株探米国株
日本語 英語
エドガーで原本を確認する
false000001961700000196172025-01-152025-01-150000019617us-gaap:CommonStockMember2025-01-152025-01-150000019617jpm:DepositarySharesOneFourHundredthInterestinaShareof5.75NonCumulativePreferredStockSeriesDDMember2025-01-152025-01-150000019617jpm:DepositarySharesOneFourHundredthInterestinaShareof6.00NonCumulativePreferredStockSeriesEEMember2025-01-152025-01-150000019617jpm:DepositarySharesOneFourHundredthInterestinaShareof4.75NonCumulativePreferredStockSeriesGGMember2025-01-152025-01-150000019617jpm:DepositarySharesOneFourHundredthInterestInAShareOf455NonCumulativePreferredStockSeriesJJMember2025-01-152025-01-150000019617jpm:DepositarySharesOneFourHundredthInterestInAShareOf4625NonCumulativePreferredStockSeriesLLMember2025-01-152025-01-150000019617jpm:DepositarySharesOneFourHundredthInterestInAShareOf420NonCumulativePreferredStockSeriesMMMember2025-01-152025-01-150000019617jpm:GuaranteeOfCallableFixedRateNotesDueJune102032OfJPMorganChaseFinancialCompanyLLCMember2025-01-152025-01-150000019617jpm:GuaranteeOfAlerianMLPIndexETNsDueJanuary282044OfJPMorganChaseFinancialCompanyLLCDomain2025-01-152025-01-15

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
99.2
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).

2



SIGNATURE

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

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

Dated: January 15, 2025



3
EX-99.1 2 a4q24erfexhibit991narrative.htm JPMORGAN CHASE & CO. EARNINGS RELEASE - FOURTH QUARTER 2024 RESULTS Document
Exhibit 99.1
JPMorgan Chase & Co.
383 Madison Avenue, New York, NY 10179-0001
NYSE symbol: JPM
www.jpmorganchase.com
imagea.jpg
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  3,795  10 
Noninterest expense 22,762  22,565  24,486  197  (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  % $ 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.
2

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  % $ 265  %
Banking & Wealth Management 10,154  10,090  10,877  64  (723) (7)
Home Lending 1,297  1,295  1,161  —  136  12 
Card Services & Auto 6,911  6,406  6,059  505  852  14 
Noninterest expense 9,728  9,586  9,336  142  392 
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.

3

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  % $ 2,624  18  %
Banking & Payments 9,268  8,646  8,038  622  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 
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  % $ 683  13  %
Noninterest expense 3,772  3,639  3,388  133  384  11 
Provision for credit losses (35) (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.
4

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.

5

JPMorgan Chase & Co.
News Release
2. Notes on non-GAAP financial measures:

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




6

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.


7

JPMorgan Chase & Co.
News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. 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.


8
EX-99.2 3 a4q24erfex992supplement.htm JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT - FOURTH QUARTER 2024 Document

