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Published: 2025-01-15 06:46:01 ET
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EX-99.2 3 a4q24erfex992supplement.htm JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT - FOURTH QUARTER 2024 Document

Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH 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 & Corporate Results - Managed Basis
8
Capital and Other Selected Balance Sheet Items9–10
Earnings Per Share and Related Information11
Business Segment & Corporate 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”) and
the Glossary of Terms and Acronyms and Line of Business Metrics on pages 192-197 and pages 198-199, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.























JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
SELECTED INCOME STATEMENT DATA 4Q243Q242Q241Q244Q233Q244Q23202420232023
Reported Basis
Total net revenue$42,768 $42,654 $50,200 (g)$41,934 $38,574 — %11 %$177,556 (g)$158,104 12 %
Total noninterest expense22,762 22,565 23,713 22,757 
(h)
24,486 
(h)
1 (7)91,797 87,172 5 
Pre-provision profit (a)20,006 20,089 26,487 19,177 14,088 — 42 85,759 70,932 21 
Provision for credit losses2,631 3,111 3,052 1,884 2,762 (15)(5)10,678 9,320 15 
NET INCOME14,005 12,898 18,149 13,419 9,307 9 50 58,471 49,552 18 
Managed Basis (b)
Total net revenue43,738 43,315 50,992 (g)42,548 39,943 1 10 180,593 (g)162,366 11 
Total noninterest expense22,762 22,565 23,713 22,757 
(h)
24,486 
(h)
1 (7)91,797 87,172 5 
Pre-provision profit (a)20,976 20,750 27,279 19,791 15,457 1 36 88,796 75,194 18 
Provision for credit losses2,631 3,111 3,052 1,884 2,762 (15)(5)10,678 9,320 15 
NET INCOME14,005 12,898 18,149 13,419 9,307 9 50 58,471 49,552 18 
EARNINGS PER SHARE DATA
Net income: Basic$4.82 $4.38 $6.13 $4.45 $3.04 10 59 $19.79 $16.25 22 
Diluted4.81 4.37 6.12 4.44 3.04 10 58 19.75 16.23 22 
Average shares: Basic2,836.9 2,860.6 2,889.8 2,908.3 2,914.4 (1)(3)2,873.9 2,938.6 (2)
Diluted2,842.4 2,865.9 2,894.9 2,912.8 2,919.1 (1)(3)2,879.0 2,943.1 (2)
MARKET AND PER COMMON SHARE DATA
Market capitalization$670,618 $593,643 $575,463 $575,195 $489,320 13 37 $670,618 $489,320 37 
Common shares at period-end2,797.6 2,815.3 2,845.1 2,871.6 2,876.6 (1)(3)2,797.6 2,876.6 (3)
Book value per share116.07 115.15 111.29 106.81 104.45 1 11 116.07 104.45 11 
Tangible book value per share (“TBVPS”) (a)97.30 96.42 92.77 88.43 86.08 1 13 97.30 86.08 13 
Cash dividends declared per share1.25 1.25 1.15 1.15 1.05 — 19 4.80 4.10 17 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)17 %16 %23 %17 %12 %18 %17 %
Return on tangible common equity (“ROTCE”) (a)21 19 28 21 15 22 21 
Return on assets1.35 1.23 1.79 1.36 0.95 1.43 1.30 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)
15.7 %(f)15.3 %15.3 %15.0 %15.0 %15.7 %(f)15.0 %
Tier 1 capital ratio (e)
16.8 (f)16.4 16.7 16.4 16.6 16.8 (f)16.6 
Total capital ratio (e)
18.5 (f)18.2 18.5 18.2 18.5 18.5 (f)18.5 
Tier 1 leverage ratio7.2 (f)7.1 7.2 7.2 7.2 7.2 (f)7.2 
Supplementary leverage ratio (“SLR”)6.1 (f)6.0 6.1 6.1 6.1 6.1 (f)6.1 
 
On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (“FDIC”).
(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Ratios are based upon annualized amounts.
(d)The capital metrics reflect the Current Expected Credit Losses ("CECL") capital transition provisions. As of December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining $720 million CECL benefit; as of December 31, 2023, CET1 capital reflected a $1.4 billion benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, and Note 27 of the Firm’s 2023 Form 10-K for additional information.
(e)Reflect the Firm’s ratios under the Basel III Standardized approach. Refer to page 9 for further information on the Firm’s capital metrics.
(f)Estimated.
(g)Included a $7.9 billion net gain related to Visa shares. Refer to Note 2 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information on the exchange offer for Visa Class B-1 common stock.
(h)Included the FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which reflects an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.


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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 TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets$4,002,814 $4,210,048 $4,143,003 $4,090,727 $3,875,393 (5)%3 %$4,002,814 $3,875,393 3 %
Loans:
Consumer, excluding credit card loans392,810 394,945 396,955 403,404 410,093 (1)(4)392,810 410,093 (4)
Credit card loans232,860 219,542 216,100 206,740 211,123 6 10 232,860 211,123 10 
Wholesale loans722,318 725,524 707,645 699,472 702,490 — 3 722,318 702,490 3 
Total loans1,347,988 1,340,011 1,320,700 1,309,616 1,323,706 1 2 1,347,988 1,323,706 2 
Deposits:
U.S. offices:
Noninterest-bearing592,500 611,334 632,316 657,651 643,748 (3)(8)592,500 643,748 (8)
Interest-bearing1,345,914 1,326,489 1,291,737 1,311,857 1,303,100 1 3 1,345,914 1,303,100 3 
Non-U.S. offices:
Noninterest-bearing26,806 31,607 26,362 24,109 23,097 (15)16 26,806 23,097 16 
Interest-bearing440,812 461,342 446,115 434,792 430,743 (4)2 440,812 430,743 2 
Total deposits2,406,032 2,430,772 2,396,530 2,428,409 2,400,688 (1)— 2,406,032 2,400,688 — 
Long-term debt401,418 410,157 394,028 395,872 391,825 (2)2 401,418 391,825 2 
Common stockholders’ equity324,708 324,186 316,652 306,737 300,474 — 8 324,708 300,474 8 
Total stockholders’ equity344,758 345,836 340,552 336,637 327,878 — 5 344,758 327,878 5 
Loans-to-deposits ratio56 %55 %55 %54 %55 %56 %55 %
Employees
317,233 316,043 313,206 311,921 309,926 — 2 317,233 309,926 2 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)
$40 $45 $56 $48 $35 (11)14 
Earnings-at-Risk (in billions) (b)(c)
Parallel shift:
+100 bps shift in rates$2.2 (f)$2.8 $3.5 $2.8 $3.1 (21)(29)
-100 bps shift in rates(2.4)(f)(2.9)(3.2)(2.3)(2.8)17 14 
LINE OF BUSINESS & CORPORATE NET REVENUE (d)
Consumer & Community Banking$18,362 $17,791 $17,701 $17,653 $18,097 3 1 $71,507 $70,148 2 
Commercial & Investment Bank (e)17,598 17,015 17,917 17,584 14,974 3 18 70,114 64,353 9 
Asset & Wealth Management 5,778 5,439 5,252 5,109 5,095 6 13 21,578 19,827 9 
Corporate2,000 3,070 10,122 2,202 1,777 (35)13 17,394 8,038 116 
TOTAL NET REVENUE$43,738 $43,315 $50,992 $42,548 $39,943 1 10 $180,593 $162,366 11 
LINE OF BUSINESS & CORPORATE NET INCOME/(LOSS)
Consumer & Community Banking$4,516 $4,046 $4,210 $4,831 $4,788 12 (6)$17,603 $21,232 (17)
Commercial & Investment Bank (e)6,636 5,691 5,897 6,622 4,177 17 59 24,846 20,272 23 
Asset & Wealth Management 1,517 1,351 1,263 1,290 1,217 12 25 5,421 5,227 4 
Corporate1,336 1,810 6,779 676 (875)(26)NM10,601 2,821 276 
NET INCOME$14,005 $12,898 $18,149 $13,419 $9,307 9 50 $58,471 $49,552 18 
On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC.
(a)Refer to Commercial & Investment Bank VaR on page 19 for further information.
(b)Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline reflects certain assumptions relating to the Federal Reserve’s balance sheet policy (e.g., quantitative tightening and usage at the Reverse Repurchase Facility) that require management judgment. The Firm’s actual net interest income for the rate shifts presented may differ as the earnings-at-risk scenarios are modelled as instantaneous shifts and exclude any actions that could be taken by the Firm or its clients and customers in response to instantaneous rate changes. Other significant assumptions in the earnings-at-risk scenarios may also differ from actual results, including mortgage prepayments and deposits rates paid. Refer to pages 80-81 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 for additional information.
(c)Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates. At September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, represents the total of the Firm’s U.S. dollar and non-U.S. dollar sensitivities. Refer to Structural interest rate risk management of the Firm’s Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, 2024, June 30, 2024 and March 31, 2024 and the Firm’s 2023 Form 10-K for additional information.
(d)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(e)Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank ("CIB"). Refer to Business Segment Results on page 20 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information.'
(f)Estimated.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
REVENUE4Q243Q242Q241Q244Q233Q244Q23202420232023
Investment banking fees $2,421 $2,231 $2,304 $1,954 $1,635 9 %48 %$8,910 $6,519 37 %
Principal transactions5,195 5,988 6,814 6,790 3,725 (13)39 24,787 24,460 1 
Lending- and deposit-related fees1,952 1,924 1,828 1,902 1,926 1 1 7,606 7,413 3 
Asset management fees4,874 4,479 4,302 4,146 4,077 9 20 17,801 15,220 17 
Commissions and other fees1,865 1,936 1,924 1,805 1,697 (4)10 7,530 6,836 10 
Investment securities losses(92)(16)(547)(366)(743)(475)88 (1,021)(3,180)68 
Mortgage fees and related income376 402 348 275 263 (6)43 1,401 1,176 19 
Card income1,602 1,345 1,332 1,218 1,247 19 28 5,497 4,784 15 
Other income (a)1,225 960 9,149 
(e)
1,128 696 28 76 12,462 
(e)
5,609 122 
Noninterest revenue19,418 19,249 27,454 18,852 14,523 1 34 84,973 68,837 23 
Interest income47,566 50,416 48,513 47,438 47,384 (6)— 193,933 170,588 14 
Interest expense24,216 27,011 25,767 24,356 23,333 (10)4 101,350 81,321 25 
Net interest income23,350 23,405 22,746 23,082 24,051 — (3)92,583 89,267 4 
TOTAL NET REVENUE42,768 42,654 50,200 41,934 38,574 — 11 177,556 158,104 12 
Provision for credit losses2,631 3,111 3,052 1,884 2,762 (15)(5)10,678 9,320 15 
NONINTEREST EXPENSE
Compensation expense 12,469 12,817 12,953 13,118 11,847 (3)5 51,357 46,465 11 
Occupancy expense1,309 1,258 1,248 1,211 1,208 4 8 5,026 4,590 9 
Technology, communications and equipment expense 2,516 2,447 2,447 2,421 2,409 3 4 9,831 9,246 6 
Professional and outside services 3,007 2,780 2,722 2,548 2,606 8 15 11,057 10,235 8 
Marketing1,335 1,258 1,221 1,160 1,298 6 3 4,974 4,591 8 
Other expense (b)
2,126 2,005 3,122 
(f)
2,299 (g)5,118 (g)6 (58)9,552 (f)(g)12,045 (g)(21)
TOTAL NONINTEREST EXPENSE22,762 22,565 23,713 22,757 24,486 1 (7)91,797 87,172 5 
Income before income tax expense17,375 16,978 23,435 17,293 11,326 2 53 75,081 61,612 22 
Income tax expense (a)3,370 4,080 5,286 3,874 2,019 (h)(17)67 16,610 12,060 (h)38 
NET INCOME$14,005 $12,898 $18,149 $13,419 $9,307 9 50 $58,471 $49,552 18 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$4.82 $4.38 $6.13 $4.45 $3.04 10 59 $19.79 $16.25 22 
Diluted earnings per share4.81 4.37 6.12 4.44 3.04 10 58 19.75 16.23 22 
FINANCIAL RATIOS
Return on common equity (c)
17 %16 %23 %17 %12 %18 %17 %
Return on tangible common equity (c)(d)
21 19 28 21 15 22 21 
Return on assets (c)
1.35 1.23 1.79 1.36 0.95 1.43 1.30 
Effective income tax rate19.4 24.0 22.6 22.4 17.8 (h)22.1 19.6 (h)
Overhead ratio53 53 47 54 63 52 55 
On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC.
(a)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. The amortization of the associated investments that was previously recognized in other income is now recognized in income tax expense, which aligns with the associated tax credits and other tax benefits. Refer to Note 1 and 5 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 for additional information.
(b)Included Firmwide legal expense of $236 million, $259 million, $317 million, $(72) million and $175 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $740 million and $1.4 billion for the full year 2024 and 2023, respectively.
(c)Ratios are based upon annualized amounts.
(d)Refer to page 28 for a further discussion of ROTCE.
(e)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.
(f)Included a $1.0 billion donation of Visa shares to pre-fund contributions to the JPMorganChase Foundation.
(g)Included an FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which was an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.
(h)Included an income tax benefit of $463 million and $428 million for the three months and full year ended December 31, 2023, respectively, related to the finalization of certain income tax regulations. The benefit resulted in a reduction in the Firm’s effective tax rate of 4.1 percentage points in the fourth quarter of 2023.



