			2,400,688			—

Long-term debt	401,418				410,157			394,028			395,872			391,825			(2)		2		401,418			391,825			2
Common stockholders’ equity	324,708				324,186			316,652			306,737			300,474			—		8		324,708			300,474			8
Total stockholders’ equity	344,758				345,836			340,552			336,637			327,878			—		5		344,758			327,878			5

Loans-to-deposits ratio	56		%		55		%	55		%	54		%	55		%					56		%	55		%

Employees	317,233				316,043			313,206			311,921			309,926			—		2		317,233			309,926			2

95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)	$	40			$	45		$	56		$	48		$	35		(11)		14

Earnings-at-Risk (in billions) (b)(c)
Parallel shift:
+100 bps shift in rates	$	2.2		(f)	$	2.8		$	3.5		$	2.8		$	3.1		(21)		(29)
-100 bps shift in rates	(2.4)			(f)	(2.9)			(3.2)			(2.3)			(2.8)			17		14




LINE OF BUSINESS & CORPORATE NET REVENUE (d)
Consumer & Community Banking	$	18,362			$	17,791		$	17,701		$	17,653		$	18,097		3		1		$	71,507		$	70,148		2
Commercial & Investment Bank (e)	17,598				17,015			17,917			17,584			14,974			3		18		70,114			64,353			9
Asset & Wealth Management	5,778				5,439			5,252			5,109			5,095			6		13		21,578			19,827			9
Corporate	2,000				3,070			10,122			2,202			1,777			(35)		13		17,394			8,038			116
TOTAL NET REVENUE	$	43,738			$	43,315		$	50,992		$	42,548		$	39,943		1		10		$	180,593		$	162,366		11

LINE OF BUSINESS & CORPORATE NET INCOME/(LOSS)
Consumer & Community Banking	$	4,516			$	4,046		$	4,210		$	4,831		$	4,788		12		(6)		$	17,603		$	21,232		(17)
Commercial & Investment Bank (e)	6,636				5,691			5,897			6,622			4,177			17		59		24,846			20,272			23
Asset & Wealth Management	1,517				1,351			1,263			1,290			1,217			12		25		5,421			5,227			4
Corporate	1,336				1,810			6,779			676			(875)			(26)		NM		10,601			2,821			276
NET INCOME	$	14,005			$	12,898		$	18,149		$	13,419		$	9,307		9		50		$	58,471		$	49,552		18

On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC.

(a)Refer to Commercial & Investment Bank VaR on page 19 for further information.

(b)Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline reflects certain assumptions relating to the Federal Reserve’s balance sheet policy (e.g., quantitative tightening and usage at the Reverse Repurchase Facility) that require management judgment. The Firm’s actual net interest income for the rate shifts presented may differ as the earnings-at-risk scenarios are modelled as instantaneous shifts and exclude any actions that could be taken by the Firm or its clients and customers in response to instantaneous rate changes. Other significant assumptions in the earnings-at-risk scenarios may also differ from actual results, including mortgage prepayments and deposits rates paid. Refer to pages 80-81 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 for additional information.

(c)Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates. At September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, represents the total of the Firm’s U.S. dollar and non-U.S. dollar sensitivities. Refer to Structural interest rate risk management of the Firm’s Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, 2024, June 30, 2024 and March 31, 2024 and the Firm’s 2023 Form 10-K for additional information.

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

(e)Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank ("CIB"). Refer to Business Segment Results on page 20 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information.'

(f)Estimated.

Page 3


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


	QUARTERLY TRENDS																						FULL YEAR
																			4Q24 Change												2024 Change
REVENUE	4Q24			3Q24			2Q24				1Q24				4Q23				3Q24		4Q23		2024				2023				2023
Investment banking fees	$	2,421		$	2,231		$	2,304			$	1,954			$	1,635			9	%	48	%	$	8,910			$	6,519			37	%
Principal transactions	5,195			5,988			6,814				6,790				3,725				(13)		39		24,787				24,460				1
Lending- and deposit-related fees	1,952			1,924			1,828				1,902				1,926				1		1		7,606				7,413				3
Asset management fees	4,874			4,479			4,302				4,146				4,077				9		20		17,801				15,220				17
Commissions and other fees	1,865			1,936			1,924				1,805				1,697				(4)		10		7,530				6,836				10

Investment securities losses	(92)			(16)			(547)				(366)				(743)				(475)		88		(1,021)				(3,180)				68
Mortgage fees and related income	376			402			348				275				263				(6)		43		1,401				1,176				19
Card income	1,602			1,345			1,332				1,218				1,247				19		28		5,497				4,784				15
Other income (a)	1,225			960			9,149			(e)	1,128				696				28		76		12,462			(e)	5,609				122
Noninterest revenue	19,418			19,249			27,454				18,852				14,523				1		34		84,973				68,837				23
Interest income	47,566			50,416			48,513				47,438				47,384				(6)		—		193,933				170,588				14
Interest expense	24,216			27,011			25,767				24,356				23,333				(10)		4		101,350				81,321				25
Net interest income	23,350			23,405			22,746				23,082				24,051				—		(3)		92,583				89,267				4
TOTAL NET REVENUE	42,768			42,654			50,200				41,934				38,574				—		11		177,556				158,104				12

Provision for credit losses	2,631			3,111			3,052				1,884				2,762				(15)		(5)		10,678				9,320				15

NONINTEREST EXPENSE
Compensation expense	12,469			12,817			12,953				13,118				11,847				(3)		5		51,357				46,465				11
Occupancy expense	1,309			1,258			1,248				1,211				1,208				4		8		5,026				4,590				9
Technology, communications and equipment expense	2,516			2,447			2,447				2,421				2,409				3		4		9,831				9,246				6
Professional and outside services	3,007			2,780			2,722				2,548				2,606				8		15		11,057				10,235				8
Marketing	1,335			1,258			1,221				1,160				1,298				6		3		4,974				4,591				8
Other expense (b)	2,126			2,005			3,122			(f)	2,299			(g)	5,118			(g)	6		(58)		9,552			(f)(g)	12,045			(g)	(21)
TOTAL NONINTEREST EXPENSE	22,762			22,565			23,713				22,757				24,486				1		(7)		91,797				87,172				5
Income before income tax expense	17,375			16,978			23,435				17,293				11,326				2		53		75,081				61,612				22
Income tax expense (a)	3,370			4,080			5,286				3,874				2,019			(h)	(17)		67		16,610				12,060			(h)	38
NET INCOME	$	14,005		$	12,898		$	18,149			$	13,419			$	9,307			9		50		$	58,471			$	49,552			18


NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	4.82		$	4.38		$	6.13			$	4.45			$	3.04			10		59		$	19.79			$	16.25			22
Diluted earnings per share	4.81			4.37			6.12				4.44				3.04				10		58		19.75				16.23				22

FINANCIAL RATIOS
Return on common equity (c)	17		%	16		%	23		%		17		%		12		%						18		%		17		%
Return on tangible common equity (c)(d)	21			19			28				21				15								22				21
Return on assets (c)	1.35			1.23			1.79				1.36				0.95								1.43				1.30
Effective income tax rate	19.4			24.0			22.6				22.4				17.8			(h)					22.1				19.6			(h)
Overhead ratio	53			53			47				54				63								52				55

On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC.

(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 amortization of the associated 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. Refer to Note 1 and 5 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 for additional information.

(b)Included Firmwide legal expense of $236 million, $259 million, $317 million, $(72) million and $175 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $740 million and $1.4 billion for the full year 2024 and 2023, respectively.

(c)Ratios are based upon annualized amounts.

(d)Refer to page 28 for a further discussion of ROTCE.

(e)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.

(f)Included a $1.0 billion donation of Visa shares to pre-fund contributions to the JPMorganChase Foundation.

(g)Included an FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which was 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.

(h)Included an income tax benefit of $463 million and $428 million for the three months and full year ended December 31, 2023, respectively, 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.

Page 4


JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)


											Dec 31, 2024
											Change
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Dec 31,
	2024		2024		2024		2024		2023		2024		2023
ASSETS
Cash and due from banks	$	23,372	$	22,896	$	27,265	$	22,750	$	29,066	2	%	(20)	%
Deposits with banks	445,945		411,364		503,554		539,366		595,085		8		(25)
Federal funds sold and securities purchased under
resale agreements	295,001		390,821		392,763		330,559		276,152		(25)		7
Securities borrowed	219,546		252,434		199,062		198,336		200,436		(13)		10
Trading assets:
Debt and equity instruments	576,817		734,928		679,209		697,788		485,743		(22)		19
Derivative receivables	60,967		52,561		54,673		56,621		54,864		16		11
Available-for-sale (“AFS”) securities	406,852		334,548		266,252		236,152		201,704		22		102
Held-to-maturity (”HTM”) securities	274,468		299,954		323,746		334,527		369,848		(8)		(26)
Investment securities, net of allowance for credit losses	681,320		634,502		589,998		570,679		571,552		7		19
Loans	1,347,988		1,340,011		1,320,700		1,309,616		1,323,706		1		2
Less: Allowance for loan losses	24,345		23,949		22,991		22,351		22,420		2		9
Loans, net of allowance for loan losses	1,323,643		1,316,062		1,297,709		1,287,265		1,301,286		1		2
Accrued interest and accounts receivable	101,223		122,565		135,692		129,823		107,363		(17)		(6)
Premises and equipment	32,223		31,525		30,582		30,279		30,157		2		7
Goodwill, MSRs and other intangible assets	64,560		64,455		64,525		64,374		64,381		—		—
Other assets	178,197		175,935		167,971		162,887		159,308		1		12
TOTAL ASSETS	$	4,002,814	$	4,210,048	$	4,143,003	$	4,090,727	$	3,875,393	(5)		3

LIABILITIES
Deposits	$	2,406,032	$	2,430,772	$	2,396,530	$	2,428,409	$	2,400,688	(1)		—
Federal funds purchased and securities loaned or sold
under repurchase agreements	296,835		389,337		400,832		325,670		216,535		(24)		37
Short-term borrowings	52,893		50,638		47,308		46,268		44,712		4		18
Trading liabilities:
Debt and equity instruments	153,222		204,593		206,018		192,324		139,581		(25)		10
Derivative payables	39,661		38,665		34,818		36,003		40,847		3		(3)
Accounts payable and other liabilities	280,672		314,356		295,813		301,469		290,307		(11)		(3)
Beneficial interests issued by consolidated VIEs	27,323		25,694		27,104		28,075		23,020		6		19
Long-term debt	401,418		410,157		394,028		395,872		391,825		(2)		2
TOTAL LIABILITIES	3,658,056		3,864,212		3,802,451		3,754,090		3,547,515		(5)		3

