JPMORGAN CHASE & CO. | |
TABLE OF CONTENTS | |
Page(s) | |
Summary of the Reportable Business Segment Reorganization
| 2 |
Business Segment Results - Managed Basis (a) | |
Commercial & Investment Bank ("CIB") | 3-6 |
Non-GAAP Financial Measures | 7 |
JPMORGAN CHASE & CO. | |
SUMMARY OF THE REPORTABLE BUSINESS SEGMENT REORGANIZATION
| |
JPMORGAN CHASE & CO. | ||||||||||||||||||||
COMMERCIAL & INVESTMENT BANK | ||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(in millions, except ratio data) | ||||||||||||||||||||
QUARTERLY TRENDS | FULL YEAR | |||||||||||||||||||
1Q24 Change | 2023 Change | |||||||||||||||||||
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q23 | 1Q23 | 2023 | 2022 | 2022 | |||||||||||
INCOME STATEMENT | ||||||||||||||||||||
REVENUE | ||||||||||||||||||||
Investment banking fees | $ | 2,014 | $ | 1,667 | $ | 1,729 | $ | 1,569 | $ | 1,666 | 21 | % | 21 | % | $ | 6,631 | $ | 6,977 | (5) | % |
Principal transactions | 6,634 | 3,649 | 5,971 | 6,742 | 7,432 | 82 | (11) | 23,794 | 19,792 | 20 | ||||||||||
Lending- and deposit-related fees | 973 | 909 | 966 | 782 | 766 | 7 | 27 | 3,423 | 3,662 | (7) | ||||||||||
Commissions and other fees | 1,272 | 1,208 | 1,184 | 1,238 | 1,249 | 5 | 2 | 4,879 | 5,113 | (5) | ||||||||||
Card income | 525 | 552 | 572 | 601 | 488 | (5) | 8 | 2,213 | 1,934 | 14 | ||||||||||
All other income | 743 | 1,041 | 420 | 705 | 703 | (29) | 6 | 2,869 | 2,060 | 39 | ||||||||||
Noninterest revenue | 12,161 | 9,026 | 10,842 | 11,637 | 12,304 | 35 | (1) | 43,809 | 39,538 | 11 | ||||||||||
Net interest income | 5,423 | 5,948 | 4,919 | 4,870 | 4,807 | (9) | 13 | 20,544 | 20,097 | 2 | ||||||||||
TOTAL NET REVENUE (a) | 17,584 | 14,974 | 15,761 | 16,507 | 17,111 | 17 | 3 | 64,353 | 59,635 | 8 | ||||||||||
Provision for credit losses | 1 | 576 | (95) | 1,135 | 475 | (100) | (100) | 2,091 | 2,426 | (14) | ||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||
Compensation expense | 4,896 | 4,107 | 4,155 | 4,117 | 4,726 | 19 | 4 | 17,105 | 16,214 | 5 | ||||||||||
Noncompensation expense | 3,828 | 4,062 | 4,663 | 4,077 | 4,065 | (6) | (6) | 16,867 | 15,855 | 6 | ||||||||||
TOTAL NONINTEREST EXPENSE | 8,724 | 8,169 | 8,818 | 8,194 | 8,791 | 7 | (1) | 33,972 | 32,069 | 6 | ||||||||||
Income before income tax expense | 8,859 | 6,229 | 7,038 | 7,178 | 7,845 | 42 | 13 | 28,290 | 25,140 | 13 | ||||||||||
Income tax expense | 2,237 | 2,052 | 2,011 | 1,878 | 2,077 | 9 | 8 | 8,018 | 6,002 | 34 | ||||||||||
NET INCOME | $ | 6,622 | $ | 4,177 | $ | 5,027 | $ | 5,300 | $ | 5,768 | 59 | 15 | $ | 20,272 | $ | 19,138 | 6 | |||
FINANCIAL RATIOS | ||||||||||||||||||||