Exhibit 99.2




jpmc_logoxstandardxblackxra.jpg


EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2024










JPMORGAN CHASE & CO.
image1a.jpg
TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights 2–3
Consolidated Statements of Income 4
Consolidated Balance Sheets 5
Condensed Average Balance Sheets and Annualized Yields 6
Reconciliation from Reported to Managed Basis 7
Segment & Corporate Results - Managed Basis
8
Capital and Other Selected Balance Sheet Items 9–10
Earnings Per Share and Related Information 11
Business Segment & Corporate Results
Consumer & Community Banking (“CCB”) 12–15
Commercial & Investment Bank (“CIB”) 16–19
Asset & Wealth Management (“AWM”)
20–22
Corporate 23
Credit-Related Information 24-27
Non-GAAP Financial Measures 28
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.
image1a.jpg
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)
(7) 91,797  87,172 
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  50  58,471  49,552  18 
Managed Basis (b)
Total net revenue 43,738  43,315  50,992  (g) 42,548  39,943  10  180,593  (g) 162,366  11 
Total noninterest expense 22,762  22,565  23,713  22,757 
(h)
24,486 
(h)
(7) 91,797  87,172 
Pre-provision profit (a) 20,976  20,750  27,279  19,791  15,457  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  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  11  116.07  104.45  11 
Tangible book value per share (“TBVPS”) (a) 97.30  96.42  92.77  88.43  86.08  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.
image1a.jpg
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) % % $ 4,002,814  $ 3,875,393  %
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  10  232,860  211,123  10 
Wholesale loans 722,318  725,524  707,645  699,472  702,490  —  722,318  702,490 
Total loans 1,347,988  1,340,011  1,320,700  1,309,616  1,323,706  1,347,988  1,323,706 
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  1,345,914  1,303,100 
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) 440,812  430,743 
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) 401,418  391,825 
Common stockholders’ equity 324,708  324,186  316,652  306,737  300,474  —  324,708  300,474 
Total stockholders’ equity 344,758  345,836  340,552  336,637  327,878  —  344,758  327,878 
Loans-to-deposits ratio 56  % 55  % 55  % 54  % 55  % 56  % 55  %
Employees
317,233  316,043  313,206  311,921  309,926  —  317,233  309,926 
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  $ 71,507  $ 70,148 
Commercial & Investment Bank (e) 17,598  17,015  17,917  17,584  14,974  18  70,114  64,353 
Asset & Wealth Management 5,778  5,439  5,252  5,109  5,095  13  21,578  19,827 
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  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 
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  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.
image1a.jpg
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  % 48  % $ 8,910  $ 6,519  37  %
Principal transactions 5,195  5,988  6,814  6,790  3,725  (13) 39  24,787  24,460 
Lending- and deposit-related fees 1,952  1,924  1,828  1,902  1,926  7,606  7,413 
Asset management fees 4,874  4,479  4,302  4,146  4,077  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  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) 101,350  81,321  25 
Net interest income 23,350  23,405  22,746  23,082  24,051  —  (3) 92,583  89,267 
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) 51,357  46,465  11 
Occupancy expense 1,309  1,258  1,248  1,211  1,208  5,026  4,590 
Technology, communications and equipment expense 2,516  2,447  2,447  2,421  2,409  9,831  9,246 
Professional and outside services 3,007  2,780  2,722  2,548  2,606  15  11,057  10,235 
Marketing 1,335  1,258  1,221  1,160  1,298  4,974  4,591 
Other expense (b)
2,126  2,005  3,122 
(f)
2,299  (g) 5,118  (g) (58) 9,552  (f)(g) 12,045  (g) (21)
TOTAL NONINTEREST EXPENSE 22,762  22,565  23,713  22,757  24,486  (7) 91,797  87,172 
Income before income tax expense 17,375  16,978  23,435  17,293  11,326  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  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.
image1a.jpg
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  % (20) %
Deposits with banks 445,945  411,364  503,554  539,366  595,085  (25)
Federal funds sold and securities purchased under
resale agreements 295,001  390,821  392,763  330,559  276,152  (25)
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  19 
Loans 1,347,988  1,340,011  1,320,700  1,309,616  1,323,706 
Less: Allowance for loan losses 24,345  23,949  22,991  22,351  22,420 
Loans, net of allowance for loan losses 1,323,643  1,316,062  1,297,709  1,287,265  1,301,286 
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 
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  12 
TOTAL ASSETS $ 4,002,814  $ 4,210,048  $ 4,143,003  $ 4,090,727  $ 3,875,393  (5)
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  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)
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  19 
Long-term debt 401,418  410,157  394,028  395,872  391,825  (2)
TOTAL LIABILITIES 3,658,056  3,864,212  3,802,451  3,754,090  3,547,515  (5)
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  — 
Retained earnings 376,166  365,966  356,924  342,414  332,901  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  — 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,002,814  $ 4,210,048  $ 4,143,003  $ 4,090,727  $ 3,875,393  (5)

