EX-99.2 3 a1q22erfex992supplement.htm EX-99.2 Document
                                                                    
Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

















                                                                    
JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment Results - Managed Basis8
Capital and Other Selected Balance Sheet Items9
Earnings Per Share and Related Information10
Business Segment Results
Consumer & Community Banking (“CCB”)11–14
Corporate & Investment Bank (“CIB”)15–17
Commercial Banking (“CB”)18–19
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 305–311 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”).


                                                                    
    
JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q22 Change
SELECTED INCOME STATEMENT DATA 1Q224Q213Q212Q211Q214Q211Q21
Reported Basis
Total net revenue$30,717 $29,257 $29,647 $30,479 $32,266 %(5)%
Total noninterest expense19,191 17,888 17,063 17,667 18,725 
Pre-provision profit (a)11,526 11,369 12,584 12,812 13,541 (15)
Provision for credit losses1,463 (1,288)(1,527)(2,285)(4,156)NMNM
NET INCOME8,282 10,399 11,687 11,948 14,300 (20)(42)
Managed Basis (b)
Total net revenue31,590 30,349 30,441 31,395 33,119 (5)
Total noninterest expense19,191 17,888 17,063 17,667 18,725 
Pre-provision profit (a)12,399 12,461 13,378 13,728 14,394 — (14)
Provision for credit losses1,463 (1,288)(1,527)(2,285)(4,156)NMNM
NET INCOME8,282 10,399 11,687 11,948 14,300 (20)(42)
EARNINGS PER SHARE DATA
Net income: Basic$2.64 $3.33 $3.74 $3.79 $4.51 (21)(41)
Diluted2.63 3.33 3.74 3.78 4.50 (21)(42)
Average shares: Basic2,977.0 2,977.3 2,999.9 3,036.6 3,073.5 — (3)
Diluted2,981.0 2,981.8 3,005.1 3,041.9 3,078.9 — (3)
MARKET AND PER COMMON SHARE DATA
Market capitalization$400,379 $466,206 $483,748 $464,778 $460,820 (14)(13)
Common shares at period-end2,937.1 2,944.1 2,955.3 2,988.2 3,027.1 — (3)
Book value per share86.16 88.07 86.36 84.85 82.31 (2)
Tangible book value per share (“TBVPS”) (a)69.58 71.53 69.87 68.91 66.56 (3)
Cash dividends declared per share1.00 1.00 1.00 (f)0.90 0.90 — 11 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)13 %16 %18 %18 %23 %
Return on tangible common equity (“ROTCE”) (a)16 19 22 23 29 
Return on assets0.86 1.08 1.24 1.29 1.61 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio11.9 %(e)13.1 %12.9 %13.0 %13.1 %
Tier 1 capital ratio13.7 (e)15.0 15.0 15.1 15.0 
Total capital ratio15.4 (e)16.8 16.9 17.1 17.2 
Tier 1 leverage ratio6.2 (e)6.5 6.6 6.6 6.7 
Supplementary leverage ratio (“SLR”)5.2 (e)5.4 5.5 5.4 6.7 
(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 9 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)Quarterly ratios are based upon annualized amounts.
(d)The capital metrics reflect the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the Current Expected Credit Losses ("CECL") capital transition provisions which expired on December 31, 2021. Effective January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021 will be phased out at 25% per year over a three-year period. As of March 31, 2022, CET1 capital reflected the remaining 75%, or $2.2 billion, benefit associated with the CECL capital transition provisions. For the periods ended December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion, $3.3 billion, $3.8 billion and $4.5 billion, respectively. For the period ended March 31, 2021, the SLR reflected the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Capital Risk Management on pages 86-96 of the Firm’s 2021 Form 10-K for additional information.
(e)Estimated.
(f)On September 21, 2021, the Board of Directors declared a quarterly common stock dividend of $1.00 per share.