ROE | 20 | % | 11 | % | 14 | % | 15 | % | 17 | % | 14 | % | 14 | % | ||||||
Overhead ratio | 50 | 55 | 56 | 50 | 51 | 53 | 54 | |||||||||||||
Compensation expense as percentage of total net revenue | 28 | 27 | 26 | 25 | 28 | 27 | 27 | |||||||||||||
REVENUE BY BUSINESS | ||||||||||||||||||||
Investment Banking | $ | 2,216 | $ | 1,783 | $ | 1,818 | $ | 1,687 | $ | 1,788 | 24 | 24 | $ | 7,076 | $ | 7,205 | (2) | |||
Lending | 1,724 | 1,763 | 1,934 | 1,749 | 1,450 | (2) | 19 | 6,896 | 5,882 | 17 | ||||||||||
Payments | 4,466 | 4,456 | 4,217 | 4,714 | 4,431 | - | 1 | 17,818 | 13,490 | 32 | ||||||||||
Other | (3) | 36 | 24 | 38 | 9 | NM | NM | 107 | 244 | (56) | ||||||||||
Total Banking & Payments
| 8,403 | 8,038 | 7,993 | 8,188 | 7,678 | 5 | 9 | 31,897 | 26,821 | 19 | ||||||||||
Fixed Income Markets | 5,327 | 4,068 | 4,548 | 4,608 | 5,753 | 31 | (7) | 18,977 | 18,784 | 1 | ||||||||||
Equity Markets | 2,686 | 1,779 | 2,069 | 2,454 | 2,685 | 51 | - | 8,987 | 10,378 | (13) | ||||||||||
Securities Services | 1,183 | 1,191 | 1,212 | 1,221 | 1,148 | (1) | 3 | 4,772 | 4,488 | 6 | ||||||||||
Credit Adjustments & Other (b) | (15) | (102) | (61) | 36 | (153) | 85 | 90 | (280) | (836) | 67 | ||||||||||
Total Markets & Securities Services | 9,181 | 6,936 | 7,768 | 8,319 | 9,433 | 32 | (3) | 32,456 | 32,814 | (1) | ||||||||||
TOTAL NET REVENUE | $ | 17,584 | $ | 14,974 | $ | 15,761 | $ | 16,507 | $ | 17,111 | 17 | 3 | $ | 64,353 | $ | 59,635 | 8 | |||
Banking & Payments revenue by client coverage segment
| ||||||||||||||||||||
Global Corporate Banking & Global Investment Banking (c)
| $ | 5,820 | $ | 5,415 | $ | 5,469 | $ | 5,452 | $ | 5,364 | 7 | % | 9 | % | $ | 21,700 | $ | 19,325 | 12 | % |
Commercial Banking (d) | 2,837 | 2,949 | 2,874 | 2,801 | 2,426 | (4) | 17 | 11,050 | 7,906 | 40 | ||||||||||
Middle Market Banking | 1,927 | 2,010 | 1,949 | 1,996 | 1,785 | (4) | 8 | $ | 7,740 | $ | 5,443 | 42 | ||||||||
Commercial Real Estate Banking | 910 | 939 | 925 | 805 | 641 | (3) | 42 | 3,310 | 2,463 | 34 | ||||||||||
Other (e) | (254) | (326) | (350) | (65) | (112) | 22 | (127) | (853) | (410) | (108) | ||||||||||
Total Banking & Payments revenue
| $ | 8,403 | $ | 8,038 | $ | 7,993 | $ | 8,188 | $ | 7,678 | 5 | 9 | $ | 31,897 | $ | 26,821 | 19 | |||
JPMORGAN CHASE & CO. | ||||||||||||||||||||
COMMERCIAL & INVESTMENT BANK | ||||||||||||||||||||
FINANCIAL HIGHLIGHTS, CONTINUED | ||||||||||||||||||||
(in millions, except ratio and employee data)
| ||||||||||||||||||||
QUARTERLY TRENDS | FULL YEAR | |||||||||||||||||||
1Q24 Change | 2023 Change | |||||||||||||||||||
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q23 | 1Q23 | 2023 | 2022 | 2022 | |||||||||||