Page 5


JPMORGAN CHASE & CO.
image1a.jpg
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) 359,197  317,159  13 
Securities borrowed 232,500  217,716  195,877  192,545  200,369  16  209,744  193,228 
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  14  611,241  604,800 
Loans 1,339,378  1,325,440  1,313,085  1,311,578  1,315,439  1,322,425  1,248,076 
All other interest-earning assets (a) 100,085  90,721  84,819  79,134  79,787  10  25  88,726  86,121 
Total interest-earning assets 3,571,960  3,621,766  3,509,725  3,445,515  3,408,395  (1) 3,537,567  3,325,708 
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  (6) 57,005  64,227  (11)
All other noninterest-earning assets 290,438  282,877  283,161  274,704  270,526  282,816  272,202 
TOTAL ASSETS $ 4,125,167  $ 4,177,008  $ 4,071,443  $ 3,968,637  $ 3,885,632  (1) $ 4,085,922  $ 3,822,224 
LIABILITIES
Interest-bearing deposits $ 1,793,337  $ 1,749,353  $ 1,722,856  $ 1,726,142  $ 1,713,189  $ 1,748,050  $ 1,698,529 
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  39,593  37,468 
Trading liabilities - debt and all other interest-bearing liabilities (b)
304,599  329,850  318,703  302,997  287,443  (8) 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  —  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) 2,836,378  2,593,769 
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  32,025  30,501 
Trading liabilities - derivative payables 40,621  39,936  37,538  39,877  42,447  (4) 39,497  46,355  (15)
All other noninterest-bearing liabilities 216,082  206,376  196,590  192,796  186,871  16  203,006  181,601  12 
TOTAL LIABILITIES 3,786,741  3,832,706  3,736,813  3,640,408  3,564,166  (1) 3,749,498  3,512,764 
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) 312,370  282,056  11 
TOTAL STOCKHOLDERS’ EQUITY 338,426  344,302  334,630  328,229  321,466  (2) 336,424  309,460 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,125,167  $ 4,177,008  $ 4,071,443  $ 3,968,637  $ 3,885,632  (1) $ 4,085,922  $ 3,822,224 
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.
image1a.jpg
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  $ 15,022  $ 9,391  60 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported $ 19,418  $ 19,249  $ 27,454  $ 18,852  $ 14,523  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  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 
Fully taxable-equivalent adjustments (b)
121  120  115  121  126  (4) 477  480  (1)
Net interest income - managed $ 23,471  $ 23,525  $ 22,861  $ 23,203  $ 24,177  —  (3) $ 93,060  $ 89,747 
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  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  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  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  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 
(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. Refer to page 4 for additional information.
(b)Predominantly recognized in CIB and Corporate.

