8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 14, 2023

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)

Delaware		1-5805	13-2624428
(State or other jurisdiction of incorporation or organization)		(Commission File Number)	(I.R.S. employer identification no.)
383 Madison Avenue,
New York,	New York		10179
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD	JPM PR D	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE	JPM PR C	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG	JPM PR J	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ	JPM PR K	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL	JPM PR L	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM	JPM PR M	The New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024	AMJ	NYSE Arca, Inc.
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC	JPM/32	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On July 14, 2023, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2023 second quarter net income of $14.5 billion, or $4.75 per share, compared with net income of $8.6 billion, or $2.76 per share, in the second quarter of 2022. A copy of the 2023 second quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

Each of the Exhibits provided with this Form 8-K shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934.

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2022, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update any forward-looking statements.

Item 9.01 Financial Statements and Exhibits

(d)    Exhibits

Exhibit No.	Description of Exhibit
99.1	JPMorgan Chase & Co. Earnings Release - Second Quarter 2023 Results
99.2	JPMorgan Chase & Co. Earnings Release Financial Supplement - Second Quarter 2023
101	Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

JPMorgan Chase & Co.

(Registrant)

By:	/s/ Elena Korablina
	Elena Korablina
	Managing Director and Firmwide Controller
	(Principal Accounting Officer)

Dated: July 14, 2023

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EX-99.1

Exhibit 99.1

JPMorgan Chase & Co.
383 Madison Avenue, New York, NY 10179-0001
NYSE symbol: JPM
www.jpmorganchase.com

JPMORGAN CHASE REPORTS SECOND-QUARTER 2023 NET INCOME OF $14.5 BILLION ($4.75 PER SHARE)

EXCLUDING SIGNIFICANT ITEMS2, NET INCOME WAS $13.3 BILLION ($4.37 PER SHARE)

SECOND-QUARTER 2023 RESULTS1

ROE20% ROTCE2 25% CET1 Capital Ratios3 Std. 13.8%| Adv.13.9% Total Loss-Absorbing Capacity3$494B Std. RWA3$1.7T Cash and marketable securities4$1.4T Average loans$1.2T

Firmwide Metrics	n	Reported revenue of $41.3 billion and managed revenue of $42.4 billion2
	n	Credit costs of $2.9 billion included a $1.5 billion net reserve build and $1.4 billion of net charge-offs
	n	Average loans up 13%; average deposits down 6%
CCB ROE 38%	n	Average deposits down 2%; client investment assets up 42%
	n	Average loans up 19% YoY and 15% QoQ; Card Services net charge-off rate of 2.41%
	n	Debit and credit card sales volume5 up 7%
	n	Active mobile customers6 up 10%
CIB ROE 15%	n	#1 ranking for Global Investment Banking fees with 8.4% wallet share YTD
	n	Total Markets revenue of $7.0 billion, down 10%, with Fixed Income Markets down 3% and Equity Markets down 20%
CB ROE 16%	n	Gross Investment Banking and Markets revenue7 of $767 million, down 3%
	n	Average loans up 23% YoY and up 14% QoQ; average deposits down 8%
AWM ROE 29%	n	Assets under management (AUM) of $3.2 trillion, up 16%
	n	Average loans up 1% YoY and up 4% QoQ; average deposits down 21%

Jamie Dimon, Chairman and CEO, commented on the financial results: “We reported another quarter of strong results, generating net income of $13.3 billion and an ROTCE of 23% after excluding a net after-tax gain of $1.8 billion relating to the First Republic transaction, as well as discretionary after-tax investment securities losses of $0.7 billion. Even after the First Republic transaction, we maintained an extraordinarily strong CET1 capital ratio of 13.8% and had $1.4 trillion in cash and marketable securities. While we expect material capital changes with the finalization of Basel III and probable changes to come for bank liquidity, we will manage to any new requirements as we have demonstrated in the past; however, we caution that material regulatory changes would likely have real world consequences for markets and end users.”

Dimon continued: “Almost all of our lines of business saw continued growth in the quarter. In Consumer & Community Banking, new checking account production was very strong, while card loans were up 18%. In the Corporate & Investment Bank, Investment Banking fees remained challenged, although we gained market share YTD. In Commercial Banking, Payments revenue remained very strong and grew 79%. Finally, Asset & Wealth Management had record long-term inflows of $61 billion, with inflows across channels, regions, and asset classes.”

Dimon added: “The U.S. economy continues to be resilient. Consumer balance sheets remain healthy, and consumers are spending, albeit a little more slowly. Labor markets have softened somewhat, but job growth remains strong. That being said, there are still salient risks in the immediate view—many of which I have written about over the past year. Consumers are slowly using up their cash buffers, core inflation has been stubbornly high (increasing the risk that interest rates go higher, and stay higher for longer), quantitative tightening of this scale has never occurred, fiscal deficits are large, and the war in Ukraine continues, which in addition to the huge humanitarian crisis for Ukrainians, has large potential effects on geopolitics and the global economy. While we cannot predict with any certainty how these factors will play out, we are currently managing the Firm to reliably meet the needs of our customers and clients in all environments.”

Dimon concluded: “I want to welcome our new First Republic colleagues and thank all of our employees. They did an extraordinary job serving our new First Republic clients, and they worked around the clock to onboard an unprecedented number of new clients across all lines of business as a result of the recent banking turmoil. The efforts by our employees also enabled us to extend credit and raise $1.2 trillion in capital in the first half of 2023 for businesses, governments, and U.S. consumers.”

SIGNIFICANT ITEMS

n    2Q23 results included:

n    $2.7billion First Republic8 bargain purchase gain in Corporate ($0.91 increase in earnings per share (EPS))

n    $1.2billion net credit reserve build for First Republic ($0.30 decrease in EPS)

n    $900million net investment securities losses in Corporate ($0.23 decrease in EPS)

n     Excluding significant items2: 2Q23 net income of $13.3 billion, EPS of $4.37 and ROTCE of 23%

CAPITAL DISTRIBUTED

n    Common dividend of $2.9 billion or $1.00 per share

n$1.8 billion of common stock net repurchases9

n    Net payout LTM9,10 of 32%

FORTRESS PRINCIPLES

nBook value per share of $98.11, up 14%; tangible book value per share2 of $79.90, up 15%

n    Basel III common equity Tier 1 capital3 of $236 billion and Standardized ratio3 of 13.8%; Advanced ratio3 of 13.9%

n    Firm supplementary leverage ratio of 5.8%

OPERATING LEVERAGE

n    2Q23 expense of $20.8 billion; reported overhead ratio of 50%; managed overhead ratio2 of 49%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n$1.2 trillion of credit and capital11 raised YTD

n$120 billion of credit for consumers

n$17 billion of credit for U.S. small businesses

n$520 billion of credit for corporations

n$535 billion of capital raised for corporate clients and non-U.S. government entities

n$24 billion of credit and capital raised for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities

Investor Contact: Mikael Grubb (212) 270-2479 Note: Totals may not sum due to rounding. 1Percentage comparisons noted in the bullet points are for the second quarter of 2023 versus the prior-year second quarter, unless otherwise specified. 2For notes on non-GAAP financial measures, including managed basis reporting, see page 6. For additional notes see page 7. Media Contact: Joseph Evangelisti (212) 270-7438

JPMorgan Chase & Co.

News Release

In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments is also presented on a managed basis. For more information about managed basis, and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.

Comparisons noted in the sections below are for the second quarter of 2023 versus the prior-year second quarter, unless otherwise specified.

JPMORGAN CHASE (JPM)

Results for JPM										1Q23				2Q22
($ millions, except per share data)	2Q23			1Q23			2Q22			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue - reported	$	41,307		$	38,349		$	30,715		$	2,958	8	%	$	10,592	34	%
Net revenue - managed	42,401			39,336			31,630			3,065		8		10,771		34
Noninterest expense	20,822			20,107			18,749			715		4		2,073		11
Provision for credit losses	2,899			2,275			1,101			624		27		1,798		163
Net income	$	14,472		$	12,622		$	8,649		$	1,850	15	%	$	5,823	67	%
Earnings per share - diluted	$	4.75		$	4.10		$	2.76		$	0.65	16	%	$	1.99	72	%
Return on common equity	20		%	18		%	13		%
Return on tangible common equity	25			23			17

Discussion of Results:

Net income was $14.5 billion, up 67%, or up 40% excluding First Republic.

Net revenue was $42.4 billion, up 34%, or up 21% excluding First Republic. Net interest income (NII) was $21.9 billion, up 44%, or up 38% excluding First Republic. NII excluding Markets2 was $22.4 billion, up 63%, or up 57% excluding First Republic, predominantly driven by higher rates, partially offset by lower deposit balances. Noninterest revenue was $20.5 billion, up 25%, or up 6% excluding First Republic, predominantly driven by higher CIB Markets noninterest revenue and the absence of certain losses in Payments in the prior year, partially offset by higher net investment securities losses in Corporate.

Noninterest expense was $20.8 billion, up 11%, or up 8% excluding First Republic, driven by higher compensation expense, including front office hiring and wage inflation, as well as technology and marketing investments and higher legal expense.

The provision for credit losses was $2.9 billion. Excluding First Republic, the provision was $1.7 billion, reflecting net charge-offs of $1.4 billion and a net reserve build of $326 million. The net reserve build included $389 million in Commercial Banking and $200 million in Card Services, partially offset by a $243 million release in Corporate. Net charge-offs of $1.4 billion were up $754 million, largely driven by Card Services.

Net income attributable to First Republic was $2.4 billion in the quarter. This included an estimated bargain purchase gain of $2.7 billion, and a provision for credit losses of $1.2 billion to establish a reserve for the acquired First Republic lending portfolio. During the two months ending June 30, 2023, there was an additional $897 million of net interest income, $436 million of noninterest revenue and $599 million of expense that were attributable to First Republic. For additional information, see note 8 on page 7.