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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
SELECTED BALANCE SHEET DATA (period-end)
Total assets$3,954,687 $3,743,567 $3,757,576 $3,684,256 $3,689,336 %%
Loans:
Consumer, excluding credit card loans312,489 323,306 328,164 329,685 324,908 (3)(4)
Credit card loans152,283 154,296 143,166 141,802 132,493 (1)15 
Wholesale loans608,513 600,112 573,285 569,467 553,906 10 
Total Loans1,073,285 1,077,714 1,044,615 1,040,954 1,011,307 — 
Deposits:
U.S. offices:
Noninterest-bearing721,401 711,525 (d)686,457 (d)639,114 629,139 15 
Interest-bearing1,412,589 1,359,932 (d)1,314,073 (d)1,281,432 1,266,856 12 
Non-U.S. offices:
Noninterest-bearing27,542 26,229 28,589 24,723 22,661 22 
Interest-bearing399,675 364,617 373,234 359,948 359,456 10 11 
Total deposits2,561,207 2,462,303 2,402,353 2,305,217 2,278,112 12 
Long-term debt 293,239 301,005 298,465 299,926 279,427 (3)
Common stockholders’ equity253,061 259,289 255,203 253,548 249,151 (2)
Total stockholders’ equity285,899 294,127 290,041 286,386 280,714 (3)
Loans-to-deposits ratio42 %44 %43 %45 %44 %
Headcount273,948 271,025 265,790 260,110 259,350 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR$63 (c)$37 $36 (d)$43 $106 70 (41)
LINE OF BUSINESS NET REVENUE (a)
Consumer & Community Banking$12,229 $12,275 $12,521 $12,760 $12,517 — (2)
Corporate & Investment Bank13,529 11,534 12,396 13,214 14,605 17 (7)
Commercial Banking2,398 2,612 2,520 2,483 2,393 (8)— 
Asset & Wealth Management 4,315 4,473 4,300 4,107 4,077 (4)
Corporate(881)(545)(1,296)(1,169)(473)(62)(86)
TOTAL NET REVENUE$31,590 $30,349 $30,441 $31,395 $33,119 (5)
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking (b)$2,895 $4,147 $4,351 $5,645 $6,787 (30)(57)
Corporate & Investment Bank (b)4,385 4,543 5,647 5,020 5,924 (3)(26)
Commercial Banking (b)850 1,234 1,409 1,422 1,181 (31)(28)
Asset & Wealth Management (b)1,008 1,125 1,196 1,156 1,260 (10)(20)
Corporate (b)(856)(650)(916)(1,295)(852)(32)— 
NET INCOME$8,282 $10,399 $11,687 $11,948 $14,300 (20)(42)
(a)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
(c)Refer to Corporate & Investment Bank credit portfolio VaR on page 17 for a further discussion of VaR.
(d)Prior-period amounts have been revised to conform with the current presentation.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q22 Change
REVENUE1Q224Q213Q212Q211Q214Q211Q21
Investment banking fees $2,008 $3,494 $3,282 $3,470 $2,970 (43)%(32)%
Principal transactions5,105 2,182 3,546 4,076 6,500 134 (21)
Lending- and deposit-related fees1,839 1,784 1,801 1,760 1,687 
Asset management, administration and commissions5,362 5,549 5,257 5,194 5,029 (3)
Investment securities gains/(losses)(394)52 (256)(155)14 NMNM
Mortgage fees and related income460 315 600 551 704 46 (35)
Card income975 1,100 1,005 1,647 1,350 (11)(28)
Other income 1,490 1,180 1,332 1,195 1,123 26 33 
Noninterest revenue16,845 15,656 16,567 17,738 19,377 (13)
Interest income15,496 15,019 14,480 14,094 14,271 
Interest expense1,624 1,418 1,400 1,353 1,382 15 18 
Net interest income13,872 13,601 13,080 12,741 12,889 
TOTAL NET REVENUE30,717 29,257 29,647 30,479 32,266 (5)
Provision for credit losses1,463 (1,288)(1,527)(2,285)(4,156)NMNM
NONINTEREST EXPENSE
Compensation expense 10,787 9,065 9,087 9,814 10,601 19 
Occupancy expense1,134 1,202 1,109 1,090 1,115 (6)
Technology, communications and equipment expense 2,360 2,461 2,473 2,488 2,519 (4)(6)
Professional and outside services 2,572 2,703 2,523 2,385 2,203 (5)17 
Marketing920 947 712 626 751 (3)23 
Other expense (a)1,418 1,510 1,159 1,264 1,536 (6)(8)
TOTAL NONINTEREST EXPENSE19,191 17,888 17,063 17,667 18,725 
Income before income tax expense10,063 12,657 14,111 15,097 17,697 (20)(43)
Income tax expense 1,781 2,258 2,424 3,149 3,397 (21)(48)
NET INCOME$8,282 $10,399 $11,687 $11,948 $14,300 (20)(42)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$2.64 $3.33 $3.74 $3.79 $4.51 (21)(41)
Diluted earnings per share2.63 3.33 3.74 3.78 4.50 (21)(42)
FINANCIAL RATIOS
Return on common equity (b)13 %16 %18 %18 %23 %
Return on tangible common equity (b)(c)16 19 22 23 29 
Return on assets (b)0.86 1.08 1.24 1.29 1.61 
Effective income tax rate 17.7 17.8 17.2 20.9 19.2 
Overhead ratio62 61 58 58 58 
(a)Included Firmwide legal expense of $119 million, $137 million, $76 million, $185 million and $28 million for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(b)Quarterly ratios are based upon annualized amounts.