STOCKHOLDERS’ EQUITY
Preferred stock	20,050		21,650		23,900		29,900		27,404		(7)		(27)
Common stock	4,105		4,105		4,105		4,105		4,105		—		—
Additional paid-in capital	90,911		90,638		90,328		89,903		90,128		—		1
Retained earnings	376,166		365,966		356,924		342,414		332,901		3		13
Accumulated other comprehensive loss (“AOCI”)	(12,456)		(6,784)		(11,338)		(11,639)		(10,443)		(84)		(19)
Treasury stock, at cost	(134,018)		(129,739)		(123,367)		(118,046)		(116,217)		(3)		(15)
TOTAL STOCKHOLDERS’ EQUITY	344,758		345,836		340,552		336,637		327,878		—		5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,002,814	$	4,210,048	$	4,143,003	$	4,090,727	$	3,875,393	(5)		3

Page 5


JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)


	QUARTERLY TRENDS																			FULL YEAR
																4Q24 Change										2024 Change
AVERAGE BALANCES	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		2024			2023			2023
ASSETS
Deposits with banks	$	448,992		$	464,704		$	512,150		$	535,708		$	540,040		(3)	%	(17)	%	$	490,205		$	499,396		(2)	%
Federal funds sold and securities purchased under resale agreements	337,553			404,174			370,817			323,988			319,056			(16)		6		359,197			317,159			13
Securities borrowed	232,500			217,716			195,877			192,545			200,369			7		16		209,744			193,228			9
Trading assets - debt instruments	452,091			496,176			452,933			422,516			374,254			(9)		21		456,029			376,928			21
Investment securities	661,361			622,835			580,044			580,046			579,450			6		14		611,241			604,800			1
Loans	1,339,378			1,325,440			1,313,085			1,311,578			1,315,439			1		2		1,322,425			1,248,076			6
All other interest-earning assets (a)	100,085			90,721			84,819			79,134			79,787			10		25		88,726			86,121			3
Total interest-earning assets	3,571,960			3,621,766			3,509,725			3,445,515			3,408,395			(1)		5		3,537,567			3,325,708			6
Trading assets - equity and other instruments	204,126			217,790			221,382			190,783			144,642			(6)		41		208,534			160,087			30
Trading assets - derivative receivables	58,643			54,575			57,175			57,635			62,069			7		(6)		57,005			64,227			(11)
All other noninterest-earning assets	290,438			282,877			283,161			274,704			270,526			3		7		282,816			272,202			4
TOTAL ASSETS	$	4,125,167		$	4,177,008		$	4,071,443		$	3,968,637		$	3,885,632		(1)		6		$	4,085,922		$	3,822,224		7
LIABILITIES
Interest-bearing deposits	$	1,793,337		$	1,749,353		$	1,722,856		$	1,726,142		$	1,713,189		3		5		$	1,748,050		$	1,698,529		3
Federal funds purchased and securities loaned or
sold under repurchase agreements	358,508			425,795			375,371			294,983			254,211			(16)		41		363,820			256,086			42
Short-term borrowings	41,346			40,234			38,234			38,529			37,941			3		9		39,593			37,468			6
Trading liabilities - debt and all other interest-bearing liabilities (b)	304,599			329,850			318,703			302,997			287,443			(8)		6		314,054			286,605			10
Beneficial interests issued by consolidated VIEs	25,881			26,556			26,222			27,407			23,133			(3)		12		26,515			18,648			42
Long-term debt	346,485			347,910			342,516			340,411			325,843			—		6		344,346			296,433			16
Total interest-bearing liabilities	2,870,156			2,919,698			2,823,902			2,730,469			2,641,760			(2)		9		2,836,378			2,593,769			9
Noninterest-bearing deposits	623,654			633,957			648,327			648,644			658,912			(2)		(5)		638,592			660,538			(3)
Trading liabilities - equity and other instruments	36,228			32,739			30,456			28,622			34,176			11		6		32,025			30,501			5
Trading liabilities - derivative payables	40,621			39,936			37,538			39,877			42,447			2		(4)		39,497			46,355			(15)
All other noninterest-bearing liabilities	216,082			206,376			196,590			192,796			186,871			5		16		203,006			181,601			12
TOTAL LIABILITIES	3,786,741			3,832,706			3,736,813			3,640,408			3,564,166			(1)		6		3,749,498			3,512,764			7
Preferred stock	20,050			22,408			25,867			27,952			27,404			(11)		(27)		24,054			27,404			(12)
Common stockholders’ equity	318,376			321,894			308,763			300,277			294,062			(1)		8		312,370			282,056			11
TOTAL STOCKHOLDERS’ EQUITY	338,426			344,302			334,630			328,229			321,466			(2)		5		336,424			309,460			9
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,125,167		$	4,177,008		$	4,071,443		$	3,968,637		$	3,885,632		(1)		6		$	4,085,922		$	3,822,224		7

AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	3.97		%	4.59		%	4.76		%	4.79		%	4.79		%					4.55		%	4.36		%
Federal funds sold and securities purchased under resale agreements	4.76			5.14			5.23			5.23			5.26							5.09			4.75
Securities borrowed	4.09			4.53			4.47			4.52			4.59							4.39			4.13
Trading assets - debt instruments	4.52			4.51			4.44			4.38			4.39							4.47			4.25
Investment securities	3.86			3.96			3.80			3.64			3.53							3.82			3.13
Loans	6.87			7.07			7.03			7.03			6.97							7.00			6.70
All other interest-earning assets (a)(d)	8.26			9.11			10.14			10.22			10.10							9.36			8.90
Total interest-earning assets	5.31			5.55			5.57			5.55			5.53							5.50			5.14

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	2.66			2.94			2.90			2.85			2.78							2.84			2.36
Federal funds purchased and securities loaned or
sold under repurchase agreements	4.81			5.36			5.47			5.41			5.51							5.26			5.18
Short-term borrowings	5.03			5.38			5.27			5.57			5.55							5.31			5.05
Trading liabilities - debt and all other interest-bearing liabilities (b)	3.09			3.17			3.29			3.50			3.58							3.26			3.28
Beneficial interests issued by consolidated VIEs	4.85			5.27			5.40			5.34			5.36							5.22			5.11
Long-term debt	5.38			5.53			5.61			5.46			5.33							5.49			5.33
Total interest-bearing liabilities	3.36			3.68			3.67			3.59			3.50							3.57			3.14

INTEREST RATE SPREAD	1.95			1.87			1.90			1.96			2.03							1.93			2.00
NET YIELD ON INTEREST-EARNING ASSETS	2.61			2.58			2.62			2.71			2.81							2.63			2.70
Memo: Net yield on interest-earning assets excluding Markets (e)	3.79			3.86			3.86			3.83			3.86							3.84			3.85

(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) Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2023 Form 10-K for additional information on hedge accounting.

(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 28 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 28 for additional information on managed basis.

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








	QUARTERLY TRENDS																			FULL YEAR
																4Q24 Change										2024 Change
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		2024			2023			2023
OTHER INCOME
Other income - reported (a)	$	1,225		$	960		$	9,149		$	1,128		$	696		28	%	76	%	$	12,462		$	5,609		122	%
Fully taxable-equivalent adjustments (a)(b)	849			541			677			493			1,243			57		(32)		2,560			3,782			(32)
Other income - managed	$	2,074		$	1,501		$	9,826		$	1,621		$	1,939		38		7		$	15,022		$	9,391		60

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	19,418		$	19,249		$	27,454		$	18,852		$	14,523		1		34		$	84,973		$	68,837		23
Fully taxable-equivalent adjustments	849			541			677			493			1,243			57		(32)		2,560			3,782			(32)
Total noninterest revenue - managed	$	20,267		$	19,790		$	28,131		$	19,345		$	15,766		2		29		$	87,533		$	72,619		21

NET INTEREST INCOME
Net interest income - reported	$	23,350		$	23,405		$	22,746		$	23,082		$	24,051		—		(3)		$	92,583		$	89,267		4
Fully taxable-equivalent adjustments (b)	121			120			115			121			126			1		(4)		477			480			(1)
Net interest income - managed	$	23,471		$	23,525		$	22,861		$	23,203		$	24,177		—		(3)		$	93,060		$	89,747		4

TOTAL NET REVENUE
Total net revenue - reported	$	42,768		$	42,654		$	50,200		$	41,934		$	38,574		—		11		$	177,556		$	158,104		12
Fully taxable-equivalent adjustments	970			661			792			614			1,369			47		(29)		3,037			4,262			(29)
Total net revenue - managed	$	43,738		$	43,315		$	50,992		$	42,548		$	39,943		1		10		$	180,593		$	162,366		11

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	20,006		$	20,089		$	26,487		$	19,177		$	14,088		—		42		$	85,759		$	70,932		21
Fully taxable-equivalent adjustments	970			661			792			614			1,369			47		(29)		3,037			4,262			(29)
Pre-provision profit - managed	$	20,976		$	20,750		$	27,279		$	19,791		$	15,457		1		36		$	88,796		$	75,194		18

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	17,375		$	16,978		$	23,435		$	17,293		$	11,326		2		53		$	75,081		$	61,612		22
Fully taxable-equivalent adjustments	970			661			792			614			1,369			47		(29)		3,037			4,262			(29)
Income before income tax expense - managed	$	18,345		$	17,639		$	24,227		$	17,907		$	12,695		4		45		$	78,118		$	65,874		19

INCOME TAX EXPENSE
Income tax expense - reported (a)	$	3,370		$	4,080		$	5,286		$	3,874		$	2,019		(17)		67		$	16,610		$	12,060		38
Fully taxable-equivalent adjustments (a)	970			661			792			614			1,369			47		(29)		3,037			4,262			(29)
Income tax expense - managed	$	4,340		$	4,741		$	6,078		$	4,488		$	3,388		(8)		28		$	19,647		$	16,322		20

OVERHEAD RATIO
Overhead ratio - reported	53		%	53		%	47		%	54		%	63		%					52		%	55		%
Overhead ratio - managed	52			52			47			53			61							51			54

(b)Predominantly recognized in CIB and Corporate.