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JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)

Results for CCB							1Q23				2Q22
($ millions)	2Q23		1Q23		2Q22		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	17,233	$	16,456	$	12,558	$	777	5	%	$	4,675	37	%
Banking & Wealth Management12	10,936		10,041		6,502		895		9		4,434		68
Home Lending	1,007		720		1,001		287		40		6		1
Card Services & Auto	5,290		5,695		5,055		(405)		(7)		235		5
Noninterest expense12	8,313		8,065		7,658		248		3		655		9
Provision for credit losses	1,862		1,402		761		460		33		1,101		145
Net income	$	5,306	$	5,243	$	3,108	$	63	1	%	$	2,198	71	%

Discussion of Results:

Net income was $5.3 billion, up 71%, or up 61% excluding First Republic. Net revenue was $17.2 billion, up 37%, or up 31% excluding First Republic.

Banking & Wealth Management net revenue was $10.9 billion, up 68%, or up 59% excluding First Republic, driven by higher deposit margins on lower balances. Home Lending net revenue was $1.0 billion, up 1%, or down 23% excluding First Republic, driven by lower net interest income from tighter loan spreads and lower servicing and production revenue. Card Services & Auto net revenue was $5.3 billion, up 5%, largely driven by higher Card Services net interest income on higher revolving balances, largely offset by lower auto operating lease income and card net interchange.

Noninterest expense was $8.3 billion, up 9%, or up 8% excluding First Republic, largely driven by higher compensation, including wage inflation and headcount growth as the Firm continues to invest in front office and technology staffing, as well as higher marketing, partially offset by lower auto lease depreciation.

The provision for credit losses was $1.9 billion and included a $408 million reserve established for the First Republic portfolio. Excluding First Republic, the provision was $1.5 billion, reflecting net charge-offs of $1.3 billion. The net reserve build of $203 million was predominantly driven by loan growth in Card Services and changes in specific macroeconomic factors, largely offset by reduced borrower uncertainty. Net charge-offs of $1.3 billion were up $640 million YoY, predominantly driven by Card Services, as 30+ day delinquencies have returned to pre-pandemic levels.

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JPMorgan Chase & Co.

News Release

CORPORATE & INVESTMENT BANK (CIB)

Results for CIB							1Q23				2Q22
($ millions)	2Q23		1Q23		2Q22		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	12,519	$	13,600	$	12,003	$	(1,081)	(8)	%	$	516	4	%
Banking12	4,244		4,223		3,280		21		—		964		29
Markets & Securities Services	8,275		9,377		8,723		(1,102)		(12)		(448)		(5)
Noninterest expense12	6,894		7,483		6,810		(589)		(8)		84		1
Provision for credit losses	38		58		59		(20)		(34)		(21)		(36)
Net income	$	4,092	$	4,421	$	3,717	$	(329)	(7)	%	$	375	10	%

Discussion of Results:

Net income was $4.1 billion, up 10%, with net revenue of $12.5 billion, up 4%.

Banking revenue was $4.2 billion, up 29%. Investment Banking revenue was $1.5 billion, up 11%. Excluding markdowns on held-for-sale positions in the bridge book13 in the prior year, Investment Banking revenue was down 7%. Investment Banking fees were down 6%, driven by lower advisory fees. Payments revenue was $2.5 billion, up 61%. Excluding the net impact of equity investments, primarily markdowns in the prior year, Payments revenue was up 32%, predominantly driven by higher rates, partially offset by lower deposit balances. Lending revenue was $299 million, down 27%, predominantly driven by mark-to-market losses on hedges of retained loans, partially offset by higher net interest income.

Markets & Securities Services revenue was $8.3 billion, down 5%. Markets revenue was $7.0 billion, down 10%. Fixed Income Markets revenue was $4.6 billion, down 3%, reflecting lower revenue in macro businesses, largely offset by higher revenue in the Securitized Products Group14 and Credit. Equity Markets revenue was $2.5 billion, down 20%, compared with a strong second quarter in the prior year. Securities Services revenue was $1.2 billion, up 6%, driven by higher rates, largely offset by lower fees and deposit balances.

Noninterest expense was $6.9 billion, up 1%, driven by higher non-compensation expense, as well as wage inflation and headcount growth, largely offset by lower revenue-related compensation.

The provision for credit losses was $38 million, including net charge-offs of $56 million.

COMMERCIAL BANKING (CB)

Results for CB							1Q23				2Q22
($ millions)	2Q23		1Q23		2Q22		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	3,988	$	3,511	$	2,683	$	477	14	%	$	1,305	49	%
Noninterest expense	1,300		1,308		1,156		(8)		(1)		144		12
Provision for credit losses	1,097		417		209		680		163		888		425
Net income	$	1,208	$	1,347	$	994	$	(139)	(10)	%	$	214	22	%

Discussion of Results:

Net income was $1.2 billion, up 22%, or up 54% excluding First Republic.

Net revenue was $4.0 billion, up 49%, or up 42% excluding First Republic, predominantly driven by higher deposit margins, partially offset by lower deposit-related fees.

Noninterest expense was $1.3 billion, up 12%, predominantly driven by higher compensation, including front office hiring and technology investments, as well as higher volume-related expense.

The provision for credit losses was $1.1 billion and included a $608 million reserve established for the First Republic portfolio. Excluding First Republic, the provision was $489 million, reflecting a net reserve build of $389 million, driven by updates to certain assumptions related to office real estate, as well as net downgrade activity in Middle Market. Net charge-offs of $100 million were predominantly driven by office real estate.

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JPMorgan Chase & Co.

News Release

ASSET & WEALTH MANAGEMENT (AWM)

Results for AWM							1Q23				2Q22
($ millions)	2Q23		1Q23		2Q22		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	4,943	$	4,784	$	4,306	$	159	3	%	$	637	15	%
Noninterest expense	3,163		3,091		2,919		72		2		244		8
Provision for credit losses	145		28		44		117		418		101		230
Net income	$	1,226	$	1,367	$	1,004	$	(141)	(10)	%	$	222	22	%

Discussion of Results:

Net income was $1.2 billion, up 22%, or up 10% excluding First Republic.

Net revenue was $4.9 billion, up 15%, or up 8% excluding First Republic, driven by higher deposit margins on lower balances and higher management fees on strong net inflows.

Noninterest expense was $3.2 billion, up 8%, driven by higher compensation, including growth in private banking advisor teams, higher revenue-related compensation and the impact of Global Shares and J.P. Morgan Asset Management China.

The provision for credit losses was $145 million, driven by a $146 million reserve established for the First Republic portfolio.

Assets under management were $3.2 trillion, up 16%, and client assets were $4.6 trillion, up 20%, driven by continued net inflows, higher market levels and the impact of the acquisition of Global Shares.

CORPORATE

Results for Corporate							1Q23				2Q22
($ millions)	2Q23		1Q23		2Q22		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	3,718	$	985	$	80	$	2,733	277	%	$	3,638	NM
Noninterest expense	1,152		160		206		992		NM		946		459
Provision for credit losses	(243)		370		28		(613)		NM		(271)		NM
Net income/(loss)	$	2,640	$	244	$	(174)	$	2,396	NM		$	2,814	NM

Discussion of Results:

Net income was $2.6 billion, or $339 million excluding First Republic, compared with a net loss of $174 million in the prior year.

Net revenue was $3.7 billion and included an estimated bargain purchase gain of $2.7 billion attributable to First Republic. Excluding First Republic, net revenue was $1.0 billion. Net interest income was $1.7 billion, compared with $324 million in the prior year, due to the impact of higher rates. The current quarter also included $900 million of net investment securities losses, compared with $153 million of net losses in the prior year. Investment securities losses reflected net losses on sales of U.S. Treasuries and mortgage-backed securities.

Noninterest expense was $1.2 billion, up $946 million, or up $384 million excluding First Republic, largely driven by higher legal expense.

The provision for credit losses was a net benefit of $243 million, reflecting a reserve release associated with the deposit placed with First Republic Bank in the first quarter of 2023.

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JPMorgan Chase & Co.

News Release

2. Notes on non-GAAP financial measures:

a.The Firm prepares its Consolidated Financial Statements in accordance with 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 the U.S. GAAP financial statements of other companies. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on a fully taxable-equivalent basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business. For a reconciliation of the Firm’s results from a reported to managed basis, refer to page 7 of the Earnings Release Financial Supplement.

b.Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“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 mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, refer to page 10 of the Earnings Release Financial Supplement. 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. Book value per share was $98.11, $94.34 and $86.38 at June 30, 2023, March 31, 2023, and June 30, 2022, respectively. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

c.In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets (“Markets”, which is composed of Fixed Income Markets and Equity Markets). 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 a reconciliation of NII and NIR from reported to excluding Markets, refer to page 29 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to page 70 of the Firm’s 2022 Form 10-K.

d.Second-quarter 2023 net income, earnings per share and ROTCE excluding significant items are non-GAAP financial measures. Significant items collectively refer to the bargain purchase gain associated with First Republic of $2.7 billion, the net credit reserve build associated with First Republic of $1.2 billion and net investment securities losses of $900 million. Excluding these significant items resulted in a decrease of $1.1 billion (after tax) to reported net income from $14.5 billion to $13.3 billion; a decrease of $0.38 per share to reported EPS from $4.75 to $4.37; and a decrease of 2% to ROTCE from 25% to 23%. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s results.

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JPMorgan Chase & Co.

News Release

Additional notes:

3.Estimated. Reflects the Current Expected Credit Losses (“CECL”) capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit is being phased out at 25% per year over a three-year period. As of June 30, 2023, CET1 capital and Total Loss-Absorbing Capacity reflected the remaining $1.4 billion CECL benefit. Refer to Capital Risk Management on pages 36-41 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 and on pages 86-96 of the Firm’s 2022 Form 10-K for additional information.