SELECTED BALANCE SHEET DATA (period-end) | ||||||||||||||||||||
Total assets | $ | 1,898,251 | $ | 1,638,493 | $ | 1,746,598 | $ | 1,737,334 | $ | 1,697,418 | 16 | % | 12 | % | $ | 1,638,493 | $ | 1,591,402 | 3 | % |
Loans: | ||||||||||||||||||||
Loans retained | 475,454 | 475,186 | 475,644 | 476,574 | 425,885 | - | 12 | 475,186 | 421,521 | 13 | ||||||||||
Loans held-for-sale and loans at fair value (a) | 40,746 | 39,464 | 39,984 | 40,499 | 39,873 | 3 | 2 | 39,464 | 43,011 | (8) | ||||||||||
Total loans | 516,200 | 514,650 | 515,628 | 517,073 | 465,758 | - | 11 | 514,650 | 464,532 | 11 | ||||||||||
Equity | 132,000 | 138,000 | 138,000 | 138,000 | 136,500 | (4) | (3) | 138,000 | 128,000 | 8 | ||||||||||
Banking & Payments loans by client coverage segment (period-end) (b)
| ||||||||||||||||||||
Global Corporate Banking & Global Investment Banking
| $ | 129,179 | $ | 128,097 | $ | 130,133 | $ | 133,535 | $ | 132,646 | 1 | (3) | $ | 128,097 | $ | 128,165 | - | |||
Commercial Banking | 223,474 | 221,550 | 222,368 | 222,782 | 181,911 | 1 | 23 | 221,550 | 180,624 | 23 | ||||||||||
Middle Market Banking | 79,207 | 78,043 | 78,955 | 79,885 | 73,329 | 1 | 8 | 78,043 | 72,625 | 7 | ||||||||||
Commercial Real Estate Banking | 144,267 | 143,507 | 143,413 | 142,897 | 108,582 | 1 | 33 | 143,507 | 107,999 | 33 | ||||||||||
Other | 588 | 526 | 291 | 371 | 123 | 12 | 378 | 526 | 122 | 331 | ||||||||||
Total Banking & Payments loans
| 353,241 | 350,173 | 352,792 | 356,688 | 314,680 | 1 | 12 | 350,173 | 308,911 | 13 | ||||||||||
SELECTED BALANCE SHEET DATA (average) | ||||||||||||||||||||
Total assets | $ | 1,794,118 | $ | 1,703,717 | $ | 1,725,146 | $ | 1,752,732 | $ | 1,685,130 | 5 | 6 | $ | 1,716,755 | $ | 1,649,358 | 4 | |||
Trading assets - debt and equity instruments | 580,899 | 490,268 | 522,843 | 533,092 | 488,796 | 18 | 19 | 508,792 | 405,948 | 25 | ||||||||||
Trading assets - derivative receivables | 57,268 | 62,481 | 65,800 | 63,118 | 64,044 | (8) | (11) | 63,862 | 77,822 | (18) | ||||||||||
Loans: | ||||||||||||||||||||
Loans retained | 471,187 | 473,879 | 475,285 | 459,244 | 422,380 | (1) | 12 | 457,886 | 395,015 | 16 | ||||||||||
Loans held-for-sale and loans at fair value (a) | 43,537 | 40,415 | 40,605 | 38,858 | 43,724 | 8 | - | 40,891 | 48,196 | (15) | ||||||||||
Total loans | 514,724 | 514,294 | 515,890 | 498,102 | 466,104 | - | 10 | 498,777 | 443,211 | 13 | ||||||||||
Deposits | 1,045,788 | 1,032,226 | 988,765 | 998,014 | 965,529 | 1 | 8 | 996,295 | 1,033,880 | (4) | ||||||||||
Equity | 132,000 | 138,000 | 138,000 | 137,505 | 136,500 | (4) | (3) | 137,507 | 128,000 | 7 | ||||||||||