Page 7


JPMORGAN CHASE & CO.
image1a.jpg
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  % % $ 71,507  $ 70,148  %
Commercial & Investment Bank (a) 17,598  17,015  17,917  17,584  14,974  18  70,114  64,353 
Asset & Wealth Management 5,778  5,439  5,252  5,109  5,095  13  21,578  19,827 
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  10  $ 180,593  $ 162,366  11 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking $ 9,728  $ 9,586  $ 9,425  $ 9,297  $ 9,336  $ 38,036  $ 34,819 
Commercial & Investment Bank (a) 8,712  8,751  9,166  8,724  8,169  —  35,353  33,972 
Asset & Wealth Management 3,772  3,639  3,543  3,460  3,388  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  (7) $ 91,797  $ 87,172 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking $ 8,634  $ 8,205  $ 8,276  $ 8,356  $ 8,761  (1) $ 33,471  $ 35,329  (5)
Commercial & Investment Bank (a) 8,886  8,264  8,751  8,860  6,805  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 
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  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  576  (81) (89) 762  2,091  (64)
Asset & Wealth Management (35) 20  (57) (1) NM NM (68) 159  NM
Corporate (18) (4) 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 
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  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.
image1a.jpg
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  % 10  %
Tier 1 capital 294,889  (c) 292,333  290,442  280,771  277,306 
Total capital 325,618  (c) 324,585  322,175  312,149  308,497  — 
Risk-weighted assets 1,759,173  (c) 1,782,722  1,743,481  1,712,081  1,671,995  (1)
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  10 
Tier 1 capital 294,889  (c) 292,333  290,442  280,771  277,306 
Total capital 311,911  (c) 310,764  308,639  298,766  295,417  — 
Risk-weighted assets 1,741,718  (c) 1,762,991  1,726,204  1,681,317  1,669,156  (1)
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)
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)
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 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance $ 272,964  $ 267,196  $ 257,569  $ 250,585  $ 241,825  13  $ 250,585  $ 218,934  14  %
Net income applicable to common equity 13,746  12,612  17,832  13,022  8,921  54  57,212  48,051  19 
Dividends declared on common stock (3,546) (3,570) (3,322) (3,348) (3,064) (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) (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  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.
image1a.jpg
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  —  % %
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) $ 312,370  $ 282,056  11  %
Less: Goodwill 52,617  52,658  52,618  52,614  52,538  —  —  52,627  52,258 
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 
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 
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.
image1a.jpg
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  % 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  54  57,212  48,051  19 
Less: Dividends and undistributed earnings allocated to
participating securities 77  75  114  80  51  51  344  291  18 
Net income applicable to common stockholders $ 13,669  $ 12,537  $ 17,718  $ 12,942  $ 8,870  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  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  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 
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.
image1a.jpg
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  % % $ 3,387  $ 3,356  %
Asset management fees 1,067  1,022  978  947  899  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  (4) 4,731  4,773  (1)
Noninterest revenue 4,494  4,214  3,996  3,945  3,970  13  16,649  15,118  10 
Net interest income 13,868  13,577  13,705  13,708  14,127  (2) 54,858  55,030  — 
TOTAL NET REVENUE 18,362  17,791  17,701  17,653  18,097  71,507  70,148 
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  17,045  15,171  12 
Noncompensation expense (b) 5,427  5,311  5,185  5,068  5,313  20,991  19,648 
TOTAL NONINTEREST EXPENSE 9,728  9,586  9,425  9,297  9,336  38,036  34,819 
(d)
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  (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  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) 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.
image1a.jpg
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  % % $ 650,268  $ 642,951  %
Loans:
Banking & Wealth Management
33,221  31,614  31,078  31,266  31,142  33,221  31,142 
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  10  233,016  211,175  10 
Auto 73,619  73,215  75,310  76,508  77,705  (5) 73,619  77,705  (5)
Total loans 586,354  572,163  572,633  568,840  579,203  586,354  579,203 
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  $ 631,648  $ 584,367 
Loans:
Banking & Wealth Management 32,599  30,910  31,419  31,241  30,718  31,544  30,142 
Home Lending (b)
247,415  250,581  254,385  257,866  261,394  (1) (5) 252,542  232,115 
Card Services 224,263  217,327  210,119  204,701  202,685  11  214,139  191,424  12 
Auto 73,323  73,675  75,804  77,268  76,409  —  (4) 75,009  72,674 
Total loans 577,600  572,493  571,727  571,076  571,206  573,234  526,355 
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  144,989  141,640 
(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.
image1a.jpg
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  % (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) 66  NM (106) (56) (89)
Card Services 1,862  1,768  1,830  1,688  1,426  31  7,148  4,699  52 
Auto 114  113  98  119  125  (9) 444  357  24 
Total net charge-offs/(recoveries) $ 2,066  $ 1,919  $ 2,064  $ 1,879  $ 1,638  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  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  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  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.
image1a.jpg
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  % % 4,966  4,897  %
