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Published: 2024-10-11 06:46:16 ET
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EX-99.2 3 a3q24erfex992supplement.htm JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT - THIRD QUARTER 2024 Document

Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2024








JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment Results - Managed Basis8
Capital and Other Selected Balance Sheet Items9–10
Earnings Per Share and Related Information11
Business Segment Results
Consumer & Community Banking (“CCB”)12–15
Commercial & Investment Bank (“CIB”)16–19
Asset & Wealth Management (“AWM”)
20–22
Corporate23
Credit-Related Information24-27
Non-GAAP Financial Measures28
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 315–321 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).




JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
SELECTED INCOME STATEMENT DATA 3Q242Q241Q244Q233Q232Q243Q23202420232023
Reported Basis
Total net revenue$42,654 $50,200 (g)$41,934 $38,574 $39,874 (15)%7 %$134,788 $119,530 13 %
Total noninterest expense22,565 23,713 22,757 
(h)
24,486 
(h)
21,757 (5)4 69,035 62,686 10 
Pre-provision profit (a)20,089 26,487 19,177 14,088 18,117 (24)11 65,753 56,844 16 
Provision for credit losses3,111 3,052 1,884 2,762 1,384 2 125 8,047 6,558 23 
NET INCOME12,898 18,149 13,419 9,307 13,151 (29)(2)44,466 40,245 10 
Managed Basis (b)
Total net revenue43,315 50,992 (g)42,548 39,943 40,686 (15)6 136,855 122,423 12 
Total noninterest expense22,565 23,713 22,757 
(h)
24,486 
(h)
21,757 (5)4 69,035 62,686 10 
Pre-provision profit (a)20,750 27,279 19,791 15,457 18,929 (24)10 67,820 59,737 14 
Provision for credit losses3,111 3,052 1,884 2,762 1,384 2 125 8,047 6,558 23 
NET INCOME12,898 18,149 13,419 9,307 13,151 (29)(2)44,466 40,245 10 
EARNINGS PER SHARE DATA
Net income: Basic$4.38 $6.13 $4.45 $3.04 $4.33 (29)1 $14.97 $13.20 13 
Diluted4.37 6.12 4.44 3.04 4.33 (29)1 14.94 13.18 13 
Average shares: Basic2,860.6 2,889.8 2,908.3 2,914.4 2,927.5 (1)(2)2,886.2 2,946.6 (2)
Diluted2,865.9 2,894.9 2,912.8 2,919.1 2,932.1 (1)(2)2,891.2 2,951.0 (2)
MARKET AND PER COMMON SHARE DATA
Market capitalization$593,643 $575,463 $575,195 $489,320 $419,254 3 42 $593,643 $419,254 42 
Common shares at period-end2,815.3 2,845.1 2,871.6 2,876.6 2,891.0 (1)(3)2,815.3 2,891.0 (3)
Book value per share115.15 111.29 106.81 104.45 100.30 3 15 115.15 100.30 15 
Tangible book value per share (“TBVPS”) (a)96.42 92.77 88.43 86.08 82.04 4 18 96.42 82.04 18 
Cash dividends declared per share1.25 1.15 1.15 1.05 1.05 9 19 3.55 3.05 16 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)16 %23 %17 %12 %18 %19 %19 %
Return on tangible common equity (“ROTCE”) (a)19 28 21 15 22 23 23 
Return on assets1.23 1.79 1.36 0.95 1.36 1.46 1.42 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)
15.3 %(f)15.3 %15.0 %15.0 %14.3 %15.3 %(f)14.3 %
Tier 1 capital ratio (e)
16.4 (f)16.7 16.4 16.6 15.9 16.4 (f)15.9 
Total capital ratio (e)
18.2 (f)18.5 18.2 18.5 17.8 18.2 (f)17.8 
Tier 1 leverage ratio7.1 (f)7.2 7.2 7.2 7.1 7.1 (f)7.1 
Supplementary leverage ratio (“SLR”)6.0 (f)6.1 6.1 6.1 6.0 6.0 (f)6.0 
 
On May 1, 2023, JPMorgan Chase 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 September 30, 2024, June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining $720 million CECL benefit; as of December 31, 2023 and September 30, 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 June 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.


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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets$4,210,048 $4,143,003 $4,090,727 $3,875,393 $3,898,333 2 %8 %$4,210,048 $3,898,333 8 %
Loans:
Consumer, excluding credit card loans394,945 396,955 403,404 410,093 408,769 (1)(3)394,945 408,769 (3)
Credit card loans219,542 216,100 206,740 211,123 196,935 2 11 219,542 196,935 11 
Wholesale loans725,524 707,645 699,472 702,490 704,355 3 3 725,524 704,355 3 
Total loans1,340,011 1,320,700 1,309,616 1,323,706 1,310,059 1 2 1,340,011 1,310,059 2 
Deposits:
U.S. offices:
Noninterest-bearing611,334 632,316 657,651 643,748 651,240 (3)(6)611,334 651,240 (6)
Interest-bearing1,326,489 1,291,737 1,311,857 1,303,100 1,295,609 3 2 1,326,489 1,295,609 2 
Non-U.S. offices:
Noninterest-bearing31,607 26,362 24,109 23,097 22,410 20 41 31,607 22,410 41 
Interest-bearing461,342 446,115 434,792 430,743 410,267 3 12 461,342 410,267 12 
Total deposits2,430,772 2,396,530 2,428,409 2,400,688 2,379,526 1 2 2,430,772 2,379,526 2 
Long-term debt410,157 394,028 395,872 391,825 362,793 4 13 410,157 362,793 13 
Common stockholders’ equity324,186 316,652 306,737 300,474 289,967 2 12 324,186 289,967 12 
Total stockholders’ equity345,836 340,552 336,637 327,878 317,371 2 9 345,836 317,371 9 
Loans-to-deposits ratio55 %55 %54 %55 %55 %55 %55 %
Employees
316,043 313,206 311,921 309,926 308,669 1 2 316,043 308,669 2 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)
$45 $56 $48 $35 $41 (20)10 
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking$17,791 $17,701 $17,653 $18,097 $18,362 1 (3)$53,145 $52,051 2 
Commercial & Investment Bank (c)17,015 17,917 17,584 14,974 15,761 (5)8 52,516 49,379 6 
Asset & Wealth Management 5,439 5,252 5,109 5,095 5,005 4 9 15,800 14,732 7 
Corporate3,070 10,122 2,202 1,777 1,558 (70)97 15,394 6,261 146 
TOTAL NET REVENUE$43,315 $50,992 $42,548 $39,943 $40,686 (15)6 $136,855 $122,423 12 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking$4,046 $4,210 $4,831 $4,788 $5,895 (4)(31)$13,087 $16,444 (20)
Commercial & Investment Bank (c)5,691 5,897 6,622 4,177 5,027 (3)13 18,210 16,095 13 
Asset & Wealth Management 1,351 1,263 1,290 1,217 1,417 7 (5)3,904 4,010 (3)
Corporate1,810 6,779 676 (875)812 (73)123 9,265 3,696 151 
NET INCOME$12,898 $18,149 $13,419 $9,307 $13,151 (29)(2)$44,466 $40,245 10 
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC.
(a)Refer to Commercial & Investment Bank VaR on page 18 for further information.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)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.



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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
REVENUE3Q242Q241Q244Q233Q232Q243Q23202420232023
Investment banking fees $2,231 $2,304 $1,954 $1,635 $1,722 (3)%30 %$6,489 $4,884 33 %
Principal transactions5,988 6,814 6,790 3,725 6,210 (12)(4)19,592 20,735 (6)
Lending- and deposit-related fees1,924 1,828 1,902 1,926 2,039 5 (6)5,654 5,487 3 
Asset management fees4,479 4,302 4,146 4,077 3,904 4 15 12,927 11,143 16 
Commissions and other fees1,936 1,924 1,805 1,697 1,705 1 14 5,665 5,139 10 
Investment securities losses(16)(547)(366)(743)(669)97 98 (929)(2,437)62 
Mortgage fees and related income402 348 275 263 414 16 (3)1,025 913 12 
Card income1,345 1,332 1,218 1,247 1,209 1 11 3,895 3,537 10 
Other income (a)960 9,149 
(e)
1,128 696 614 (90)56 11,237 4,913 129 
Noninterest revenue19,249 27,454 18,852 14,523 17,148 (30)12 65,555 54,314 21 
Interest income50,416 48,513 47,438 47,384 44,556 4 13 146,367 123,204 19 
Interest expense27,011 25,767 24,356 23,333 21,830 5 24 77,134 57,988 33 
Net interest income23,405 22,746 23,082 24,051 22,726 3 3 69,233 65,216 6 
TOTAL NET REVENUE42,654 50,200 41,934 38,574 39,874 (15)7 134,788 119,530 13 
Provision for credit losses3,111 3,052 1,884 2,762 1,384 2 125 8,047 6,558 23 
NONINTEREST EXPENSE
Compensation expense 12,817 12,953 13,118 11,847 11,726 (1)9 38,888 34,618 12 
Occupancy expense1,258 1,248 1,211 1,208 1,197 1 5 3,717 3,382 10 
Technology, communications and equipment expense 2,447 2,447 2,421 2,409 2,386 — 3 7,315 6,837 7 
Professional and outside services 2,780 2,722 2,548 2,606 2,620 2 6 8,050 7,629 6 
Marketing1,258 1,221 1,160 1,298 1,126 3 12 3,639 3,293 11 
Other expense (b)
2,005 3,122 
(f)
2,299 (g)5,118 (g)2,702 (36)(26)7,426 (f)(g)6,927 7 
TOTAL NONINTEREST EXPENSE22,565 23,713 22,757 24,486 21,757 (5)4 69,035 62,686 10 
Income before income tax expense16,978 23,435 17,293 11,326 16,733 (28)1 57,706 50,286 15 
Income tax expense (a)4,080 5,286 3,874 2,019 (h)3,582 (23)14 13,240 10,041 32 
NET INCOME$12,898 $18,149 $13,419 $9,307 $13,151 (29)(2)$44,466 $40,245 10 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$4.38 $6.13 $4.45 $3.04 $4.33 (29)1 $14.97 $13.20 13 
Diluted earnings per share4.37 6.12 4.44 3.04 4.33 (29)1 14.94 13.18 13 
FINANCIAL RATIOS
Return on common equity (c)
16 %23 %17 %12 %18 %19 %19 %
Return on tangible common equity (c)(d)
19 28 21 15 22 23 23 
Return on assets (c)
1.23 1.79 1.36 0.95 1.36 1.46 1.42 
Effective income tax rate24.0 22.6 22.4 17.8 (h)21.4 22.9 20.0 
Overhead ratio53 47 54 63 55 51 52 
On May 1, 2023, JPMorgan Chase 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 $259 million, $317 million, $(72) million, $175 million and $665 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $504 million and $1.3 billion for the nine months ended September 30, 2024 and September 30, 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 JPMorgan Chase 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 for the three months ended December 31, 2023 related to the finalization of certain income tax regulations. The benefit resulted in a reduction in the Firm’s effective tax rate of 4.1 percentage points in the fourth quarter of 2023.