4.Estimated. Cash and marketable securities includes end-of-period eligible high-quality liquid assets (“HQLA”), excluding regulatory prescribed haircuts under the liquidity coverage ratio (“LCR”) rule where applicable, for both the Firm and the excess HQLA-eligible securities which are included as part of the excess liquidity at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates and thus excluded from the Firm’s LCR. Also includes other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. The presentation in prior periods reflected average eligible Firm HQLA rather than end-of-period eligible Firm HQLA. Refer to Liquidity Risk Management on pages 42-47 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 and on pages 97-104 of the Firm’s 2022 Form 10-K for additional information.

5.Excludes Commercial Card.

6.Users of all mobile platforms who have logged in within the past 90 days. As of June 30, 2023, excludes the impact of the First Republic acquisition.

7.Includes gross revenues earned by the Firm, that are subject to a revenue sharing arrangement with the CIB, for Investment Banking and Markets’ products sold to CB clients. This includes revenues related to fixed income and equity markets products. Refer to page 61 of the Firm’s 2022 Form 10-K for discussion of revenue sharing.

8.On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition") from the Federal Deposit Insurance Corporation (“FDIC”) resulting in an estimated bargain purchase gain of $2.7 billion recorded in other income. All references in this press release to “excluding First Republic” or “attributable to First Republic” refer to excluding or including, as applicable, the relevant effects of the First Republic acquisition. In the second quarter of 2023, expense attributable to First Republic was substantially all in Corporate.

9.Includes the net impact of employee issuances.

10.Last twelve months (“LTM”).

11.Credit provided to clients represents new and renewed credit, including loans and lending-related commitments.

12.In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

13.The bridge book consists of certain held-for-sale positions, including unfunded commitments, in CIB.

14.Securitized Products Group is comprised of Securitized Products and Tax Oriented Investments.

7

JPMorgan Chase & Co.

News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had$3.9 trillion in assets and $313 billion in stockholders’ equity as of June 30, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, July 14, 2023, at 8:30 a.m. (EDT) to present second-quarter 2023 financial results. The general public can access the call by dialing (888) 324-3618 in the U.S. and Canada, or (312) 470-7119 for international callers; use passcode 1364784#. Please dial in 15 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.

A replay of the conference call will be available beginning at approximately 11:00 a.m. (EDT) on July 14, 2023 through 11:59 p.m. (EDT) on July 28, 2023 by telephone at (866) 511-1892 (U.S. and Canada) or (203) 369-1947 (international); use passcode 14632#. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, which have been filed with the Securities and Exchange Commission and is available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.

8

EX-99.2

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2023

JPMORGAN CHASE & CO.
TABLE OF CONTENTS
		Page(s)
Consolidated Results
Consolidated Financial Highlights		2–3
Consolidated Statements of Income		4
Consolidated Balance Sheets		5
Condensed Average Balance Sheets and Annualized Yields		6
Reconciliation from Reported to Managed Basis		7
Segment Results - Managed Basis		8
Capital and Other Selected Balance Sheet Items		9–10
Earnings Per Share and Related Information		11
Business Segment Results
Consumer & Community Banking (“CCB”)		12–15
Corporate & Investment Bank (“CIB”)		16–18
Commercial Banking (“CB”)		19–20
Asset & Wealth Management (“AWM”)		21–23
Corporate		24
Credit-Related Information		25–28
Non-GAAP Financial Measures		29
Supplemental Information Related to the First Republic Acquisition		30
Glossary of Terms and Acronyms (a)

(a)    Refer to the Glossary of Terms and Acronyms on pages 297–303 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q23 Change											2023 Change
SELECTED INCOME STATEMENT DATA	2Q23				1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023				2022			2022
Reported Basis
Total net revenue	$	41,307		(e)	$	38,349		$	34,547		$	32,716		$	30,715		8	%	34	%	$	79,656		(e)	$	61,432		30	%
Total noninterest expense	20,822			(e)	20,107			19,022			19,178			18,749			4		11		40,929			(e)	37,940			8
Pre-provision profit (a)	20,485				18,242			15,525			13,538			11,966			12		71		38,727				23,492			65
Provision for credit losses	2,899			(e)	2,275			2,288			1,537			1,101			27		163		5,174			(e)	2,564			102
NET INCOME	14,472				12,622			11,008			9,737			8,649			15		67		27,094				16,931			60
Managed Basis (b)
Total net revenue	42,401			(e)	39,336			35,566			33,491			31,630			8		34		81,737			(e)	63,220			29
Total noninterest expense	20,822			(e)	20,107			19,022			19,178			18,749			4		11		40,929			(e)	37,940			8
Pre-provision profit (a)	21,579				19,229			16,544			14,313			12,881			12		68		40,808				25,280			61
Provision for credit losses	2,899			(e)	2,275			2,288			1,537			1,101			27		163		5,174			(e)	2,564			102
NET INCOME	14,472				12,622			11,008			9,737			8,649			15		67		27,094				16,931			60
EARNINGS PER SHARE DATA
Net income: Basic	$	4.76			$	4.11		$	3.58		$	3.13		$	2.77		16		72		$	8.86			$	5.40		64
Diluted	4.75				4.10			3.57			3.12			2.76			16		72		8.85				5.39			64
Average shares: Basic	2,943.8				2,968.5			2,962.9			2,961.2			2,962.2			(1)		(1)		2,956.1				2,969.6			—
Diluted	2,948.3				2,972.7			2,967.1			2,965.4			2,966.3			(1)		(1)		2,960.5				2,973.7			—
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	422,661			$	380,803		$	393,484		$	306,520		$	330,237		11		28		$	422,661			$	330,237		28
Common shares at period-end	2,906.1				2,922.3			2,934.3			2,933.2			2,932.6			(1)		(1)		2,906.1				2,932.6			(1)
Book value per share	98.11				94.34			90.29			87.00			86.38			4		14		98.11				86.38			14
Tangible book value per share (“TBVPS”) (a)	79.90				76.69			73.12			69.90			69.53			4		15		79.90				69.53			15
Cash dividends declared per share	1.00				1.00			1.00			1.00			1.00			—		—		2.00				2.00			—
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	20		%		18		%	16		%	15		%	13		%					19		%		13		%
Return on tangible common equity (“ROTCE”) (a)	25				23			20			18			17							24				16
Return on assets	1.51				1.38			1.16			1.01			0.89							1.45				0.87
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio	13.8		%	(f)	13.8		%	13.2		%	12.5		%	12.2		%					13.8		%	(f)	12.2		%
Tier 1 capital ratio	15.3			(f)	15.4			14.9			14.1			14.1							15.3			(f)	14.1
Total capital ratio	17.3			(f)	17.4			16.8			16.0			15.7							17.3			(f)	15.7
Tier 1 leverage ratio	6.9			(f)	6.9			6.6			6.2			6.2							6.9			(f)	6.2
Supplementary leverage ratio (“SLR”)	5.8			(f)	5.9			5.6			5.3			5.3							5.8			(f)	5.3

(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 29 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 Current Expected Credit Losses ("CECL") capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit is being phased out at 25% per year over a three-year period. As of June 30, 2023 and March 31, 2023, CET1 capital reflected the remaining $1.4 billion CECL benefit; as of December 31, 2022, September 30, 2022 and June 30, 2022, CET1 capital reflected a $2.2 billion benefit. Refer to Capital Risk Management on pages 36-41 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, and pages 86-96 of the Firm’s 2022 Form 10-K for additional information.

(e)On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition") from the Federal Deposit Insurance Corporation (“FDIC”). Refer to page 30 for additional information.

(f)Estimated.