    Active digital customers (in thousands) (a) 70,813  70,063  69,011  68,496  66,983  70,813  66,983 
    Active mobile customers (in thousands) (b) 57,821  56,985  55,564  54,674  53,828  57,821  53,828 
Debit and credit card sales volume (in billions) $ 477.6  $ 453.4  $ 453.7  $ 420.7  $ 441.0  $ 1,805.4  $ 1,678.6 
Total payments transaction volume (in trillions) (c) 1.6  1.7  1.6  1.5  1.5  (6) 6.4  5.9 
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  14  1,087,608  951,115  14 
Number of client advisors 5,755  5,775  5,672  5,571  5,456  —  5,755  5,456 
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  68  $ 40.8  $ 35.1  16 
Third-party mortgage loans serviced (period-end) 648.0  656.1  642.8  626.2  631.2  (1) 648.0  631.2 
MSR carrying value (period-end) 9.1  8.7  8.8  8.6  8.5  9.1  8.5 
Card Services
Sales volume, excluding commercial card (in billions) $ 335.1  $ 316.6  $ 316.6  $ 291.0  $ 307.2  $ 1,259.3  $ 1,163.6 
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  $ 40.3  $ 41.3  (2)
Average auto operating lease assets 11,967  11,192  10,693  10,435  10,440  15  11,075  10,920 
(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.
image1a.jpg
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  % 49  % $ 9,116  $ 6,631  37  %
Principal transactions 5,158  5,899  6,691  6,634  3,649  (13) 41  24,382  23,794 
Lending- and deposit-related fees 1,020  997  924  973  909  12  3,914  3,423  14 
Commissions and other fees 1,320  1,349  1,337  1,272  1,208  (2) 5,278  4,879 
Card income 617  589  579  525  552  12  2,310  2,213 
All other income 1,132  521  857  743  1,041  117  3,253  2,869  13 
Noninterest revenue 11,726  11,622  12,744  12,161  9,026  30  48,253  43,809  10 
Net interest income 5,872  5,393  5,173  5,423  5,948  (1) 21,861  20,544 
TOTAL NET REVENUE (a) 17,598  17,015  17,917  17,584  14,974  18  70,114  64,353 
Provision for credit losses 61  316  384  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 
Noncompensation expense 4,679  4,241  4,414  3,828  4,062  10  15  17,162  16,867 
TOTAL NONINTEREST EXPENSE 8,712  8,751  9,166  8,724  8,169  —  35,353  33,972 
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) 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  18,085  17,818 
Lending 1,916  1,894  1,936  1,724  1,763  7,470  6,896 
Other 47  28  (3) 36  68  31  76  107  (29)
Total Banking & Payments
9,268  8,646  8,950  8,403  8,038  15  35,267  31,897  11 
Fixed Income Markets 5,006  4,651 
(d)
4,981 
(d)
5,428 
(d)
4,169 
(d)
20  20,066  19,180 
(d)
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 
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 
TOTAL NET REVENUE $ 17,598  $ 17,015  $ 17,917  $ 17,584  $ 14,974  18  $ 70,114  $ 64,353 
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking
$ 6,449  $ 6,139  $ 6,141  $ 5,820  $ 5,415  % 19  % $ 24,549  $ 21,700  13  %
Commercial Banking
2,899  2,891  2,860  2,837  2,949  —  (2) 11,487  11,050 
Middle Market Banking 1,965  1,931  1,936  1,927  2,010  (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  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.
image1a.jpg
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) % % $ 1,773,194  $ 1,638,493  %
Loans:
Loans retained 483,043  483,915  475,880  475,454  475,186  —  483,043  475,186 
Loans held-for-sale and loans at fair value (a) 40,324  47,728  41,737  40,746  39,464  (16) 40,324  39,464 
Total loans 523,367  531,643  517,617  516,200  514,650  (2) 523,367  514,650 
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  —  144,860  143,507 
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) 57,028  63,862  (11)
Loans:
Loans retained 482,316  476,256  471,861  471,187  473,879  475,426  457,886 
Loans held-for-sale and loans at fair value (a) 43,203  44,868  42,868  43,537  40,415  (4) 43,621  40,891 
Total loans 525,519  521,124  514,729  514,724  514,294  519,047  498,777 
Deposits 1,088,439  1,064,402  1,046,993  1,045,788  1,032,226  (d) 1,061,488  996,295 
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 
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  —  144,680  132,114  10 
Other 193  277  360  590  449  (30) (57) 354  331 
Total Banking & Payments loans 344,977  348,430  351,447  350,316  352,793  (1) (2) 348,781  340,805 
Employees
93,231  93,754  93,387  92,478  92,271  (1) 93,231  92,271 
(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.
image1a.jpg
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) 1,976  1,849 
Total allowance for credit losses 9,270  9,440  9,274  9,076  9,175  (2) 9,270  9,175 
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.
image1a.jpg
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  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  961,646  912,859 
Assets under custody (“AUC”) (period-end) (in billions) $ 35,280  $ 35,832  $ 34,024  $ 33,985  $ 32,392  (2) $ 35,280  $ 32,392 
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  25  100 
Commodities and other —  — 
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.
image1a.jpg
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  19  15,023  13,560  11 
Net interest income 1,701  1,640  1,619  1,595  1,657  6,555  6,267 
TOTAL NET REVENUE 5,778  5,439  5,252  5,109  5,095  13  21,578  19,827 
Provision for credit losses (35) 20  (57) (1) NM NM (68) 159  NM
NONINTEREST EXPENSE
Compensation expense 2,058  1,994  1,960  1,972  1,857  11  7,984  7,115  12 
Noncompensation expense 1,714  1,645  1,583  1,488  1,531  12  6,430  5,665  14 
TOTAL NONINTEREST EXPENSE 3,772  3,639  3,543  3,460  3,388  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 
Income tax expense 524  445  426  416  491  18  1,811  1,661 
NET INCOME $ 1,517  $ 1,351  $ 1,263  $ 1,290  $ 1,217  12  25  $ 5,421  $ 5,227 
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) 11,403  10,698 
TOTAL NET REVENUE $ 5,778  $ 5,439  $ 5,252  $ 5,109  $ 5,095  13  $ 21,578  $ 19,827 
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  29,403  28,485 
Number of Global Private Bank client advisors 3,775  3,753  3,509  3,536  3,515  3,775  3,515 