(c)Refer to page 28 for further discussion of ROTCE.



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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Mar 31, 2022
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2022202120212021202120212021
ASSETS
Cash and due from banks $26,165 $26,438 $25,857 $26,592 $25,397 (1)%%
Deposits with banks 728,367 714,396 734,012 678,829 685,675 
Federal funds sold and securities purchased under
resale agreements301,875 261,698 282,161 260,987 272,481 15 11 
Securities borrowed224,852 206,071 202,987 186,376 179,516 25 
Trading assets:
Debt and equity instruments437,892 376,494 447,993 454,268 (a)475,156 (a)16 (8)
Derivative receivables73,636 57,081 67,908 66,320 (a)68,896 (a)29 
Available-for-sale (“AFS”) securities312,875 308,525 251,590 232,161 379,942 (18)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses366,585 363,707 343,542 341,476 217,452 69 
Investment securities, net of allowance for credit losses679,460 672,232 595,132 573,637 597,394 14 
Loans1,073,285 1,077,714 1,044,615 1,040,954 1,011,307 — 
Less: Allowance for loan losses17,192 16,386 18,150 19,500 23,001 (25)
Loans, net of allowance for loan losses1,056,093 1,061,328 1,026,465 1,021,454 988,306 — 
Accrued interest and accounts receivable152,207 102,570 116,395 125,253 114,754 48 33 
Premises and equipment26,916 27,070 26,996 26,631 26,926 (1)— 
Goodwill, MSRs and other intangible assets58,485 56,691 56,566 54,655 54,588 
Other assets 188,739 181,498 175,104 209,254 200,247 (6)
TOTAL ASSETS$3,954,687 $3,743,567 $3,757,576 $3,684,256 $3,689,336 
LIABILITIES
Deposits$2,561,207 $2,462,303 $2,402,353 $2,305,217 $2,278,112 12 
Federal funds purchased and securities loaned or sold
under repurchase agreements223,858 194,340 254,920 245,437 304,019 15 (26)
Short-term borrowings57,586 53,594 50,393 51,938 54,978 
Trading liabilities:
Debt and equity instruments144,280 114,577 126,058 127,822 130,909 26 10 
Derivative payables57,803 50,116 53,485 56,045 60,440 15 (4)
Accounts payable and other liabilities 320,671 262,755 268,604 297,082 285,066 22 12 
Beneficial interests issued by consolidated VIEs10,144 10,750 13,257 14,403 15,671 (6)(35)
Long-term debt293,239 301,005 298,465 299,926 279,427 (3)
TOTAL LIABILITIES3,668,788 3,449,440 3,467,535 3,397,870 3,408,622 
STOCKHOLDERS’ EQUITY
Preferred stock32,838 34,838 34,838 32,838 31,563 (6)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital88,260 88,415 88,357 88,194 88,005 — — 
Retained earnings277,177 272,268 265,276 256,983 248,151 12 
Accumulated other comprehensive income/(loss)(9,567)(84)963 2,570 1,041 NMNM
Treasury stock, at cost(106,914)(105,415)(103,498)(98,304)(92,151)(1)(16)
TOTAL STOCKHOLDERS’ EQUITY285,899 294,127 290,041 286,386 280,714 (3)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,954,687 $3,743,567 $3,757,576 $3,684,256 $3,689,336 
(a)Prior-period amounts have been revised to conform with the current presentation.