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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Dec 31, 2024
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2024202420242024202320242023
ASSETS
Cash and due from banks $23,372 $22,896 $27,265 $22,750 $29,066 2 %(20)%
Deposits with banks 445,945 411,364 503,554 539,366 595,085 8 (25)
Federal funds sold and securities purchased under
resale agreements295,001 390,821 392,763 330,559 276,152 (25)7 
Securities borrowed219,546 252,434 199,062 198,336 200,436 (13)10 
Trading assets:
Debt and equity instruments576,817 734,928 679,209 697,788 485,743 (22)19 
Derivative receivables60,967 52,561 54,673 56,621 54,864 16 11 
Available-for-sale (“AFS”) securities406,852 334,548 266,252 236,152 201,704 22 102 
Held-to-maturity (”HTM”) securities274,468 299,954 323,746 334,527 369,848 (8)(26)
Investment securities, net of allowance for credit losses681,320 634,502 589,998 570,679 571,552 7 19 
Loans1,347,988 1,340,011 1,320,700 1,309,616 1,323,706 1 2 
Less: Allowance for loan losses24,345 23,949 22,991 22,351 22,420 2 9 
Loans, net of allowance for loan losses1,323,643 1,316,062 1,297,709 1,287,265 1,301,286 1 2 
Accrued interest and accounts receivable
101,223 122,565 135,692 129,823 107,363 (17)(6)
Premises and equipment32,223 31,525 30,582 30,279 30,157 2 7 
Goodwill, MSRs and other intangible assets64,560 64,455 64,525 64,374 64,381 — — 
Other assets178,197 175,935 167,971 162,887 159,308 1 12 
TOTAL ASSETS$4,002,814 $4,210,048 $4,143,003 $4,090,727 $3,875,393 (5)3 
LIABILITIES
Deposits$2,406,032 $2,430,772 $2,396,530 $2,428,409 $2,400,688 (1)— 
Federal funds purchased and securities loaned or sold
under repurchase agreements296,835 389,337 400,832 325,670 216,535 (24)37 
Short-term borrowings52,893 50,638 47,308 46,268 44,712 4 18 
Trading liabilities:
Debt and equity instruments153,222 204,593 206,018 192,324 139,581 (25)10 
Derivative payables39,661 38,665 34,818 36,003 40,847 3 (3)
Accounts payable and other liabilities 280,672 314,356 295,813 301,469 290,307 (11)(3)
Beneficial interests issued by consolidated VIEs27,323 25,694 27,104 28,075 23,020 6 19 
Long-term debt401,418 410,157 394,028 395,872 391,825 (2)2 
TOTAL LIABILITIES3,658,056 3,864,212 3,802,451 3,754,090 3,547,515 (5)3 
STOCKHOLDERS’ EQUITY
Preferred stock20,050 21,650 23,900 29,900 27,404 (7)(27)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital90,911 90,638 90,328 89,903 90,128 — 1 
Retained earnings376,166 365,966 356,924 342,414 332,901 3 13 
Accumulated other comprehensive loss (“AOCI”)
(12,456)(6,784)(11,338)(11,639)(10,443)(84)(19)
Treasury stock, at cost(134,018)(129,739)(123,367)(118,046)(116,217)(3)(15)
TOTAL STOCKHOLDERS’ EQUITY344,758 345,836 340,552 336,637 327,878 — 5 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,002,814 $4,210,048 $4,143,003 $4,090,727 $3,875,393 (5)3 

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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
AVERAGE BALANCES4Q243Q242Q241Q244Q233Q244Q23202420232023
ASSETS
Deposits with banks $448,992 $464,704 $512,150 $535,708 $540,040 (3)%(17)%$490,205 $499,396 (2)%
Federal funds sold and securities purchased under resale agreements337,553 404,174 370,817 323,988 319,056 (16)6 359,197 317,159 13 
Securities borrowed232,500 217,716 195,877 192,545 200,369 7 16 209,744 193,228 9 
Trading assets - debt instruments 452,091 496,176 452,933 422,516 374,254 (9)21 456,029 376,928 21 
Investment securities661,361 622,835 580,044 580,046 579,450 6 14 611,241 604,800 1 
Loans1,339,378 1,325,440 1,313,085 1,311,578 1,315,439 1 2 1,322,425 1,248,076 6 
All other interest-earning assets (a)100,085 90,721 84,819 79,134 79,787 10 25 88,726 86,121 3 
Total interest-earning assets 3,571,960 3,621,766 3,509,725 3,445,515 3,408,395 (1)5 3,537,567 3,325,708 6 
Trading assets - equity and other instruments204,126 217,790 221,382 190,783 144,642 (6)41 208,534 160,087 30 
Trading assets - derivative receivables58,643 54,575 57,175 57,635 62,069 7 (6)57,005 64,227 (11)
All other noninterest-earning assets 290,438 282,877 283,161 274,704 270,526 3 7 282,816 272,202 4 
TOTAL ASSETS$4,125,167 $4,177,008 $4,071,443 $3,968,637 $3,885,632 (1)6 $4,085,922 $3,822,224 7 
LIABILITIES
Interest-bearing deposits $1,793,337 $1,749,353 $1,722,856 $1,726,142 $1,713,189 3 5 $1,748,050 $1,698,529 3 
Federal funds purchased and securities loaned or
sold under repurchase agreements358,508 425,795 375,371 294,983 254,211 (16)41 363,820 256,086 42 
Short-term borrowings
41,346 40,234 38,234 38,529 37,941 3 9 39,593 37,468 6 
Trading liabilities - debt and all other interest-bearing liabilities (b)
304,599 329,850 318,703 302,997 287,443 (8)6 314,054 286,605 10 
Beneficial interests issued by consolidated VIEs25,881 26,556 26,222 27,407 23,133 (3)12 26,515 18,648 42 
Long-term debt 346,485 347,910 342,516 340,411 325,843 — 6 344,346 296,433 16 
Total interest-bearing liabilities 2,870,156 2,919,698 2,823,902 2,730,469 2,641,760 (2)9 2,836,378 2,593,769 9 
Noninterest-bearing deposits 623,654 633,957 648,327 648,644 658,912 (2)(5)638,592 660,538 (3)
Trading liabilities - equity and other instruments 36,228 32,739 30,456 28,622 34,176 11 6 32,025 30,501 5 
Trading liabilities - derivative payables40,621 39,936 37,538 39,877 42,447 2 (4)39,497 46,355 (15)
All other noninterest-bearing liabilities 216,082 206,376 196,590 192,796 186,871 5 16 203,006 181,601 12 
TOTAL LIABILITIES3,786,741 3,832,706 3,736,813 3,640,408 3,564,166 (1)6 3,749,498 3,512,764 7 
Preferred stock20,050 22,408 25,867 27,952 27,404 (11)(27)24,054 27,404 (12)
Common stockholders’ equity318,376 321,894 308,763 300,277 294,062 (1)8 312,370 282,056 11 
TOTAL STOCKHOLDERS’ EQUITY338,426 344,302 334,630 328,229 321,466 (2)5 336,424 309,460 9 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,125,167 $4,177,008 $4,071,443 $3,968,637 $3,885,632 (1)6 $4,085,922 $3,822,224 7 
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 3.97 %4.59 %4.76 %4.79 %4.79 %4.55 %4.36 %
Federal funds sold and securities purchased under resale agreements4.76 5.14 5.23 5.23 5.26 5.09 4.75 
Securities borrowed4.09 4.53 4.47 4.52 4.59 4.39 4.13 
Trading assets - debt instruments 4.52 4.51 4.44 4.38 4.39 4.47 4.25 
Investment securities3.86 3.96 3.80 3.64 3.53 3.82 3.13 
Loans 6.87 7.07 7.03 7.03 6.97 7.00 6.70 
All other interest-earning assets (a)(d)8.26 9.11 10.14 10.22 10.10 9.36 8.90 
Total interest-earning assets 5.31 5.55 5.57 5.55 5.53 5.50 5.14 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.66 2.94 2.90 2.85 2.78 2.84 2.36 
Federal funds purchased and securities loaned or
sold under repurchase agreements4.81 5.36 5.47 5.41 5.51 5.26 5.18 
Short-term borrowings
5.03 5.38 5.27 5.57 5.55 5.31 5.05 
Trading liabilities - debt and all other interest-bearing liabilities (b)3.09 3.17 3.29 3.50 3.58 3.26 3.28 
Beneficial interests issued by consolidated VIEs4.85 5.27 5.40 5.34 5.36 5.22 5.11 
Long-term debt 5.38 5.53 5.61 5.46 5.33 5.49 5.33 
Total interest-bearing liabilities 3.36 3.68 3.67 3.59 3.50 3.57 3.14 
INTEREST RATE SPREAD1.95 1.87 1.90 1.96 2.03 1.93 2.00 
NET YIELD ON INTEREST-EARNING ASSETS2.61 2.58 2.62 2.71 2.81 2.63 2.70 
Memo: Net yield on interest-earning assets excluding Markets (e)3.79 3.86 3.86 3.83 3.86 3.84 3.85 
(a) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.
(b)    All other interest-bearing liabilities include brokerage-related customer payables.
(c)    Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2023 Form 10-K for additional information on hedge accounting.
(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