Page 20


JPMORGAN CHASE & CO.
image1a.jpg
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  % % $ 255,385  $ 245,512  %
Loans 236,303  233,903  228,042  222,472  227,929  236,303  227,929 
Deposits 248,287  248,984  236,492  230,413  233,232  (a) —  248,287  233,232 
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  $ 246,254  $ 240,222 
Loans 233,768  229,299  224,122  223,429  227,042  227,676  220,487 
Deposits 248,802  236,470  227,423  227,723  226,640  (a) 10  235,146  216,178 
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  $ $ $ 12  NM NM $ 21  $ 13  62 
Nonaccrual loans 700  764  745  769  650  (8) 700  650 
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.
image1a.jpg
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  30  1,128  868  30 
Multi-asset 764  763  719  711  680  —  12  764  680  12 
Alternatives 219  210  208  200  197  11  219  197  11 
TOTAL ASSETS UNDER MANAGEMENT 4,045  3,904  3,682  3,564  3,422  18  4,045  3,422  18 
Custody/brokerage/administration/deposits 1,887  1,817  1,705  1,655  1,590  19  1,887  1,590  19 
TOTAL CLIENT ASSETS (a) $ 5,932  $ 5,721  $ 5,387  $ 5,219  $ 5,012  18  $ 5,932  $ 5,012  18 
Assets by client segment
Private Banking $ 1,234  $ 1,182  $ 1,097  $ 1,052  $ 974  27  $ 1,234  $ 974  27 
Global Institutional 1,692  1,622  1,540  1,494  1,488  14  1,692  1,488  14 
Global Funds 1,119  1,100  1,045  1,018  960  17  1,119  960  17 
TOTAL ASSETS UNDER MANAGEMENT $ 4,045  $ 3,904  $ 3,682  $ 3,564  $ 3,422  18  $ 4,045  $ 3,422  18 
Private Banking $ 2,974  $ 2,873  $ 2,681  $ 2,599  $ 2,452  21  $ 2,974  $ 2,452  21 
Global Institutional 1,820  1,739  1,654  1,595  1,594  14  1,820  1,594  14 
Global Funds 1,138  1,109  1,052  1,025  966  18  1,138  966  18 
TOTAL CLIENT ASSETS (a) $ 5,932  $ 5,721  $ 5,387  $ 5,219  $ 5,012  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  91  70 
Equity 41  21  31  21  12  114  70 
Multi-asset 14  10  (3) (2) (1) 19 
Alternatives (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  18  $ 3,756  $ 3,177  18 
Number of client advisors 9,530  9,528  9,181  9,107  8,971  —  9,530  8,971 
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  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.
image1a.jpg
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) 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) 9,638  6,072  59 
Other Corporate (83) (84) 8,038  (115) (288) 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  (2) $ 1,323,967  $ 1,348,437  (2)
Loans 1,964  2,302  2,408  2,104  1,924  (15) 1,964  1,924 
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  49,610  47,530 
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  14  $ 608,644  $ 602,718 
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  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.
image1a.jpg
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  10 
Total credit card loans 232,860  219,542  216,100  206,740  211,123  10 
Total consumer loans 625,670  614,487  613,055  610,144  621,216 
Wholesale loans (b)
Loans retained 690,396  687,890  674,152  667,761  672,472  — 
Loans held-for-sale and loans at fair value 31,922  37,634  33,493  31,711  30,018  (15)
Total wholesale loans 722,318  725,524  707,645  699,472  702,490  — 
Total loans 1,347,988  1,340,011  1,320,700  1,309,616  1,323,706 
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)
Total credit-related assets 1,460,884  1,445,842  1,431,391  1,418,273  1,426,195 
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 
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  — 
Total credit exposure $ 3,038,506  $ 3,022,318  $ 2,988,353  $ 2,941,382  $ 2,924,042 
Memo: Total by category
Consumer exposure (e) $ 1,671,825  $ 1,649,403  $ 1,624,997  $ 1,600,739  $ 1,582,277 
Wholesale exposure (f) 1,366,681  1,372,915  1,363,356  1,340,643  1,341,765  — 
Total credit exposure $ 3,038,506  $ 3,022,318  $ 2,988,353  $ 2,941,382  $ 2,924,042 
    