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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDS
1Q22 Change
AVERAGE BALANCES 1Q224Q213Q212Q211Q214Q211Q21
ASSETS
Deposits with banks $742,311 $767,713 $756,653 $721,214 $631,606 (3)%18 %
Federal funds sold and securities purchased under resale agreements294,951 268,953 262,679 255,831 289,763 10 
Securities borrowed218,030 207,059 189,418 190,785 175,019 25 
Trading assets - debt instruments 272,116 260,555 275,860 277,024 322,648 (16)
Investment securities671,165 642,675 565,344 585,084 582,460 15 
Loans 1,068,637 1,060,254 1,042,591 1,024,633 1,013,524 
All other interest-earning assets (a)134,741 130,646 127,241 122,624 111,549 21 
Total interest-earning assets 3,401,951 3,337,855 3,219,786 3,177,195 3,126,569 
Trading assets - equity and other instruments156,908 150,770 177,315 199,288 (g)164,010 (g)(4)
Trading assets - derivative receivables67,334 66,024 65,574 70,212 (g)74,730 (g)(10)
All other noninterest-earning assets 280,595 277,006 262,544 281,992 247,532 13 
TOTAL ASSETS$3,906,788 $3,831,655 $3,725,219 $3,728,687 $3,612,841 
LIABILITIES
Interest-bearing deposits $1,781,320 $1,731,609 (g)$1,677,837 (g)$1,669,376 $1,610,467 11 
Federal funds purchased and securities loaned or
sold under repurchase agreements250,215 234,504 240,912 261,343 301,386 (17)
Short-term borrowings (b)47,871 46,456 43,759 46,185 42,031 14 
Trading liabilities - debt and all other interest-bearing liabilities (c)263,025 246,675 241,297 246,666 230,922 14 
Beneficial interests issued by consolidated VIEs10,891 11,906 14,232 15,117 17,185 (9)(37)
Long-term debt 254,180 255,710 257,593 248,552 239,398 (1)
Total interest-bearing liabilities 2,607,502 2,526,860 2,475,630 2,487,239 2,441,389 
Noninterest-bearing deposits 734,233 736,203 (g)691,622 (g)654,419 614,165 — 20 
Trading liabilities - equity and other instruments 43,394 40,645 35,505 35,397 35,029 24 
Trading liabilities - derivative payables54,522 55,063 55,907 62,533 67,960 (1)(20)
All other noninterest-bearing liabilities 181,105 184,241 178,770 205,584 178,444 (2)
TOTAL LIABILITIES3,620,756 3,543,012 3,437,434 3,445,172 3,336,987 
Preferred stock33,526 34,838 34,229 32,666 30,312 (4)11 
Common stockholders’ equity252,506 253,805 253,556 250,849 245,542 (1)
TOTAL STOCKHOLDERS’ EQUITY286,032 288,643 287,785 283,515 275,854 (1)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,906,788 $3,831,655 $3,725,219 $3,728,687 $3,612,841 
AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks 0.13 %0.09 %0.09 %0.06 %0.04 %
Federal funds sold and securities purchased under resale agreements0.55 0.47 0.35 0.27 0.33 
Securities borrowed (e)(0.16)(0.28)(0.15)(0.19)(0.18)
Trading assets - debt instruments 2.65 2.52 2.43 2.49 2.25 
Investment securities1.38 1.26 1.32 1.31 1.36 
Loans 4.05 4.04 3.99 3.98 4.09 
All other interest-earning assets (a)0.97 0.87 0.64 0.66 0.72 
Total interest-earning assets 1.86 1.80 1.80 1.79 1.87 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 0.04 0.03 0.03 0.03 0.04 
Federal funds purchased and securities loaned or
sold under repurchase agreements0.19 0.13 0.20 0.09 0.02 
Short-term borrowings (b)0.32 0.26 0.26 0.30 0.31 
Trading liabilities - debt and all other interest-bearing liabilities (c)(e)0.30 0.20 0.09 0.08 0.05 
Beneficial interests issued by consolidated VIEs0.69 0.56 0.50 0.55 0.64 
Long-term debt 1.72 1.61 1.62 1.70 1.92 
Total interest-bearing liabilities 0.25 0.22 0.22 0.22 0.23 
INTEREST RATE SPREAD1.61 1.58 1.58 1.57 1.64 
NET YIELD ON INTEREST-EARNING ASSETS1.67 1.63 1.62 1.62 1.69 
Memo: Net yield on interest-earning assets excluding Markets (f)1.95 1.90 1.91 1.90 1.93 
(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)    Includes commercial paper.
(c)    All other interest-bearing liabilities include brokerage-related customer payables.
(d)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(e)    Negative interest income and yields are related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other liabilities.
(f)    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.
(g)    Prior-period amounts have been revised to conform with the current presentation.