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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 TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
OTHER INCOME
Other income - reported (a)$1,225 $960 $9,149 $1,128 $696 28 %76 %$12,462 $5,609 122 %
Fully taxable-equivalent adjustments (a)(b)849 541 677 493 1,243 57 (32)2,560 3,782 (32)
Other income - managed$2,074 $1,501 $9,826 $1,621 $1,939 38 7 $15,022 $9,391 60 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$19,418 $19,249 $27,454 $18,852 $14,523 1 34 $84,973 $68,837 23 
Fully taxable-equivalent adjustments849 541 677 493 1,243 57 (32)2,560 3,782 (32)
Total noninterest revenue - managed$20,267 $19,790 $28,131 $19,345 $15,766 2 29 $87,533 $72,619 21 
NET INTEREST INCOME
Net interest income - reported$23,350 $23,405 $22,746 $23,082 $24,051 — (3)$92,583 $89,267 4 
Fully taxable-equivalent adjustments (b)
121 120 115 121 126 1 (4)477 480 (1)
Net interest income - managed$23,471 $23,525 $22,861 $23,203 $24,177 — (3)$93,060 $89,747 4 
TOTAL NET REVENUE
Total net revenue - reported$42,768 $42,654 $50,200 $41,934 $38,574 — 11 $177,556 $158,104 12 
Fully taxable-equivalent adjustments970 661 792 614 1,369 47 (29)3,037 4,262 (29)
Total net revenue - managed$43,738 $43,315 $50,992 $42,548 $39,943 1 10 $180,593 $162,366 11 
PRE-PROVISION PROFIT
Pre-provision profit - reported$20,006 $20,089 $26,487 $19,177 $14,088 — 42 $85,759 $70,932 21 
Fully taxable-equivalent adjustments970 661 792 614 1,369 47 (29)3,037 4,262 (29)
Pre-provision profit - managed$20,976 $20,750 $27,279 $19,791 $15,457 1 36 $88,796 $75,194 18 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$17,375 $16,978 $23,435 $17,293 $11,326 2 53 $75,081 $61,612 22 
Fully taxable-equivalent adjustments970 661 792 614 1,369 47 (29)3,037 4,262 (29)
Income before income tax expense - managed$18,345 $17,639 $24,227 $17,907 $12,695 4 45 $78,118 $65,874 19 
INCOME TAX EXPENSE
Income tax expense - reported (a)$3,370 $4,080 $5,286 $3,874 $2,019 (17)67 $16,610 $12,060 38 
Fully taxable-equivalent adjustments (a)970 661 792 614 1,369 47 (29)3,037 4,262 (29)
Income tax expense - managed$4,340 $4,741 $6,078 $4,488 $3,388 (8)28 $19,647 $16,322 20 
OVERHEAD RATIO
Overhead ratio - reported53 %53 %47 %54 %63 %52 %55 %
Overhead ratio - managed52 52 47 53 61 51 54 
(a)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.
(b)Predominantly recognized in CIB and Corporate.

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JPMORGAN CHASE & CO.
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SEGMENT & CORPORATE RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$18,362 $17,791 $17,701 $17,653 $18,097 3 %1 %$71,507 $70,148 2 %
Commercial & Investment Bank (a)17,598 17,015 17,917 17,584 14,974 3 18 70,114 64,353 9 
Asset & Wealth Management 5,778 5,439 5,252 5,109 5,095 6 13 21,578 19,827 9 
Corporate2,000 3,070 10,122 (b)2,202 1,777 (35)13 17,394 (b)8,038 116 
TOTAL NET REVENUE$43,738 $43,315 $50,992 $42,548 $39,943 1 10 $180,593 $162,366 11 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$9,728 $9,586 $9,425 $9,297 $9,336 1 4 $38,036 $34,819 9 
Commercial & Investment Bank (a)8,712 8,751 9,166 8,724 8,169 — 7 35,353 33,972 4 
Asset & Wealth Management3,772 3,639 3,543 3,460 3,388 4 11 14,414 12,780 13 
Corporate550 589 1,579 (c)1,276 3,593 (7)(85)3,994 (c)5,601 (29)
TOTAL NONINTEREST EXPENSE$22,762 $22,565 $23,713 $22,757 $24,486 1 (7)$91,797 $87,172 5 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$8,634 $8,205 $8,276 $8,356 $8,761 5 (1)$33,471 $35,329 (5)
Commercial & Investment Bank (a)8,886 8,264 8,751 8,860 6,805 8 31 34,761 30,381 14 
Asset & Wealth Management2,006 1,800 1,709 1,649 1,707 11 18 7,164 7,047 2 
Corporate1,450 2,481 8,543 926 (1,816)(42)NM13,400 2,437 450 
PRE-PROVISION PROFIT$20,976 $20,750 $27,279 $19,791 $15,457 1 36 $88,796 $75,194 18 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$2,623 $2,795 $2,643 $1,913 $2,189 (6)20 $9,974 $6,899 45 
Commercial & Investment Bank (a)61 316 384 1 576 (81)(89)762 2,091 (64)
Asset & Wealth Management(35)4 20 (57)(1)NMNM(68)159 NM
Corporate(18)(4)5 27 (2)(350)NM10 171 (94)
PROVISION FOR CREDIT LOSSES$2,631 $3,111 $3,052 $1,884 $2,762 (15)(5)$10,678 $9,320 15 
NET INCOME/(LOSS)
Consumer & Community Banking $4,516 $4,046 $4,210 $4,831 $4,788 12 (6)$17,603 $21,232 (17)
Commercial & Investment Bank (a)6,636 5,691 5,897 6,622 4,177 17 59 24,846 20,272 23 
Asset & Wealth Management 1,517 1,351 1,263 1,290 1,217 12 25 5,421 5,227 4 
Corporate 1,336 1,810 6,779 676 (875)(26)NM10,601 2,821 276 
TOTAL NET INCOME$14,005 $12,898 $18,149 $13,419 $9,307 9 50 $58,471 $49,552 18 
(a)Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank ("CIB"). Refer to Business Segment Results on page 20 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information.
(b)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.
(c)Included $1.0 billion contribution of Visa shares to the JPMorganChase Foundation.