Page 7


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


	QUARTERLY TRENDS															FULL YEAR
												4Q24 Change									2024 Change
	4Q24		3Q24		2Q24			1Q24		4Q23		3Q24		4Q23		2024			2023		2023
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	18,362	$	17,791	$	17,701		$	17,653	$	18,097	3	%	1	%	$	71,507		$	70,148	2	%
Commercial & Investment Bank (a)	17,598		17,015		17,917			17,584		14,974		3		18		70,114			64,353		9
Asset & Wealth Management	5,778		5,439		5,252			5,109		5,095		6		13		21,578			19,827		9
Corporate	2,000		3,070		10,122		(b)	2,202		1,777		(35)		13		17,394		(b)	8,038		116
TOTAL NET REVENUE	$	43,738	$	43,315	$	50,992		$	42,548	$	39,943	1		10		$	180,593		$	162,366	11

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	9,728	$	9,586	$	9,425		$	9,297	$	9,336	1		4		$	38,036		$	34,819	9
Commercial & Investment Bank (a)	8,712		8,751		9,166			8,724		8,169		—		7		35,353			33,972		4
Asset & Wealth Management	3,772		3,639		3,543			3,460		3,388		4		11		14,414			12,780		13
Corporate	550		589		1,579		(c)	1,276		3,593		(7)		(85)		3,994		(c)	5,601		(29)
TOTAL NONINTEREST EXPENSE	$	22,762	$	22,565	$	23,713		$	22,757	$	24,486	1		(7)		$	91,797		$	87,172	5

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	8,634	$	8,205	$	8,276		$	8,356	$	8,761	5		(1)		$	33,471		$	35,329	(5)
Commercial & Investment Bank (a)	8,886		8,264		8,751			8,860		6,805		8		31		34,761			30,381		14
Asset & Wealth Management	2,006		1,800		1,709			1,649		1,707		11		18		7,164			7,047		2
Corporate	1,450		2,481		8,543			926		(1,816)		(42)		NM		13,400			2,437		450
PRE-PROVISION PROFIT	$	20,976	$	20,750	$	27,279		$	19,791	$	15,457	1		36		$	88,796		$	75,194	18

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	2,623	$	2,795	$	2,643		$	1,913	$	2,189	(6)		20		$	9,974		$	6,899	45
Commercial & Investment Bank (a)	61		316		384			1		576		(81)		(89)		762			2,091		(64)
Asset & Wealth Management	(35)		4		20			(57)		(1)		NM		NM		(68)			159		NM
Corporate	(18)		(4)		5			27		(2)		(350)		NM		10			171		(94)
PROVISION FOR CREDIT LOSSES	$	2,631	$	3,111	$	3,052		$	1,884	$	2,762	(15)		(5)		$	10,678		$	9,320	15

NET INCOME/(LOSS)
Consumer & Community Banking	$	4,516	$	4,046	$	4,210		$	4,831	$	4,788	12		(6)		$	17,603		$	21,232	(17)
Commercial & Investment Bank (a)	6,636		5,691		5,897			6,622		4,177		17		59		24,846			20,272		23
Asset & Wealth Management	1,517		1,351		1,263			1,290		1,217		12		25		5,421			5,227		4
Corporate	1,336		1,810		6,779			676		(875)		(26)		NM		10,601			2,821		276
TOTAL NET INCOME	$	14,005	$	12,898	$	18,149		$	13,419	$	9,307	9		50		$	58,471		$	49,552	18

(a)Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank ("CIB"). Refer to Business Segment Results on page 20 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information.

(b)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.

(c)Included $1.0 billion contribution of Visa shares to the JPMorganChase Foundation.

Page 8


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


																	Dec 31, 2024
																	Change				FULL YEAR
	Dec 31,				Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,							2024 Change
	2024				2024			2024			2024			2023			2024		2023		2024			2023		2023
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	275,515		(c)	$	272,964		$	267,196		$	257,569		$	250,585		1	%	10	%
Tier 1 capital	294,889			(c)	292,333			290,442			280,771			277,306			1		6
Total capital	325,618			(c)	324,585			322,175			312,149			308,497			—		6
Risk-weighted assets	1,759,173			(c)	1,782,722			1,743,481			1,712,081			1,671,995			(1)		5
CET1 capital ratio	15.7		%	(c)	15.3		%	15.3		%	15.0		%	15.0		%
Tier 1 capital ratio	16.8			(c)	16.4			16.7			16.4			16.6
Total capital ratio	18.5			(c)	18.2			18.5			18.2			18.5

Advanced
CET1 capital	$	275,515		(c)	$	272,964		$	267,196		$	257,569		$	250,585		1		10
Tier 1 capital	294,889			(c)	292,333			290,442			280,771			277,306			1		6
Total capital	311,911			(c)	310,764			308,639			298,766			295,417			—		6
Risk-weighted assets	1,741,718			(c)	1,762,991			1,726,204			1,681,317			1,669,156			(1)		4
CET1 capital ratio	15.8		%	(c)	15.5		%	15.5		%	15.3		%	15.0		%
Tier 1 capital ratio	16.9			(c)	16.6			16.8			16.7			16.6
Total capital ratio	17.9			(c)	17.6			17.9			17.8			17.7

Leverage-based capital metrics
Adjusted average assets (b)	$	4,070,506		(c)	$	4,122,332		$	4,016,654		$	3,913,677		$	3,831,200		(1)		6
Tier 1 leverage ratio	7.2		%	(c)	7.1		%	7.2		%	7.2		%	7.2		%

Total leverage exposure	$	4,838,564		(c)	$	4,893,662		$	4,768,202		$	4,634,634		$	4,540,465		(1)		7
SLR	6.1		%	(c)	6.0		%	6.1		%	6.1		%	6.1		%

Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC	$	546,605		(c)	$	543,616		$	533,949		$	520,386		$	513,799		1		6

MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance	$	272,964			$	267,196		$	257,569		$	250,585		$	241,825		2		13		$	250,585		$	218,934	14	%
Net income applicable to common equity	13,746				12,612			17,832			13,022			8,921			9		54		57,212			48,051		19
Dividends declared on common stock	(3,546)				(3,570)			(3,322)			(3,348)			(3,064)			1		(16)		(13,786)			(12,055)		(14)
Net purchase of treasury stock	(4,279)				(6,372)			(5,321)			(1,829)			(2,240)			33		(91)		(17,801)			(8,881)		(100)
Changes in additional paid-in capital	273				310			425			(225)			229			(12)		19		783			1,084		(28)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities	(2,633)				2,297			108			141			4,362			NM		NM		(87)			5,381		NM
Translation adjustments, net of hedges	(887)				389			(156)			(204)			402			NM		NM		(858)			329		NM
Fair value hedges	(54)				(20)			8			(21)			(86)			(170)		37		(87)			(101)		14
Defined benefit pension and other postretirement employee benefit plans	(58)				(28)			(3)			26			455			(107)		NM		(63)			373		NM
Changes related to other CET1 capital adjustments	(11)			(c)	150			56			(578)			(219)			NM		95		(383)		(c)	(2,530)		85
Change in Standardized/Advanced CET1 capital	2,551			(c)	5,768			9,627			6,984			8,760			(56)		(71)		24,930		(c)	31,651		(21)
Standardized/Advanced CET1 capital, ending balance	$	275,515		(c)	$	272,964		$	267,196		$	257,569		$	250,585		1		10		$	275,515	(c)	$	250,585	10

(a)The capital metrics reflect the CECL capital transition provisions. As of December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining $720 million CECL benefit; as of December 31, 2023, CET1 capital reflected a $1.4 billion benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, and 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)


											Dec 31, 2024
											Change				FULL YEAR
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Dec 31,						2024 Change
	2024		2024		2024		2024		2023		2024		2023		2024		2023		2023
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity	$	324,708	$	324,186	$	316,652	$	306,737	$	300,474	—	%	8	%
Less: Goodwill	52,565		52,711		52,620		52,636		52,634		—		—
Less: Other intangible assets	2,874		2,991		3,058		3,133		3,225		(4)		(11)
Add: Certain deferred tax liabilities (b)	2,943		2,962		2,969		2,981		2,996		(1)		(2)
Total tangible common equity	$	272,212	$	271,446	$	263,943	$	253,949	$	247,611	—		10

TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity	$	318,376	$	321,894	$	308,763	$	300,277	$	294,062	(1)		8		$	312,370	$	282,056	11	%
Less: Goodwill	52,617		52,658		52,618		52,614		52,538		—		—		52,627		52,258		1
Less: Other intangible assets	2,921		3,007		3,086		3,157		3,254		(3)		(10)		3,042		2,572		18
Add: Certain deferred tax liabilities (b)	2,952		2,963		2,975		2,988		2,992		—		(1)		2,970		2,883		3
Total tangible common equity	$	265,790	$	269,192	$	256,034	$	247,494	$	241,262	(1)		10		$	259,671	$	230,109	13

INTANGIBLE ASSETS (period-end)
Goodwill	$	52,565	$	52,711	$	52,620	$	52,636	$	52,634	—		—
Mortgage servicing rights	9,121		8,753		8,847		8,605		8,522		4		7
Other intangible assets	2,874		2,991		3,058		3,133		3,225		(4)		(11)
Total intangible assets	$	64,560	$	64,455	$	64,525	$	64,374	$	64,381	—		—

(a)Refer to page 28 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																					FULL YEAR
																		4Q24 Change										2024 Change
	4Q24			3Q24				2Q24			1Q24				4Q23			3Q24		4Q23		2024			2023			2023
EARNINGS PER SHARE
Basic earnings per share
Net income	$	14,005		$	12,898			$	18,149		$	13,419			$	9,307		9	%	50	%	$	58,471		$	49,552		18	%
Less: Preferred stock dividends	259			286				317			397				386			(9)		(33)		1,259			1,501			(16)
Net income applicable to common equity	13,746			12,612				17,832			13,022				8,921			9		54		57,212			48,051			19
Less: Dividends and undistributed earnings allocated to
participating securities	77			75				114			80				51			3		51		344			291			18
Net income applicable to common stockholders	$	13,669		$	12,537			$	17,718		$	12,942			$	8,870		9		54		$	56,868		$	47,760		19