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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Sep 30, 2024
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2024202420242023202320242023
ASSETS
Cash and due from banks $22,896 $27,265 $22,750 $29,066 $24,921 (16)%(8)%
Deposits with banks 411,364 503,554 539,366 595,085 486,448 (18)(15)
Federal funds sold and securities purchased under
resale agreements390,821 392,763 330,559 276,152 350,059 — 12 
Securities borrowed252,434 199,062 198,336 200,436 188,279 27 34 
Trading assets:
Debt and equity instruments734,928 679,209 697,788 485,743 534,923 8 37 
Derivative receivables52,561 54,673 56,621 54,864 67,070 (4)(22)
Available-for-sale (“AFS”) securities334,548 266,252 236,152 201,704 197,119 26 70 
Held-to-maturity (”HTM”) securities299,954 323,746 334,527 369,848 388,261 (7)(23)
Investment securities, net of allowance for credit losses634,502 589,998 570,679 571,552 585,380 8 8 
Loans1,340,011 1,320,700 1,309,616 1,323,706 1,310,059 1 2 
Less: Allowance for loan losses23,949 22,991 22,351 22,420 21,946 4 9 
Loans, net of allowance for loan losses1,316,062 1,297,709 1,287,265 1,301,286 1,288,113 1 2 
Accrued interest and accounts receivable
122,565 135,692 129,823 107,363 127,752 (10)(4)
Premises and equipment31,525 30,582 30,279 30,157 29,677 3 6 
Goodwill, MSRs and other intangible assets64,455 64,525 64,374 64,381 64,910 — (1)
Other assets175,935 167,971 162,887 159,308 150,801 5 17 
TOTAL ASSETS$4,210,048 $4,143,003 $4,090,727 $3,875,393 $3,898,333 2 8 
LIABILITIES
Deposits$2,430,772 $2,396,530 $2,428,409 $2,400,688 $2,379,526 1 2 
Federal funds purchased and securities loaned or sold
under repurchase agreements389,337 400,832 325,670 216,535 268,750 (3)45 
Short-term borrowings50,638 47,308 46,268 44,712 45,470 7 11 
Trading liabilities:
Debt and equity instruments204,593 206,018 192,324 139,581 165,494 (1)24 
Derivative payables38,665 34,818 36,003 40,847 41,963 11 (8)
Accounts payable and other liabilities 314,356 295,813 301,469 290,307 292,070 6 8 
Beneficial interests issued by consolidated VIEs25,694 27,104 28,075 23,020 24,896 (5)3 
Long-term debt410,157 394,028 395,872 391,825 362,793 4 13 
TOTAL LIABILITIES3,864,212 3,802,451 3,754,090 3,547,515 3,580,962 2 8 
STOCKHOLDERS’ EQUITY
Preferred stock21,650 23,900 29,900 27,404 27,404 (9)(21)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital90,638 90,328 89,903 90,128 89,899 — 1 
Retained earnings365,966 356,924 342,414 332,901 327,044 3 12 
Accumulated other comprehensive income/(loss) (“AOCI”)(6,784)(11,338)(11,639)(10,443)(17,104)40 60 
Treasury stock, at cost(129,739)(123,367)(118,046)(116,217)(113,977)(5)(14)
TOTAL STOCKHOLDERS’ EQUITY345,836 340,552 336,637 327,878 317,371 2 9 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,210,048 $4,143,003 $4,090,727 $3,875,393 $3,898,333 2 8 

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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
AVERAGE BALANCES3Q242Q241Q244Q233Q232Q243Q23202420232023
ASSETS
Deposits with banks $464,704 $512,150 $535,708 $540,040 $456,954 (9)%2 %$504,043 $485,700 4 %
Federal funds sold and securities purchased under resale agreements404,174 370,817 323,988 319,056 309,848 9 30 366,464 316,520 16 
Securities borrowed217,716 195,877 192,545 200,369 188,279 11 16 202,103 190,822 6 
Trading assets - debt instruments 496,176 452,933 422,516 374,254 383,576 10 29 457,351 377,829 21 
Investment securities622,835 580,044 580,046 579,450 606,593 7 3 594,413 613,342 (3)
Loans1,325,440 1,313,085 1,311,578 1,315,439 1,306,322 1 1 1,316,733 1,225,375 7 
All other interest-earning assets (a)90,721 84,819 79,134 79,787 80,156 7 13 84,912 88,255 (4)
Total interest-earning assets 3,621,766 3,509,725 3,445,515 3,408,395 3,331,728 3 9 3,526,019 3,297,843 7 
Trading assets - equity and other instruments217,790 221,382 190,783 144,642 173,998 (2)25 210,013 165,292 27 
Trading assets - derivative receivables54,575 57,175 57,635 62,069 66,972 (5)(19)56,455 64,955 (13)
All other noninterest-earning assets 282,877 283,161 274,704 270,526 267,079 — 6 280,258 272,766 3 
TOTAL ASSETS$4,177,008 $4,071,443 $3,968,637 $3,885,632 $3,839,777 3 9 $4,072,745 $3,800,856 7 
LIABILITIES
Interest-bearing deposits $1,749,353 $1,722,856 $1,726,142 $1,713,189 $1,694,758 2 3 $1,732,844 $1,693,588 2 
Federal funds purchased and securities loaned or
sold under repurchase agreements425,795 375,371 294,983 254,211 254,105 13 68 365,604 256,717 42 
Short-term borrowings
40,234 38,234 38,529 37,941 37,837 5 6 39,003 37,308 5 
Trading liabilities - debt and all other interest-bearing liabilities (b)
329,850 318,703 302,997 287,443 288,007 3 15 317,229 286,324 11 
Beneficial interests issued by consolidated VIEs26,556 26,222 27,407 23,133 21,890 1 21 26,728 17,137 56 
Long-term debt 347,910 342,516 340,411 325,843 315,267 2 10 343,628 286,522 20 
Total interest-bearing liabilities 2,919,698 2,823,902 2,730,469 2,641,760 2,611,864 3 12 2,825,036 2,577,596 10 
Noninterest-bearing deposits 633,957 648,327 648,644 658,912 660,983 (2)(4)643,608 661,086 (3)
Trading liabilities - equity and other instruments 32,739 30,456 28,622 34,176 29,508 7 11 30,613 29,262 5 
Trading liabilities - derivative payables39,936 37,538 39,877 42,447 46,754 6 (15)39,120 47,672 (18)
All other noninterest-bearing liabilities 206,376 196,590 192,796 186,871 178,466 5 16 198,617 179,826 10 
TOTAL LIABILITIES3,832,706 3,736,813 3,640,408 3,564,166 3,527,575 3 9 3,736,994 3,495,442 7 
Preferred stock22,408 25,867 27,952 27,404 27,404 (13)(18)25,398 27,404 (7)
Common stockholders’ equity321,894 308,763 300,277 294,062 284,798 4 13 310,353 278,010 12 
TOTAL STOCKHOLDERS’ EQUITY344,302 334,630 328,229 321,466 312,202 3 10 335,751 305,414 10 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,177,008 $4,071,443 $3,968,637 $3,885,632 $3,839,777 3 9 $4,072,745 $3,800,856 7 
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 4.59 %4.76 %4.79 %4.79 %4.58 %4.72 %4.21 %
Federal funds sold and securities purchased under resale agreements5.14 5.23 5.23 5.26 5.06 5.20 4.58 
Securities borrowed4.53 4.47 4.52 4.59 4.39 4.51 3.97 
Trading assets - debt instruments 4.51 4.44 4.38 4.39 4.32 4.45 4.20 
Investment securities3.96 3.80 3.64 3.53 3.23 3.80 3.01 
Loans 7.07 7.03 7.03 6.97 6.79 7.05 6.60 
All other interest-earning assets (a)(d)9.11 10.14 10.22 10.10 9.42 9.80 8.54 
Total interest-earning assets 5.55 5.57 5.55 5.53 5.32 5.56 5.01 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.94 2.90 2.85 2.78 2.53 2.90 2.21 
Federal funds purchased and securities loaned or
sold under repurchase agreements5.36 5.47 5.41 5.51 5.50 5.41 5.07 
Short-term borrowings
5.38 5.27 5.57 5.55 5.38 5.41 4.88 
Trading liabilities - debt and all other interest-bearing liabilities (b)3.17 3.29 3.50 3.58 3.39 3.31 3.18 
Beneficial interests issued by consolidated VIEs5.27 5.40 5.34 5.36 5.38 5.34 5.00 
Long-term debt 5.53 5.61 5.46 5.33 5.33 5.53 5.33 
Total interest-bearing liabilities 3.68 3.67 3.59 3.50 3.32 3.65 3.01 
INTEREST RATE SPREAD1.87 1.90 1.96 2.03 2.00 1.91 2.00 
NET YIELD ON INTEREST-EARNING ASSETS2.58 2.62 2.71 2.81 2.72 2.64 2.66 
Memo: Net yield on interest-earning assets excluding Markets (e)3.86 3.86 3.83 3.86 3.89 3.85 3.84 
(a) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.
(b)    All other interest-bearing liabilities include brokerage-related customer payables.
(c)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.