Page 2

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, headcount and where otherwise noted)
	QUARTERLY TRENDS																							SIX MONTHS ENDED JUNE 30,
																				2Q23 Change												2023 Change
	2Q23				1Q23			4Q22				3Q22				2Q22				1Q23		2Q22		2023				2022				2022
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	3,868,240			$	3,744,305		$	3,665,743			$	3,773,884			$	3,841,314			3	%	1	%	$	3,868,240			$	3,841,314			1	%
Loans:
Consumer, excluding credit card loans	408,204				311,433			311,375				313,796				317,212				31		29		408,204				317,212				29
Credit card loans	191,348				180,079			185,175				170,462				165,494				6		16		191,348				165,494				16
Wholesale loans	700,517				637,384			639,097				628,375				621,449				10		13		700,517				621,449				13
Total loans	1,300,069			(e)	1,128,896			1,135,647				1,112,633				1,104,155				15		18		1,300,069			(e)	1,104,155				18
Deposits:
U.S. offices:
Noninterest-bearing	656,778				663,772			644,902				688,292				714,478				(1)		(8)		656,778				714,478				(8)
Interest-bearing	1,311,893				1,290,614			1,276,346				1,304,012				1,343,802				2		(2)		1,311,893				1,343,802				(2)
Non-U.S. offices:
Noninterest-bearing	24,268				25,071			27,005				26,629				26,983				(3)		(10)		24,268				26,983				(10)
Interest-bearing	406,023				397,796			391,926				389,682				386,281				2		5		406,023				386,281				5
Total deposits	2,398,962			(e)	2,377,253			2,340,179				2,408,615				2,471,544				1		(3)		2,398,962			(e)	2,471,544				(3)
Long-term debt	364,078			(f)	295,489			295,865				287,473				288,212				23		26		364,078			(f)	288,212				26
Common stockholders’ equity	285,112				275,678			264,928				255,180				253,305				3		13		285,112				253,305				13
Total stockholders’ equity	312,516				303,082			292,332				288,018				286,143				3		9		312,516				286,143				9
Loans-to-deposits ratio	54		%		47		%	49		%		46		%		45		%						54		%		45		%
Headcount	300,066			(g)	296,877			293,723				288,474				278,494				1		8		300,066			(g)	278,494				8
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)	$	47			$	47		$	61			$	54			$	54			—		(13)
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking	$	17,233			$	16,456		$	15,793		(j)	$	14,281		(j)	$	12,558		(j)	5		37		$	33,689			$	24,740		(j)	36
Corporate & Investment Bank	12,519				13,600			10,598			(j)	11,925			(j)	12,003			(j)	(8)		4		26,119				25,579			(j)	2
Commercial Banking	3,988				3,511			3,404				3,048				2,683				14		49		7,499				5,081				48
Asset & Wealth Management	4,943				4,784			4,588				4,539				4,306				3		15		9,727				8,621				13
Corporate	3,718				985			1,183				(302)				80				277		NM		4,703				(801)				NM
TOTAL NET REVENUE	$	42,401		(h)	$	39,336		$	35,566			$	33,491			$	31,630			8		34		$	81,737		(h)	$	63,220			29
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	5,306			$	5,243		$	4,556			$	4,344			$	3,108			1		71		$	10,549			$	6,016			75
Corporate & Investment Bank	4,092				4,421			3,314				3,522				3,717				(7)		10		8,513				8,089				5
Commercial Banking	1,208				1,347			1,423				946				994				(10)		22		2,555				1,844				39
Asset & Wealth Management	1,226				1,367			1,134				1,219				1,004				(10)		22		2,593				2,012				29
Corporate	2,640				244			581				(294)				(174)				NM		NM		2,884				(1,030)				NM
NET INCOME	$	14,472			$	12,622		$	11,008			$	9,737			$	8,649			15		67		$	27,094			$	16,931			60
MEMO: SELECTED FIRMWIDE METRICS
Wealth Management (c)
Client assets (in billions)	$	2,862		(i)	$	2,594		$	2,438			$	2,302			$	2,177			10		31		$	2,862		(i)	$	2,177			31
Number of client advisors	8,367				8,314			8,166				8,127				7,756				1		8		8,367				7,756				8
J.P.Morgan Payments (d)
Total net revenue	4,729				4,458			4,423				3,762				3,130				6		51		9,187				5,725				60
Merchant processing volume (in billions)	600.1				558.8			583.2				545.4				539.6				7		11		1,158.9				1,029.8				13
Average deposits (in billions)	720				707			732				748				816				2		(12)		714				819				(13)

(a)Refer to Corporate & Investment Bank VaR on page 18 for a further information.

(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(c)Consists of Global Private Bank in AWM and client investment assets in J.P.Morgan Wealth Management in CCB.

(d)Predominantly in CIB and CB; total net revenue excludes the net impact of equity investments.

(e)At June 30, 2023, includes $150 billion of loans and $68 billion of deposits associated with the First Republic acquisition. Refer to page 30 for additional information.

(f)Includes a five year $50 billion notional, secured note payable to the FDIC and $25 billion of assumed FHLB advances associated with the First Republic acquisition.

(g)Excludes 5,132 individuals associated with the First Republic acquisition who became employees effective July 2, 2023.

(h)Includes the impact of the First Republic acquisition. Refer to page 30 for additional information.

(i)As of June 30, 2023, includes $150.9 billion of client investment assets associated with the First Republic acquisition.

(j)In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

Page 3

JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q23 Change											2023 Change
REVENUE	2Q23				1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023				2022			2022
Investment banking fees	$	1,513			$	1,649		$	1,418		$	1,674		$	1,586		(8)	%	(5)	%	$	3,162			$	3,594		(12)	%
Principal transactions	6,910				7,615			4,434			5,383			4,990			(9)		38		14,525				10,095			44
Lending- and deposit-related fees	1,828				1,620			1,655			1,731			1,873			13		(2)		3,448				3,712			(7)
Asset management fees	3,774				3,465			3,432			3,495			3,517			9		7		7,239				7,169			1
Commissions and other fees	1,739				1,695			1,574			1,574			1,723			3		1		3,434				3,433			—
Investment securities losses	(900)				(868)			(874)			(959)			(153)			(4)		(488)		(1,768)				(547)			(223)
Mortgage fees and related income	278				221			98			314			378			26		(26)		499				838			(40)
Card income	1,094				1,234			1,226			1,086			1,133			(11)		(3)		2,328				2,108			10
Other income	3,292			(d)	1,007			1,392			900			540			227		NM		4,299			(d)	2,030			112
Noninterest revenue	19,528				17,638			14,355			15,198			15,587			11		25		37,166				32,432			15
Interest income	41,644				37,004			33,054			25,611			18,646			13		123		78,648				34,142			130
Interest expense	19,865				16,293			12,862			8,093			3,518			22		465		36,158				5,142			NM
Net interest income	21,779				20,711			20,192			17,518			15,128			5		44		42,490				29,000			47
TOTAL NET REVENUE	41,307				38,349			34,547			32,716			30,715			8		34		79,656				61,432			30
Provision for credit losses	2,899			(d)	2,275			2,288			1,537			1,101			27		163		5,174			(d)	2,564			102
NONINTEREST EXPENSE
Compensation expense	11,216				11,676			10,009			10,539			10,301			(4)		9		22,892				21,088			9
Occupancy expense	1,070				1,115			1,271			1,162			1,129			(4)		(5)		2,185				2,263			(3)
Technology, communications and equipment expense	2,267				2,184			2,256			2,366			2,376			4		(5)		4,451				4,736			(6)
Professional and outside services	2,561				2,448			2,652			2,481			2,469			5		4		5,009				5,041			(1)
Marketing	1,122				1,045			1,093			1,017			881			7		27		2,167				1,801			20
Other expense (a)	2,586			(d)	1,639			1,741			1,613			1,593			58		62		4,225			(d)	3,011			40
TOTAL NONINTEREST EXPENSE	20,822				20,107			19,022			19,178			18,749			4		11		40,929				37,940			8
Income before income tax expense	17,586				15,967			13,237			12,001			10,865			10		62		33,553				20,928			60
Income tax expense	3,114			(e)	3,345			2,229			2,264			2,216			(7)		41		6,459			(e)	3,997			62
NET INCOME	$	14,472			$	12,622		$	11,008		$	9,737		$	8,649		15		67		$	27,094			$	16,931		60
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	4.76			$	4.11		$	3.58		$	3.13		$	2.77		16		72		$	8.86			$	5.40		64
Diluted earnings per share	4.75				4.10			3.57			3.12			2.76			16		72		8.85				5.39			64
FINANCIAL RATIOS
Return on common equity (b)	20		%		18		%	16		%	15		%	13		%					19		%		13		%
Return on tangible common equity (b)(c)	25				23			20			18			17							24				16
Return on assets (b)	1.51				1.38			1.16			1.01			0.89							1.45				0.87
Effective income tax rate	17.7			(e)	20.9			16.8			18.9			20.4							19.3				19.1
Overhead ratio	50				52			55			59			61							51				62

(a)Included Firmwide legal expense of $420 million, $176 million, $27 million, $47 million and $73 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $596 million and $192 million for the six months ended June 30, 2023 and June 30, 2022 respectively.

(b)Quarterly ratios are based upon annualized amounts.

(c)Refer to page 29 for further discussion of ROTCE.

(d)As a result of the First Republic acquisition on May 1, 2023, includes the estimated bargain purchase gain of $2.7 billion recorded in other income, an increase to the provision for credit losses of $1.2 billion, and other expense of $599 million. Refer to page 30 for additional information.

(e)Income taxes associated with the First Republic acquisition are reflected in the bargain purchase gain, resulting in a reduction in the Firm’s effective tax rate of 3.4 percentage points.

Page 4

JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
												Jun 30, 2023
												Change
	Jun 30,			Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Jun 30,
	2023			2023		2022		2022		2022		2023		2022
ASSETS
Cash and due from banks	$	26,064		$	25,098	$	27,697	$	24,654	$	27,215	4	%	(4)	%
Deposits with banks	469,059			520,902		539,537		619,533		642,045		(10)		(27)
Federal funds sold and securities purchased under
resale agreements	325,628			317,111		315,592		301,878		322,156		3		1
Securities borrowed	163,563			195,917		185,369		193,216		202,393		(17)		(19)
Trading assets:
Debt and equity instruments	572,779			519,618		382,919		413,953		384,260		10		49
Derivative receivables	64,217			59,274		70,880		92,534		81,317		8		(21)
Available-for-sale (“AFS”) securities	203,262		(a)	197,248		205,857		188,140		222,069		3		(8)
Held-to-maturity (”HTM”) securities	408,941			412,827		425,305		430,106		441,649		(1)		(7)
Investment securities, net of allowance for credit losses	612,203			610,075		631,162		618,246		663,718		—		(8)
Loans	1,300,069		(a)	1,128,896		1,135,647		1,112,633		1,104,155		15		18
Less: Allowance for loan losses	21,980		(b)	20,053		19,726		18,185		17,750		10		24
Loans, net of allowance for loan losses	1,278,089			1,108,843		1,115,921		1,094,448		1,086,405		15		18
Accrued interest and accounts receivable	111,561			115,316		125,189		143,905		145,442		(3)		(23)
Premises and equipment	29,493			28,266		27,734		27,199		26,770		4		10
Goodwill, MSRs and other intangible assets	64,238			62,090		60,859		60,806		59,360		3		8
Other assets	151,346			181,795		182,884		183,512		200,233		(17)		(24)
TOTAL ASSETS	$	3,868,240		$	3,744,305	$	3,665,743	$	3,773,884	$	3,841,314	3		1
LIABILITIES
Deposits	$	2,398,962	(a)	$	2,377,253	$	2,340,179	$	2,408,615	$	2,471,544	1		(3)
Federal funds purchased and securities loaned or sold
under repurchase agreements	266,272			246,396		202,613		239,939		222,719		8		20
Short-term borrowings	41,022			42,241		44,027		47,866		58,422		(3)		(30)
Trading liabilities:
Debt and equity instruments	132,264			145,153		126,835		133,175		137,891		(9)		(4)
Derivative payables	46,545			44,711		51,141		56,703		52,417		4		(11)
Accounts payable and other liabilities	286,934			275,077		300,141		300,016		313,326		4		(8)
Beneficial interests issued by consolidated VIEs	19,647			14,903		12,610		12,079		10,640		32		85
Long-term debt	364,078		(c)	295,489		295,865		287,473		288,212		23		26
TOTAL LIABILITIES	3,555,724			3,441,223		3,373,411		3,485,866		3,555,171		3		—
STOCKHOLDERS’ EQUITY
Preferred stock	27,404			27,404		27,404		32,838		32,838		—		(17)
Common stock	4,105			4,105		4,105		4,105		4,105		—		—
Additional paid-in capital	89,578			89,155		89,044		88,865		88,614		—		1
Retained earnings	317,359			306,208		296,456		288,776		282,445		4		12
Accumulated other comprehensive income/(loss) (“AOCI”)	(14,290)			(14,418)		(17,341)		(19,134)		(14,369)		1		1
Treasury stock, at cost	(111,640)			(109,372)		(107,336)		(107,432)		(107,490)		(2)		(4)
TOTAL STOCKHOLDERS’ EQUITY	312,516			303,082		292,332		288,018		286,143		3		9
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,868,240		$	3,744,305	$	3,665,743	$	3,773,884	$	3,841,314	3		1