Total weighted-average basic shares outstanding	2,836.9			2,860.6				2,889.8			2,908.3				2,914.4			(1)		(3)		2,873.9			2,938.6			(2)
Net income per share	$	4.82		$	4.38			$	6.13		$	4.45			$	3.04		10		59		$	19.79		$	16.25		22

Diluted earnings per share
Net income applicable to common stockholders	$	13,669		$	12,537			$	17,718		$	12,942			$	8,870		9		54		$	56,868		$	47,760		19
Total weighted-average basic shares outstanding	2,836.9			2,860.6				2,889.8			2,908.3				2,914.4			(1)		(3)		2,873.9			2,938.6			(2)
Add: Dilutive impact of unvested performance share units (“PSUs”), nondividend-earning restricted stock units (“RSUs”) and stock appreciation rights (“SARs”)	5.5			5.3				5.1			4.5				4.7			4		17		5.1			4.5			13
Total weighted-average diluted shares outstanding	2,842.4			2,865.9				2,894.9			2,912.8				2,919.1			(1)		(3)		2,879.0			2,943.1			(2)
Net income per share	$	4.81		$	4.37			$	6.12		$	4.44			$	3.04		10		58		$	19.75		$	16.23		22

COMMON DIVIDENDS
Cash dividends declared per share	$	1.25		$	1.25		(c)	$	1.15		$	1.15		(d)	$	1.05		—		19		$	4.80		$	4.10		17
Dividend payout ratio	26		%	28		%		19		%	26		%		34		%					24		%	25		%

COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	18.5			30.3				27.0			15.9				15.2			(39)		22		91.7			69.5			32
Average price paid per share of common stock	$	233.37		$	209.61			$	196.83		$	179.50			$	151.02		11		55		$	205.43		$	142.31		44
Aggregate repurchases of common stock	4,313			6,361				5,318			2,849				2,301			(32)		87		18,841			9,898			90

EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	0.8			0.5				0.5			10.9				0.8			60		—		12.7			11.9			7
Net impact of employee issuances on stockholders’ equity (b)	$	343		$	354			$	459		$	801			$	308		(3)		11		$	1,957		$	2,171		(10)

(a)Effective July 1, 2024, the Firm’s Board of Directors had authorized a common share repurchase program of $30 billion that replaced the previous 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 September 17, 2024, the Board of Directors declared a quarterly common stock dividend of $1.25 per share.

(d)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																			FULL YEAR
																4Q24 Change										2024 Change
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		2024			2023			2023
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	872		$	863		$	830		$	822		$	856		1	%	2	%	$	3,387		$	3,356		1	%
Asset management fees	1,067			1,022			978			947			899			4		19		4,014			3,282			22
Mortgage fees and related income	368			390			346			274			261			(6)		41		1,378			1,175			17
Card income	973			743			741			682			684			31		42		3,139			2,532			24
All other income (a)	1,214			1,196			1,101			1,220			1,270			2		(4)		4,731			4,773			(1)
Noninterest revenue	4,494			4,214			3,996			3,945			3,970			7		13		16,649			15,118			10
Net interest income	13,868			13,577			13,705			13,708			14,127			2		(2)		54,858			55,030			—
TOTAL NET REVENUE	18,362			17,791			17,701			17,653			18,097			3		1		71,507			70,148			2

Provision for credit losses	2,623			2,795			2,643			1,913			2,189			(6)		20		9,974			6,899			45

NONINTEREST EXPENSE
Compensation expense	4,301			4,275			4,240			4,229			4,023			1		7		17,045			15,171			12
Noncompensation expense (b)	5,427			5,311			5,185			5,068			5,313			2		2		20,991			19,648			7
TOTAL NONINTEREST EXPENSE	9,728			9,586			9,425			9,297			9,336			1		4		38,036			34,819		(d)	9

Income before income tax expense	6,011			5,410			5,633			6,443			6,572			11		(9)		23,497			28,430			(17)
Income tax expense	1,495			1,364			1,423			1,612			1,784			10		(16)		5,894			7,198			(18)
NET INCOME	$	4,516		$	4,046		$	4,210		$	4,831		$	4,788		12		(6)		$	17,603		$	21,232		(17)

REVENUE BY BUSINESS
Banking & Wealth Management	$	10,154		$	10,090		$	10,375		$	10,324		$	10,877		1		(7)		$	40,943		$	43,199		(5)
Home Lending	1,297			1,295			1,319			1,186			1,161			—		12		5,097			4,140			23
Card Services & Auto	6,911			6,406			6,007			6,143			6,059			8		14		25,467			22,809			12

MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	186			154			157			130			82			21		127		627			421			49
Net mortgage servicing revenue (c)	182			236			189			144			179			(23)		2		751			754			—
Mortgage fees and related income	$	368		$	390		$	346		$	274		$	261		(6)		41		$	1,378		$	1,175		17

FINANCIAL RATIOS
ROE	32		%	29		%	30		%	35		%	33		%					32		%	38		%
Overhead ratio	53			54			53			53			52							53			50

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $722 million, $699 million, $682 million, $665 million and $666 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $2.8 billion for both the full year 2024 and 2023.

(b)Included depreciation expense on leased assets of $410 million, $387 million, $430 million, $427 million and $425 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $1.7 billion for both the full year 2024 and 2023.

(c)Included MSR risk management results of $21 million, $100 million, $39 million, $(1) million and $7 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $159 million and $131 million for the full year 2024 and 2023, respectively.

(d)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense has been aligned to the appropriate LOB.

Page 12


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

	QUARTERLY TRENDS															FULL YEAR
												4Q24 Change								2024 Change
	4Q24		3Q24		2Q24		1Q24		4Q23			3Q24		4Q23		2024		2023		2023
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	650,268	$	633,038	$	638,493	$	629,122	$	642,951		3	%	1	%	$	650,268	$	642,951	1	%

Loans:
Banking & Wealth Management	33,221		31,614		31,078		31,266		31,142			5		7		33,221		31,142		7
Home Lending (a)	246,498		247,663		250,032		254,243		259,181			—		(5)		246,498		259,181		(5)
Card Services	233,016		219,671		216,213		206,823		211,175			6		10		233,016		211,175		10
Auto	73,619		73,215		75,310		76,508		77,705			1		(5)		73,619		77,705		(5)
Total loans	586,354		572,163		572,633		568,840		579,203			2		1		586,354		579,203		1

Deposits	1,056,652		1,054,027		1,069,753		1,105,583		1,094,738		(c)	—		(3)		1,056,652		1,094,738		(3)
Equity	54,500		54,500		54,500		54,500		55,500			—		(2)		54,500		55,500		(2)

SELECTED BALANCE SHEET DATA (average)
Total assets	$	638,783	$	631,117	$	628,757	$	627,862	$	629,744		1		1		$	631,648	$	584,367	8

Loans:
Banking & Wealth Management	32,599		30,910		31,419		31,241		30,718			5		6		31,544		30,142		5
Home Lending (b)	247,415		250,581		254,385		257,866		261,394			(1)		(5)		252,542		232,115		9
Card Services	224,263		217,327		210,119		204,701		202,685			3		11		214,139		191,424		12
Auto	73,323		73,675		75,804		77,268		76,409			—		(4)		75,009		72,674		3
Total loans	577,600		572,493		571,727		571,076		571,206			1		1		573,234		526,355		9

Deposits	1,050,636		1,053,701		1,073,544		1,079,243		1,092,432		(c)	—		(4)		1,064,215		1,126,552		(6)
Equity	54,500		54,500		54,500		54,500		55,500			—		(2)		54,500		54,349		—

Employees	144,989		143,964		143,412		142,758		141,640			1		2		144,989		141,640		2

(a)At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, Home Lending loans held-for-sale and loans at fair value were $8.1 billion, $6.9 billion, $5.9 billion, $4.8 billion and $3.4 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $7.8 billion, $8.4 billion, $7.7 billion, $4.7 billion and $4.7 billion for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $7.1 billion and $4.8 billion for the full year 2024 and 2023, respectively.

(c)In the fourth quarter of 2023, CCB transferred approximately $18.8 billion of deposits associated with First Republic to AWM and CIB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.

Page 13


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

	QUARTERLY TRENDS																			FULL YEAR
																4Q24 Change										2024 Change
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		2024			2023			2023
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)	$	3,357		$	3,252		$	3,413		$	3,647		$	3,740		3	%	(10)	%	$	3,357		$	3,740		(10)	%

Net charge-offs/(recoveries)
Banking & Wealth Management	105			82			176			79			81			28		30		442			340			30
Home Lending	(15)			(44)			(40)			(7)			6			66		NM		(106)			(56)			(89)
Card Services	1,862			1,768			1,830			1,688			1,426			5		31		7,148			4,699			52
Auto	114			113			98			119			125			1		(9)		444			357			24
Total net charge-offs/(recoveries)	$	2,066		$	1,919		$	2,064		$	1,879		$	1,638		8		26		$	7,928		$	5,340		48
Net charge-off/(recovery) rate
Banking & Wealth Management	1.28		%	1.06		%	2.25		%	1.02		%	1.05		%					1.40		%	1.13		%
Home Lending	(0.02)			(0.07)			(0.07)			(0.01)			0.01							(0.04)			(0.02)
Card Services	3.30			3.24			3.50			3.32			2.79							3.34			2.45
Auto	0.62			0.62			0.52			0.62			0.65							0.59			0.49
Total net charge-off/(recovery) rate	1.44			1.35			1.47			1.33			1.15							1.40			1.02

30+ day delinquency rate
Home Lending (b)	0.77		%	0.77		%	0.70		%	0.70		%	0.66		%					0.77		%	0.66		%
Card Services	2.17			2.20			2.08			2.23			2.14							2.17			2.14
Auto	1.43			1.23			1.12			1.03			1.19							1.43			1.19

90+ day delinquency rate - Card Services	1.14			1.10			1.07			1.16			1.05							1.14			1.05

Allowance for loan losses
Banking & Wealth Management	$	764		$	709		$	685		$	706		$	685		8		11		$	764		$	685		11
Home Lending	447			447			437			432			578			—		(23)		447			578			(23)
Card Services	14,608			14,106			13,206			12,606			12,453			4		17		14,608			12,453			17
Auto	692			692			742			742			742			—		(7)		692			742			(7)
Total allowance for loan losses	$	16,511		$	15,954		$	15,070		$	14,486		$	14,458		3		14		$	16,511		$	14,458		14

(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $84 million, $88 million, $96 million, $107 million and $123 million, respectively. 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 December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $122 million, $126 million, $137 million, $147 million and $176 million, respectively. These amounts have been excluded based upon the government guarantee.