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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Dec 31, 2024
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2024 Change
2024202420242024202320242023202420232023
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$275,515 (c)$272,964 $267,196 $257,569 $250,585 1 %10 %
Tier 1 capital294,889 (c)292,333 290,442 280,771 277,306 1 6 
Total capital325,618 (c)324,585 322,175 312,149 308,497 — 6 
Risk-weighted assets 1,759,173 (c)1,782,722 1,743,481 1,712,081 1,671,995 (1)5 
CET1 capital ratio15.7 %(c)15.3 %15.3 %15.0 %15.0 %
Tier 1 capital ratio16.8 (c)16.4 16.7 16.4 16.6 
Total capital ratio18.5 (c)18.2 18.5 18.2 18.5 
Advanced
CET1 capital$275,515 (c)$272,964 $267,196 $257,569 $250,585 1 10 
Tier 1 capital 294,889 (c)292,333 290,442 280,771 277,306 1 6 
Total capital311,911 (c)310,764 308,639 298,766 295,417 — 6 
Risk-weighted assets1,741,718 (c)1,762,991 1,726,204 1,681,317 1,669,156 (1)4 
CET1 capital ratio15.8 %(c)15.5 %15.5 %15.3 %15.0 %
Tier 1 capital ratio16.9 (c)16.6 16.8 16.7 16.6 
Total capital ratio17.9 (c)17.6 17.9 17.8 17.7 
Leverage-based capital metrics
Adjusted average assets (b)$4,070,506 (c)$4,122,332 $4,016,654 $3,913,677 $3,831,200 (1)6 
Tier 1 leverage ratio7.2 %(c)7.1 %7.2 %7.2 %7.2 %
Total leverage exposure$4,838,564 (c)$4,893,662 $4,768,202 $4,634,634 $4,540,465 (1)7 
SLR6.1 %(c)6.0 %6.1 %6.1 %6.1 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$546,605 (c)$543,616 $533,949 $520,386 $513,799 1 6 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$272,964 $267,196 $257,569 $250,585 $241,825 2 13 $250,585 $218,934 14 %
Net income applicable to common equity13,746 12,612 17,832 13,022 8,921 9 54 57,212 48,051 19 
Dividends declared on common stock(3,546)(3,570)(3,322)(3,348)(3,064)1 (16)(13,786)(12,055)(14)
Net purchase of treasury stock(4,279)(6,372)(5,321)(1,829)(2,240)33 (91)(17,801)(8,881)(100)
Changes in additional paid-in capital273 310 425 (225)229 (12)19 783 1,084 (28)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities(2,633)2,297 108 141 4,362 NMNM(87)5,381 NM
Translation adjustments, net of hedges(887)389 (156)(204)402 NMNM(858)329 NM
Fair value hedges(54)(20)8 (21)(86)(170)37 (87)(101)14 
Defined benefit pension and other postretirement employee benefit plans(58)(28)(3)26 455 (107)NM(63)373 NM
Changes related to other CET1 capital adjustments(11)(c)150 56 (578)(219)NM95 (383)(c)(2,530)85 
Change in Standardized/Advanced CET1 capital2,551 (c)5,768 9,627 6,984 8,760 (56)(71)24,930 (c)31,651 (21)
Standardized/Advanced CET1 capital, ending balance$275,515 (c)$272,964 $267,196 $257,569 $250,585 1 10 $275,515 (c)$250,585 10 
(a)The capital metrics reflect the CECL capital transition provisions. As of December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining $720 million CECL benefit; as of December 31, 2023, CET1 capital reflected a $1.4 billion benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, and Note 27 of the Firm’s 2023 Form 10-K for additional information.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.
(c)Estimated.




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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Dec 31, 2024
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2024 Change
2024202420242024202320242023202420232023
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$324,708 $324,186 $316,652 $306,737 $300,474 — %8 %
Less: Goodwill52,565 52,711 52,620 52,636 52,634 — — 
Less: Other intangible assets2,874 2,991 3,058 3,133 3,225 (4)(11)
Add: Certain deferred tax liabilities (b)2,943 2,962 2,969 2,981 2,996 (1)(2)
Total tangible common equity$272,212 $271,446 $263,943 $253,949 $247,611 — 10 
TANGIBLE COMMON EQUITY (average) (a) 
Common stockholders’ equity$318,376 $321,894 $308,763 $300,277 $294,062 (1)8 $312,370 $282,056 11 %
Less: Goodwill52,617 52,658 52,618 52,614 52,538 — — 52,627 52,258 1 
Less: Other intangible assets2,921 3,007 3,086 3,157 3,254 (3)(10)3,042 2,572 18 
Add: Certain deferred tax liabilities (b)2,952 2,963 2,975 2,988 2,992 — (1)2,970 2,883 3 
Total tangible common equity$265,790 $269,192 $256,034 $247,494 $241,262 (1)10 $259,671 $230,109 13 
INTANGIBLE ASSETS (period-end)
Goodwill$52,565 $52,711 $52,620 $52,636 $52,634 — — 
Mortgage servicing rights9,121 8,753 8,847 8,605 8,522 4 7 
Other intangible assets2,874 2,991 3,058 3,133 3,225 (4)(11)
Total intangible assets$64,560 $64,455 $64,525 $64,374 $64,381 — — 
(a)Refer to page 28 for further discussion of TCE.
(b)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
EARNINGS PER SHARE
Basic earnings per share
Net income$14,005 $12,898 $18,149 $13,419 $9,307 9 %50 %$58,471 $49,552 18 %
Less: Preferred stock dividends
259 286 317 397 386 (9)(33)1,259 1,501 (16)
Net income applicable to common equity13,746 12,612 17,832 13,022 8,921 9 54 57,212 48,051 19 
Less: Dividends and undistributed earnings allocated to
participating securities77 75 114 80 51 3 51 344 291 18 
Net income applicable to common stockholders$13,669 $12,537 $17,718 $12,942 $8,870 9 54 $56,868 $47,760 19 
Total weighted-average basic shares outstanding2,836.9 2,860.6 2,889.8 2,908.3 2,914.4 (1)(3)2,873.9 2,938.6 (2)
Net income per share$4.82 $4.38 $6.13 $4.45 $3.04 10 59 $19.79 $16.25 22 
Diluted earnings per share
Net income applicable to common stockholders$13,669 $12,537 $17,718 $12,942 $8,870 9 54 $56,868 $47,760 19 
Total weighted-average basic shares outstanding2,836.9 2,860.6 2,889.8 2,908.3 2,914.4 (1)(3)2,873.9 2,938.6 (2)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		5.5 5.3 5.1 4.5 4.7 4 17 5.1 4.5 13 
Total weighted-average diluted shares outstanding2,842.4 2,865.9 2,894.9 2,912.8 2,919.1 (1)(3)2,879.0 2,943.1 (2)
Net income per share$4.81 $4.37 $6.12 $4.44 $3.04 10 58 $19.75 $16.23 22 
COMMON DIVIDENDS
Cash dividends declared per share$1.25 $1.25 
(c)
$1.15 $1.15 (d)$1.05 — 19 $4.80 $4.10 17 
Dividend payout ratio26 %28 %19 %26 %34 %24 %25 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased18.5 30.3 27.0 15.9 15.2 (39)22 91.7 69.5 32 
Average price paid per share of common stock$233.37 $209.61 $196.83 $179.50 $151.02 11 55 $205.43 $142.31 44 
Aggregate repurchases of common stock4,313 6,361 5,318 2,849 2,301 (32)87 18,841 9,898 90 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans0.8 0.5 0.5 10.9 0.8 60 — 12.7 11.9 7 
Net impact of employee issuances on stockholders’ equity (b)
$343 $354 $459 $801 $308 (3)11 $1,957 $2,171 (10)
(a)Effective July 1, 2024, the Firm’s Board of Directors had authorized a common share repurchase program of $30 billion that replaced the previous repurchase program.
(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of SARs.
(c)On September 17, 2024, the Board of Directors declared a quarterly common stock dividend of $1.25 per share.
(d)On March 19, 2024, the Board of Directors declared a quarterly common stock dividend of $1.15 per share.
















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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$872 $863 $830 $822 $856 1 %2 %$3,387 $3,356 1 %
Asset management fees1,067 1,022 978 947 899 4 19 4,014 3,282 22 
Mortgage fees and related income368 390 346 274 261 (6)41 1,378 1,175 17 
Card income973 743 741 682 684 31 42 3,139 2,532 24 
All other income (a)1,214 1,196 1,101 1,220 1,270 2 (4)4,731 4,773 (1)
Noninterest revenue4,494 4,214 3,996 3,945 3,970 7 13 16,649 15,118 10 
Net interest income13,868 13,577 13,705 13,708 14,127 2 (2)54,858 55,030 — 
TOTAL NET REVENUE18,362 17,791 17,701 17,653 18,097 3 1 71,507 70,148 2 
Provision for credit losses2,623 2,795 2,643 1,913 2,189 (6)20 9,974 6,899 45 
NONINTEREST EXPENSE
Compensation expense4,301 4,275 4,240 4,229 4,023 1 7 17,045 15,171 12 
Noncompensation expense (b)5,427 5,311 5,185 5,068 5,313 2 2 20,991 19,648 7 
TOTAL NONINTEREST EXPENSE9,728 9,586 9,425 9,297 9,336 1 4 38,036 34,819 
(d)
9 
Income before income tax expense6,011 5,410 5,633 6,443 6,572 11 (9)23,497 28,430 (17)
Income tax expense 1,495 1,364 1,423 1,612 1,784 10 (16)5,894 7,198 (18)
NET INCOME$4,516 $4,046 $4,210 $4,831 $4,788 12 (6)$17,603 $21,232 (17)
REVENUE BY BUSINESS
Banking & Wealth Management $10,154 $10,090 $10,375 $10,324 $10,877 1 (7)$40,943 $43,199 (5)
Home Lending1,297 1,295 1,319 1,186 1,161 — 12 5,097 4,140 23 
Card Services & Auto 6,911 6,406 6,007 6,143 6,059 8 14 25,467 22,809 12 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue186 154 157 130 82 21 127 627 421 49 
Net mortgage servicing revenue (c)182 236 189 144 179 (23)2 751 754 — 
Mortgage fees and related income$368 $390 $346 $274 $261 (6)41 $1,378 $1,175 17 
FINANCIAL RATIOS
ROE32 %29 %30 %35 %33 %32 %38 %
Overhead ratio 53 54 53 53 52 53 50 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $722 million, $699 million, $682 million, $665 million and $666 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $2.8 billion for both the full year 2024 and 2023.
(b)Included depreciation expense on leased assets of $410 million, $387 million, $430 million, $427 million and $425 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $1.7 billion for both the full year 2024 and 2023.
(c)Included MSR risk management results of $21 million, $100 million, $39 million, $(1) million and $7 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $159 million and $131 million for the full year 2024 and 2023, respectively.
(d)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense has been aligned to the appropriate LOB.