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JPMORGAN CHASE & CO.
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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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
OTHER INCOME
Other income - reported (a)$960 $9,149 $1,128 $696 $614 (90)%56 %$11,237 $4,913 129 %
Fully taxable-equivalent adjustments (a)(b)541 677 493 1,243 682 (20)(21)1,711 2,539 (33)
Other income - managed$1,501 $9,826 $1,621 $1,939 $1,296 (85)16 $12,948 $7,452 74 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$19,249 $27,454 $18,852 $14,523 $17,148 (30)12 $65,555 $54,314 21 
Fully taxable-equivalent adjustments541 677 493 1,243 682 (20)(21)1,711 2,539 (33)
Total noninterest revenue - managed$19,790 $28,131 $19,345 $15,766 $17,830 (30)11 $67,266 $56,853 18 
NET INTEREST INCOME
Net interest income - reported$23,405 $22,746 $23,082 $24,051 $22,726 3 3 $69,233 $65,216 6 
Fully taxable-equivalent adjustments (b)
120 115 121 126 130 4 (8)356 354 1 
Net interest income - managed$23,525 $22,861 $23,203 $24,177 $22,856 3 3 $69,589 $65,570 6 
TOTAL NET REVENUE
Total net revenue - reported$42,654 $50,200 $41,934 $38,574 $39,874 (15)7 $134,788 $119,530 13 
Fully taxable-equivalent adjustments661 792 614 1,369 812 (17)(19)2,067 2,893 (29)
Total net revenue - managed$43,315 $50,992 $42,548 $39,943 $40,686 (15)6 $136,855 $122,423 12 
PRE-PROVISION PROFIT
Pre-provision profit - reported$20,089 $26,487 $19,177 $14,088 $18,117 (24)11 $65,753 $56,844 16 
Fully taxable-equivalent adjustments661 792 614 1,369 812 (17)(19)2,067 2,893 (29)
Pre-provision profit - managed$20,750 $27,279 $19,791 $15,457 $18,929 (24)10 $67,820 $59,737 14 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$16,978 $23,435 $17,293 $11,326 $16,733 (28)1 $57,706 $50,286 15 
Fully taxable-equivalent adjustments661 792 614 1,369 812 (17)(19)2,067 2,893 (29)
Income before income tax expense - managed$17,639 $24,227 $17,907 $12,695 $17,545 (27)1 $59,773 $53,179 12 
INCOME TAX EXPENSE
Income tax expense - reported (a)$4,080 $5,286 $3,874 $2,019 $3,582 (23)14 $13,240 $10,041 32 
Fully taxable-equivalent adjustments (a)661 792 614 1,369 812 (17)(19)2,067 2,893 (29)
Income tax expense - managed$4,741 $6,078 $4,488 $3,388 $4,394 (22)8 $15,307 $12,934 18 
OVERHEAD RATIO
Overhead ratio - reported53 %47 %54 %63 %55 %51 %52 %
Overhead ratio - managed52 47 53 61 53 50 51 
(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.

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JPMORGAN CHASE & CO.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$17,791 $17,701 $17,653 $18,097 $18,362 1 %(3)%$53,145 $52,051 2 %
Commercial & Investment Bank (a)17,015 17,917 17,584 14,974 15,761 (5)8 52,516 49,379 6 
Asset & Wealth Management 5,439 5,252 5,109 5,095 5,005 4 9 15,800 14,732 7 
Corporate3,070 10,122 (b)2,202 1,777 1,558 (70)97 15,394 6,261 146 
TOTAL NET REVENUE$43,315 $50,992 $42,548 $39,943 $40,686 (15)6 $136,855 $122,423 12 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$9,586 $9,425 $9,297 $9,336 $9,105 2 5 $28,308 $25,483 11 
Commercial & Investment Bank (a)8,751 9,166 8,724 8,169 8,818 (5)(1)26,641 25,803 3 
Asset & Wealth Management3,639 3,543 3,460 3,388 3,138 3 16 10,642 9,392 13 
Corporate589 1,579 (c)1,276 3,593 696 (63)(15)3,444 (c)2,008 72 
TOTAL NONINTEREST EXPENSE$22,565 $23,713 $22,757 $24,486 $21,757 (5)4 $69,035 $62,686 10 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$8,205 $8,276 $8,356 $8,761 $9,257 (1)(11)$24,837 $26,568 (7)
Commercial & Investment Bank (a)8,264 8,751 8,860 6,805 6,943 (6)19 25,875 23,576 10 
Asset & Wealth Management1,800 1,709 1,649 1,707 1,867 5 (4)5,158 5,340 (3)
Corporate2,481 8,543 926 (1,816)862 (71)188 11,950 4,253 181 
PRE-PROVISION PROFIT$20,750 $27,279 $19,791 $15,457 $18,929 (24)10 $67,820 $59,737 14 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$2,795 $2,643 $1,913 $2,189 $1,446 6 93 $7,351 $4,710 56 
Commercial & Investment Bank (a)316 384 1 576 (95)(18)NM701 1,515 (54)
Asset & Wealth Management4 20 (57)(1)(13)(80)NM(33)160 NM
Corporate(4)5 27 (2)46 NMNM28 173 (84)
PROVISION FOR CREDIT LOSSES$3,111 $3,052 $1,884 $2,762 $1,384 2 125 $8,047 $6,558 23 
NET INCOME/(LOSS)
Consumer & Community Banking $4,046 $4,210 $4,831 $4,788 $5,895 (4)(31)$13,087 $16,444 (20)
Commercial & Investment Bank (a)5,691 5,897 6,622 4,177 5,027 (3)13 18,210 16,095 13 
Asset & Wealth Management 1,351 1,263 1,290 1,217 1,417 7 (5)3,904 4,010 (3)
Corporate 1,810 6,779 676 (875)812 (73)123 9,265 3,696 151 
TOTAL NET INCOME$12,898 $18,149 $13,419 $9,307 $13,151 (29)(2)$44,466 $40,245 10 
(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 JPMorgan Chase Foundation.

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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Sep 30, 2024
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2024 Change
2024202420242023202320242023202420232023
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$272,988 (c)$267,196 $257,569 $250,585 $241,825 2 %13 %
Tier 1 capital292,366 (c)290,442 280,771 277,306 268,579 1 9 
Total capital324,642 (c)322,175 312,149 308,497 300,859 1 8 
Risk-weighted assets 1,783,831 (c)1,743,481 1,712,081 1,671,995 1,692,219 2 5 
CET1 capital ratio15.3 %(c)15.3 %15.0 %15.0 %14.3 %
Tier 1 capital ratio16.4 (c)16.7 16.4 16.6 15.9 
Total capital ratio18.2 (c)18.5 18.2 18.5 17.8 
Advanced
CET1 capital$272,988 (c)$267,196 $257,569 $250,585 $241,825 2 13 
Tier 1 capital 292,366 (c)290,442 280,771 277,306 268,579 1 9 
Total capital310,821 (c)308,639 298,766 295,417 287,560 1 8 
Risk-weighted assets1,765,597 (c)1,726,204 1,681,317 1,669,156 1,671,593 2 6 
CET1 capital ratio15.5 %(c)15.5 %15.3 %15.0 %14.5 %
Tier 1 capital ratio16.6 (c)16.8 16.7 16.6 16.1 
Total capital ratio17.6 (c)17.9 17.8 17.7 17.2 
Leverage-based capital metrics
Adjusted average assets (b)$4,122,364 (c)$4,016,654 $3,913,677 $3,831,200 $3,785,641 3 9 
Tier 1 leverage ratio7.1 %(c)7.2 %7.2 %7.2 %7.1 %
Total leverage exposure$4,893,156 (c)$4,768,202 $4,634,634 $4,540,465 $4,500,253 3 9 
SLR6.0 %(c)6.1 %6.1 %6.1 %6.0 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$543,703 (c)$533,949 $520,386 $513,799 $496,183 2 10 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$267,196 $257,569 $250,585 $241,825 $235,827 4 13 $250,585 $218,934 14 %
Net income applicable to common equity12,612 17,832 13,022 8,921 12,765 (29)(1)43,466 39,130 11 
Dividends declared on common stock(3,570)(3,322)(3,348)(3,064)(3,080)(7)(16)(10,240)(8,991)(14)
Net purchase of treasury stock(6,372)(5,321)(1,829)(2,240)(2,337)(20)(173)(13,522)(6,641)(104)
Changes in additional paid-in capital310 425 (225)229 321 (27)(3)510 855 (40)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities2,297 108 141 4,362 (1,950)NMNM2,546 1,019 150 
Translation adjustments, net of hedges389 (156)(204)402 (340)NMNM29 (73)NM
Fair value hedges(20)8 (21)(86)(5)NM(300)(33)(15)(120)
Defined benefit pension and other postretirement employee benefit plans(28)(3)26 455 (21)NM(33)(5)(82)94 
Changes related to other CET1 capital adjustments174 (c)56 (578)(219)645 211 (73)(348)(c)(2,311)85 
Change in Standardized/Advanced CET1 capital5,792 (c)9,627 6,984 8,760 5,998 (40)(3)22,403 (c)22,891 (2)
Standardized/Advanced CET1 capital, ending balance$272,988 (c)$267,196 $257,569 $250,585 $241,825 2 13 $272,988 (c)$241,825 13 
(a)The capital metrics reflect the CECL capital transition provisions. As of September 30, 2024, June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining $720 million CECL benefit; as of December 31, 2023 and September 30, 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 June 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.