Banking & Payments loans by client coverage segment (average) (b)
| ||||||||||||||||||||
Global Corporate Banking & Global Investment Banking
| $ | 127,403 | $ | 130,287 | $ | 132,394 | $ | 131,852 | $ | 130,375 | (2) | (2) | $ | 131,230 | $ | 122,174 | 7 | |||
Commercial Banking | 222,323 | 222,057 | 221,729 | 211,431 | 181,173 | - | 23 | 209,244 | 173,289 | 21 | ||||||||||
Middle Market Banking | 78,364 | 78,601 | 78,774 | 78,037 | 73,030 | - | 7 | 77,130 | 67,830 | 14 | ||||||||||
Commercial Real Estate Banking | 143,959 | 143,456 | 142,955 | 133,394 | 108,143 | - | 33 | 132,114 | 105,459 | 25 | ||||||||||
Other | 590 | 449 | 435 | 227 | 209 | 31 | 182 | 331 | 168 | 97 | ||||||||||
Total Banking & Payments loans
| 350,316 | 352,793 | 354,558 | 343,510 | 311,757 | (1) | 12 | 340,805 | 295,631 | 15 | ||||||||||
Employees
| 92,478 | 92,271 | 92,181 | 90,813 | 89,378 | - | 3 | 92,271 | 88,139 | 5 | ||||||||||
JPMORGAN CHASE & CO. | |||||||||||||||||
COMMERCIAL & INVESTMENT BANK | |||||||||||||||||
FINANCIAL HIGHLIGHTS, CONTINUED | |||||||||||||||||
(in millions, except ratio data) | |||||||||||||||||
QUARTERLY TRENDS | FULL YEAR | ||||||||||||||||
1Q24 Change | 2023 Change | ||||||||||||||||
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q23 | 1Q23 | 2023 | 2022 | 2022 | ||||||||
CREDIT DATA AND QUALITY STATISTICS | |||||||||||||||||
Net charge-offs/(recoveries) | $ | 69 | $ | 247 | $ | 98 | $ | 156 | $ | 87 | (72) | (21) | $ | 588 | $ | 166 | 254 |
Nonperforming assets: | |||||||||||||||||
Nonaccrual loans: | |||||||||||||||||
Nonaccrual loans retained (a) | 2,146 | 1,675 | 1,867 | 1,992 | 1,750 | 28 | 23 | 1,675 | 1,484 | 13 | |||||||
Nonaccrual loans held-for-sale and loans at fair value (b) | 1,093 | 828 | 825 | 818 | 808 | 32 | 35 | 828 | 848 | (2) | |||||||
Total nonaccrual loans | 3,239 | 2,503 | 2,692 | 2,810 | 2,558 | 29 | 27 | 2,503 | 2,332 | 7 | |||||||
Derivative receivables | 293 | 364 | 293 | 286 | 291 | (20) | 1 | 364 | 296 | 23 | |||||||
Assets acquired in loan satisfactions | 159 | 169 | 173 | 133 | 86 | (6) | 85 | 169 | 87 | 94 | |||||||
Total nonperforming assets | 3,691 | 3,036 | 3,158 | 3,229 | 2,935 | 22 | 26 | 3,036 | 2,715 | 12 | |||||||
Allowance for credit losses: | |||||||||||||||||
Allowance for loan losses | 7,291 | 7,326 | 7,135 | 7,260 | 6,020 | - | 21 | 7,326 | 5,616 | 30 | |||||||
Allowance for lending-related commitments | 1,785 | 1,849 | 1,940 | 2,008 | 2,267 | (3) | (21) | 1,849 | 2,278 | (19) | |||||||
Total allowance for credit losses | 9,076 | 9,175 | 9,075 | 9,268 | 8,287 | (1) | 10 | 9,175 | 7,894 | 16 | |||||||