(a)Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information.

(b)At June 30, 2023, includes an addition to the allowance for loan losses of $1.1 billion associated with the First Republic acquisition.

(c)At June 30, 2023, includes a five-year $50 billion notional, secured note payable to the FDIC and $25 billion of assumed FHLB advances associated with the First Republic acquisition.

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q23 Change										2023 Change
AVERAGE BALANCES	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023			2022			2022
ASSETS
Deposits with banks	$	495,018		$	505,662		$	595,631		$	652,321		$	694,644		(2)	%	(29)	%	$	500,311		$	718,346		(30)	%
Federal funds sold and securities purchased under resale agreements	326,563			313,187			306,173			322,053			305,132			4		7		319,911			300,070			7
Securities borrowed	191,393			192,843			192,412			204,479			207,437			(1)		(8)		192,114			212,704			(10)
Trading assets - debt instruments	391,945			357,682			302,825			283,414			273,736			10		43		374,908			272,931			37
Investment securities	611,552			622,050			625,388			647,165			672,799			(2)		(9)		616,772			671,987			(8)
Loans	1,238,237			1,129,624			1,126,002			1,112,761			1,093,106			10		13		1,184,231			1,080,939			10
All other interest-earning assets (a)	89,072			95,709			116,640			122,756			139,040			(7)		(36)		92,372			136,902			(33)
Total interest-earning assets	3,343,780			3,216,757			3,265,071			3,344,949			3,385,894			4		(1)		3,280,619			3,393,879			(3)
Trading assets - equity and other instruments	169,558			152,081			126,138			129,221			151,309			11		12		160,868			154,093			4
Trading assets - derivative receivables	63,339			64,526			78,476			83,950			84,483			(2)		(25)		63,929			75,956			(16)
All other noninterest-earning assets	274,711			276,613			285,586			284,127			289,957			(1)		(5)		275,657			285,301			(3)
TOTAL ASSETS	$	3,851,388		$	3,709,977		$	3,755,271		$	3,842,247		$	3,911,643		4		(2)		$	3,781,073		$	3,909,229		(3)
LIABILITIES
Interest-bearing deposits	$	1,715,699		$	1,670,036		$	1,695,233		$	1,728,852		$	1,790,421		3		(4)		$	1,692,993		$	1,785,896		(5)
Federal funds purchased and securities loaned or
sold under repurchase agreements	263,718			252,310			247,934			239,582			233,376			5		13		258,045			241,749			7
Short-term borrowings (b)	35,335			38,763			39,843			45,797			50,833			(9)		(30)		37,039			49,360			(25)
Trading liabilities - debt and all other interest-bearing liabilities (c)	293,269			277,576			256,533			278,049			274,435			6		7		285,467			268,762			6
Beneficial interests issued by consolidated VIEs	15,947			13,483			12,312			11,039			10,577			18		51		14,722			10,733			37
Long-term debt	294,239			249,336			246,978			253,012			246,195			18		20		271,912			250,165			9
Total interest-bearing liabilities	2,618,207			2,501,504			2,498,833			2,556,331			2,605,837			5		—		2,560,178			2,606,665			(2)
Noninterest-bearing deposits	671,715			650,443			684,921			716,518			741,891			3		(9)		661,138			738,083			(10)
Trading liabilities - equity and other instruments	28,513			29,769			35,415			36,985			40,937			(4)		(30)		29,137			42,159			(31)
Trading liabilities - derivative payables	46,934			49,357			56,988			56,994			61,026			(5)		(23)		48,139			57,792			(17)
All other noninterest-bearing liabilities	180,730			180,303			191,929			189,637			181,128			—		—		180,517			181,116			—
TOTAL LIABILITIES	3,546,099			3,411,376			3,468,086			3,556,465			3,630,819			4		(2)		3,479,109			3,625,815			(4)
Preferred stock	27,404			27,404			28,415			32,838			32,838			—		(17)		27,404			33,180			(17)
Common stockholders’ equity	277,885			271,197			258,770			252,944			247,986			2		12		274,560			250,234			10
TOTAL STOCKHOLDERS’ EQUITY	305,289			298,601			287,185			285,782			280,824			2		9		301,964			283,414			7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,851,388		$	3,709,977		$	3,755,271		$	3,842,247		$	3,911,643		4		(2)		$	3,781,073		$	3,909,229		(3)
AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks	4.20		%	3.87		%	3.14		%	1.83		%	0.62		%					4.03		%	0.37		%
Federal funds sold and securities purchased under resale agreements	4.63			4.06			2.95			1.74			0.71							4.35			0.63
Securities borrowed	3.91			3.61			2.84			1.50			0.33							3.76			0.08
Trading assets - debt instruments	4.12			4.15			3.75			3.36			3.02							4.13			2.83
Investment securities	3.01			2.79			2.36			1.84			1.55							2.90			1.47
Loans	6.59			6.37			5.83			5.00			4.28							6.49			4.16
All other interest-earning assets (a)	8.85			7.50			5.76			3.57			1.85							8.15			1.42
Total interest-earning assets	5.01			4.68			4.03			3.05			2.22							4.85			2.04
INTEREST-BEARING LIABILITIES
Interest-bearing deposits	2.24			1.85			1.37			0.73			0.20							2.05			0.12
Federal funds purchased and securities loaned or
sold under repurchase agreements	5.17			4.51			3.15			1.98			0.76							4.85			0.47
Short-term borrowings (b)	4.87			4.40			3.60			1.98			0.91							4.63			0.64
Trading liabilities - debt and all other interest-bearing liabilities (c)	3.25			2.88			2.38			1.49			0.69							3.07			0.50
Beneficial interests issued by consolidated VIEs	4.95			4.43			3.74			2.24			1.11							4.71			0.90
Long-term debt	5.28			5.39			4.87			3.77			2.54							5.33			2.13
Total interest-bearing liabilities	3.04			2.64			2.04			1.26			0.54							2.85			0.40
INTEREST RATE SPREAD	1.97			2.04			1.99			1.79			1.68							2.00			1.64
NET YIELD ON INTEREST-EARNING ASSETS	2.62			2.63			2.47			2.09			1.80							2.63			1.74
Memo: Net yield on interest-earning assets excluding Markets (e)	3.83			3.80			3.41			2.81			2.26							3.82			2.11

(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)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 29 for a further discussion of this measure.

Page 6

JPMORGAN CHASE & CO.
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 29 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.

	QUARTERLY TRENDS																		SIX MONTHS ENDED JUNE 30,
																2Q23 Change									2023 Change
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22	2023			2022			2022
OTHER INCOME
Other income - reported	$	3,292		$	1,007		$	1,392		$	900		$	540		227	%	NM	$	4,299		$	2,030		112	%
Fully taxable-equivalent adjustments (a)	990			867			898			663			812			14		22	1,857			1,587			17
Other income - managed	$	4,282		$	1,874		$	2,290		$	1,563		$	1,352		128		217	$	6,156		$	3,617		70
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	19,528		$	17,638		$	14,355		$	15,198		$	15,587		11		25	$	37,166		$	32,432		15
Fully taxable-equivalent adjustments	990			867			898			663			812			14		22	1,857			1,587			17
Total noninterest revenue - managed	$	20,518		$	18,505		$	15,253		$	15,861		$	16,399		11		25	$	39,023		$	34,019		15
NET INTEREST INCOME
Net interest income - reported	$	21,779		$	20,711		$	20,192		$	17,518		$	15,128		5		44	$	42,490		$	29,000		47
Fully taxable-equivalent adjustments (a)	104			120			121			112			103			(13)		1	224			201			11
Net interest income - managed	$	21,883		$	20,831		$	20,313		$	17,630		$	15,231		5		44	$	42,714		$	29,201		46
TOTAL NET REVENUE
Total net revenue - reported	$	41,307		$	38,349		$	34,547		$	32,716		$	30,715		8		34	$	79,656		$	61,432		30
Fully taxable-equivalent adjustments	1,094			987			1,019			775			915			11		20	2,081			1,788			16
Total net revenue - managed	$	42,401		$	39,336		$	35,566		$	33,491		$	31,630		8		34	$	81,737		$	63,220		29
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	20,485		$	18,242		$	15,525		$	13,538		$	11,966		12		71	$	38,727		$	23,492		65
Fully taxable-equivalent adjustments	1,094			987			1,019			775			915			11		20	2,081			1,788			16
Pre-provision profit - managed	$	21,579		$	19,229		$	16,544		$	14,313		$	12,881		12		68	$	40,808		$	25,280		61
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	17,586		$	15,967		$	13,237		$	12,001		$	10,865		10		62	$	33,553		$	20,928		60
Fully taxable-equivalent adjustments	1,094			987			1,019			775			915			11		20	2,081			1,788			16
Income before income tax expense - managed	$	18,680		$	16,954		$	14,256		$	12,776		$	11,780		10		59	$	35,634		$	22,716		57
INCOME TAX EXPENSE
Income tax expense - reported	$	3,114		$	3,345		$	2,229		$	2,264		$	2,216		(7)		41	$	6,459		$	3,997		62
Fully taxable-equivalent adjustments	1,094			987			1,019			775			915			11		20	2,081			1,788			16
Income tax expense - managed	$	4,208		$	4,332		$	3,248		$	3,039		$	3,131		(3)		34	$	8,540		$	5,785		48
OVERHEAD RATIO
Overhead ratio - reported	50		%	52		%	55		%	59		%	61		%				51		%	62		%
Overhead ratio - managed	49			51			53			57			59						50			60