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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Sep 30, 2024
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2024 Change
2024202420242023202320242023202420232023
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$324,186 $316,652 $306,737 $300,474 $289,967 2 %12 %
Less: Goodwill52,711 52,620 52,636 52,634 52,492 — — 
Less: Other intangible assets2,991 3,058 3,133 3,225 3,309 (2)(10)
Add: Certain deferred tax liabilities (b)2,962 2,969 2,981 2,996 3,025 — (2)
Total tangible common equity$271,446 $263,943 $253,949 $247,611 $237,191 3 14 
TANGIBLE COMMON EQUITY (average) (a) 
Common stockholders’ equity$321,894 $308,763 $300,277 $294,062 $284,798 4 13 $310,353 $278,010 12 %
Less: Goodwill52,658 52,618 52,614 52,538 52,427 — — 52,630 52,164 1 
Less: Other intangible assets3,007 3,086 3,157 3,254 3,511 (3)(14)3,083 2,342 32 
Add: Certain deferred tax liabilities (b)2,963 2,975 2,988 2,992 3,080 — (4)2,976 2,846 5 
Total tangible common equity$269,192 $256,034 $247,494 $241,262 $231,940 5 16 $257,616 $226,350 14 
INTANGIBLE ASSETS (period-end)
Goodwill$52,711 $52,620 $52,636 $52,634 $52,492 — — 
Mortgage servicing rights8,753 8,847 8,605 8,522 9,109 (1)(4)
Other intangible assets2,991 3,058 3,133 3,225 3,309 (2)(10)
Total intangible assets$64,455 $64,525 $64,374 $64,381 $64,910 — (1)
(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.

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JPMORGAN CHASE & CO.
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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
EARNINGS PER SHARE
Basic earnings per share
Net income$12,898 $18,149 $13,419 $9,307 $13,151 (29)%(2)%$44,466 $40,245 10 %
Less: Preferred stock dividends
286 317 397 386 386 (10)(26)1,000 1,115 (10)
Net income applicable to common equity12,612 17,832 13,022 8,921 12,765 (29)(1)43,466 39,130 11 
Less: Dividends and undistributed earnings allocated to
participating securities75 114 80 51 80 (34)(6)267 241 11 
Net income applicable to common stockholders$12,537 $17,718 $12,942 $8,870 $12,685 (29)(1)$43,199 $38,889 11 
Total weighted-average basic shares outstanding2,860.6 2,889.8 2,908.3 2,914.4 2,927.5 (1)(2)2,886.2 2,946.6 (2)
Net income per share$4.38 $6.13 $4.45 $3.04 $4.33 (29)1 $14.97 $13.20 13 
Diluted earnings per share
Net income applicable to common stockholders$12,537 $17,718 $12,942 $8,870 $12,685 (29)(1)$43,199 $38,889 11 
Total weighted-average basic shares outstanding2,860.6 2,889.8 2,908.3 2,914.4 2,927.5 (1)(2)2,886.2 2,946.6 (2)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		5.3 5.1 4.5 4.7 4.6 4 15 5.0 4.4 14 
Total weighted-average diluted shares outstanding2,865.9 2,894.9 2,912.8 2,919.1 2,932.1 (1)(2)2,891.2 2,951.0 (2)
Net income per share$4.37 $6.12 $4.44 $3.04 $4.33 (29)1 $14.94 $13.18 13 
COMMON DIVIDENDS
Cash dividends declared per share$1.25 
(c)
$1.15 $1.15 (d)$1.05 $1.05 9 19 $3.55 $3.05 16 
Dividend payout ratio28 %19 %26 %34 %24 %24 %23 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased30.3 27.0 15.9 15.2 15.6 12 94 73.2 54.3 35 
Average price paid per share of common stock$209.61 $196.83 $179.50 $151.02 $151.46 6 38 $198.37 $139.87 42 
Aggregate repurchases of common stock6,361 5,318 2,849 2,301 2,364 20 169 14,528 7,597 91 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans0.5 0.5 10.9 0.8 0.6 — (17)11.9 11.1 7 
Net impact of employee issuances on stockholders’ equity (b)
$354 $459 $801 $308 $368 (23)(4)$1,614 $1,863 (13)
(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.
















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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$863 $830 $822 $856 $836 4 %3 %$2,515 $2,500 1 %
Asset management fees1,022 978 947 899 891 4 15 2,947 2,383 24 
Mortgage fees and related income390 346 274 261 417 13 (6)1,010 914 11 
Card income743 741 682 684 626 — 19 2,166 1,848 17 
All other income (a)1,196 1,101 1,220 1,270 1,212 9 (1)3,517 3,503 — 
Noninterest revenue4,214 3,996 3,945 3,970 3,982 5 6 12,155 11,148 9 
Net interest income13,577 13,705 13,708 14,127 14,380 (1)(6)40,990 40,903 — 
TOTAL NET REVENUE17,791 17,701 17,653 18,097 18,362 1 (3)53,145 52,051 2 
Provision for credit losses2,795 2,643 1,913 2,189 1,446 6 93 7,351 4,710 56 
NONINTEREST EXPENSE
Compensation expense4,275 4,240 4,229 4,023 3,975 1 8 12,744 11,148 14 
Noncompensation expense (b)5,311 5,185 5,068 5,313 5,130 2 4 15,564 14,335 9 
TOTAL NONINTEREST EXPENSE9,586 9,425 9,297 9,336 9,105 2 5 28,308 25,483 (d)11 
Income before income tax expense5,410 5,633 6,443 6,572 7,811 (4)(31)17,486 21,858 (20)
Income tax expense 1,364 1,423 1,612 1,784 1,916 (4)(29)4,399 5,414 (19)
NET INCOME$4,046 $4,210 $4,831 $4,788 $5,895 (4)(31)$13,087 $16,444 (20)
REVENUE BY BUSINESS
Banking & Wealth Management $10,090 $10,375 $10,324 $10,877 $11,345 (3)(11)$30,789 $32,322 (5)
Home Lending1,295 1,319 1,186 1,161 1,252 (2)3 3,800 2,979 28 
Card Services & Auto 6,406 6,007 6,143 6,059 5,765 7 11 18,556 16,750 11 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue154 157 130 82 162 (2)(5)441 339 30 
Net mortgage servicing revenue (c)236 189 144 179 255 25 (7)569 575 (1)
Mortgage fees and related income$390 $346 $274 $261 $417 13 (6)$1,010 $914 11 
FINANCIAL RATIOS
ROE29 %30 %35 %33 %41 %31 %40 %
Overhead ratio 54 53 53 52 50 53 49 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $699 million, $682 million, $665 million, $666 million and $685 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $2.0 billion and $2.1 billion for the nine months ended September 30, 2024 and 2023, respectively.
(b)Included depreciation expense on leased assets of $387 million, $430 million, $427 million, $425 million and $458 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $1.2 billion and $1.3 billion for the nine months ended September 30, 2024 and 2023, respectively.
(c)Included MSR risk management results of $100 million, $39 million, $(1) million, $7 million and $111 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $138 million and $124 million for the nine months ended September 30, 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.