Net charge-off/(recovery) rate (c) | 0.06 | % | 0.21 | % | 0.08 | % | 0.14 | % | 0.08 | % | 0.13 | % | 0.04 | % | |||
Allowance for loan losses to period-end loans retained | 1.53 | 1.54 | 1.50 | 1.52 | 1.41 | 1.54 | 1.33 | ||||||||||
Allowance for loan losses to nonaccrual loans retained (a) | 340 | 437 | 382 | 364 | 344 | 437 | 378 | ||||||||||
Nonaccrual loans to total period-end loans | 0.63 | 0.49 | 0.52 | 0.54 | 0.55 | 0.49 | 0.50 | ||||||||||
JPMORGAN CHASE & CO. | ||||||||||||||||||||
COMMERCIAL & INVESTMENT BANK | ||||||||||||||||||||
FINANCIAL HIGHLIGHTS, CONTINUED | ||||||||||||||||||||
(in millions, except where otherwise noted) | ||||||||||||||||||||
QUARTERLY TRENDS | FULL YEAR | |||||||||||||||||||
1Q24 Change | 2023 Change | |||||||||||||||||||
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q23 | 1Q23 | 2023 | 2022 | 2022 | |||||||||||
BUSINESS METRICS | ||||||||||||||||||||
Advisory | $ | 598 | $ | 751 | $ | 767 | $ | 540 | $ | 756 | (20) | % | (21) | % | $ | 2,814 | $ | 3,051 | (8) | % |
Equity underwriting | 355 | 324 | 274 | 318 | 235 | 10 | 51 | 1,151 | 1,034 | 11 | ||||||||||
Debt underwriting | 1,061 | 592 | 688 | 711 | 675 | 79 | 57 | 2,666 | 2,892 | (8) | ||||||||||
Total investment banking fees | $ | 2,014 | $ | 1,667 | $ | 1,729 | $ | 1,569 | $ | 1,666 | 21 | 21 | $ | 6,631 | $ | 6,977 | (5) | |||
Client deposits and other third-party liabilities (average) (a) | 931,603 | 928,561 | 900,292 | 922,702 | 899,700 | - | 4 | 912,859 | 981,653 | (7) | ||||||||||
Assets under custody ("AUC") (period-end) (in billions) | $ | 33,985 | $ | 32,392 | $ | 29,725 | $ | 30,424 | $ | 29,725 | 5 | 14 | $ | 32,392 | $ | 28,635 | 13 | |||
95% Confidence Level - Total CIB VaR (average) (b) | ||||||||||||||||||||
CIB trading VaR by risk type: (c) | ||||||||||||||||||||
Fixed income | $ | 35 | $ | 35 | $ | 49 | $ | 57 | $ | 56 | - | (38) | ||||||||
Foreign exchange | 13 | 10 | 17 | 12 | 10 | 30 | 30 | |||||||||||||
Equities | 6 | 5 | 7 | 8 | 7 | 20 | (14) | |||||||||||||
Commodities and other | 7 | 8 | 10 | 12 | 15 | (13) | (53) | |||||||||||||
Diversification benefit to CIB trading VaR (d) | (29) | (29) | (48) | (48) | (44) | - | 34 | |||||||||||||
CIB trading VaR (c) | 32 | 29 | 35 | 41 | 44 | 10 | (27) | |||||||||||||
Credit Portfolio VaR (e) | 24 | 16 | 15 | 14 | 11 | 50 | 118 | |||||||||||||
Diversification benefit to CIB VaR (d) | (15) | (13) | (12) | (11) | (10) | (15) | (50) | |||||||||||||
CIB VaR | $ | 41 | $ | 32 | $ | 38 | $ | 44 | $ | 45 | 28 | (9) | ||||||||
JPMORGAN CHASE & CO. | |
NON-GAAP FINANCIAL MEASURES | |
QUARTERLY TRENDS | FULL YEAR | |||||||||||||||||||
1Q24 Change | 2023 Change | |||||||||||||||||||