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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets$650,268 $633,038 $638,493 $629,122 $642,951 3 %1 %$650,268 $642,951 1 %
Loans:
Banking & Wealth Management
33,221 31,614 31,078 31,266 31,142 5 7 33,221 31,142 7 
Home Lending (a)
246,498 247,663 250,032 254,243 259,181 — (5)246,498 259,181 (5)
Card Services233,016 219,671 216,213 206,823 211,175 6 10 233,016 211,175 10 
Auto 73,619 73,215 75,310 76,508 77,705 1 (5)73,619 77,705 (5)
Total loans 586,354 572,163 572,633 568,840 579,203 2 1 586,354 579,203 1 
Deposits1,056,652 1,054,027 1,069,753 1,105,583 1,094,738 (c)— (3)1,056,652 1,094,738 (3)
Equity54,500 54,500 54,500 54,500 55,500 — (2)54,500 55,500 (2)
SELECTED BALANCE SHEET DATA (average)
Total assets$638,783 $631,117 $628,757 $627,862 $629,744 1 1 $631,648 $584,367 8 
Loans:
Banking & Wealth Management32,599 30,910 31,419 31,241 30,718 5 6 31,544 30,142 5 
Home Lending (b)
247,415 250,581 254,385 257,866 261,394 (1)(5)252,542 232,115 9 
Card Services224,263 217,327 210,119 204,701 202,685 3 11 214,139 191,424 12 
Auto 73,323 73,675 75,804 77,268 76,409 — (4)75,009 72,674 3 
Total loans577,600 572,493 571,727 571,076 571,206 1 1 573,234 526,355 9 
Deposits1,050,636 1,053,701 1,073,544 1,079,243 1,092,432 (c)— (4)1,064,215 1,126,552 (6)
Equity54,500 54,500 54,500 54,500 55,500 — (2)54,500 54,349 — 
Employees
144,989 143,964 143,412 142,758 141,640 1 2 144,989 141,640 2 
(a)At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, Home Lending loans held-for-sale and loans at fair value were $8.1 billion, $6.9 billion, $5.9 billion, $4.8 billion and $3.4 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $7.8 billion, $8.4 billion, $7.7 billion, $4.7 billion and $4.7 billion for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $7.1 billion and $4.8 billion for the full year 2024 and 2023, respectively.
(c)In the fourth quarter of 2023, CCB transferred approximately $18.8 billion of deposits associated with First Republic to AWM and CIB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
$3,357 $3,252 $3,413 $3,647 $3,740 3 %(10)%$3,357 $3,740 (10)%
Net charge-offs/(recoveries)
Banking & Wealth Management105 82 176 79 81 28 30 442 340 30 
Home Lending(15)(44)(40)(7)6 66 NM(106)(56)(89)
Card Services1,862 1,768 1,830 1,688 1,426 5 31 7,148 4,699 52 
Auto114 113 98 119 125 1 (9)444 357 24 
Total net charge-offs/(recoveries)$2,066 $1,919 $2,064 $1,879 $1,638 8 26 $7,928 $5,340 48 
Net charge-off/(recovery) rate
Banking & Wealth Management
1.28 %1.06 %2.25 %1.02 %1.05 %1.40 %1.13 %
Home Lending(0.02)(0.07)(0.07)(0.01)0.01 (0.04)(0.02)
Card Services3.30 3.24 3.50 3.32 2.79 3.34 2.45 
Auto 0.62 0.62 0.52 0.62 0.65 0.59 0.49 
Total net charge-off/(recovery) rate1.44 1.35 1.47 1.33 1.15 1.40 1.02 
30+ day delinquency rate
Home Lending (b)
0.77 %0.77 %0.70 %0.70 %0.66 %0.77 %0.66 %
Card Services2.17 2.20 2.08 2.23 2.14 2.17 2.14 
Auto1.43 1.23 1.12 1.03 1.19 1.43 1.19 
90+ day delinquency rate - Card Services1.14 1.10 1.07 1.16 1.05 1.14 1.05 
Allowance for loan losses
Banking & Wealth Management $764 $709 $685 $706 $685 8 11 $764 $685 11 
Home Lending447 447 437 432 578 — (23)447 578 (23)
Card Services14,608 14,106 13,206 12,606 12,453 4 17 14,608 12,453 17 
Auto 692 692 742 742 742 — (7)692 742 (7)
Total allowance for loan losses$16,511 $15,954 $15,070 $14,486 $14,458 3 14 $16,511 $14,458 14 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $84 million, $88 million, $96 million, $107 million and $123 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b)At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $122 million, $126 million, $137 million, $147 million and $176 million, respectively. These amounts have been excluded based upon the government guarantee.




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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 TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
BUSINESS METRICS
Number of:
Branches4,966 4,906 4,884 4,907 4,897 1 %1 %4,966 4,897 1 %
    Active digital customers (in thousands) (a)70,813 70,063 69,011 68,496 66,983 1 6 70,813 66,983 6 
    Active mobile customers (in thousands) (b)57,821 56,985 55,564 54,674 53,828 1 7 57,821 53,828 7 
Debit and credit card sales volume (in billions)$477.6 $453.4 $453.7 $420.7 $441.0 5 8 $1,805.4 $1,678.6 8 
Total payments transaction volume (in trillions) (c)1.6 1.7 1.6 1.5 1.5 (6)7 6.4 5.9 8 
Banking & Wealth Management
Average deposits $1,035,184 $1,037,953 $1,058,914 $1,065,562 $1,077,725 — (4)$1,049,333 $1,111,682 (6)
Deposit margin 2.61 %2.60 %2.72 %2.71 %2.82 %2.66 %2.84 %
Business Banking average loans$19,538 $19,472 $19,461 $19,447 $19,511 — — $19,479 $19,634 (1)
Business Banking origination volume 985 1,091 1,312 1,130 1,130 (10)(13)4,518 4,753 (5)
Client investment assets (d)1,087,608 1,067,931 1,013,680 1,010,315 951,115 2 14 1,087,608 951,115 14 
Number of client advisors5,755 5,775 5,672 5,571 5,456 — 5 5,755 5,456 5 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $7.7 $6.5 $6.9 $4.4 $4.7 18 64 $25.5 $22.4 14 
Correspondent 4.4 4.9 3.8 2.2 2.5 (10)76 15.3 12.7 20 
Total mortgage origination volume (e)$12.1 $11.4 $10.7 $6.6 $7.2 6 68 $40.8 $35.1 16 
Third-party mortgage loans serviced (period-end)648.0 656.1 642.8 626.2 631.2 (1)3 648.0 631.2 3 
MSR carrying value (period-end)9.1 8.7 8.8 8.6 8.5 5 7 9.1 8.5 7 
Card Services
Sales volume, excluding commercial card (in billions)$335.1 $316.6 $316.6 $291.0 $307.2 6 9 $1,259.3 $1,163.6 8 
Net revenue rate10.47 %9.91 %9.61 %10.09 %9.82 %10.03 %9.72 %
Net yield on average loans9.86 9.71 9.46 9.90 9.70 9.73 9.61 
Auto
Loan and lease origination volume (in billions)$10.6 $10.0 $10.8 $8.9 $9.9 6 7 $40.3 $41.3 (2)
Average auto operating lease assets11,967 11,192 10,693 10,435 10,440 7 15 11,075 10,920 1 
(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.
(b)Users of all mobile platforms who have logged in within the past 90 days.
(c)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.
(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.
(e)Firmwide mortgage origination volume was $14.2 billion, $13.3 billion, $12.3 billion, $7.6 billion and $8.6 billion for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $47.4 billion and $41.4 billion for the full year 2024 and 2023, respectively.


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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
INCOME STATEMENT
REVENUE
Investment banking fees$2,479 $2,267 $2,356 $2,014 $1,667 9 %49 %$9,116 $6,631 37 %
Principal transactions5,158 5,899 6,691 6,634 3,649 (13)41 24,382 23,794 2 
Lending- and deposit-related fees1,020 997 924 973 909 2 12 3,914 3,423 14 
Commissions and other fees1,320 1,349 1,337 1,272 1,208 (2)9 5,278 4,879 8 
Card income617 589 579 525 552 5 12 2,310 2,213 4 
All other income1,132 521 857 743 1,041 117 9 3,253 2,869 13 
Noninterest revenue11,726 11,622 12,744 12,161 9,026 1 30 48,253 43,809 10 
Net interest income5,872 5,393 5,173 5,423 5,948 9 (1)21,861 20,544 6 
TOTAL NET REVENUE (a)17,598 17,015 17,917 17,584 14,974 3 18 70,114 64,353 9 
Provision for credit losses61 316 384 1 576 (81)(89)762 2,091 (64)
NONINTEREST EXPENSE
Compensation expense4,033 4,510 4,752 4,896 4,107 (11)(2)18,191 17,105 6 
Noncompensation expense4,679 4,241 4,414 3,828 4,062 10 15 17,162 16,867 2 
TOTAL NONINTEREST EXPENSE8,712 8,751 9,166 8,724 8,169 — 7 35,353 33,972 4 
Income before income tax expense8,825 7,948 8,367 8,859 6,229 11 42 33,999 28,290 20 
Income tax expense 2,189 2,257 2,470 2,237 2,052 (3)7 9,153 8,018 14 
NET INCOME$6,636 $5,691 $5,897 $6,622 $4,177 17 59 $24,846 $20,272 23 
FINANCIAL RATIOS
ROE19 %17 %17 %20 %11 %18 %14 %
Overhead ratio50 51 51 50 55 50 53 
Compensation expense as percentage of total net revenue23 27 27 28 27 26 27 
REVENUE BY BUSINESS
Investment Banking$2,602 $2,354 $2,464 $2,216 $1,783 11 46 $9,636 $7,076 36 
Payments4,703 4,370 4,546 4,466 4,456 8 6 18,085 17,818 1 
Lending1,916 1,894 1,936 1,724 1,763 1 9 7,470 6,896 8 
Other47 28 4 (3)36 68 31 76 107 (29)
Total Banking & Payments
9,268 8,646 8,950 8,403 8,038 7 15 35,267 31,897 11 
Fixed Income Markets5,006 4,651 
(d)
4,981 
(d)
5,428 
(d)
4,169 
(d)
8 20 20,066 19,180 
(d)
5 
Equity Markets2,043 2,501 
(d)
2,812 
(d)
2,585 
(d)
1,678 
(d)
(18)22 9,941 8,784 
(d)
13 
Securities Services 1,314 1,326 1,261 1,183 1,191 (1)10 5,084 4,772 7 
Credit Adjustments & Other (b)(33)(109)(87)(15)(102)70 68 (244)(280)13 
Total Markets & Securities Services8,330 8,369 8,967 9,181 6,936 — 20 34,847 32,456 7 
TOTAL NET REVENUE$17,598 $17,015 $17,917 $17,584 $14,974 3 18 $70,114 $64,353 9 
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking
$6,449 $6,139 $6,141 $5,820 $5,415 5 %19 %$24,549 $21,700 13 %
Commercial Banking
2,899 2,891 2,860 2,837 2,949 — (2)11,487 11,050 4 
Middle Market Banking1,965 1,931 1,936 1,927 2,010 2 (2)7,759 7,740 — 
Commercial Real Estate Banking934 960 924 910 939 (3)(1)3,728 3,310 13 
Other
(80)(384)(51)(254)(326)79 75 (769)(853)10 
Total Banking & Payments revenue
$9,268 $8,646 $8,950 $8,403 $8,038 7 15 $35,267 $31,897 11 
(a)Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $915 million, $607 million, $737 million, $557 million and $1.3 billion for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $2.8 billion and $4.0 billion for the full year 2024 and 2023, respectively. Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.
(b)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
(c)Refer to page 28 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 for a description of each of the client coverage segments.
(d)In the fourth quarter of 2024, certain net funding costs that were previously allocated to Fixed Income Markets were reclassified to Equity Markets. Prior-period amounts have been revised to conform with the current presentation.