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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 TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
OTHER INCOME
Other income - reported (a)$1,490 $1,180 $1,332 $1,195 $1,123 26 %33 %
Fully taxable-equivalent adjustments (a)775 984 690 807 744 (21)
Other income - managed$2,265 $2,164 $2,022 $2,002 $1,867 21 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$16,845 $15,656 $16,567 $17,738 $19,377 (13)
Fully taxable-equivalent adjustments775 984 690 807 744 (21)
Total noninterest revenue - managed$17,620 $16,640 $17,257 $18,545 $20,121 (12)
NET INTEREST INCOME
Net interest income - reported$13,872 $13,601 $13,080 $12,741 $12,889 
Fully taxable-equivalent adjustments (a)98 108 104 109 109 (9)(10)
Net interest income - managed$13,970 $13,709 $13,184 $12,850 $12,998 
TOTAL NET REVENUE
Total net revenue - reported$30,717 $29,257 $29,647 $30,479 $32,266 (5)
Fully taxable-equivalent adjustments873 1,092 794 916 853 (20)
Total net revenue - managed$31,590 $30,349 $30,441 $31,395 $33,119 (5)
PRE-PROVISION PROFIT
Pre-provision profit - reported$11,526 $11,369 $12,584 $12,812 $13,541 (15)
Fully taxable-equivalent adjustments873 1,092 794 916 853 (20)
Pre-provision profit - managed$12,399 $12,461 $13,378 $13,728 $14,394 — (14)
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$10,063 $12,657 $14,111 $15,097 $17,697 (20)(43)
Fully taxable-equivalent adjustments873 1,092 794 916 853 (20)
Income before income tax expense - managed$10,936 $13,749 $14,905 $16,013 $18,550 (20)(41)
INCOME TAX EXPENSE
Income tax expense - reported$1,781 $2,258 $2,424 $3,149 $3,397 (21)(48)
Fully taxable-equivalent adjustments 873 1,092 794 916 853 (20)
Income tax expense - managed$2,654 $3,350 $3,218 $4,065 $4,250 (21)(38)
OVERHEAD RATIO
Overhead ratio - reported62 %61 %58 %58 %58 %
Overhead ratio - managed61 59 56 56 57 
(a)Predominantly recognized in CIB, CB and Corporate.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$12,229 $12,275 $12,521 $12,760 $12,517 — %(2)%
Corporate & Investment Bank 13,529 11,534 12,396 13,214 14,605 17 (7)
Commercial Banking2,398 2,612 2,520 2,483 2,393 (8)— 
Asset & Wealth Management 4,315 4,473 4,300 4,107 4,077 (4)
Corporate(881)(545)(1,296)(1,169)(473)(62)(86)
TOTAL NET REVENUE$31,590 $30,349 $30,441 $31,395 $33,119 (5)
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$7,720 $7,754 $7,238 $7,062 $7,202 — 
Corporate & Investment Bank7,298 5,827 5,871 6,523 7,104 25 
Commercial Banking1,129 1,059 1,032 981 969 17 
Asset & Wealth Management2,860 2,997 2,762 2,586 2,574 (5)11 
Corporate184 251 160 515 876 (27)(79)
TOTAL NONINTEREST EXPENSE$19,191 $17,888 $17,063 $17,667 $18,725 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$4,509 $4,521 $5,283 $5,698 $5,315 — (15)
Corporate & Investment Bank6,231 5,707 6,525 6,691 7,501 (17)
Commercial Banking1,269 1,553 1,488 1,502 1,424 (18)(11)
Asset & Wealth Management1,455 1,476 1,538 1,521 1,503 (1)(3)
Corporate(1,065)(796)(1,456)(1,684)(1,349)(34)21 
PRE-PROVISION PROFIT$12,399 $12,461 $13,378 $13,728 $14,394 — (14)
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$678 $(1,060)$(459)$(1,868)$(3,602)NMNM
Corporate & Investment Bank445 (126)(638)(79)(331)NMNM
Commercial Banking157 (89)(363)(377)(118)NMNM
Asset & Wealth Management154 (36)(60)(10)(121)NMNM
Corporate29 23 (7)49 16 26 81 
PROVISION FOR CREDIT LOSSES$1,463 $(1,288)$(1,527)$(2,285)$(4,156)NMNM
NET INCOME/(LOSS)
Consumer & Community Banking (a)$2,895 $4,147 $4,351 $5,645 $6,787 (30)(57)
Corporate & Investment Bank (a)4,385 4,543 5,647 5,020 5,924 (3)(26)
Commercial Banking (a)850 1,234 1,409 1,422 1,181 (31)(28)
Asset & Wealth Management (a)1,008 1,125 1,196 1,156 1,260 (10)(20)
Corporate (a)(856)(650)(916)(1,295)(852)(32)— 
