Interest Income and Interest Expense

3 Months Ended

Mar. 31, 2019

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, refer to Note 7 of JPMorgan Chase’s 2018 Form 10-K.

The following table presents the components of interest income and interest expense.

	Three months ended March 31,
(in millions)	2019		2018
Interest income
Loans(a)	$	12,880	$	11,074
Taxable securities	1,705		1,313
Non-taxable securities(b)	363		410
Total investment securities(a)	2,068		1,723
Trading assets	2,769		2,103
Federal funds sold and securities purchased under resale agreements	1,647		731
Securities borrowed	356		62
Deposits with banks	1,170		1,321
All other interest-earning assets(c)	1,004		681
Total interest income	21,894		17,695
Interest expense
Interest-bearing deposits	2,188		1,060
Federal funds purchased and securities loaned or sold under repurchase agreements	1,110		578
Short-term borrowings(d)	427		209
Trading liabilities – debt and all other interest-bearing liabilities(e)	1,224		660
Long-term debt	2,342		1,753
Beneficial interest issued by consolidated VIEs	150		123
Total interest expense	7,441		4,383
Net interest income	14,453		13,312
Provision for credit losses	1,495		1,165
Net interest income after provision for credit losses	$	12,958	$	12,147

(a) Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts, net deferred fees/costs, etc.).

(b) Represents securities which are tax-exempt for U.S. federal income tax purposes.

(c) Includes held-for-investment margin loans, 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.

(d) Includes commercial paper.

(e)

Other interest-bearing liabilities include brokerage customer payables.