Page 16

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,773,194 $2,047,022 
(c)
$1,939,038 $1,898,251 $1,638,493 (13)%8 %$1,773,194 $1,638,493 8 %
Loans:
Loans retained483,043 483,915 475,880 475,454 475,186 — 2 483,043 475,186 2 
Loans held-for-sale and loans at fair value (a)40,324 47,728 41,737 40,746 39,464 (16)2 40,324 39,464 2 
Total loans 523,367 531,643 517,617 516,200 514,650 (2)2 523,367 514,650 2 
Equity132,000 132,000 132,000 132,000 138,000 — (4)132,000 138,000 (4)
Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking$125,083 $134,487 $132,592 $129,179 $128,097 (7)(2)$125,083 $128,097 (2)
Commercial Banking217,674 218,733 220,222 223,474 221,550 — (2)217,674 221,550 (2)
Middle Market Banking72,814 73,782 75,488 79,207 78,043 (1)(7)72,814 78,043 (7)
Commercial Real Estate Banking144,860 144,951 144,734 144,267 143,507 — 1 144,860 143,507 1 
Other187 263 266 588 526 (29)(65)187 526 (65)
Total Banking & Payments loans342,944 353,483 353,080 353,241 350,173 (3)(2)342,944 350,173 (2)
SELECTED BALANCE SHEET DATA (average)
Total assets$1,930,491 $2,008,127 
(c)
$1,915,880 $1,794,118 $1,703,717 (4)13 $1,912,466 $1,716,755 11 
Trading assets - debt and equity instruments 613,142 663,302 638,473 580,899 490,268 (8)25 624,032 508,792 23 
Trading assets - derivative receivables 57,884 54,133 58,850 57,268 62,481 7 (7)57,028 63,862 (11)
Loans:
Loans retained482,316 476,256 471,861 471,187 473,879 1 2 475,426 457,886 4 
Loans held-for-sale and loans at fair value (a)43,203 44,868 42,868 43,537 40,415 (4)7 43,621 40,891 7 
Total loans525,519 521,124 514,729 514,724 514,294 1 2 519,047 498,777 4 
Deposits1,088,439 1,064,402 1,046,993 1,045,788 1,032,226 (d)2 5 1,061,488 996,295 7 
Equity132,000 132,000 132,000 132,000 138,000 — (4)132,000 137,507 (4)
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking$126,112 $128,747 $130,320 $127,403 $130,287 (2)(3)$128,142 $131,230 (2)
Commercial Banking218,672 219,406 220,767 222,323 222,057 — (2)220,285 209,244 5 
Middle Market Banking73,205 74,660 76,229 78,364 78,601 (2)(7)75,605 77,130 (2)
Commercial Real Estate Banking145,467 144,746 144,538 143,959 143,456 — 1 144,680 132,114 10 
Other193 277 360 590 449 (30)(57)354 331 7 
Total Banking & Payments loans344,977 348,430 351,447 350,316 352,793 (1)(2)348,781 340,805 2 
Employees
93,231 93,754 93,387 92,478 92,271 (1)1 93,231 92,271 1 
(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)Refer to page 28 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 for a description of each of the client coverage segments.
(c)Prior-period amounts have been revised to conform with the current presentation.
(d)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.




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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 TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$300 $156 $164 $69 $247 92 21 $689 $588 17 
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)3,258 2,857 2,631 2,146 1,675 14 95 3,258 1,675 95 
Nonaccrual loans held-for-sale and loans at fair value (b)1,502 1,187 988 1,093 828 27 81 1,502 828 81 
Total nonaccrual loans 4,760 4,044 3,619 3,239 2,503 18 90 4,760 2,503 90 
Derivative receivables145 210 290 293 364 (31)(60)145 364 (60)
Assets acquired in loan satisfactions213 216 220 159 169 (1)26 213 169 26 
Total nonperforming assets 5,118 4,470 4,129 3,691 3,036 14 69 5,118 3,036 69 
Allowance for credit losses:
Allowance for loan losses7,294 7,427 7,344 7,291 7,326 (2)— 7,294 7,326 — 
Allowance for lending-related commitments1,976 2,013 1,930 1,785 1,849 (2)7 1,976 1,849 7 
Total allowance for credit losses9,270 9,440 9,274 9,076 9,175 (2)1 9,270 9,175 1 
Net charge-off/(recovery) rate (c)0.25 %0.13 %0.14 %0.06 %0.21 %0.14 %0.13 %
Allowance for loan losses to period-end loans retained1.51 1.53 1.54 1.53 1.54 1.51 1.54 
Allowance for loan losses to nonaccrual loans retained (a)224 260 279 340 437 224 437 
Nonaccrual loans to total period-end loans0.91 0.76 0.70 0.63 0.49 0.91 0.49 
(a)Allowance for loan losses of $435 million, $366 million, $452 million, $375 million and $251 million were held against these nonaccrual loans at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.
(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $37 million, $38 million, $42 million, $50 million and $59 million, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
.























Page 18

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
BUSINESS METRICS
Advisory$1,060 $847 $785 $598 $751 25 %41 %$3,290 $2,814 17 %
Equity underwriting498 344 495 355 324 45 54 1,692 1,151 47 
Debt underwriting921 1,076 1,076 1,061 592 (14)56 4,134 2,666 55 
Total investment banking fees$2,479 $2,267 $2,356 $2,014 $1,667 9 49 $9,116 $6,631 37 
Client deposits and other third-party liabilities (average) (a)1,011,634 966,025 936,725 931,603 928,561 5 9 961,646 912,859 5 
Assets under custody (“AUC”) (period-end) (in billions)$35,280 $35,832 $34,024 $33,985 $32,392 (2)9 $35,280 $32,392 9 
95% Confidence Level - Total CIB VaR (average) (b)
CIB trading VaR by risk type: (c)
Fixed income$34 $37 $31 $35 $35 (8)(3)
Foreign exchange14 15 18 13 10 (7)40 
Equities10 8 7 6 5 25 100 
Commodities and other8 8 9 7 8 — — 
Diversification benefit to CIB trading VaR (d)(33)(33)(32)(29)(29)— (14)
CIB trading VaR (c)33 35 33 32 29 (6)14 
Credit Portfolio VaR (e)20 21 21 24 16 (5)25 
Diversification benefit to CIB VaR (d)(16)(14)(16)(15)(13)(14)(23)
CIB VaR$37 $42 $38 $41 $32 (12)16 
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)The impact of the CIB business segment reorganization was not material to Total CIB VaR. Prior periods have not been revised. Refer to Business Segment Results on page 20 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information.
(c)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 137–139 of the Firm’s 2023 Form 10-K for further information and pages 77–79 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 for further information.
(d)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.
(e)Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.
Page 19

JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
INCOME STATEMENT
REVENUE
Asset management fees$3,792 $3,427 $3,304 $3,170 $3,137 11 %21 %$13,693 $11,826 16 %
Commissions and other fees225 224 232 193 153 — 47 874 697 25 
All other income 60 148 97 151 148 (59)(59)456 1,037 (56)
Noninterest revenue 4,077 3,799 3,633 3,514 3,438 7 19 15,023 13,560 11 
Net interest income1,701 1,640 1,619 1,595 1,657 4 3 6,555 6,267 5 
TOTAL NET REVENUE5,778 5,439 5,252 5,109 5,095 6 13 21,578 19,827 9 
Provision for credit losses (35)4 20 (57)(1)NMNM(68)159 NM
NONINTEREST EXPENSE
Compensation expense 2,058 1,994 1,960 1,972 1,857 3 11 7,984 7,115 12 
Noncompensation expense 1,714 1,645 1,583 1,488 1,531 4 12 6,430 5,665 14 
TOTAL NONINTEREST EXPENSE3,772 3,639 3,543 3,460 3,388 4 11 14,414 12,780 13 
Income before income tax expense2,041 1,796 1,689 1,706 1,708 14 19 7,232 6,888 5 
Income tax expense 524 445 426 416 491 18 7 1,811 1,661 9 
NET INCOME $1,517 $1,351 $1,263 $1,290 $1,217 12 25 $5,421 $5,227 4 
REVENUE BY LINE OF BUSINESS
Asset Management $2,887 $2,525 $2,437 $2,326 $2,403 14 20 $10,175 $9,129 11 
Global Private Bank2,891 2,914 2,815 2,783 2,692 (1)7 11,403 10,698 7 
TOTAL NET REVENUE $5,778 $5,439 $5,252 $5,109 $5,095 6 13 $21,578 $19,827 9 
FINANCIAL RATIOS
ROE38 %34 %32 %33 % 28 % 34 %31 %
Overhead ratio65 67 67 68 66 67 64 
Pretax margin ratio:
Asset Management35 32 30 28 29 31 31 
Global Private Bank36 34 34 38 37 35 38 
Asset & Wealth Management35 33 32 33 34 34 35 
Employees
29,403 29,112 28,579 28,670 28,485 1 3 29,403 28,485 3 
Number of Global Private Bank client advisors3,775 3,753 3,509 3,536 3,515 1 7 3,775 3,515 7 




