Interest Income and Interest Expense

3 Months Ended

Mar. 31, 2013

Interest Income (Expense), Net [Abstract]

INTEREST INCOME AND INTEREST EXPENSE

Interest income and Interest expense

For a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense, see Note 8 on page 230 of JPMorgan Chase’s 2012 Annual Report.

Details of interest income and interest expense were as follows.

	Three months ended March 31,
(in millions)	2013				2012
Interest income
Loans	$	8,513			$	9,102
Securities	1,890				2,295
Trading assets	2,273				2,394
Federal funds sold and securities purchased under resale agreements	514				651
Securities borrowed	(6		)	(c)	37
Deposits with banks	163				152
Other assets(a)	80				70
Total interest income	13,427				14,701
Interest expense
Interest-bearing deposits	545				722
Short-term and other liabilities(b)	520				409
Long-term debt	1,295				1,722
Beneficial interests issued by consolidated VIEs	134				182
Total interest expense	2,494				3,035
Net interest income	10,933				11,666
Provision for credit losses	617				726
Net interest income after provision for credit losses	$	10,316			$	10,940

(a) Largely margin loans.

(b) Includes brokerage customer payables.

(c) Negative interest income for the three months ended March 31, 2013, is a result of increased client-driven demand for certain securities combined with the impact of low interest rates; the offset of this matched book activity is reflected as lower net interest expense reported within short-term and other liabilities.