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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets$633,038 $638,493 $629,122 $642,951 $626,196 (1)%1 %$633,038 $626,196 1 %
Loans:
Banking & Wealth Management
31,614 31,078 31,266 31,142 30,574 2 3 31,614 30,574 3 
Home Lending (a)
247,663 250,032 254,243 259,181 261,858 (1)(5)247,663 261,858 (5)
Card Services219,671 216,213 206,823 211,175 196,955 2 12 219,671 196,955 12 
Auto 73,215 75,310 76,508 77,705 74,831 (3)(2)73,215 74,831 (2)
Total loans 572,163 572,633 568,840 579,203 564,218 — 1 572,163 564,218 1 
Deposits1,054,027 1,069,753 1,105,583 1,094,738 (c)1,136,884 (1)(7)1,054,027 1,136,884 (7)
Equity54,500 54,500 54,500 55,500 55,500 — (2)54,500 55,500 (2)
SELECTED BALANCE SHEET DATA (average)
Total assets$631,117 $628,757 $627,862 $629,744 $622,760 — 1 $629,252 $569,076 11 
Loans:
Banking & Wealth Management30,910 31,419 31,241 30,718 30,686 (2)1 31,189 29,947 4 
Home Lending (b)
250,581 254,385 257,866 261,394 264,041 (1)(5)254,264 222,248 14 
Card Services217,327 210,119 204,701 202,685 195,245 3 11 210,740 187,629 12 
Auto 73,675 75,804 77,268 76,409 74,358 (3)(1)75,575 71,416 6 
Total loans572,493 571,727 571,076 571,206 564,330 — 1 571,768 511,240 12 
Deposits1,053,701 1,073,544 1,079,243 1,092,432 (c)1,143,539 (2)(8)1,068,774 1,138,050 (6)
Equity54,500 54,500 54,500 55,500 55,500 — (2)54,500 53,962 1 
Employees
143,964 143,412 142,758 141,640 141,125 — 2 143,964 141,125 2 
(a)At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, Home Lending loans held-for-sale and loans at fair value were $6.9 billion, $5.9 billion, $4.8 billion, $3.4 billion and $4.1 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $8.4 billion, $7.7 billion, $4.7 billion, $4.7 billion and $5.7 billion for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $6.9 billion and $4.8 billion for the nine months ended September 30, 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.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
$3,252 $3,413 $3,647 $3,740 $3,690 (5)%(12)%$3,252 $3,690 (12)%
Net charge-offs/(recoveries)
Banking & Wealth Management82 176 79 81 88 (53)(7)337 259 30 
Home Lending(44)(40)(7)6 (16)(10)(175)(91)(62)(47)
Card Services1,768 1,830 1,688 1,426 1,227 (3)44 5,286 3,273 62 
Auto113 98 119 125 100 15 13 330 232 42 
Total net charge-offs/(recoveries)$1,919 $2,064 $1,879 $1,638 $1,399 (7)37 $5,862 $3,702 58 
Net charge-off/(recovery) rate
Banking & Wealth Management
1.06 %2.25 %1.02 %1.05 %1.14 %1.44 %1.16 %
Home Lending(0.07)(0.07)(0.01)0.01 (0.02)(0.05)(0.04)
Card Services3.24 3.50 3.32 2.79 2.49 3.35 2.33 
Auto 0.62 0.52 0.62 0.65 0.53 0.59 0.43 
Total net charge-off/(recovery) rate1.35 1.47 1.33 1.15 0.99 1.39 0.98 
30+ day delinquency rate
Home Lending (b)
0.77 %0.70 %0.70 %0.66 %0.59 %0.77 %0.59 %
Card Services2.20 2.08 2.23 2.14 1.94 2.20 1.94 
Auto1.23 1.12 1.03 1.19 1.13 1.23 1.13 
90+ day delinquency rate - Card Services1.10 1.07 1.16 1.05 0.94 1.10 0.94 
Allowance for loan losses
Banking & Wealth Management $709 $685 $706 $685 $686 4 3 $709 $686 3 
Home Lending447 437 432 578 573 2 (22)447 573 (22)
Card Services14,106 13,206 12,606 12,453 11,901 7 19 14,106 11,901 19 
Auto 692 742 742 742 742 (7)(7)692 742 (7)
Total allowance for loan losses$15,954 $15,070 $14,486 $14,458 $13,902 6 15 $15,954 $13,902 15 
(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 September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $88 million, $96 million, $107 million, $123 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 September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $126 million, $137 million, $147 million, $176 million and $175 million, respectively. These amounts have been excluded based upon the government guarantee.




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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
BUSINESS METRICS
Number of:
Branches4,906 4,884 4,907 4,897 4,863 — %1 %4,906 4,863 1 %
    Active digital customers (in thousands) (a)70,063 69,011 68,496 66,983 66,765 2 5 70,063 66,765 5 
    Active mobile customers (in thousands) (b)56,985 55,564 54,674 53,828 53,221 3 7 56,985 53,221 7 
Debit and credit card sales volume (in billions)$453.4 $453.7 $420.7 $441.0 $426.3 — 6 $1,327.8 $1,237.6 7 
Total payments transaction volume (in trillions) (c)1.7 1.6 1.5 1.5 1.5 6 13 4.8 4.4 9 
Banking & Wealth Management
Average deposits $1,037,953 $1,058,914 $1,065,562 $1,077,725 $1,127,807 (2)(8)$1,054,084 $1,123,126 (6)
Deposit margin 2.60 %2.72 %2.71 %2.82 %2.92 %2.68 %2.84 %
Business Banking average loans$19,472 $19,461 $19,447 $19,511 $19,520 — — $19,460 $19,676 (1)
Business Banking origination volume 1,091 1,312 1,130 1,130 1,321 (17)(17)3,533 3,623 (2)
Client investment assets (d)1,067,931 1,013,680 1,010,315 951,115 882,253 5 21 1,067,931 882,253 21 
Number of client advisors5,775 5,672 5,571 5,456 5,424 2 6 5,775 5,424 6 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $6.5 $6.9 $4.4 $4.7 $6.8 (6)(4)$17.8 $17.7 1 
Correspondent 4.9 3.8 2.2 2.5 4.2 29 17 10.9 10.2 7 
Total mortgage origination volume (e)$11.4 $10.7 $6.6 $7.2 $11.0 7 4 $28.7 $27.9 3 
Third-party mortgage loans serviced (period-end)656.1 642.8 626.2 631.2 637.8 2 3 656.1 637.8 3 
MSR carrying value (period-end)8.7 8.8 8.6 8.5 9.1 (1)(4)8.7 9.1 (4)
Card Services
Sales volume, excluding commercial card (in billions)$316.6 $316.6 $291.0 $307.2 $296.2 — 7 $924.2 $856.4 8 
Net revenue rate9.91 %9.61 %10.09 %9.82 %9.60 %9.87 %9.69 %
Net yield on average loans9.71 9.46 9.90 9.70 9.54 9.69 9.58 
Auto
Loan and lease origination volume (in billions)$10.0 $10.8 $8.9 $9.9 $10.2 (7)(2)$29.7 $31.4 (5)
Average auto operating lease assets11,192 10,693 10,435 10,440 10,701 5 5 10,775 11,081 (3)
(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 $13.3 billion, $12.3 billion, $7.6 billion, $8.6 billion and $13.0 billion for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $33.2 billion and $32.8 billion for the nine months ended September 30, 2024 and 2023, respectively.


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JPMORGAN CHASE & CO.
image26.gif
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
INCOME STATEMENT
REVENUE
Investment banking fees$2,267 $2,356 $2,014 $1,667 $1,729 (4)%31 %$6,637 $4,964 34 %
Principal transactions5,899 6,691 6,634 3,649 5,971 (12)(1)19,224 20,145 (5)
Lending- and deposit-related fees997 924 973 909 966 8 3 2,894 2,514 15 
Commissions and other fees1,349 1,337 1,272 1,208 1,184 1 14 3,958 3,671 8 
Card income589 579 525 552 572 2 3 1,693 1,661 2 
All other income521 857 743 1,041 420 (39)24 2,121 1,828 16 
Noninterest revenue11,622 12,744 12,161 9,026 10,842 (9)7 36,527 34,783 5 
Net interest income5,393 5,173 5,423 5,948 4,919 4 10 15,989 14,596 10 
TOTAL NET REVENUE (a)17,015 17,917 17,584 14,974 15,761 (5)8 52,516 49,379 6 
Provision for credit losses316 384 1 576 (95)(18)NM701 1,515 (54)
NONINTEREST EXPENSE
Compensation expense4,510 4,752 4,896 4,107 4,155 (5)9 14,158 12,998 9 
Noncompensation expense4,241 4,414 3,828 4,062 4,663 (4)(9)12,483 12,805 (3)
TOTAL NONINTEREST EXPENSE8,751 9,166 8,724 8,169 8,818 (5)(1)26,641 25,803 3 
Income before income tax expense7,948 8,367 8,859 6,229 7,038 (5)13 25,174 22,061 14 
Income tax expense 2,257 2,470 2,237 2,052 2,011 (9)12 6,964 5,966 17 
NET INCOME$5,691 $5,897 $6,622 $4,177 $5,027 (3)13 $18,210 $16,095 13 
FINANCIAL RATIOS
ROE17 %17 %20 %11 %14 %18 %15 %
Overhead ratio51 51 50 55 56 51 52 
Compensation expense as percentage of total net revenue27 27 28 27 26 27 26 
REVENUE BY BUSINESS
Investment Banking$2,354 $2,464 $2,216 $1,783 $1,818 (4)29 $7,034 $5,293 33 
Payments4,370 4,546 4,466 4,456 4,217 (4)4 13,382 13,362 — 
Lending1,894 1,936 1,724 1,763 1,934 (2)(2)5,554 5,133 8 
Other28 4 (3)36 24 NM17 29 71 (59)
Total Banking & Payments
8,646 8,950 8,403 8,038 7,993 (3)8 25,999 23,859 9 
Fixed Income Markets4,530 4,822 5,327 4,068 4,548 (6)— 14,679 14,909 (2)
Equity Markets2,622 2,971 2,686 1,779 2,069 (12)27 8,279 7,208 15 
Securities Services 1,326 1,261 1,183 1,191 1,212 5 9 3,770 3,581 5 
Credit Adjustments & Other (b)(109)(87)(15)(102)(61)(25)(79)(211)(178)(19)
Total Markets & Securities Services8,369 8,967 9,181 6,936 7,768 (7)8 26,517 25,520 4 
TOTAL NET REVENUE$17,015 $17,917 $17,584 $14,974 $15,761 (5)8 $52,516 $49,379 6 
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking
$6,139 $6,141 $5,820 $5,415 $5,469 — %12 %$18,100 $16,285 11 %
Commercial Banking
2,891 2,860 2,837 2,949 2,874 1 1 8,588 8,101 6 
Middle Market Banking1,931 1,936 1,927 2,010 1,949 — (1)5,794 5,730 1 
Commercial Real Estate Banking960 924 910 939 925 4 4 2,794 2,371 18 
Other
(384)(51)(254)(326)(350)NM(10)(689)(527)(31)
Total Banking & Payments revenue
$8,646 $8,950 $8,403 $8,038 $7,993 (3)8 $25,999 $23,859 9 
(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 $607 million, $737 million, $557 million, $1.3 billion and $746 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $1.9 billion and $2.7 billion for the nine months ended September 30, 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 29 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for a description of each of the client coverage segments.