Page 14


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

	QUARTERLY TRENDS																			FULL YEAR
																4Q24 Change										2024 Change
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		2024			2023			2023
BUSINESS METRICS
Number of:
Branches	4,966			4,906			4,884			4,907			4,897			1	%	1	%	4,966			4,897			1	%
Active digital customers (in thousands) (a)	70,813			70,063			69,011			68,496			66,983			1		6		70,813			66,983			6
Active mobile customers (in thousands) (b)	57,821			56,985			55,564			54,674			53,828			1		7		57,821			53,828			7

Debit and credit card sales volume (in billions)	$	477.6		$	453.4		$	453.7		$	420.7		$	441.0		5		8		$	1,805.4		$	1,678.6		8
Total payments transaction volume (in trillions) (c)	1.6			1.7			1.6			1.5			1.5			(6)		7		6.4			5.9			8

Banking & Wealth Management
Average deposits	$	1,035,184		$	1,037,953		$	1,058,914		$	1,065,562		$	1,077,725		—		(4)		$	1,049,333		$	1,111,682		(6)
Deposit margin	2.61		%	2.60		%	2.72		%	2.71		%	2.82		%					2.66		%	2.84		%
Business Banking average loans	$	19,538		$	19,472		$	19,461		$	19,447		$	19,511		—		—		$	19,479		$	19,634		(1)
Business Banking origination volume	985			1,091			1,312			1,130			1,130			(10)		(13)		4,518			4,753			(5)
Client investment assets (d)	1,087,608			1,067,931			1,013,680			1,010,315			951,115			2		14		1,087,608			951,115			14
Number of client advisors	5,755			5,775			5,672			5,571			5,456			—		5		5,755			5,456			5

Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	7.7		$	6.5		$	6.9		$	4.4		$	4.7		18		64		$	25.5		$	22.4		14
Correspondent	4.4			4.9			3.8			2.2			2.5			(10)		76		15.3			12.7			20
Total mortgage origination volume (e)	$	12.1		$	11.4		$	10.7		$	6.6		$	7.2		6		68		$	40.8		$	35.1		16
Third-party mortgage loans serviced (period-end)	648.0			656.1			642.8			626.2			631.2			(1)		3		648.0			631.2			3
MSR carrying value (period-end)	9.1			8.7			8.8			8.6			8.5			5		7		9.1			8.5			7

Card Services
Sales volume, excluding commercial card (in billions)	$	335.1		$	316.6		$	316.6		$	291.0		$	307.2		6		9		$	1,259.3		$	1,163.6		8
Net revenue rate	10.47		%	9.91		%	9.61		%	10.09		%	9.82		%					10.03		%	9.72		%
Net yield on average loans	9.86			9.71			9.46			9.90			9.70							9.73			9.61

Auto
Loan and lease origination volume (in billions)	$	10.6		$	10.0		$	10.8		$	8.9		$	9.9		6		7		$	40.3		$	41.3		(2)
Average auto operating lease assets	11,967			11,192			10,693			10,435			10,440			7		15		11,075			10,920			1

(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 20-22 for additional information.

(e)Firmwide mortgage origination volume was $14.2 billion, $13.3 billion, $12.3 billion, $7.6 billion and $8.6 billion for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $47.4 billion and $41.4 billion for the full year 2024 and 2023, respectively.

Page 15


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

	QUARTERLY TRENDS																							FULL YEAR
																				4Q24 Change											2024 Change
	4Q24			3Q24				2Q24				1Q24				4Q23				3Q24		4Q23		2024			2023				2023
INCOME STATEMENT
REVENUE
Investment banking fees	$	2,479		$	2,267			$	2,356			$	2,014			$	1,667			9	%	49	%	$	9,116		$	6,631			37	%
Principal transactions	5,158			5,899				6,691				6,634				3,649				(13)		41		24,382			23,794				2
Lending- and deposit-related fees	1,020			997				924				973				909				2		12		3,914			3,423				14
Commissions and other fees	1,320			1,349				1,337				1,272				1,208				(2)		9		5,278			4,879				8
Card income	617			589				579				525				552				5		12		2,310			2,213				4
All other income	1,132			521				857				743				1,041				117		9		3,253			2,869				13
Noninterest revenue	11,726			11,622				12,744				12,161				9,026				1		30		48,253			43,809				10
Net interest income	5,872			5,393				5,173				5,423				5,948				9		(1)		21,861			20,544				6
TOTAL NET REVENUE (a)	17,598			17,015				17,917				17,584				14,974				3		18		70,114			64,353				9

Provision for credit losses	61			316				384				1				576				(81)		(89)		762			2,091				(64)

NONINTEREST EXPENSE
Compensation expense	4,033			4,510				4,752				4,896				4,107				(11)		(2)		18,191			17,105				6
Noncompensation expense	4,679			4,241				4,414				3,828				4,062				10		15		17,162			16,867				2
TOTAL NONINTEREST EXPENSE	8,712			8,751				9,166				8,724				8,169				—		7		35,353			33,972				4

Income before income tax expense	8,825			7,948				8,367				8,859				6,229				11		42		33,999			28,290				20
Income tax expense	2,189			2,257				2,470				2,237				2,052				(3)		7		9,153			8,018				14
NET INCOME	$	6,636		$	5,691			$	5,897			$	6,622			$	4,177			17		59		$	24,846		$	20,272			23

FINANCIAL RATIOS
ROE	19		%	17		%		17		%		20		%		11		%						18		%	14		%
Overhead ratio	50			51				51				50				55								50			53
Compensation expense as percentage of total net revenue	23			27				27				28				27								26			27

REVENUE BY BUSINESS
Investment Banking	$	2,602		$	2,354			$	2,464			$	2,216			$	1,783			11		46		$	9,636		$	7,076			36
Payments	4,703			4,370				4,546				4,466				4,456				8		6		18,085			17,818				1
Lending	1,916			1,894				1,936				1,724				1,763				1		9		7,470			6,896				8
Other	47			28				4				(3)				36				68		31		76			107				(29)
Total Banking & Payments	9,268			8,646				8,950				8,403				8,038				7		15		35,267			31,897				11
Fixed Income Markets	5,006			4,651			(d)	4,981			(d)	5,428			(d)	4,169			(d)	8		20		20,066			19,180			(d)	5
Equity Markets	2,043			2,501			(d)	2,812			(d)	2,585			(d)	1,678			(d)	(18)		22		9,941			8,784			(d)	13
Securities Services	1,314			1,326				1,261				1,183				1,191				(1)		10		5,084			4,772				7
Credit Adjustments & Other (b)	(33)			(109)				(87)				(15)				(102)				70		68		(244)			(280)				13
Total Markets & Securities Services	8,330			8,369				8,967				9,181				6,936				—		20		34,847			32,456				7
TOTAL NET REVENUE	$	17,598		$	17,015			$	17,917			$	17,584			$	14,974			3		18		$	70,114		$	64,353			9

Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking	$	6,449		$	6,139			$	6,141			$	5,820			$	5,415			5	%	19	%	$	24,549		$	21,700			13	%
Commercial Banking	2,899			2,891				2,860				2,837				2,949				—		(2)		11,487			11,050				4
Middle Market Banking	1,965			1,931				1,936				1,927				2,010				2		(2)		7,759			7,740				—
Commercial Real Estate Banking	934			960				924				910				939				(3)		(1)		3,728			3,310				13
Other	(80)			(384)				(51)				(254)				(326)				79		75		(769)			(853)				10
Total Banking & Payments revenue	$	9,268		$	8,646			$	8,950			$	8,403			$	8,038			7		15		$	35,267		$	31,897			11

(a)Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $915 million, $607 million, $737 million, $557 million and $1.3 billion for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $2.8 billion and $4.0 billion for the full year 2024 and 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.

(b)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.

(c)Refer to page 28 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 for a description of each of the client coverage segments.

(d)In the fourth quarter of 2024, certain net funding costs that were previously allocated to Fixed Income Markets were reclassified to Equity Markets. Prior-period amounts have been revised to conform with the current presentation.