Page 20

JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets $255,385 $253,750 $247,353 $240,555 $245,512 1 %4 %$255,385 $245,512 4 %
Loans 236,303 233,903 228,042 222,472 227,929 1 4 236,303 227,929 4 
Deposits248,287 248,984 236,492 230,413 233,232 (a)— 6 248,287 233,232 6 
Equity15,500 15,500 15,500 15,500 17,000 — (9)15,500 17,000 (9)
SELECTED BALANCE SHEET DATA (average)
Total assets $253,612 $247,768 $242,155 $241,384 $247,202 2 3 $246,254 $240,222 3 
Loans 233,768 229,299 224,122 223,429 227,042 2 3 227,676 220,487 3 
Deposits248,802 236,470 227,423 227,723 226,640 (a)5 10 235,146 216,178 9 
Equity15,500 15,500 15,500 15,500 17,000 — (9)15,500 16,671 (7)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$(2)$12 $3 $8 $12 NMNM$21 $13 62 
Nonaccrual loans700 764 745 769 650 (8)8 700 650 8 
Allowance for credit losses:
Allowance for loan losses 539 566 575 571 633 (5)(15)539 633 (15)
Allowance for lending-related commitments35 38 40 27 28 (8)25 35 28 25 
Total allowance for credit losses574 604 615 598 661 (5)(13)574 661 (13)
Net charge-off/(recovery) rate— %0.02 %0.01 %0.01 %0.02 %0.01 %0.01 %
Allowance for loan losses to period-end loans 0.23 0.24 0.25 0.26 0.28 0.23 0.28 
Allowance for loan losses to nonaccrual loans77 74 77 74 97 77 97 
Nonaccrual loans to period-end loans0.30 0.33 0.33 0.35 0.29 0.30 0.29 
(a)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.


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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Dec 31, 2024
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2024 Change
CLIENT ASSETS2024202420242024202320242023202420232023
Assets by asset class
Liquidity $1,083 $983 $953 $927 $926 10 %17 %$1,083 $926 17 %
Fixed income 851 854 785 762 751 — 13 851 751 13 
Equity1,128 1,094 1,017 964 868 3 30 1,128 868 30 
Multi-asset764 763 719 711 680 — 12 764 680 12 
Alternatives219 210 208 200 197 4 11 219 197 11 
TOTAL ASSETS UNDER MANAGEMENT4,045 3,904 3,682 3,564 3,422 4 18 4,045 3,422 18 
Custody/brokerage/administration/deposits1,887 1,817 1,705 1,655 1,590 4 19 1,887 1,590 19 
TOTAL CLIENT ASSETS (a)$5,932 $5,721 $5,387 $5,219 $5,012 4 18 $5,932 $5,012 18 
Assets by client segment
Private Banking$1,234 $1,182 $1,097 $1,052 $974 4 27 $1,234 $974 27 
Global Institutional1,692 1,622 1,540 1,494 1,488 4 14 1,692 1,488 14 
Global Funds1,119 1,100 1,045 1,018 960 2 17 1,119 960 17 
TOTAL ASSETS UNDER MANAGEMENT$4,045 $3,904 $3,682 $3,564 $3,422 4 18 $4,045 $3,422 18 
Private Banking$2,974 $2,873 $2,681 $2,599 $2,452 4 21 $2,974 $2,452 21 
Global Institutional1,820 1,739 1,654 1,595 1,594 5 14 1,820 1,594 14 
Global Funds1,138 1,109 1,052 1,025 966 3 18 1,138 966 18 
TOTAL CLIENT ASSETS (a)$5,932 $5,721 $5,387 $5,219 $5,012 4 18 $5,932 $5,012 18 
Assets under management rollforward
Beginning balance$3,904 $3,682 $3,564 $3,422 $3,186 $3,422 $2,766 
Net asset flows:
Liquidity 94 34 16 (4)49 140 242 
Fixed income 18 37 22 14 6 91 70 
Equity41 21 31 21 12 114 70 
Multi-asset14 10 (3)(2)(1)19 1 
Alternatives3 4 2 1 (5)10 (1)
Market/performance/other impacts(29)116 50 112 175 249 274 
Ending balance$4,045 $3,904 $3,682 $3,564 $3,422 $4,045 $3,422 
Client assets rollforward
Beginning balance$5,721 $5,387 $5,219 $5,012 $4,644 $5,012 $4,048 
Net asset flows224 140 79 43 94 486 490 
Market/performance/other impacts(13)194 89 164 274 434 474 
Ending balance$5,932 $5,721 $5,387 $5,219 $5,012 $5,932 $5,012 
BUSINESS METRICS
Firmwide Wealth Management
Client assets (in billions) (b)$3,756 $3,648 $3,427 $3,360 $3,177 3 18 $3,756 $3,177 18 
Number of client advisors9,530 9,528 9,181 9,107 8,971 — 6 9,530 8,971 6 
Stock Plan Administration (c)
Number of stock plan participants (in thousands)1,327 1,118 1,118 1,038 974 19 36 1,327 974 36 
Client assets (in billions)270 254 249 233 230 6 17 270 230 17 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.
(c)Relates to an equity plan administration business which was acquired in 2022 with the Firm's purchase of Global Shares. The increase in the fourth quarter of 2024 includes the impact of onboarding participants in the Firm’s employee stock plans.
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JPMORGAN CHASE & CO.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
INCOME STATEMENT
REVENUE
Principal transactions$28 $(1)$60 $65 $(21)NMNM$152 $302 (50)%
Investment securities losses(92)(16)(546)(366)(743)(475)%88 %(1,020)(3,180)68 
All other income 34 172 8,244 (f)26 96 (80)(65)8,476 
(f)
3,010 182 
Noninterest revenue(30)155 7,758 (275)(668)NM96 7,608 132 NM
Net interest income 2,030 2,915 2,364 2,477 2,445 (30)(17)9,786 7,906 24 
TOTAL NET REVENUE (a)2,000 3,070 10,122 2,202 1,777 (35)13 17,394 8,038 116 
Provision for credit losses(18)(4)5 27 (2)(350)NM10 171 (94)
NONINTEREST EXPENSE550 589 1,579 (g)1,276 (h)3,593 (h)(7)(85)3,994 (g)(h)5,601 (h)(j)(29)
Income/(loss) before income tax expense/(benefit)1,468 2,485 8,538 899 (1,814)(41)NM13,390 2,266 491 
Income tax expense/(benefit) 132 675 1,759 223 (939)(i)(80)NM2,789 (555)(i)NM
NET INCOME/(LOSS)
$1,336 $1,810 $6,779 $676 $(875)(26)NM$10,601 $2,821 276 
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
2,083 3,154 2,084 2,317 2,065 (34)1 9,638 6,072 59 
Other Corporate(83)(84)8,038 (115)(288)1 71 7,756 1,966 295 
TOTAL NET REVENUE$2,000 $3,070 $10,122 $2,202 $1,777 (35)13 $17,394 $8,038 116 
NET INCOME/(LOSS)
Treasury and CIO1,568 2,291 1,513 1,641 1,396 (32)12 7,013 4,206 67 
Other Corporate (232)(481)5,266 (965)(2,271)52 90 3,588 (1,385)NM
TOTAL NET INCOME/(LOSS) $1,336 $1,810 $6,779 $676 $(875)(26)NM$10,601 $2,821 276 
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,323,967 $1,276,238 (e)$1,318,119 $1,322,799 $1,348,437 4 (2)$1,323,967 $1,348,437 (2)
Loans1,964 2,302 2,408 2,104 1,924 (15)2 1,964 1,924 2 
Deposits (b)27,581 30,170 26,073 22,515 21,826 (9)26 27,581 21,826 26 
Employees
49,610 49,213 47,828 48,015 47,530 1 4 49,610 47,530 4 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses$(92)$(16)$(546)$(366)$(743)(475)88 $(1,020)$(3,180)68 
Available-for-sale securities (average) 371,415 306,244 247,304 222,943 199,581 21 86 287,260 200,708 43 
Held-to-maturity securities (average) (c)286,993 313,898 330,347 354,759 377,709 (9)(24)321,384 402,010 (20)
Investment securities portfolio (average)$658,408 $620,142 $577,651 $577,702 $577,290 6 14 $608,644 $602,718 1 
Available-for-sale securities (period-end)403,796 331,715 263,624 233,770 199,354 22 103 403,796 199,354 103 
Held-to-maturity securities (period-end) (c)274,468 299,954 323,746 334,527 369,848 (8)(26)274,468 369,848 (26)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)$678,264 $631,669 $587,370 $568,297 $569,202 7 19 $678,264 $569,202 19 
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million, $44 million, $45 million, $49 million and $53 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively and $182 million and $211 million for the full year 2024 and 2023, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, the estimated fair value of the HTM securities portfolio was $247.9 billion, $279.6 billion, $294.8 billion, $305.4 billion and $342.8 billion, respectively.
(d)At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, the allowance for credit losses on investment securities was $105 million, $123 million, $125 million, $120 million and $94 million, respectively.
(e)Prior-period amounts have been revised to conform with the current presentation.
(f)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.
(g)Included a $1.0 billion donation of Visa shares to pre-fund contributions to the JPMorganChase Foundation.
(h)Included an FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which was an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.
(i)Included an income tax benefit of $463 million and $428 million for the three months and full year ended December 31, 2023, respectively, related to the finalization of certain income tax regulations.
(j)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense has been aligned to the appropriate LOBs.
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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION
(in millions)
Dec 31, 2024
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2024202420242024202320242023
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$376,334 $377,938 $382,795 $389,592 $397,275 — %(5)%
Loans held-for-sale and loans at fair value 16,476 17,007 14,160 13,812 12,818 (3)29 
Total consumer, excluding credit card loans392,810 394,945 396,955 403,404 410,093 (1)(4)
Credit card loans
Loans retained232,860 219,542 216,100 206,740 211,123 6 10 
Total credit card loans232,860 219,542 216,100 206,740 211,123 6 10 
Total consumer loans 625,670 614,487 613,055 610,144 621,216 2 1 
Wholesale loans (b)
Loans retained690,396 687,890 674,152 667,761 672,472 — 3 
Loans held-for-sale and loans at fair value 31,922 37,634 33,493 31,711 30,018 (15)6 
Total wholesale loans 722,318 725,524 707,645 699,472 702,490 — 3 
Total loans 1,347,988 1,340,011 1,320,700 1,309,616 1,323,706 1 2 
Derivative receivables 60,967 52,561 54,673 56,621 54,864 16 11 
Receivables from customers (c)51,929 53,270 56,018 52,036 47,625 (3)9 
Total credit-related assets 1,460,884 1,445,842 1,431,391 1,418,273 1,426,195 1 2 
Lending-related commitments
Consumer, excluding credit card 44,844 45,322 47,215 46,660 45,403 (1)(1)
Credit card (d)1,001,311 989,594 964,727 943,935 915,658 1 9 
Wholesale 531,467 541,560 (g)545,020 532,514 536,786 (2)(1)
Total lending-related commitments1,577,622 1,576,476 1,556,962 1,523,109 1,497,847 — 5 
Total credit exposure $3,038,506 $3,022,318 $2,988,353 $2,941,382 $2,924,042 1 4 
Memo: Total by category
Consumer exposure (e)$1,671,825 $1,649,403 $1,624,997 $1,600,739 $1,582,277 1 6 
Wholesale exposure (f)1,366,681 1,372,915 1,363,356 1,340,643 1,341,765 — 2 
Total credit exposure$3,038,506 $3,022,318 $2,988,353 $2,941,382 $2,924,042 1 4 
    