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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets$2,029,277 $1,939,038 $1,898,251 $1,638,493 $1,746,598 5 %16 %$2,029,277 $1,746,598 16 %
Loans:
Loans retained483,915 475,880 475,454 475,186 475,644 2 2 483,915 475,644 2 
Loans held-for-sale and loans at fair value (a)47,728 41,737 40,746 39,464 39,984 14 19 47,728 39,984 19 
Total loans 531,643 517,617 516,200 514,650 515,628 3 3 531,643 515,628 3 
Equity132,000 132,000 132,000 138,000 138,000 — (4)132,000 138,000 (4)
Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking$134,487 $132,592 $129,179 $128,097 $130,133 1 3 $134,487 $130,133 3 
Commercial Banking218,733 220,222 223,474 221,550 222,368 (1)(2)218,733 222,368 (2)
Middle Market Banking73,782 75,488 79,207 78,043 78,955 (2)(7)73,782 78,955 (7)
Commercial Real Estate Banking144,951 144,734 144,267 143,507 143,413 — 1 144,951 143,413 1 
Other263 266 588 526 291 (1)(10)263 291 (10)
Total Banking & Payments loans353,483 353,080 353,241 350,173 352,792 — — 353,483 352,792 — 
SELECTED BALANCE SHEET DATA (average)
Total assets$1,993,322 $1,915,880 $1,794,118 $1,703,717 $1,725,146 4 16 $1,901,443 $1,721,149 10 
Trading assets - debt and equity instruments 663,302 638,473 580,899 490,268 522,843 4 27 627,689 515,036 22 
Trading assets - derivative receivables 54,133 58,850 57,268 62,481 65,800 (8)(18)56,741 64,327 (12)
Loans:
Loans retained476,256 471,861 471,187 473,879 475,285 1 — 473,113 452,497 5 
Loans held-for-sale and loans at fair value (a)44,868 42,868 43,537 40,415 40,605 5 10 43,762 41,051 7 
Total loans521,124 514,729 514,724 514,294 515,890 1 1 516,875 493,548 5 
Deposits1,064,402 1,046,993 1,045,788 1,032,226 
(c)
988,765 2 8 1,052,438 984,188 7 
Equity132,000 132,000 132,000 138,000 138,000 — (4)132,000 137,340 (4)
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking$128,747 $130,320 $127,403 $130,287 $132,394 (1)(3)$128,824 $131,548 (2)
Commercial Banking219,406 220,767 222,323 222,057 221,729 (1)(1)220,826 204,926 8 
Middle Market Banking74,660 76,229 78,364 78,601 78,774 (2)(5)76,411 76,634 — 
Commercial Real Estate Banking144,746 144,538 143,959 143,456 142,955 — 1 144,415 128,292 13 
Other277 360 590 449 435 (23)(36)408 291 40 
Total Banking & Payments loans348,430 351,447 350,316 352,793 354,558 (1)(2)350,058 336,765 4 
Employees
93,754 93,387 92,478 92,271 92,181 — 2 93,754 92,181 2 
(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 29 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for a description of each of the client coverage segments.
(c)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

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JPMORGAN CHASE & CO.
image26.gif
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$156 $164 $69 $247 $98 (5)59 $389 $341 14 
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)2,857 2,631 2,146 1,675 1,867 9 53 2,857 1,867 53 
Nonaccrual loans held-for-sale and loans at fair value (b)1,187 988 1,093 828 825 20 44 1,187 825 44 
Total nonaccrual loans 4,044 3,619 3,239 2,503 2,692 12 50 4,044 2,692 50 
Derivative receivables210 290 293 364 293 (28)(28)210 293 (28)
Assets acquired in loan satisfactions216 220 159 169 173 (2)25 216 173 25 
Total nonperforming assets 4,470 4,129 3,691 3,036 3,158 8 42 4,470 3,158 42 
Allowance for credit losses:
Allowance for loan losses7,427 7,344 7,291 7,326 7,135 1 4 7,427 7,135 4 
Allowance for lending-related commitments2,013 1,930 1,785 1,849 1,940 4 4 2,013 1,940 4 
Total allowance for credit losses9,440 9,274 9,076 9,175 9,075 2 4 9,440 9,075 4 
Net charge-off/(recovery) rate (c)0.13 %0.14 %0.06 %0.21 %0.08 %0.11 %0.10 %
Allowance for loan losses to period-end loans retained1.53 1.54 1.53 1.54 1.50 1.53 1.50 
Allowance for loan losses to nonaccrual loans retained (a)260 279 340 437 382 260 382 
Nonaccrual loans to total period-end loans0.76 0.70 0.63 0.49 0.52 0.76 0.52 
.
(a)Allowance for loan losses of $366 million, $452 million, $375 million, $251 million and $346 million were held against these nonaccrual loans at September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 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 September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $38 million, $42 million, $50 million, $59 million and $65 million, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
.























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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
BUSINESS METRICS
Advisory$847 $785 $598 $751 $767 8 %10 %$2,230 $2,063 8 %
Equity underwriting344 495 355 324 274 (31)26 1,194 827 44 
Debt underwriting1,076 1,076 1,061 592 688 — 56 3,213 2,074 55 
Total investment banking fees$2,267 $2,356 $2,014 $1,667 $1,729 (4)31 $6,637 $4,964 34 
Client deposits and other third-party liabilities (average) (a)966,025 936,725 931,603 928,561 900,292 3 7 944,862 907,567 4 
Assets under custody (“AUC”) (period-end) (in billions)$35,832 $34,024 $33,985 $32,392 $29,725 5 21 $35,832 $29,725 21 
95% Confidence Level - Total CIB VaR (average) (b)
CIB trading VaR by risk type: (c)
Fixed income$37 $31 $35 $35 $49 19 (24)
Foreign exchange15 18 13 10 17 (17)(12)
Equities8 7 6 5 7 14 14 
Commodities and other8 9 7 8 10 (11)(20)
Diversification benefit to CIB trading VaR (d)(33)(32)(29)(29)(48)(3)31 
CIB trading VaR (c)35 33 32 29 35 6 — 
Credit Portfolio VaR (e)21 21 24 16 15 — 40 
Diversification benefit to CIB VaR (d)(14)(16)(15)(13)(12)13 (17)
CIB VaR$42 $38 $41 $32 $38 11 11 
(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 79–81 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 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.
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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
INCOME STATEMENT
REVENUE
Asset management fees$3,427 $3,304 $3,170 $3,137 $2,975 (a)4 %15 %$9,901 $8,689 (a)14 %
Commissions and other fees224 232 193 153 190 (a)(3)18 649 544 (a)19 
All other income 148 97 151 148 266 53 (44)396 889 (55)
Noninterest revenue 3,799 3,633 3,514 3,438 3,431 5 11 10,946 10,122 8 
Net interest income1,640 1,619 1,595 1,657 1,574 1 4 4,854 4,610 5 
TOTAL NET REVENUE5,439 5,252 5,109 5,095 5,005 4 9 15,800 14,732 7 
Provision for credit losses 4 20 (57)(1)(13)(80)NM(33)160 NM
NONINTEREST EXPENSE
Compensation expense 1,994 1,960 1,972 1,857 1,777 2 12 5,926 5,258 13 
Noncompensation expense 1,645 1,583 1,488 1,531 1,361 4 21 4,716 4,134 14 
TOTAL NONINTEREST EXPENSE3,639 3,543 3,460 3,388 3,138 3 16 10,642 9,392 13 
Income before income tax expense1,796 1,689 1,706 1,708 1,880 6 (4)5,191 5,180 — 
Income tax expense 445 426 416 491 463 4 (4)1,287 1,170 10 
NET INCOME $1,351 $1,263 $1,290 $1,217 $1,417 7 (5)$3,904 $4,010 (3)
REVENUE BY LINE OF BUSINESS
Asset Management $2,525 $2,437 $2,326 $2,403 $2,164 4 17 $7,288 $6,726 8 
Global Private Bank2,914 2,815 2,783 2,692 2,841 4 3 8,512 8,006 6 
TOTAL NET REVENUE $5,439 $5,252 $5,109 $5,095 $5,005 4 9 $15,800 $14,732 7 
FINANCIAL RATIOS
ROE34 %32 %33 %28 % 32 % 33 %32 %
Overhead ratio67 67 68 66 63 67 64 
Pretax margin ratio:
Asset Management32 30 28 29 29 30 31 
Global Private Bank34 34 38 37 44 35 38 
Asset & Wealth Management33 32 33 34 38 33 35 
Employees
29,112 28,579 28,670 28,485 28,083 2 4 29,112 28,083 4 
Number of Global Private Bank client advisors3,753 3,509 3,536 3,515 3,443 7 9 3,753 3,443 9 
(a)Prior-period amounts have been revised to conform with the current presentation.