(in millions, except rates) | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q23 | 1Q23 | 2023 | 2022 | 2022 | ||||||||||
Net interest income - reported | $ | 23,082 | $ | 24,051 | $ | 22,726 | $ | 21,779 | $ | 20,711 | (4) | % | 11 | % | $ | 89,267 | $ | 66,710 | 34 | % |
Fully taxable-equivalent adjustments | 121 | 126 | 130 | 104 | 120 | (4) | 1 | 480 | 434 | 11 | ||||||||||
Net interest income - managed basis (a) | $ | 23,203 | $ | 24,177 | $ | 22,856 | $ | 21,883 | $ | 20,831 | (4) | 11 | $ | 89,747 | $ | 67,144 | 34 | |||
Less: Markets net interest income | 183 | 615 | (317) | (487) | (105) | (70) | NM | (294) | 4,789 | NM | ||||||||||
Net interest income excluding Markets (a) | $ | 23,020 | $ | 23,562 | $ | 23,173 | $ | 22,370 | $ | 20,936 | (2) | 10 | $ | 90,041 | $ | 62,355 | 44 | |||
Average interest-earning assets | $ | 3,445,515 | $ | 3,408,395 | $ | 3,331,728 | $ | 3,343,780 | $ | 3,216,757 | 1 | 7 | $ | 3,325,708 | $ | 3,349,079 | (1) | |||
Less: AverageMarkets interest-earning assets
| 1,031,075 | 985,997 | 970,789 | 1,003,877 | 982,572 | 5 | 5 | 985,777 | 953,195 | 3 | ||||||||||
Average interest-earning assets excluding Markets | $ | 2,414,440 | $ | 2,422,398 | $ | 2,360,939 | $ | 2,339,903 | $ | 2,234,185 | - | 8 | $ | 2,339,931 | $ | 2,395,884 | (2) | |||
Net yield on average interest-earning assets - managed basis | 2.71 | % | 2.81 | % | 2.72 | % | 2.62 | % | 2.63 | % | 2.70 | % | 2.00 | % | ||||||
Net yield on averageMarkets interest-earning assets
| 0.07 | 0.25 | (0.13) | (0.19) | (0.04) | (0.03) | 0.50 | |||||||||||||
Net yield on average interest-earning assets excluding Markets | 3.83 | 3.86 | 3.89 | 3.83 | 3.80 | 3.85 | 2.60 | |||||||||||||
Noninterest revenue - reported (b) | $ | 18,852 | $ | 14,523 | $ | 17,148 | $ | 19,528 | $ | 17,638 | 30 | 7 | $ | 68,837 | $ | 61,985 | 11 | |||
Fully taxable-equivalent adjustments (b) | 493 | 1,243 | 682 | 990 | 867 | (60) | (43) | 3,782 | 3,148 | 20 | ||||||||||
Noninterest revenue - managed basis | $ | 19,345 | $ | 15,766 | $ | 17,830 | $ | 20,518 | $ | 18,505 | 23 | 5 | $ | 72,619 | $ | 65,133 | 11 | |||
Less: Markets noninterest revenue (c) | 7,830 | 5,232 | 6,934 | 7,549 | 8,543 | 50 | (8) | 28,258 | 24,373 | 16 | ||||||||||
Noninterest revenue excluding Markets | $ | 11,515 | $ | 10,534 | $ | 10,896 | $ | 12,969 | $ | 9,962 | 9 | 16 | $ | 44,361 | $ | 40,760 | 9 | |||
Memo: Markets total net revenue | $ | 8,013 | $ | 5,847 | $ | 6,617 | $ | 7,062 | $ | 8,438 | 37 | (5) | $ | 27,964 | $ | 29,162 | (4) | |||
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JPMorgan Chase & Co. published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 20:45:46 UTC.