Page 16


JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)

	QUARTERLY TRENDS																FULL YEAR
													4Q24 Change								2024 Change
	4Q24		3Q24			2Q24		1Q24		4Q23			3Q24		4Q23		2024		2023		2023
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,773,194	$	2,047,022	(c)	$	1,939,038	$	1,898,251	$	1,638,493		(13)	%	8	%	$	1,773,194	$	1,638,493	8	%
Loans:
Loans retained	483,043		483,915			475,880		475,454		475,186			—		2		483,043		475,186		2
Loans held-for-sale and loans at fair value (a)	40,324		47,728			41,737		40,746		39,464			(16)		2		40,324		39,464		2
Total loans	523,367		531,643			517,617		516,200		514,650			(2)		2		523,367		514,650		2

Equity	132,000		132,000			132,000		132,000		138,000			—		(4)		132,000		138,000		(4)

Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking	$	125,083	$	134,487		$	132,592	$	129,179	$	128,097		(7)		(2)		$	125,083	$	128,097	(2)
Commercial Banking	217,674		218,733			220,222		223,474		221,550			—		(2)		217,674		221,550		(2)
Middle Market Banking	72,814		73,782			75,488		79,207		78,043			(1)		(7)		72,814		78,043		(7)
Commercial Real Estate Banking	144,860		144,951			144,734		144,267		143,507			—		1		144,860		143,507		1
Other	187		263			266		588		526			(29)		(65)		187		526		(65)
Total Banking & Payments loans	342,944		353,483			353,080		353,241		350,173			(3)		(2)		342,944		350,173		(2)

SELECTED BALANCE SHEET DATA (average)
Total assets	$	1,930,491	$	2,008,127	(c)	$	1,915,880	$	1,794,118	$	1,703,717		(4)		13		$	1,912,466	$	1,716,755	11
Trading assets - debt and equity instruments	613,142		663,302			638,473		580,899		490,268			(8)		25		624,032		508,792		23
Trading assets - derivative receivables	57,884		54,133			58,850		57,268		62,481			7		(7)		57,028		63,862		(11)
Loans:
Loans retained	482,316		476,256			471,861		471,187		473,879			1		2		475,426		457,886		4
Loans held-for-sale and loans at fair value (a)	43,203		44,868			42,868		43,537		40,415			(4)		7		43,621		40,891		7
Total loans	525,519		521,124			514,729		514,724		514,294			1		2		519,047		498,777		4

Deposits	1,088,439		1,064,402			1,046,993		1,045,788		1,032,226		(d)	2		5		1,061,488		996,295		7
Equity	132,000		132,000			132,000		132,000		138,000			—		(4)		132,000		137,507		(4)

Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking	$	126,112	$	128,747		$	130,320	$	127,403	$	130,287		(2)		(3)		$	128,142	$	131,230	(2)
Commercial Banking	218,672		219,406			220,767		222,323		222,057			—		(2)		220,285		209,244		5
Middle Market Banking	73,205		74,660			76,229		78,364		78,601			(2)		(7)		75,605		77,130		(2)
Commercial Real Estate Banking	145,467		144,746			144,538		143,959		143,456			—		1		144,680		132,114		10
Other	193		277			360		590		449			(30)		(57)		354		331		7
Total Banking & Payments loans	344,977		348,430			351,447		350,316		352,793			(1)		(2)		348,781		340,805		2


Employees	93,231		93,754			93,387		92,478		92,271			(1)		1		93,231		92,271		1

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

(b)Refer to page 28 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 for a description of each of the client coverage segments.

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

(d)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.

Page 17


JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)

	QUARTERLY TRENDS																	FULL YEAR
																4Q24 Change								2024 Change
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24	4Q23	2024			2023			2023

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	300		$	156		$	164		$	69		$	247		92	21	$	689		$	588		17

Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)	3,258			2,857			2,631			2,146			1,675			14	95	3,258			1,675			95
Nonaccrual loans held-for-sale and loans at fair value (b)	1,502			1,187			988			1,093			828			27	81	1,502			828			81
Total nonaccrual loans	4,760			4,044			3,619			3,239			2,503			18	90	4,760			2,503			90

Derivative receivables	145			210			290			293			364			(31)	(60)	145			364			(60)
Assets acquired in loan satisfactions	213			216			220			159			169			(1)	26	213			169			26
Total nonperforming assets	5,118			4,470			4,129			3,691			3,036			14	69	5,118			3,036			69

Allowance for credit losses:
Allowance for loan losses	7,294			7,427			7,344			7,291			7,326			(2)	—	7,294			7,326			—
Allowance for lending-related commitments	1,976			2,013			1,930			1,785			1,849			(2)	7	1,976			1,849			7
Total allowance for credit losses	9,270			9,440			9,274			9,076			9,175			(2)	1	9,270			9,175			1

Net charge-off/(recovery) rate (c)	0.25		%	0.13		%	0.14		%	0.06		%	0.21		%			0.14		%	0.13		%

Allowance for loan losses to period-end loans retained	1.51			1.53			1.54			1.53			1.54					1.51			1.54



Allowance for loan losses to nonaccrual loans retained (a)	224			260			279			340			437					224			437
Nonaccrual loans to total period-end loans	0.91			0.76			0.70			0.63			0.49					0.91			0.49

(a)Allowance for loan losses of $435 million, $366 million, $452 million, $375 million and $251 million were held against these nonaccrual loans at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.

(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $37 million, $38 million, $42 million, $50 million and $59 million, respectively.

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

Page 18


JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)

	QUARTERLY TRENDS														FULL YEAR
											4Q24 Change								2024 Change
	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24		4Q23		2024		2023		2023
BUSINESS METRICS
Advisory	$	1,060	$	847	$	785	$	598	$	751	25	%	41	%	$	3,290	$	2,814	17	%
Equity underwriting	498		344		495		355		324		45		54		1,692		1,151		47
Debt underwriting	921		1,076		1,076		1,061		592		(14)		56		4,134		2,666		55
Total investment banking fees	$	2,479	$	2,267	$	2,356	$	2,014	$	1,667	9		49		$	9,116	$	6,631	37

Client deposits and other third-party liabilities (average) (a)	1,011,634		966,025		936,725		931,603		928,561		5		9		961,646		912,859		5



Assets under custody (“AUC”) (period-end) (in billions)	$	35,280	$	35,832	$	34,024	$	33,985	$	32,392	(2)		9		$	35,280	$	32,392	9

95% Confidence Level - Total CIB VaR (average) (b)
CIB trading VaR by risk type: (c)
Fixed income	$	34	$	37	$	31	$	35	$	35	(8)		(3)
Foreign exchange	14		15		18		13		10		(7)		40
Equities	10		8		7		6		5		25		100
Commodities and other	8		8		9		7		8		—		—
Diversification benefit to CIB trading VaR (d)	(33)		(33)		(32)		(29)		(29)		—		(14)
CIB trading VaR (c)	33		35		33		32		29		(6)		14
Credit Portfolio VaR (e)	20		21		21		24		16		(5)		25
Diversification benefit to CIB VaR (d)	(16)		(14)		(16)		(15)		(13)		(14)		(23)
CIB VaR	$	37	$	42	$	38	$	41	$	32	(12)		16

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

(b)The impact of the CIB business segment reorganization was not material to Total CIB VaR. Prior periods have not been revised. Refer to Business Segment Results on page 20 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information.

(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 and pages 77–79 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 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 credit protection purchased against certain retained loans and lending-related commitments, 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 19


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

	QUARTERLY TRENDS																			FULL YEAR
																4Q24 Change										2024 Change
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		2024			2023			2023
INCOME STATEMENT
REVENUE
Asset management fees	$	3,792		$	3,427		$	3,304		$	3,170		$	3,137		11	%	21	%	$	13,693		$	11,826		16	%
Commissions and other fees	225			224			232			193			153			—		47		874			697			25
All other income	60			148			97			151			148			(59)		(59)		456			1,037			(56)
Noninterest revenue	4,077			3,799			3,633			3,514			3,438			7		19		15,023			13,560			11
Net interest income	1,701			1,640			1,619			1,595			1,657			4		3		6,555			6,267			5
TOTAL NET REVENUE	5,778			5,439			5,252			5,109			5,095			6		13		21,578			19,827			9

Provision for credit losses	(35)			4			20			(57)			(1)			NM		NM		(68)			159			NM

NONINTEREST EXPENSE
Compensation expense	2,058			1,994			1,960			1,972			1,857			3		11		7,984			7,115			12
Noncompensation expense	1,714			1,645			1,583			1,488			1,531			4		12		6,430			5,665			14
TOTAL NONINTEREST EXPENSE	3,772			3,639			3,543			3,460			3,388			4		11		14,414			12,780			13

Income before income tax expense	2,041			1,796			1,689			1,706			1,708			14		19		7,232			6,888			5
Income tax expense	524			445			426			416			491			18		7		1,811			1,661			9
NET INCOME	$	1,517		$	1,351		$	1,263		$	1,290		$	1,217		12		25		$	5,421		$	5,227		4

REVENUE BY LINE OF BUSINESS
Asset Management	$	2,887		$	2,525		$	2,437		$	2,326		$	2,403		14		20		$	10,175		$	9,129		11
Global Private Bank	2,891			2,914			2,815			2,783			2,692			(1)		7		11,403			10,698			7
TOTAL NET REVENUE	$	5,778		$	5,439		$	5,252		$	5,109		$	5,095		6		13		$	21,578		$	19,827		9

FINANCIAL RATIOS
ROE	38		%	34		%	32		%	33		%	28		%					34		%	31		%
Overhead ratio	65			67			67			68			66							67			64
Pretax margin ratio:
Asset Management	35			32			30			28			29							31			31
Global Private Bank	36			34			34			38			37							35			38
Asset & Wealth Management	35			33			32			33			34							34			35

Employees	29,403			29,112			28,579			28,670			28,485			1		3		29,403			28,485			3

Number of Global Private Bank client advisors	3,775			3,753			3,509			3,536			3,515			1		7		3,775			3,515			7

Page 20


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

	QUARTERLY TRENDS																			FULL YEAR
																4Q24 Change										2024 Change
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		2024			2023			2023
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	255,385		$	253,750		$	247,353		$	240,555		$	245,512		1	%	4	%	$	255,385		$	245,512		4	%
Loans	236,303			233,903			228,042			222,472			227,929			1		4		236,303			227,929			4
Deposits	248,287			248,984			236,492			230,413			233,232		(a)	—		6		248,287			233,232			6
Equity	15,500			15,500			15,500			15,500			17,000			—		(9)		15,500			17,000			(9)

SELECTED BALANCE SHEET DATA (average)
Total assets	$	253,612		$	247,768		$	242,155		$	241,384		$	247,202		2		3		$	246,254		$	240,222		3
Loans	233,768			229,299			224,122			223,429			227,042			2		3		227,676			220,487			3
Deposits	248,802			236,470			227,423			227,723			226,640		(a)	5		10		235,146			216,178			9
Equity	15,500			15,500			15,500			15,500			17,000			—		(9)		15,500			16,671			(7)






CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(2)		$	12		$	3		$	8		$	12		NM		NM		$	21		$	13		62

Nonaccrual loans	700			764			745			769			650			(8)		8		700			650			8

Allowance for credit losses:
Allowance for loan losses	539			566			575			571			633			(5)		(15)		539			633			(15)
Allowance for lending-related commitments	35			38			40			27			28			(8)		25		35			28			25
Total allowance for credit losses	574			604			615			598			661			(5)		(13)		574			661			(13)

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

Allowance for loan losses to period-end loans	0.23			0.24			0.25			0.26			0.28							0.23			0.28

Allowance for loan losses to nonaccrual loans	77			74			77			74			97							77			97
Nonaccrual loans to period-end loans	0.30			0.33			0.33			0.35			0.29							0.30			0.29

(a)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.