Page 21

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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets $253,750 $247,353 $240,555 $245,512 $249,866 3 %2 %$253,750 $249,866 2 %
Loans 233,903 228,042 222,472 227,929 228,114 3 3 233,903 228,114 3 
Deposits248,984 236,492 230,413 233,232 (a)215,152 5 16 248,984 215,152 16 
Equity15,500 15,500 15,500 17,000 17,000 — (9)15,500 17,000 (9)
SELECTED BALANCE SHEET DATA (average)
Total assets $247,768 $242,155 $241,384 $247,202 $245,616 2 1 $243,784 $237,870 2 
Loans 229,299 224,122 223,429 227,042 223,760 2 2 225,630 218,278 3 
Deposits236,470 227,423 227,723 226,640 (a)201,975 4 17 230,560 212,652 8 
Equity15,500 15,500 15,500 17,000 17,000 — (9)15,500 16,560 (6)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$12 $3 $8 $12 $1 300 NM$23 $1 NM
Nonaccrual loans764 745 769 650 621 3 23 764 621 23 
Allowance for credit losses:
Allowance for loan losses 566 575 571 633 642 (2)(12)566 642 (12)
Allowance for lending-related commitments38 40 27 28 32 (5)19 38 32 19 
Total allowance for credit losses604 615 598 661 674 (2)(10)604 674 (10)
Net charge-off/(recovery) rate0.02 %0.01 %0.01 %0.02 %— %0.01 %— %
Allowance for loan losses to period-end loans 0.24 0.25 0.26 0.28 0.28 0.24 0.28 
Allowance for loan losses to nonaccrual loans74 77 74 97 103 74 103 
Nonaccrual loans to period-end loans0.33 0.33 0.35 0.29 0.27 0.33 0.27 
(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.


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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Sep 30, 2024
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2024 Change
CLIENT ASSETS2024202420242023202320242023202420232023
Assets by asset class
Liquidity $983 $953 $927 $926 $867 3 %13 %$983 $867 13 %
Fixed income 854 785 762 751 707 9 21 854 707 21 
Equity1,094 1,017 964 868 780 8 40 1,094 780 40 
Multi-asset763 719 711 680 626 6 22 763 626 22 
Alternatives210 208 200 197 206 1 2 210 206 2 
TOTAL ASSETS UNDER MANAGEMENT3,904 3,682 3,564 3,422 3,186 6 23 3,904 3,186 23 
Custody/brokerage/administration/deposits1,817 1,705 1,655 1,590 1,458 7 25 1,817 1,458 25 
TOTAL CLIENT ASSETS (a)$5,721 $5,387 $5,219 $5,012 $4,644 6 23 $5,721 $4,644 23 
Assets by client segment
Private Banking$1,182 $1,097 $1,052 $974 $888 8 33 $1,182 $888 33 
Global Institutional1,622 1,540 1,494 1,488 1,424 5 14 1,622 1,424 14 
Global Funds1,100 1,045 1,018 960 874 5 26 1,100 874 26 
TOTAL ASSETS UNDER MANAGEMENT$3,904 $3,682 $3,564 $3,422 $3,186 6 23 $3,904 $3,186 23 
Private Banking$2,873 $2,681 $2,599 $2,452 $2,249 7 28 $2,873 $2,249 28 
Global Institutional1,739 1,654 1,595 1,594 1,514 5 15 1,739 1,514 15 
Global Funds1,109 1,052 1,025 966 881 5 26 1,109 881 26 
TOTAL CLIENT ASSETS (a)$5,721 $5,387 $5,219 $5,012 $4,644 6 23 $5,721 $4,644 23 
Assets under management rollforward
Beginning balance$3,682 $3,564 $3,422 $3,186 $3,188 $3,422 $2,766 
Net asset flows:
Liquidity 34 16 (4)49 40 46 193 
Fixed income 37 22 14 6 1 73 64 
Equity21 31 21 12 16 73 58 
Multi-asset10 (3)(2)(1)1 5 2 
Alternatives4 2 1 (5)2 7 4 
Market/performance/other impacts116 50 112 175 (62)278 99 
Ending balance$3,904 $3,682 $3,564 $3,422 $3,186 $3,904 $3,186 
Client assets rollforward
Beginning balance$5,387 $5,219 $5,012 $4,644 $4,558 $5,012 $4,048 
Net asset flows140 79 43 94 132 262 396 
Market/performance/other impacts194 89 164 274 (46)447 200 
Ending balance$5,721 $5,387 $5,219 $5,012 $4,644 $5,721 $4,644 
SELECTED FIRMWIDE METRICS
Wealth Management
Client assets (in billions) (b)$3,648 $3,427 $3,360 $3,177 $2,929 6 25 $3,648 $2,929 25 
Number of client advisors9,528 9,181 9,107 8,971 8,867 4 7 9,528 8,867 7 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.
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JPMORGAN CHASE & CO.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
INCOME STATEMENT
REVENUE
Principal transactions$(1)$60 $65 $(21)$128 NMNM$124 $323 (62)%
Investment securities losses(16)(546)(366)(743)(669)97 %98 %(928)(2,437)62 
All other income 172 8,244 (e)26 96 116 (98)48 8,442 2,914 190 
Noninterest revenue155 7,758 (275)(668)(425)(98)NM7,638 800 NM
Net interest income 2,915 2,364 2,477 2,445 1,983 23 47 7,756 5,461 42 
TOTAL NET REVENUE (a)3,070 10,122 2,202 1,777 1,558 (70)97 15,394 6,261 146 
Provision for credit losses(4)5 27 (2)46 NMNM28 173 (84)
NONINTEREST EXPENSE589 1,579 (f)1,276 (g)3,593 (g)696 (63)(15)3,444 (f)(g)2,008 (i)72 
Income/(loss) before income tax expense/(benefit)2,485 8,538 899 (1,814)816 (71)205 11,922 4,080 192 
Income tax expense/(benefit) 675 1,759 223 (939)(h)4 (62)NM2,657 384 NM
NET INCOME/(LOSS)
$1,810 $6,779 $676 $(875)$812 (73)123 $9,265 $3,696 151 
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
3,154 2,084 2,317 2,065 1,640 51 92 7,555 4,007 89 
Other Corporate(84)8,038 (115)(288)(82)NM(2)7,839 2,254 248 
TOTAL NET REVENUE$3,070 $10,122 $2,202 $1,777 $1,558 (70)97 $15,394 $6,261 146 
NET INCOME/(LOSS)
Treasury and CIO2,291 1,513 1,641 1,396 1,129 51 103 5,445 2,810 94 
Other Corporate (481)5,266 (965)(2,271)(317)NM(52)3,820 886 331 
TOTAL NET INCOME/(LOSS) $1,810 $6,779 $676 $(875)$812 (73)123 $9,265 $3,696 151 
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,293,983 $1,318,119 $1,322,799 $1,348,437 $1,275,673 (2)1 $1,293,983 $1,275,673 1 
Loans2,302 2,408 2,104 1,924 2,099 (4)10 2,302 2,099 10 
Deposits (b)30,170 26,073 22,515 21,826 20,363 16 48 30,170 20,363 48 
Employees
49,213 47,828 48,015 47,530 47,280 3 4 49,213 47,280 4 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses$(16)$(546)$(366)$(743)$(669)97 98 $(928)$(2,437)62 
Available-for-sale securities (average) 306,244 247,304 222,943 199,581 201,875 24 52 259,003 201,087 29 
Held-to-maturity securities (average) (c)313,898 330,347 354,759 377,709 402,816 (5)(22)332,932 410,200 (19)
Investment securities portfolio (average)$620,142 $577,651 $577,702 $577,290 $604,691 7 3 $591,935 $611,287 (3)
Available-for-sale securities (period-end)331,715 263,624 233,770 199,354 195,200 26 70 331,715 195,200 70 
Held-to-maturity securities (period-end) (c)299,954 323,746 334,527 369,848 388,261 (7)(23)299,954 388,261 (23)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)$631,669 $587,370 $568,297 $569,202 $583,461 8 8 $631,669 $583,461 8 
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million, $45 million, $49 million, $53 million and $57 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively and $138 million and $158 million for the nine months ended September 30, 2024 and 2023, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, the estimated fair value of the HTM securities portfolio was $279.6 billion, $294.8 billion, $305.4 billion, $342.8 billion and $348.7 billion, respectively.
(d)At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, the allowance for credit losses on investment securities was $123 million, $125 million, $120 million, $94 million and $87 million, respectively.
(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 JPMorgan Chase 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 for the three months ended December 31, 2023 related to the finalization of certain income tax regulations.
(i)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.