(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.
image1a.jpg
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  (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  28 
Derivative receivables 145  210  290  293  364  (31) (60)
Assets acquired in loan satisfactions 318  343  342  295  316  (7)
Total nonperforming assets 9,291  8,628  8,423  8,265  7,597  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  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.
image1a.jpg
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  % % $ 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  8,638  6,209  39 
Provision for loan losses 2,696  3,040  2,871  1,887  2,625  (11) 10,494  9,468  11 
Other 64  —  —  13  NM 392  69  22  214 
Ending balance $ 24,345  $ 23,949  $ 22,991  $ 22,351  $ 22,420  $ 24,345  $ 22,420 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance $ 2,142  $ 2,068  $ 1,916  $ 1,974  $ 2,075  $ 1,974  $ 2,382  (17)
Provision for lending-related commitments (40) 74  154  (60) (100) NM 60  128  (408) NM
Other (1) —  (2) (1) NM —  (1) —  NM
Ending balance $ 2,101  $ 2,142  $ 2,068  $ 1,916  $ 1,974  (2) $ 2,101  $ 1,974 
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  $ 26,598  $ 24,522 
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 
Credit card retained loans 224,124  217,204  210,020  204,637  202,652  11  214,033  191,412  12 
Total average retained consumer loans 601,100  596,663  595,682  598,670  600,471  —  598,034  555,473 
Wholesale retained loans 687,197  674,939  666,347  664,588  669,899  673,310  646,875 
Total average retained loans $ 1,288,297  $ 1,271,602  $ 1,262,029  $ 1,263,258  $ 1,270,370  $ 1,271,344  $ 1,202,348 
(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.
image1a.jpg
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) % 17  %
Portfolio-based 2,535  2,491  2,599  2,603  2,732  (7)
Total consumer, excluding credit card 1,807  1,735  1,743  1,730  1,856  (3)
Credit card
Portfolio-based 14,600  14,100  13,200  12,600  12,450  17 
Total credit card 14,600  14,100  13,200  12,600  12,450  17 
Total consumer 16,407  15,835  14,943  14,330  14,306  15 
Wholesale
Asset-specific
526  499  562  514  392  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 
Allowance for lending-related commitments 2,101  2,142  2,068  1,916  1,974  (2)
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 
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.
image1a.jpg
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  %
Fully taxable-equivalent adjustments 121  120  115  121  126  (4) 477  480  (1)
Net interest income - managed basis
$ 23,471  $ 23,525  $ 22,861  $ 23,203  $ 24,177  —  (3) $ 93,060  $ 89,747 
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 
Average interest-earning assets $ 3,571,960  $ 3,621,766  $ 3,509,725  $ 3,445,515  $ 3,408,395  (1) $ 3,537,567  $ 3,325,708 
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 
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  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  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)
Noninterest revenue excluding Markets $ 13,675  $ 12,716  $ 20,261  $ 11,515  $ 10,534  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 
(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