TOTAL NET INCOME$8,282 $10,399 $11,687 $11,948 $14,300 (20)(42)
(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Mar 31, 2022
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2022202120212021202120212021
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$207,909 (e)$213,942 $209,917 $209,010 $206,078 (3)%%
Tier 1 capital240,077 (e)246,162 244,207 241,356 237,333 (2)
Total capital269,533 (e)274,900 274,994 274,443 271,407 (2)(1)
Risk-weighted assets 1,752,542 (e)1,638,900 1,628,406 1,601,631 1,577,007 11 
CET1 capital ratio11.9 %(e)13.1 %12.9 %13.0 %13.1 %
Tier 1 capital ratio13.7 (e)15.0 15.0 15.1 15.0 
Total capital ratio15.4 (e)16.8 16.9 17.1 17.2 
Advanced
CET1 capital$207,909 (e)$213,942 $209,917 $209,010 $206,078 (3)
Tier 1 capital 240,077 (e)246,162 244,207 241,356 237,333 (2)
Total capital258,353 (e)265,796 264,469 262,364 258,635 (3)— 
Risk-weighted assets1,649,191 (e)1,547,920 1,544,512 1,514,386 1,503,828 10 
CET1 capital ratio12.6 %(e)13.8 %13.6 %13.8 %13.7 %
Tier 1 capital ratio14.6 (e)15.9 15.8 15.9 15.8 
Total capital ratio15.7 (e)17.2 17.1 17.3 17.2 
Leverage-based capital metrics
Adjusted average assets (b)$3,857,929 (e)$3,782,035 $3,675,803 $3,680,830 $3,565,545 
Tier 1 leverage ratio6.2 %(e)6.5 %6.6 %6.6 %6.7 %
Total leverage exposure$4,586,537 (e)$4,571,789 $4,463,904 $4,456,557 $3,522,629 — 30 
SLR5.2 %(e)5.4 %5.5 %5.4 %6.7 %
TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity$253,061 $259,289 $255,203 $253,548 $249,151 (2)
Less: Goodwill50,298 50,315 50,313 49,256 49,243 — 
Less: Other intangible assets893 882 902 850 875 
Add: Certain deferred tax liabilities (d)2,496 2,499 2,500 2,461 2,457 — 
Total tangible common equity$204,366 $210,591 $206,488 $205,903 $201,490 (3)
TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity$252,506 $253,805 $253,556 $250,849 $245,542 (1)
Less: Goodwill50,307 50,362 49,457 49,260 49,249 — 
Less: Other intangible assets896 896 849 864 891 — 
Add: Certain deferred tax liabilities (d)2,498 2,502 2,480 2,459 2,455 — 
Total tangible common equity$203,801 $205,049 $205,730 $203,184 $197,857 (1)
INTANGIBLE ASSETS (period-end)
Goodwill$50,298 $50,315 $50,313 $49,256 $49,243 — 
Mortgage servicing rights7,294 5,494 5,351 4,549 4,470 33 63 
Other intangible assets893 882 902 850 875 
Total intangible assets$58,485 $56,691 $56,566 $54,655 $54,588 
    
(a)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions which expired on December 31, 2021. Effective January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021 will be phased out at 25% per year over a three-year period. As of March 31, 2022, CET1 capital reflected the remaining 75%, or $2.2 billion, benefit associated with the CECL capital transition provisions. For the periods ended December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion, $3.3 billion, $3.8 billion and $4.5 billion, respectively. For the period ended March 31, 2021, the SLR reflected the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Capital Risk Management on pages 86-96 of the Firm’s 2021 Form 10-K for additional information.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.
(c)Refer to page 28 for further discussion of TCE.
(d)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.
(e)Estimated.

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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
EARNINGS PER SHARE
Basic earnings per share
Net income$8,282 $10,399 $11,687 $11,948 $14,300 (20)%(42)%
Less: Preferred stock dividends397 426 402 393 379 (7)
Net income applicable to common equity7,885 9,973 11,285 11,555 13,921 (21)(43)
Less: Dividends and undistributed earnings allocated to
participating securities40 46 56 59 70 (13)(43)
Net income applicable to common stockholders$7,845 $9,927 $11,22