Page 21


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

											Dec 31, 2024
											Change				FULL YEAR
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Dec 31,						2024 Change
CLIENT ASSETS	2024		2024		2024		2024		2023		2024		2023		2024		2023		2023
Assets by asset class
Liquidity	$	1,083	$	983	$	953	$	927	$	926	10	%	17	%	$	1,083	$	926	17	%
Fixed income	851		854		785		762		751		—		13		851		751		13
Equity	1,128		1,094		1,017		964		868		3		30		1,128		868		30
Multi-asset	764		763		719		711		680		—		12		764		680		12
Alternatives	219		210		208		200		197		4		11		219		197		11
TOTAL ASSETS UNDER MANAGEMENT	4,045		3,904		3,682		3,564		3,422		4		18		4,045		3,422		18
Custody/brokerage/administration/deposits	1,887		1,817		1,705		1,655		1,590		4		19		1,887		1,590		19
TOTAL CLIENT ASSETS (a)	$	5,932	$	5,721	$	5,387	$	5,219	$	5,012	4		18		$	5,932	$	5,012	18


Assets by client segment
Private Banking	$	1,234	$	1,182	$	1,097	$	1,052	$	974	4		27		$	1,234	$	974	27
Global Institutional	1,692		1,622		1,540		1,494		1,488		4		14		1,692		1,488		14
Global Funds	1,119		1,100		1,045		1,018		960		2		17		1,119		960		17
TOTAL ASSETS UNDER MANAGEMENT	$	4,045	$	3,904	$	3,682	$	3,564	$	3,422	4		18		$	4,045	$	3,422	18

Private Banking	$	2,974	$	2,873	$	2,681	$	2,599	$	2,452	4		21		$	2,974	$	2,452	21
Global Institutional	1,820		1,739		1,654		1,595		1,594		5		14		1,820		1,594		14
Global Funds	1,138		1,109		1,052		1,025		966		3		18		1,138		966		18
TOTAL CLIENT ASSETS (a)	$	5,932	$	5,721	$	5,387	$	5,219	$	5,012	4		18		$	5,932	$	5,012	18

Assets under management rollforward
Beginning balance	$	3,904	$	3,682	$	3,564	$	3,422	$	3,186					$	3,422	$	2,766
Net asset flows:
Liquidity	94		34		16		(4)		49						140		242
Fixed income	18		37		22		14		6						91		70
Equity	41		21		31		21		12						114		70
Multi-asset	14		10		(3)		(2)		(1)						19		1
Alternatives	3		4		2		1		(5)						10		(1)
Market/performance/other impacts	(29)		116		50		112		175						249		274
Ending balance	$	4,045	$	3,904	$	3,682	$	3,564	$	3,422					$	4,045	$	3,422

Client assets rollforward
Beginning balance	$	5,721	$	5,387	$	5,219	$	5,012	$	4,644					$	5,012	$	4,048
Net asset flows	224		140		79		43		94						486		490
Market/performance/other impacts	(13)		194		89		164		274						434		474
Ending balance	$	5,932	$	5,721	$	5,387	$	5,219	$	5,012					$	5,932	$	5,012

BUSINESS METRICS
Firmwide Wealth Management
Client assets (in billions) (b)	$	3,756	$	3,648	$	3,427	$	3,360	$	3,177	3		18		$	3,756	$	3,177	18
Number of client advisors	9,530		9,528		9,181		9,107		8,971		—		6		9,530		8,971		6

Stock Plan Administration (c)
Number of stock plan participants (in thousands)	1,327		1,118		1,118		1,038		974		19		36		1,327		974		36
Client assets (in billions)	270		254		249		233		230		6		17		270		230		17

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

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

(c)Relates to an equity plan administration business which was acquired in 2022 with the Firm's purchase of Global Shares. The increase in the fourth quarter of 2024 includes the impact of onboarding participants in the Firm’s employee stock plans.

Page 22


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

	QUARTERLY TRENDS																		FULL YEAR
															4Q24 Change										2024 Change
	4Q24		3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		2024			2023			2023
INCOME STATEMENT
REVENUE
Principal transactions	$	28	$	(1)		$	60		$	65		$	(21)		NM		NM		$	152		$	302		(50)	%
Investment securities losses	(92)		(16)			(546)			(366)			(743)			(475)	%	88	%	(1,020)			(3,180)			68
All other income	34		172			8,244		(f)	26			96			(80)		(65)		8,476		(f)	3,010			182
Noninterest revenue	(30)		155			7,758			(275)			(668)			NM		96		7,608			132			NM
Net interest income	2,030		2,915			2,364			2,477			2,445			(30)		(17)		9,786			7,906			24
TOTAL NET REVENUE (a)	2,000		3,070			10,122			2,202			1,777			(35)		13		17,394			8,038			116

Provision for credit losses	(18)		(4)			5			27			(2)			(350)		NM		10			171			(94)

NONINTEREST EXPENSE	550		589			1,579		(g)	1,276		(h)	3,593		(h)	(7)		(85)		3,994		(g)(h)	5,601		(h)(j)	(29)
Income/(loss) before income tax expense/(benefit)	1,468		2,485			8,538			899			(1,814)			(41)		NM		13,390			2,266			491
Income tax expense/(benefit)	132		675			1,759			223			(939)		(i)	(80)		NM		2,789			(555)		(i)	NM
NET INCOME/(LOSS)	$	1,336	$	1,810		$	6,779		$	676		$	(875)		(26)		NM		$	10,601		$	2,821		276

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	2,083		3,154			2,084			2,317			2,065			(34)		1		9,638			6,072			59
Other Corporate	(83)		(84)			8,038			(115)			(288)			1		71		7,756			1,966			295
TOTAL NET REVENUE	$	2,000	$	3,070		$	10,122		$	2,202		$	1,777		(35)		13		$	17,394		$	8,038		116

NET INCOME/(LOSS)
Treasury and CIO	1,568		2,291			1,513			1,641			1,396			(32)		12		7,013			4,206			67
Other Corporate	(232)		(481)			5,266			(965)			(2,271)			52		90		3,588			(1,385)			NM
TOTAL NET INCOME/(LOSS)	$	1,336	$	1,810		$	6,779		$	676		$	(875)		(26)		NM		$	10,601		$	2,821		276

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,323,967	$	1,276,238	(e)	$	1,318,119		$	1,322,799		$	1,348,437		4		(2)		$	1,323,967		$	1,348,437		(2)
Loans	1,964		2,302			2,408			2,104			1,924			(15)		2		1,964			1,924			2
Deposits (b)	27,581		30,170			26,073			22,515			21,826			(9)		26		27,581			21,826			26

Employees	49,610		49,213			47,828			48,015			47,530			1		4		49,610			47,530			4

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses	$	(92)	$	(16)		$	(546)		$	(366)		$	(743)		(475)		88		$	(1,020)		$	(3,180)		68
Available-for-sale securities (average)	371,415		306,244			247,304			222,943			199,581			21		86		287,260			200,708			43
Held-to-maturity securities (average) (c)	286,993		313,898			330,347			354,759			377,709			(9)		(24)		321,384			402,010			(20)
Investment securities portfolio (average)	$	658,408	$	620,142		$	577,651		$	577,702		$	577,290		6		14		$	608,644		$	602,718		1
Available-for-sale securities (period-end)	403,796		331,715			263,624			233,770			199,354			22		103		403,796			199,354			103
Held-to-maturity securities (period-end) (c)	274,468		299,954			323,746			334,527			369,848			(8)		(26)		274,468			369,848			(26)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	678,264	$	631,669		$	587,370		$	568,297		$	569,202		7		19		$	678,264		$	569,202		19

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million, $44 million, $45 million, $49 million and $53 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively and $182 million and $211 million for the full year 2024 and 2023, respectively.

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

(c)At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, the estimated fair value of the HTM securities portfolio was $247.9 billion, $279.6 billion, $294.8 billion, $305.4 billion and $342.8 billion, respectively.

(d)At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, the allowance for credit losses on investment securities was $105 million, $123 million, $125 million, $120 million and $94 million, respectively.

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

(f)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.

(g)Included a $1.0 billion donation of Visa shares to pre-fund contributions to the JPMorganChase Foundation.

(h)Included an FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which was 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.

(i)Included an income tax benefit of $463 million and $428 million for the three months and full year ended December 31, 2023, respectively, related to the finalization of certain income tax regulations.

(j)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense has been aligned to the appropriate LOBs.

Page 23


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)


												Dec 31, 2024
												Change
	Dec 31,		Sep 30,			Jun 30,		Mar 31,		Dec 31,		Sep 30,		Dec 31,
	2024		2024			2024		2024		2023		2024		2023
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	376,334	$	377,938		$	382,795	$	389,592	$	397,275	—	%	(5)	%
Loans held-for-sale and loans at fair value	16,476		17,007			14,160		13,812		12,818		(3)		29
Total consumer, excluding credit card loans	392,810		394,945			396,955		403,404		410,093		(1)		(4)

Credit card loans
Loans retained	232,860		219,542			216,100		206,740		211,123		6		10

Total credit card loans	232,860		219,542			216,100		206,740		211,123		6		10
Total consumer loans	625,670		614,487			613,055		610,144		621,216		2		1

Wholesale loans (b)
Loans retained	690,396		687,890			674,152		667,761		672,472		—		3
Loans held-for-sale and loans at fair value	31,922		37,634			33,493		31,711		30,018		(15)		6
Total wholesale loans	722,318		725,524			707,645		699,472		702,490		—		3

Total loans	1,347,988		1,340,011			1,320,700		1,309,616		1,323,706		1		2
Derivative receivables	60,967		52,561			54,673		56,621		54,864		16		11
Receivables from customers (c)	51,929		53,270			56,018		52,036		47,625		(3)		9
Total credit-related assets	1,460,884		1,445,842			1,431,391		1,418,273		1,426,195		1		2