(a)Predominantly recognized in CIB, CB and Corporate.

Page 7

JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS																	SIX MONTHS ENDED JUNE 30,
														2Q23 Change									2023 Change
	2Q23		1Q23		4Q22			3Q22			2Q22			1Q23		2Q22		2023		2022			2022
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	17,233	$	16,456	$	15,793	(a)	$	14,281	(a)	$	12,558	(a)	5	%	37	%	$	33,689	$	24,740	(a)	36	%
Corporate & Investment Bank	12,519		13,600		10,598		(a)	11,925		(a)	12,003		(a)	(8)		4		26,119		25,579		(a)	2
Commercial Banking	3,988		3,511		3,404			3,048			2,683			14		49		7,499		5,081			48
Asset & Wealth Management	4,943		4,784		4,588			4,539			4,306			3		15		9,727		8,621			13
Corporate	3,718		985		1,183			(302)			80			277		NM		4,703		(801)			NM
TOTAL NET REVENUE	$	42,401	$	39,336	$	35,566		$	33,491		$	31,630		8		34		$	81,737	$	63,220		29
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	8,313	$	8,065	$	7,912	(a)	$	7,983	(a)	$	7,658	(a)	3		9		$	16,378	$	15,313	(a)	7
Corporate & Investment Bank	6,894		7,483		6,495		(a)	6,682		(a)	6,810		(a)	(8)		1		14,377		14,173		(a)	1
Commercial Banking	1,300		1,308		1,254			1,180			1,156			(1)		12		2,608		2,285			14
Asset & Wealth Management	3,163		3,091		3,022			3,028			2,919			2		8		6,254		5,779			8
Corporate	1,152		160		339			305			206			NM		459		1,312		390			236
TOTAL NONINTEREST EXPENSE	$	20,822	$	20,107	$	19,022		$	19,178		$	18,749		4		11		$	40,929	$	37,940		8
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	8,920	$	8,391	$	7,881		$	6,298		$	4,900		6		82		$	17,311	$	9,427		84
Corporate & Investment Bank	5,625		6,117		4,103			5,243			5,193			(8)		8		11,742		11,406			3
Commercial Banking	2,688		2,203		2,150			1,868			1,527			22		76		4,891		2,796			75
Asset & Wealth Management	1,780		1,693		1,566			1,511			1,387			5		28		3,473		2,842			22
Corporate	2,566		825		844			(607)			(126)			211		NM		3,391		(1,191)			NM
PRE-PROVISION PROFIT	$	21,579	$	19,229	$	16,544		$	14,313		$	12,881		12		68		$	40,808	$	25,280		61
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	1,862	$	1,402	$	1,845		$	529		$	761		33		145		$	3,264	$	1,439		127
Corporate & Investment Bank	38		58		141			513			59			(34)		(36)		96		504			(81)
Commercial Banking	1,097		417		284			618			209			163		425		1,514		366			314
Asset & Wealth Management	145		28		32			(102)			44			418		230		173		198			(13)
Corporate	(243)		370		(14)			(21)			28			NM		NM		127		57			123
PROVISION FOR CREDIT LOSSES	$	2,899	$	2,275	$	2,288		$	1,537		$	1,101		27		163		$	5,174	$	2,564		102
NET INCOME/(LOSS)
Consumer & Community Banking	$	5,306	$	5,243	$	4,556		$	4,344		$	3,108		1		71		$	10,549	$	6,016		75
Corporate & Investment Bank	4,092		4,421		3,314			3,522			3,717			(7)		10		8,513		8,089			5
Commercial Banking	1,208		1,347		1,423			946			994			(10)		22		2,555		1,844			39
Asset & Wealth Management	1,226		1,367		1,134			1,219			1,004			(10)		22		2,593		2,012			29
Corporate	2,640		244		581			(294)			(174)			NM		NM		2,884		(1,030)			NM
TOTAL NET INCOME	$	14,472	$	12,622	$	11,008		$	9,737		$	8,649		15		67		$	27,094	$	16,931		60

(a) In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

Page 8

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																		Jun 30, 2023
																		Change				SIX MONTHS ENDED JUNE 30,
	Jun 30,				Mar 31,				Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,							2023 Change
	2023				2023				2022			2022			2022			2023		2022		2023			2022		2022
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	235,832		(c)	$	227,144			$	218,934		$	209,661		$	207,436		4	%	14	%
Tier 1 capital	262,529			(c)	253,837				245,631			236,363			239,705			3		10
Total capital	295,265			(c)	286,398				277,769			268,076			268,339			3		10
Risk-weighted assets	1,710,780			(c)	1,647,363				1,653,538			1,678,498			1,704,893			4		—
CET1 capital ratio	13.8		%	(c)	13.8		%		13.2		%	12.5		%	12.2		%
Tier 1 capital ratio	15.3			(c)	15.4				14.9			14.1			14.1
Total capital ratio	17.3			(c)	17.4				16.8			16.0			15.7
Advanced
CET1 capital	$	235,832		(c)	$	227,144			$	218,934		$	209,661		$	207,436		4		14
Tier 1 capital	262,529			(c)	253,837				245,631			236,363			239,705			3		10
Total capital	281,909			(c)	273,122				264,583			256,157			257,329			3		10
Risk-weighted assets	1,697,807			(c)	1,633,774				1,609,773			1,609,968			1,613,210			4		5
CET1 capital ratio	13.9		%	(c)	13.9		%		13.6		%	13.0		%	12.9		%
Tier 1 capital ratio	15.5			(c)	15.5				15.3			14.7			14.9
Total capital ratio	16.6			(c)	16.7				16.4			15.9			16.0
Leverage-based capital metrics
Adjusted average assets (b)	$	3,796,523		(c)	$	3,656,598			$	3,703,873		$	3,791,804		$	3,861,979		4		(2)
Tier 1 leverage ratio	6.9		%	(c)	6.9		%		6.6		%	6.2		%	6.2		%
Total leverage exposure	$	4,492,311		(c)	$	4,327,863			$	4,367,092		$	4,460,636		$	4,563,099		4		(2)
SLR	5.8		%	(c)	5.9		%		5.6		%	5.3		%	5.3		%
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC	$	493,718		(c)	$	488,245			$	486,044		$	473,241		$	466,715		1		6
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance	$	227,144			$	218,934			$	209,661		$	207,436		$	207,903		4		9		$	218,934		$	213,942	2	%
Net income applicable to common equity	14,099				12,266				10,652			9,305			8,239			15		71		26,365			16,124		64
Dividends declared on common stock	(2,948)				(2,963)				(2,972)			(2,974)			(2,971)			1		1		(5,911)			(5,947)		1
Net purchase of treasury stock	(2,268)				(2,036)				96			58			(576)			(11)		(294)		(4,304)			(2,075)		(107)
Changes in additional paid-in capital	423				111				179			251			354			281		19		534			199		168
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities	757				2,212				1,865			(2,145)			(4,031)			(66)		NM		2,969			(11,484)		NM
Translation adjustments, net of hedges	70				197				711			(581)			(679)			(64)		NM		267			(741)		NM
Fair value hedges	11				(21)				(101)			38			51			NM		(78)		(10)			161		NM
Defined benefit pension and other postretirement employee benefit plans	(6)				(55)				(324)			(1,004)			20			89		NM		(61)			87		NM
Changes related to other CET1 capital adjustments	(1,450)			(c)	(1,501)				(833)			(723)			(874)			3		(66)		(2,951)		(c)	(2,830)		(4)
Change in Standardized/Advanced CET1 capital	8,688			(c)	8,210				9,273			2,225			(467)			6		NM		16,898		(c)	(6,506)		NM
Standardized/Advanced CET1 capital, ending balance	$	235,832		(c)	$	227,144			$	218,934		$	209,661		$	207,436		4		14		$	235,832	(c)	$	207,436	14

(a)The capital metrics reflect the CECL capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit is being phased out at 25% per year over a three-year period. As of June 30, 2023 and March 31, 2023, CET1 capital reflected the remaining $1.4 billion CECL benefit; as of December 31, 2022, September 30, 2022 and June 30, 2022, CET1 capital reflected a $2.2 billion benefit. Refer to Capital Risk Management on pages 36-41 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 and pages 86-96 of the Firm’s 2022 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.