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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION
(in millions)
Sep 30, 2024
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2024202420242023202320242023
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$377,938 $382,795 $389,592 $397,275 $397,054 (1)%(5)%
Loans held-for-sale and loans at fair value 17,007 14,160 13,812 12,818 11,715 20 45 
Total consumer, excluding credit card loans394,945 396,955 403,404 410,093 408,769 (1)(3)
Credit card loans
Loans retained219,542 216,100 206,740 211,123 196,935 2 11 
Total credit card loans219,542 216,100 206,740 211,123 196,935 2 11 
Total consumer loans 614,487 613,055 610,144 621,216 605,704 — 1 
Wholesale loans (b)
Loans retained687,890 674,152 667,761 672,472 671,952 2 2 
Loans held-for-sale and loans at fair value 37,634 33,493 31,711 30,018 32,403 12 16 
Total wholesale loans 725,524 707,645 699,472 702,490 704,355 3 3 
Total loans 1,340,011 1,320,700 1,309,616 1,323,706 1,310,059 1 2 
Derivative receivables 52,561 54,673 56,621 54,864 67,070 (4)(22)
Receivables from customers (c)53,270 56,018 52,036 47,625 43,376 (5)23 
Total credit-related assets 1,445,842 1,431,391 1,418,273 1,426,195 1,420,505 1 2 
Lending-related commitments
Consumer, excluding credit card 45,322 47,215 46,660 45,403 48,313 (4)(6)
Credit card (d)989,594 964,727 943,935 915,658 898,903 3 10 
Wholesale 543,060 545,020 532,514 536,786 531,568 — 2 
Total lending-related commitments1,577,976 1,556,962 1,523,109 1,497,847 1,478,784 1 7 
Total credit exposure $3,023,818 $2,988,353 $2,941,382 $2,924,042 $2,899,289 1 4 
Memo: Total by category
Consumer exposure (e)$1,649,403 $1,624,997 $1,600,739 $1,582,277 $1,552,920 2 6 
Wholesale exposure (f)1,374,415 1,363,356 1,340,643 1,341,765 1,346,369 1 2 
Total credit exposure$3,023,818 $2,988,353 $2,941,382 $2,924,042 $2,899,289 1 4 
    
(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes loans held in CIB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(d)Also includes commercial card lending-related commitments primarily in CIB.
(e)Represents total consumer loans and lending-related commitments.
(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.



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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Sep 30, 2024
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2024202420242023202320242023
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,316 $3,423 $3,630 $3,643 $3,766 (3)%(12)%
   Loans held-for-sale and loans at fair value 397 382 481 560 408 4 (3)
Total consumer nonaccrual loans3,713 3,805 4,111 4,203 4,174 (2)(11)
Wholesale nonaccrual loans
Loans retained3,517 3,289 2,927 2,346 2,907 7 21 
Loans held-for-sale and loans at fair value 845 697 639 368 439 21 92 
Total wholesale nonaccrual loans 4,362 3,986 3,566 2,714 3,346 9 30 
Total nonaccrual loans8,075 7,791 7,677 6,917 7,520 4 7 
Derivative receivables 210 290 293 364 293 (28)(28)
Assets acquired in loan satisfactions343 342 295 316 318 — 8 
Total nonperforming assets 8,628 8,423 8,265 7,597 8,131 2 6 
Wholesale lending-related commitments (b) 619 541 390 464 387 14 60 
Total nonperforming exposure$9,247 $8,964 $8,655 $8,061 $8,518 3 9 
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.60 %0.59 %0.59 %0.52 %0.57 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 0.94 0.96 1.02 1.02 1.02 
Total wholesale nonaccrual loans to total
wholesale loans 0.60 0.56 0.51 0.39 0.48 
(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 September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $126 million, $138 million, $157 million, $182 million and $188 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.


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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$22,991 $22,351 $22,420 $21,946 $21,980 3 %5 %$22,420 $19,139 17 %
Net charge-offs:
Gross charge-offs2,567 2,726 2,381 2,557 1,869 (6)37 7,674 5,096 51 
Gross recoveries collected(480)(495)(425)(393)(372)3 (29)(1,400)(1,051)(33)
Net charge-offs2,087 2,231 1,956 2,164 1,497 (6)39 6,274 4,045 55 
Provision for loan losses 3,040 2,871 1,887 2,625 1,479 6 106 7,798 6,843 14 
Other5 — — 13 (16)NMNM5 9 (44)
Ending balance$23,949 $22,991 $22,351 $22,420 $21,946 4 9 $23,949 $21,946 9 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,068 $1,916 $1,974 $2,075 $2,186 8 (5)$1,974 $2,382 (17)
Provision for lending-related commitments 74 154 (60)(100)(107)(52)NM168 (308)NM
Other— (2)2 (1)(4)NMNM— 1 NM
Ending balance$2,142 $2,068 $1,916 $1,974 $2,075 4 3 $2,142 $2,075 3 
ALLOWANCE FOR INVESTMENT SECURITIES$175 $177 $154 $128 $117 (1)50 $175 $117 50 
Total allowance for credit losses (a)$26,266 $25,236 $24,421 $24,522 $24,138 4 9 $26,266 $24,138 9 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.17 %0.14 %0.19 %0.21 %0.17 %0.17 %0.16 %
Credit card retained loans3.23 3.50 3.32 2.79 2.49 3.35 2.33 
Total consumer retained loans1.29 1.33 1.26 1.08 0.93 1.29 0.91 
Wholesale retained loans0.09 0.16 0.05 0.31 0.06 0.10 0.07 
Total retained loans 0.65 0.71 0.62 0.68 0.47 0.66 0.46 
Memo: Average retained loans
Consumer retained, excluding credit card loans$379,459 $385,662 $394,033 $397,819 $396,788 (2)(4)$386,359 $352,670 10 
Credit card retained loans217,204 210,020 204,637 202,652 195,232 3 11 210,645 187,624 12 
Total average retained consumer loans596,663 595,682 598,670 600,471 592,020 — 1 597,004 540,294 10 
Wholesale retained loans674,939 666,347 664,588 669,899 667,825 1 1 668,648 639,125 5 
Total average retained loans$1,271,602 $1,262,029 $1,263,258 $1,270,370 $1,259,845 1 1 $1,265,652 $1,179,419 7 
(a)At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $277 million, $278 million, $274 million, $243 million and $17 million, respectively.





Page 28
JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Sep 30, 2024
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2024202420242023202320242023
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$(756)$(856)$(873)$(876)$(942)12 %20 %
Portfolio-based2,491 2,599 2,603 2,732 2,796 (4)(11)
Total consumer, excluding credit card1,735 1,743 1,730 1,856 1,854 — (6)
Credit card
Portfolio-based14,100 13,200 12,600 12,450 11,900 7 18 
Total credit card14,100 13,200 12,600 12,450 11,900 7 18 
Total consumer15,835 14,943 14,330 14,306 13,754 6 15 
Wholesale
Asset-specific
499 562 514 392 732 (11)(32)
Portfolio-based7,615 7,486 7,507 7,722 7,460 2 2 
Total wholesale8,114 8,048 8,021 8,114 8,192 1 (1)
Total allowance for loan losses 23,949 22,991 22,351 22,420 21,946 4 9 
Allowance for lending-related commitments2,142 2,068 1,916 1,974 2,075 4 3 
Allowance for investment securities175 177 154 128 117 (1)50 
Total allowance for credit losses$26,266 $25,236 $24,421 $24,522 $24,138 4 9 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.46 %0.46 %0.44 %0.47 %0.47 %
Credit card allowance to total credit card retained loans6.42 6.11 6.09 5.90 6.04 
Wholesale allowance to total wholesale retained loans1.18 1.19 1.20 1.21 1.22 
Total allowance to total retained loans1.86 1.81 1.77 1.75 1.73 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (a)
52 51 48 51 49 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (a)
144 146 149 166 151 
Wholesale allowance to wholesale retained nonaccrual loans231 245 274 346 282 
Total allowance to total retained nonaccrual loans350 343 341 374 329 
(a)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.



JPMORGAN CHASE & CO.
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NON-GAAP FINANCIAL MEASURES
Non-GAAP Financial Measures
(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.
(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
(d)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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
(in millions, except rates)3Q242Q241Q244Q233Q232Q243Q23202420232023
Net interest income - reported$23,405 $22,746 $23,082 $24,051 $22,726 3 %3 %$69,233 $65,216 6 %
Fully taxable-equivalent adjustments120 115 121 126 130 4 (8)356 354 1 
Net interest income - managed basis (a)$23,525 $22,861 $23,203 $24,177 $22,856 3 3 $69,589 $65,570 6 
Less: Markets net interest income78 (77)183 615 (317)NMNM184 (909)NM
Net interest income excluding Markets (a)$23,447 $22,938 $23,020 $23,562 $23,173 2 1 $69,405 $66,479 4 
Average interest-earning assets$3,621,766 $3,509,725 $3,445,515 $3,408,395 $3,331,728 3 9 $3,526,019 $3,297,843 7 
Less: Average Markets interest-earning assets
1,206,085 1,116,853 1,031,075 985,997 970,789 8 24 1,118,326 985,703 13 
Average interest-earning assets excluding Markets$2,415,681 $2,392,872 $2,414,440 $2,422,398 $2,360,939 1 2 $2,407,693 $2,312,140 4 
Net yield on average interest-earning assets - managed basis2.58 %2.62 %2.71 %2.81 %2.72 %2.64 %2.66 %
Net yield on average Markets interest-earning assets
0.03 (0.03)0.07 0.25 (0.13)0.02 (0.12)
Net yield on average interest-earning assets excluding Markets3.86 3.86 3.83 3.86 3.89 3.85 3.84 
Noninterest revenue - reported (b)$19,249 $27,454 $18,852 $14,523 $17,148 (30)12 $65,555 $54,314 21 
Fully taxable-equivalent adjustments (b)541 677 493 1,243 682 (20)(21)1,711 2,539 (33)
Noninterest revenue - managed basis$19,790 $28,131 $19,345 $15,766 $17,830 (30)11 $67,266 $56,853 18 
Less: Markets noninterest revenue
7,074 7,870 7,830 
(c)
5,232 
(c)
6,934 
(c)
(10)2 22,774 
(c)
23,026 
(c)
(1)
Noninterest revenue excluding Markets$12,716 $20,261 $11,515 $10,534 $10,896 (37)17 $44,492 $33,827 32 
Memo: Markets total net revenue$7,152 $7,793 $8,013 $5,847 $6,617 (8)8 $22,958 $22,117 4 
(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
(b) Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.
(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.