(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes loans held in CIB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(d)Also includes commercial card lending-related commitments primarily in CIB.
(e)Represents total consumer loans and lending-related commitments.
(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.
(g)Prior-period amounts have been revised to conform with the current presentation.



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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Dec 31, 2024
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2024202420242024202320242023
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,224 $3,316 $3,423 $3,630 $3,643 (3)%(12)%
   Loans held-for-sale and loans at fair value 693 397 382 481 560 75 24 
Total consumer nonaccrual loans3,917 3,713 3,805 4,111 4,203 5 (7)
Wholesale nonaccrual loans
Loans retained3,942 3,517 3,289 2,927 2,346 12 68 
Loans held-for-sale and loans at fair value 969 845 697 639 368 15 163 
Total wholesale nonaccrual loans 4,911 4,362 3,986 3,566 2,714 13 81 
Total nonaccrual loans8,828 8,075 7,791 7,677 6,917 9 28 
Derivative receivables 145 210 290 293 364 (31)(60)
Assets acquired in loan satisfactions318 343 342 295 316 (7)1 
Total nonperforming assets 9,291 8,628 8,423 8,265 7,597 8 22 
Wholesale lending-related commitments (b) 737 619 541 390 464 19 59 
Total nonperforming exposure$10,028 $9,247 $8,964 $8,655 $8,061 8 24 
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.65 %0.60 %0.59 %0.59 %0.52 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.00 0.94 0.96 1.02 1.02 
Total wholesale nonaccrual loans to total
wholesale loans 0.68 0.60 0.56 0.51 0.39 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $121 million, $126 million, $138 million, $157 million and $182 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2023 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)Represents commitments that are risk rated as nonaccrual.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$23,949 $22,991 $22,351 $22,420 $21,946 4 %9 %$22,420 $19,139 17 %
Net charge-offs:
Gross charge-offs2,845 2,567 2,726 2,381 2,557 11 11 10,519 7,653 37 
Gross recoveries collected(481)(480)(495)(425)(393)— (22)(1,881)(1,444)(30)
Net charge-offs2,364 2,087 2,231 1,956 2,164 13 9 8,638 6,209 39 
Provision for loan losses 2,696 3,040 2,871 1,887 2,625 (11)3 10,494 9,468 11 
Other64 5 — — 13 NM392 69 22 214 
Ending balance$24,345 $23,949 $22,991 $22,351 $22,420 2 9 $24,345 $22,420 9 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,142 $2,068 $1,916 $1,974 $2,075 4 3 $1,974 $2,382 (17)
Provision for lending-related commitments (40)74 154 (60)(100)NM60 128 (408)NM
Other(1)— (2)2 (1)NM— (1)— NM
Ending balance$2,101 $2,142 $2,068 $1,916 $1,974 (2)6 $2,101 $1,974 6 
ALLOWANCE FOR INVESTMENT SECURITIES$152 $175 $177 $154 $128 (13)19 $152 $128 19 
Total allowance for credit losses (a)$26,598 $26,266 $25,236 $24,421 $24,522 1 8 $26,598 $24,522 8 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.20 %0.17 %0.14 %0.19 %0.21 %0.18 %0.17 %
Credit card retained loans3.30 3.23 3.50 3.32 2.79 3.34 2.45 
Total consumer retained loans1.36 1.29 1.33 1.26 1.08 1.31 0.96 
Wholesale retained loans0.18 0.09 0.16 0.05 0.31 0.12 0.14 
Total retained loans 0.73 0.65 0.71 0.62 0.68 0.68 0.52 
Memo: Average retained loans
Consumer retained, excluding credit card loans$376,976 $379,459 $385,662 $394,033 $397,819 (1)(5)$384,001 $364,061 5 
Credit card retained loans224,124 217,204 210,020 204,637 202,652 3 11 214,033 191,412 12 
Total average retained consumer loans601,100 596,663 595,682 598,670 600,471 1 — 598,034 555,473 8 
Wholesale retained loans687,197 674,939 666,347 664,588 669,899 2 3 673,310 646,875 4 
Total average retained loans$1,288,297 $1,271,602 $1,262,029 $1,263,258 $1,270,370 1 1 $1,271,344 $1,202,348 6 
(a)At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $268 million, $277 million, $278 million, $274 million and $243 million, respectively.






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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Dec 31, 2024
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2024202420242024202320242023
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$(728)$(756)$(856)$(873)$(876)4 %17 %
Portfolio-based2,535 2,491 2,599 2,603 2,732 2 (7)
Total consumer, excluding credit card1,807 1,735 1,743 1,730 1,856 4 (3)
Credit card
Portfolio-based14,600 14,100 13,200 12,600 12,450 4 17 
Total credit card14,600 14,100 13,200 12,600 12,450 4 17 
Total consumer16,407 15,835 14,943 14,330 14,306 4 15 
Wholesale
Asset-specific
526 499 562 514 392 5 34 
Portfolio-based7,412 7,615 7,486 7,507 7,722 (3)(4)
Total wholesale7,938 8,114 8,048 8,021 8,114 (2)(2)
Total allowance for loan losses 24,345 23,949 22,991 22,351 22,420 2 9 
Allowance for lending-related commitments2,101 2,142 2,068 1,916 1,974 (2)6 
Allowance for investment securities152 175 177 154 128 (13)19 
Total allowance for credit losses$26,598 $26,266 $25,236 $24,421 $24,522 1 8 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.48 %0.46 %0.46 %0.44 %0.47 %
Credit card allowance to total credit card retained loans6.27 6.42 6.11 6.09 5.90 
Wholesale allowance to total wholesale retained loans1.15 1.18 1.19 1.20 1.21 
Total allowance to total retained loans1.87 1.86 1.81 1.77 1.75 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (a)
56 52 51 48 51 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (a)
136 144 146 149 166 
Wholesale allowance to wholesale retained nonaccrual loans201 231 245 274 346 
Total allowance to total retained nonaccrual loans340 350 343 341 374 
(a)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.



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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 as a whole and for each of the reportable business segments and Corporate on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the lines of business and Corporate.
(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
(d)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets, as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income.These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to page 75 of the Firm’s 2023 Form 10-K.
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
(in millions, except rates)4Q243Q242Q241Q244Q233Q244Q23202420232023
Net interest income - reported$23,350 $23,405 $22,746 $23,082 $24,051 — %(3)%$92,583 $89,267 4 %
Fully taxable-equivalent adjustments121 120 115 121 126 1 (4)477 480 (1)
Net interest income - managed basis
$23,471 $23,525 $22,861 $23,203 $24,177 — (3)$93,060 $89,747 4 
Less: Markets net interest income457 78 (77)183 615 486 (26)641 (294)NM
Net interest income excluding Markets
$23,014 $23,447 $22,938 $23,020 $23,562 (2)(2)$92,419 $90,041 3 
Average interest-earning assets$3,571,960 $3,621,766 $3,509,725 $3,445,515 $3,408,395 (1)5 $3,537,567 $3,325,708 6 
Less: Average Markets interest-earning assets
1,157,421 1,206,085 1,116,853 1,031,075 985,997 (4)17 1,128,153 985,777 14 
Average interest-earning assets excluding Markets$2,414,539 $2,415,681 $2,392,872 $2,414,440 $2,422,398 — — $2,409,414 $2,339,931 3 
Net yield on average interest-earning assets - managed basis (a)2.61 %2.58 %2.62 %2.71 %2.81 %2.63 %2.70 %
Net yield on average Markets interest-earning assets
0.16 0.03 (0.03)0.07 0.25 0.06 (0.03)
Net yield on average interest-earning assets excluding Markets (a)3.79 3.86 3.86 3.83 3.86 3.84 3.85 
Noninterest revenue - reported (b)$19,418 $19,249 $27,454 $18,852 $14,523 1 34 $84,973 $68,837 23 
Fully taxable-equivalent adjustments (b)849 541 677 493 1,243 57 (32)2,560 3,782 (32)
Noninterest revenue - managed basis$20,267 $19,790 $28,131 $19,345 $15,766 2 29 $87,533 $72,619 21 
Less: Markets noninterest revenue
6,592 7,074 7,870 7,830 
(c)
5,232 
(c)
(7)26 29,366 
(c)
28,258 
(c)
4 
Noninterest revenue excluding Markets$13,675 $12,716 $20,261 $11,515 $10,534 8 30 $58,167 $44,361 31 
Memo: Markets total net revenue$7,049 $7,152 $7,793 $8,013 $5,847 (1)21 $30,007 $27,964 7 
(a) Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2023 Form 10-K for additional information on hedge accounting.
(b) Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.
(c) Effective in the second quarter of 2024, the former Corporate & Investment Bank and Commercial Banking business segments were combined to form one segment, the Commercial & Investment Bank. Prior-period amounts have been revised to include the markets-related revenues of the former Commercial Banking business segment, to conform with the current presentation.


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