Page 9

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
												Jun 30, 2023
												Change		SIX MONTHS ENDED JUNE 30,
	Jun 30,		Mar 31,		Dec 31,			Sep 30,		Jun 30,		Mar 31,	Jun 30,					2023 Change
	2023		2023		2022			2022		2022		2023	2022	2023		2022		2022
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity	$	285,112	$	275,678	$	264,928		$	255,180	$	253,305	3	13
Less: Goodwill	52,380		52,144		51,662			51,461		50,697		—	3
Less: Other intangible assets	3,629		2,191		1,224			1,205		1,224		66	196
Add: Certain deferred tax liabilities (b)	3,097		2,754		2,510			2,509		2,509		12	23
Total tangible common equity	$	232,200	$	224,097	$	214,552		$	205,023	$	203,893	4	14
TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity	$	277,885	$	271,197	$	258,770		$	252,944	$	247,986	2	12	$	274,560	$	250,234	10	%
Less: Goodwill	52,342		51,716		51,586			51,323		50,575		1	3	52,031		50,442		3
Less: Other intangible assets	2,191		1,296		1,217			1,208		1,119		69	96	1,746		1,007		73
Add: Certain deferred tax liabilities (b)	2,902		2,549		2,508			2,512		2,503		14	16	2,727		2,500		9
Total tangible common equity	$	226,254	$	220,734	$	208,475		$	202,925	$	198,795	3	14	$	223,510	$	201,285	11
INTANGIBLE ASSETS (period-end)
Goodwill	$	52,380	$	52,144	$	51,662		$	51,461	$	50,697	—	3
Mortgage servicing rights	8,229		7,755		7,973			8,140		7,439		6	11
Other intangible assets	3,629		2,191		1,224			1,205		1,224		66	196
Total intangible assets	$	64,238	$	62,090	$	60,859		$	60,806	$	59,360	3	8

(a)Refer to page 29 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.

Page 10

JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q23 Change										2023 Change
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023			2022			2022
EARNINGS PER SHARE
Basic earnings per share
Net income	$	14,472		$	12,622		$	11,008		$	9,737		$	8,649		15	%	67	%	$	27,094		$	16,931		60	%
Less: Preferred stock dividends	373			356			356			432			410			5		(9)		729			807			(10)
Net income applicable to common equity	14,099			12,266			10,652			9,305			8,239			15		71		26,365			16,124			64
Less: Dividends and undistributed earnings allocated to
participating securities	88			73			54			50			44			21		100		161			85			89
Net income applicable to common stockholders	$	14,011		$	12,193		$	10,598		$	9,255		$	8,195		15		71		$	26,204		$	16,039		63
Total weighted-average basic shares outstanding	2,943.8			2,968.5			2,962.9			2,961.2			2,962.2			(1)		(1)		2,956.1			2,969.6			—
Net income per share	$	4.76		$	4.11		$	3.58		$	3.13		$	2.77		16		72		$	8.86		$	5.40		64
Diluted earnings per share
Net income applicable to common stockholders	$	14,011		$	12,193		$	10,598		$	9,255		$	8,195		15		71		$	26,204		$	16,039		63
Total weighted-average basic shares outstanding	2,943.8			2,968.5			2,962.9			2,961.2			2,962.2			(1)		(1)		2,956.1			2,969.6			—
Add: Dilutive impact of unvested performance share units     (“PSUs”), nondividend-earning restricted stock units     (“RSUs”) and stock appreciation rights (“SARs”)	4.5			4.2			4.2			4.2			4.1			7		10		4.4			4.1			7
Total weighted-average diluted shares outstanding	2,948.3			2,972.7			2,967.1			2,965.4			2,966.3			(1)		(1)		2,960.5			2,973.7			—
Net income per share	$	4.75		$	4.10		$	3.57		$	3.12		$	2.76		16		72		$	8.85		$	5.39		64
COMMON DIVIDENDS
Cash dividends declared per share	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		—		—		$	2.00		$	2.00		—
Dividend payout ratio	21		%	24		%	28		%	32		%	36		%					22		%	37		%
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	16.7			22.0			—			—			5.0			(24)		234		38.7			23.1			68
Average price paid per share of common stock	$	137.20		$	133.67		$	—		$	—		$	124.88		3		10		$	135.19		$	135.20		—
Aggregate repurchases of common stock	2,293			2,940			—			—			622			(22)		269		5,233			3,122			68
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	0.5			10.0			1.2			0.6			0.5			(95)		—		10.5			11.5			(9)
Net impact of employee issuances on stockholders’ equity (b)	$	467		$	1,028		$	273		$	304		$	398		(55)		17		$	1,495		$	1,241		20

(a)The Firm is authorized to purchase up to $30 billion of common shares under its current repurchase program. In the second half of 2022, as a result of the expected increases in regulatory capital requirements, the Firm temporarily suspended share repurchases. In the first quarter of 2023, the Firm resumed repurchasing shares under its common share 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.

Page 11

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																							SIX MONTHS ENDED JUNE 30,
																				2Q23 Change										2023 Change
	2Q23				1Q23			4Q22				3Q22				2Q22				1Q23		2Q22		2023			2022			2022
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	841			$	823		$	834			$	822			$	855			2	%	(2)	%	$	1,664		$	1,660		—	%
Asset management fees	816			(d)	676			662				662				684				21		19		1,492		(d)	1,410			6
Mortgage fees and related income	274				223			90				313				377				23		(27)		497			833			(40)
Card income	483				739			694			(f)	613			(f)	621			(f)	(35)		(22)		1,222			1,162		(f)	5
All other income (a)	1,129			(d)	1,162			1,189			(f)	1,302			(f)	1,313			(f)	(3)		(14)		2,291		(d)	2,640		(f)	(13)
Noninterest revenue	3,543				3,623			3,469				3,712				3,850				(2)		(8)		7,166			7,705			(7)
Net interest income	13,690			(d)	12,833			12,324				10,569				8,708				7		57		26,523		(d)	17,035			56
TOTAL NET REVENUE	17,233				16,456			15,793				14,281				12,558				5		37		33,689			24,740			36
Provision for credit losses	1,862			(d)	1,402			1,845				529				761				33		145		3,264		(d)	1,439			127
NONINTEREST EXPENSE
Compensation expense	3,628				3,545			3,339				3,345				3,237				2		12		7,173			6,408			12
Noncompensation expense (b)	4,685			(d)	4,520			4,573			(f)	4,638			(f)	4,421			(f)	4		6		9,205		(d)	8,905		(f)	3
TOTAL NONINTEREST EXPENSE	8,313				8,065			7,912				7,983				7,658				3		9		16,378			15,313			7
Income before income tax expense	7,058				6,989			6,036				5,769				4,139				1		71		14,047			7,988			76
Income tax expense	1,752				1,746			1,480			(f)	1,425			(f)	1,031			(f)	—		70		3,498			1,972		(f)	77
NET INCOME	$	5,306			$	5,243		$	4,556			$	4,344			$	3,108			1		71		$	10,549		$	6,016		75
REVENUE BY LINE OF BUSINESS
Banking & Wealth Management	$	10,936		(e)	$	10,041		$	9,582		(f)	$	7,960		(f)	$	6,502		(f)	9		68		$	20,977	(e)	$	12,517	(f)	68
Home Lending	1,007			(e)	720			584				920				1,001				40		1		1,727		(e)	2,170			(20)
Card Services & Auto	5,290				5,695			5,627				5,401				5,055				(7)		5		10,985			10,053			9
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	102				75			43				93				150				36		(32)		177			361			(51)
Net mortgage servicing revenue (c)	172				148			47				220				227				16		(24)		320			472			(32)
Mortgage fees and related income	$	274			$	223		$	90			$	313			$	377			23		(27)		$	497		$	833		(40)
FINANCIAL RATIOS
ROE	38		%		40		%	35		%		34		%	(f)	24		%						39		%	23		%
Overhead ratio	48				49			50				56				61								49			62

(a)Primarily includes operating lease income and commissions and other fees. For the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, operating lease income was $704 million, $741 million, $777 million, $854 million and $929 million, respectively, and $1.4 billion and $2.0 billion for the six months ended June 30, 2023 and 2022 , respectively.

(b)Included depreciation expense on leased assets of $445 million, $407 million, $463 million, $605 million and $652 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $852 million and $1.3 billion for the six months ended June 30, 2023 and 2022 , respectively.

(c)Included MSR risk management results of $25 million, $(12) million, $(98) million, $54 million and $28 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $13 million and $137 million for the six months ended June 30, 2023 and 2022 , respectively.

(d)Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information.

(e)For the three and six months ended June 30, 2023, includes $596 million and $235 million for Banking & Wealth Management and Home Lending, respectively, associated with the First Republic acquisition.