Lending-related commitments
Consumer, excluding credit card	44,844		45,322			47,215		46,660		45,403		(1)		(1)
Credit card (d)	1,001,311		989,594			964,727		943,935		915,658		1		9
Wholesale	531,467		541,560		(g)	545,020		532,514		536,786		(2)		(1)
Total lending-related commitments	1,577,622		1,576,476			1,556,962		1,523,109		1,497,847		—		5

Total credit exposure	$	3,038,506	$	3,022,318		$	2,988,353	$	2,941,382	$	2,924,042	1		4

Memo: Total by category
Consumer exposure (e)	$	1,671,825	$	1,649,403		$	1,624,997	$	1,600,739	$	1,582,277	1		6
Wholesale exposure (f)	1,366,681		1,372,915			1,363,356		1,340,643		1,341,765		—		2
Total credit exposure	$	3,038,506	$	3,022,318		$	2,988,353	$	2,941,382	$	2,924,042	1		4

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

Page 24


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


																Dec 31, 2024
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,
	2024			2024			2024			2024			2023			2024		2023
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained	$	3,224		$	3,316		$	3,423		$	3,630		$	3,643		(3)	%	(12)	%
Loans held-for-sale and loans at fair value	693			397			382			481			560			75		24
Total consumer nonaccrual loans	3,917			3,713			3,805			4,111			4,203			5		(7)

Wholesale nonaccrual loans
Loans retained	3,942			3,517			3,289			2,927			2,346			12		68
Loans held-for-sale and loans at fair value	969			845			697			639			368			15		163
Total wholesale nonaccrual loans	4,911			4,362			3,986			3,566			2,714			13		81

Total nonaccrual loans	8,828			8,075			7,791			7,677			6,917			9		28

Derivative receivables	145			210			290			293			364			(31)		(60)
Assets acquired in loan satisfactions	318			343			342			295			316			(7)		1
Total nonperforming assets	9,291			8,628			8,423			8,265			7,597			8		22
Wholesale lending-related commitments (b)	737			619			541			390			464			19		59
Total nonperforming exposure	$	10,028		$	9,247		$	8,964		$	8,655		$	8,061		8		24

NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.65		%	0.60		%	0.59		%	0.59		%	0.52		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.00			0.94			0.96			1.02			1.02
Total wholesale nonaccrual loans to total
wholesale loans	0.68			0.60			0.56			0.51			0.39

(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $121 million, $126 million, $138 million, $157 million and $182 million, respectively. 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)Represents commitments that are risk rated as nonaccrual.

Page 25


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


	QUARTERLY TRENDS																			FULL YEAR
																4Q24 Change										2024 Change
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		2024			2023			2023
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	23,949		$	22,991		$	22,351		$	22,420		$	21,946		4	%	9	%	$	22,420		$	19,139		17	%
Net charge-offs:
Gross charge-offs	2,845			2,567			2,726			2,381			2,557			11		11		10,519			7,653			37
Gross recoveries collected	(481)			(480)			(495)			(425)			(393)			—		(22)		(1,881)			(1,444)			(30)
Net charge-offs	2,364			2,087			2,231			1,956			2,164			13		9		8,638			6,209			39
Provision for loan losses	2,696			3,040			2,871			1,887			2,625			(11)		3		10,494			9,468			11
Other	64			5			—			—			13			NM		392		69			22			214
Ending balance	$	24,345		$	23,949		$	22,991		$	22,351		$	22,420		2		9		$	24,345		$	22,420		9

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,142		$	2,068		$	1,916		$	1,974		$	2,075		4		3		$	1,974		$	2,382		(17)
Provision for lending-related commitments	(40)			74			154			(60)			(100)			NM		60		128			(408)			NM
Other	(1)			—			(2)			2			(1)			NM		—		(1)			—			NM
Ending balance	$	2,101		$	2,142		$	2,068		$	1,916		$	1,974		(2)		6		$	2,101		$	1,974		6

ALLOWANCE FOR INVESTMENT SECURITIES	$	152		$	175		$	177		$	154		$	128		(13)		19		$	152		$	128		19

Total allowance for credit losses (a)	$	26,598		$	26,266		$	25,236		$	24,421		$	24,522		1		8		$	26,598		$	24,522		8

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.20		%	0.17		%	0.14		%	0.19		%	0.21		%					0.18		%	0.17		%
Credit card retained loans	3.30			3.23			3.50			3.32			2.79							3.34			2.45
Total consumer retained loans	1.36			1.29			1.33			1.26			1.08							1.31			0.96
Wholesale retained loans	0.18			0.09			0.16			0.05			0.31							0.12			0.14
Total retained loans	0.73			0.65			0.71			0.62			0.68							0.68			0.52

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	376,976		$	379,459		$	385,662		$	394,033		$	397,819		(1)		(5)		$	384,001		$	364,061		5
Credit card retained loans	224,124			217,204			210,020			204,637			202,652			3		11		214,033			191,412			12
Total average retained consumer loans	601,100			596,663			595,682			598,670			600,471			1		—		598,034			555,473			8
Wholesale retained loans	687,197			674,939			666,347			664,588			669,899			2		3		673,310			646,875			4
Total average retained loans	$	1,288,297		$	1,271,602		$	1,262,029		$	1,263,258		$	1,270,370		1		1		$	1,271,344		$	1,202,348		6

(a)At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $268 million, $277 million, $278 million, $274 million and $243 million, respectively.

Page 26


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


																Dec 31, 2024
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,
	2024			2024			2024			2024			2023			2024		2023
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific	$	(728)		$	(756)		$	(856)		$	(873)		$	(876)		4	%	17	%
Portfolio-based	2,535			2,491			2,599			2,603			2,732			2		(7)
Total consumer, excluding credit card	1,807			1,735			1,743			1,730			1,856			4		(3)
Credit card

Portfolio-based	14,600			14,100			13,200			12,600			12,450			4		17
Total credit card	14,600			14,100			13,200			12,600			12,450			4		17
Total consumer	16,407			15,835			14,943			14,330			14,306			4		15
Wholesale
Asset-specific	526			499			562			514			392			5		34
Portfolio-based	7,412			7,615			7,486			7,507			7,722			(3)		(4)
Total wholesale	7,938			8,114			8,048			8,021			8,114			(2)		(2)
Total allowance for loan losses	24,345			23,949			22,991			22,351			22,420			2		9
Allowance for lending-related commitments	2,101			2,142			2,068			1,916			1,974			(2)		6
Allowance for investment securities	152			175			177			154			128			(13)		19
Total allowance for credit losses	$	26,598		$	26,266		$	25,236		$	24,421		$	24,522		1		8

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.48		%	0.46		%	0.46		%	0.44		%	0.47		%
Credit card allowance to total credit card retained loans	6.27			6.42			6.11			6.09			5.90
Wholesale allowance to total wholesale retained loans	1.15			1.18			1.19			1.20			1.21


Total allowance to total retained loans	1.87			1.86			1.81			1.77			1.75
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (a)	56			52			51			48			51
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (a)	136			144			146			149			166
Wholesale allowance to wholesale retained nonaccrual loans	201			231			245			274			346
Total allowance to total retained nonaccrual loans	340			350			343			341			374

(a)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.

Page 27

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 as a whole and for each of the reportable business segments and Corporate 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 each of the lines of business and Corporate.

(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)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 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																					FULL YEAR
																		4Q24 Change												2024 Change
(in millions, except rates)	4Q24			3Q24			2Q24			1Q24				4Q23				3Q24		4Q23		2024				2023				2023

Net interest income - reported	$	23,350		$	23,405		$	22,746		$	23,082			$	24,051			—	%	(3)	%	$	92,583			$	89,267			4	%
Fully taxable-equivalent adjustments	121			120			115			121				126				1		(4)		477				480				(1)
Net interest income - managed basis	$	23,471		$	23,525		$	22,861		$	23,203			$	24,177			—		(3)		$	93,060			$	89,747			4
Less: Markets net interest income	457			78			(77)			183				615				486		(26)		641				(294)				NM
Net interest income excluding Markets	$	23,014		$	23,447		$	22,938		$	23,020			$	23,562			(2)		(2)		$	92,419			$	90,041			3

Average interest-earning assets	$	3,571,960		$	3,621,766		$	3,509,725		$	3,445,515			$	3,408,395			(1)		5		$	3,537,567			$	3,325,708			6
Less: Average Markets interest-earning assets	1,157,421			1,206,085			1,116,853			1,031,075				985,997				(4)		17		1,128,153				985,777				14
Average interest-earning assets excluding Markets	$	2,414,539		$	2,415,681		$	2,392,872		$	2,414,440			$	2,422,398			—		—		$	2,409,414			$	2,339,931			3

Net yield on average interest-earning assets - managed basis (a)	2.61		%	2.58		%	2.62		%	2.71		%		2.81		%						2.63		%		2.70		%
Net yield on average Markets interest-earning assets	0.16			0.03			(0.03)			0.07				0.25								0.06				(0.03)
Net yield on average interest-earning assets excluding Markets (a)	3.79			3.86			3.86			3.83				3.86								3.84				3.85

Noninterest revenue - reported (b)	$	19,418		$	19,249		$	27,454		$	18,852			$	14,523			1		34		$	84,973			$	68,837			23
Fully taxable-equivalent adjustments (b)	849			541			677			493				1,243				57		(32)		2,560				3,782				(32)
Noninterest revenue - managed basis	$	20,267		$	19,790		$	28,131		$	19,345			$	15,766			2		29		$	87,533			$	72,619			21
Less: Markets noninterest revenue	6,592			7,074			7,870			7,830			(c)	5,232			(c)	(7)		26		29,366			(c)	28,258			(c)	4
Noninterest revenue excluding Markets	$	13,675		$	12,716		$	20,261		$	11,515			$	10,534			8		30		$	58,167			$	44,361			31

Memo: Markets total net revenue	$	7,049		$	7,152		$	7,793		$	8,013			$	5,847			(1)		21		$	30,007			$	27,964			7

(a) Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2023 Form 10-K for additional information on hedge accounting.

(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.

(c) Effective in the second quarter of 2024, the former Corporate & Investment Bank and Commercial Banking business segments were combined to form one segment, the Commercial & Investment Bank. Prior-period amounts have been revised to include the markets-related revenues of the former Commercial Banking business segment, to conform with the current presentation.

Page 28