(f)In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

Page 12

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
	QUARTERLY TRENDS															SIX MONTHS ENDED JUNE 30,
												2Q23 Change									2023 Change
	2Q23			1Q23		4Q22		3Q22		2Q22		1Q23		2Q22		2023			2022		2022
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	620,193		$	506,382	$	514,085	$	500,752	$	500,219	22	%	24	%	$	620,193		$	500,219	24	%
Loans:
Banking & Wealth Management (a)	30,959		(d)	28,038		29,008		30,230		31,494		10		(2)		30,959		(d)	31,494		(2)
Home Lending (b)	262,432		(d)	172,058		172,554		174,618		176,939		53		48		262,432		(d)	176,939		48
Card Services	191,353			180,079		185,175		170,462		165,494		6		16		191,353			165,494		16
Auto	73,587			69,556		68,191		67,201		67,842		6		8		73,587			67,842		8
Total loans	558,331			449,731		454,928		442,511		441,769		24		26		558,331			441,769		26
Deposits	1,173,514		(e)	1,147,474		1,131,611		1,173,241		1,178,825		2		—		1,173,514		(e)	1,178,825		—
Equity	55,500			52,000		50,000		50,000		50,000		7		11		55,500			50,000		11
SELECTED BALANCE SHEET DATA (average)
Total assets	$	576,417		$	506,775	$	504,859	$	498,858	$	496,177	14		16		$	541,788		$	492,592	10
Loans:
Banking & Wealth Management	30,628		(f)	28,504		29,412		30,788		32,294		7		(5)		29,572		(f)	33,014		(10)
Home Lending (c)	229,569		(f)	172,124		174,487		176,852		177,330		33		29		201,005		(f)	176,911		14
Card Services	187,028			180,451		177,026		168,125		158,434		4		18		183,758			153,941		19
Auto	71,083			68,744		67,623		66,979		68,569		3		4		69,920			68,908		1
Total loans	518,308			449,823		448,548		442,744		436,627		15		19		484,255			432,774		12
Deposits	1,157,309			1,112,967		1,142,523		1,174,227		1,180,453		4		(2)		1,135,261			1,167,057		(3)
Equity	54,346			52,000		50,000		50,000		50,000		5		9		53,180			50,000		6
Headcount	137,087			135,983		135,347		133,803		130,907		1		5		137,087			130,907		5

(a)At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022 included $163 million, $205 million, $350 million, $791 million and $1.5 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to pages 108-109 of the Firm’s 2022 Form 10-K for further information on the PPP.

(b)At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, Home Lending loans held-for-sale and loans at fair value were $3.9 billion, $4.2 billion, $3.0 billion, $4.1 billion and $5.2 billion, respectively.

(c)Average Home Lending loans held-for sale and loans at fair value were $5.3 billion, $3.5 billion, $4.5 billion, $5.9 billion and $8.1 billion for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $4.4 billion and $9.5 billion for the six months ended June 30, 2023 and 2022 , respectively.

(d)As of June 30, 2023, includes $3.4 billion and $91.3 billion for Banking & Wealth Management and Home Lending, respectively, associated with the First Republic acquisition.

(e)Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information.

(f)For the three months ended June 30, 2023, includes $2.7 billion and $57.2 billion for Banking & Wealth Management and Home Lending, respectively, and for the six months ended June 30, 2023, includes $1.4 billion and $28.7 billion for Banking & Wealth Management and Home Lending, respectively, associated with the First Republic acquisition.

Page 13

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q23 Change										2023 Change
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023			2022			2022
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)	$	3,823		$	3,835		$	3,899		$	3,936		$	4,217		—	%	(9)	%	$	3,823		$	4,217		(9)	%
Net charge-offs/(recoveries)
Banking & Wealth Management	92			79			95			105			81			16		14		171			170			1
Home Lending	(28)			(18)			(33)			(59)			(68)			(56)		59		(46)			(137)			66
Card Services	1,124			922			725			592			580			22		94		2,046			1,086			88
Auto	63			69			58			41			18			(9)		250		132			45			193
Total net charge-offs/(recoveries)	$	1,251		$	1,052		$	845		$	679		$	611		19		105		$	2,303		$	1,164		98
Net charge-off/(recovery) rate
Banking & Wealth Management (c)	1.20		%	1.12		%	1.28		%	1.35		%	1.01		%					1.17		%	1.04		%
Home Lending	(0.05)			(0.04)			(0.08)			(0.14)			(0.16)							(0.05)			(0.16)
Card Services	2.41			2.07			1.62			1.40			1.47							2.25			1.42
Auto	0.36			0.41			0.34			0.24			0.11							0.38			0.13
Total net charge-off/(recovery) rate	0.98			0.96			0.75			0.62			0.57							0.97			0.55
30+ day delinquency rate
Home Lending (d)(e)	0.58		%	0.81		%	0.83		%	0.78		%	0.85		%					0.58		%	0.85		%
Card Services	1.70			1.68			1.45			1.23			1.05							1.70			1.05
Auto	0.92			0.90			1.01			0.75			0.69							0.92			0.69
90+ day delinquency rate - Card Services	0.84			0.83			0.68			0.57			0.51							0.84			0.51
Allowance for loan losses
Banking & Wealth Management	$	731		$	720		$	722		$	722		$	697		2		5		$	731		$	697		5
Home Lending	777		(g)	427			867			667			785			82		(1)		777		(g)	785			(1)
Card Services	11,600			11,400			11,200			10,400			10,400			2		12		11,600			10,400			12
Auto	717			716			715			715			740			—		(3)		717			740			(3)
Total allowance for loan losses	$	13,825		$	13,263	(f)	$	13,504		$	12,504		$	12,622		4		10		$	13,825		$	12,622		10

(a)At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $139 million, $164 million, $187 million, $219 million and $257 million, respectively. These amounts have been excluded based upon the government guarantee. 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)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic.

(c)At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022 included $163 million, $205 million, $350 million, $791 million and $1.5 billion of loans, respectively, under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to pages 108-109 of the Firm’s 2022 Form 10-K for further information on the PPP.

(d)At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $177 million, $353 million, $449 million, $454 million and $513 million in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

(e)At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $195 million, $219 million, $258 million, $284 million and $315 million, respectively. These amounts have been excluded based upon the government guarantee.

(f)On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance resulted in a net decrease in the allowance for loan losses of $591 million, driven by residential real estate and credit card. Refer to Credit-related information on pages 27-28, and Note 1 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 for further information.

(g)As of June 30, 2023, includes $377 million associated with the First Republic acquisition.

Page 14

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q23 Change										2023 Change
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023			2022			2022
BUSINESS METRICS
Number of:
Branches	4,874			4,784			4,787			4,802			4,822			2	%	1	%	4,874			4,822			1	%
Active digital customers (in thousands) (a)	65,559		(f)	64,998			63,136			61,985			60,735			1		8		65,559		(f)	60,735			8
Active mobile customers (in thousands) (b)	51,963		(f)	50,933			49,710			48,904			47,436			2		10		51,963		(f)	47,436			10
Debit and credit card sales volume (in billions)	$	424.0		$	387.3		$	411.1		$	395.8		$	397.0		9		7		$	811.3		$	748.5		8
Total payments transaction volume (in trillions) (c)	1.5		(f)	1.4			1.4			1.4			1.5			7		—		2.9		(f)	2.8			4
Banking & Wealth Management
Average deposits	$	1,142,755	(g)	$	1,098,494		$	1,126,420		$	1,156,933		$	1,163,423		4		(2)		$	1,120,746	(g)	$	1,149,844		(3)
Deposit margin	2.83		%	2.78		%	2.48		%	1.83		%	1.31		%					2.81		%	1.27		%
Business Banking average loans	$	19,628		$	19,884		$	20,467		$	21,263		$	22,769		(1)		(14)		$	19,755		$	23,787		(17)
Business Banking origination volume	1,275			1,027			1,081			977			1,196			24		7		2,302			2,224			4
Client investment assets (d)	892,897			690,819			647,120			615,048			628,479			29		42		892,897			628,479			42
Number of client advisors	5,153			5,125			5,029			5,017			4,890			1		5		5,153			4,890			5
Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	7.3	(h)	$	3.6		$	4.6		$	7.8		$	11.0		103		(34)		$	10.9	(h)	$	26.1		(58)
Correspondent	3.9			2.1			2.1			4.3			10.9			86		(64)		6.0			20.5			(71)
Total mortgage origination volume (e)	$	11.2		$	5.7		$	6.7		$	12.1		$	21.9		96		(49)		$	16.9		$	46.6		(64)
Third-party mortgage loans serviced (period-end)	604.5			575.9			584.3			586.7			575.6			5		5		604.5			575.6			5
MSR carrying value (period-end)	8.2			7.7			8.0			8.1			7.4			6		11		8.2			7.4			11
Card Services
Sales volume, excluding commercial card (in billions)	$	294.0		$	266.2		$	284.8		$	272.3		$	271.2		10		8		560.2			507.6			10
Net revenue rate	9.11		%	10.38		%	10.06		%	9.92		%	9.59		%					9.73		%	9.72		%
Net yield on average loans	9.31			9.89			9.78			9.81			9.50							9.60			9.73
Auto
Loan and lease origination volume (in billions)	$	12.0		$	9.2		$	7.5		$	7.5		$	7.0		30		71		$	21.2		$	15.4		38
Average auto operating lease assets	11,015			11,538			12,333			13,466			14,866			(5)		(26)		11,275			15,640			(28)

(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 21-23 for additional information. As of June 30, 2023, includes $150.9 billion of client investment assets associated with the First Republic acquisition.

(e)Firmwide mortgage origination volume was $13.0 billion, $6.8 billion, $8.5 billion, $15.2 billion and $27.9 billion for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $19.8 billion and $58.1 billion for the six months ended June 30, 2023 and 2022 , respectively.

(f)Excludes the impact of the First Republic acquisition.

(g)For the three and six months ended June 30, 2023, includes $47.2 billion and $23.7 billion, respectively, associated with the First Republic acquisition.

(h)For the three and six months ended June 30, 2023, includes $1.1 billion associated with the First Republic acquisition.

Page 15

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																						SIX MONTHS ENDED JUNE 30,
																			2Q23 Change											2023 Change
	2Q23			1Q23			4Q22				3Q22				2Q22				1Q23		2Q22		2023			2022				2022
INCOME STATEMENT
REVENUE
Investment banking fees (a)	$	1,557		$	1,654		$	1,467			$	1,762			$	1,650			(6)	%	(6)	%	$	3,211		$	3,700			(13)	%
Principal transactions	6,697			7,408			4,397				5,258				5,048				(10)		33		14,105			10,271				37
Lending- and deposit-related fees	533			539			548				589				641				(1)		(17)		1,072			1,282				(16)
Commissions and other fees	1,219			1,234			1,200				1,198				1,328				(1)		(8)		2,453			2,660				(8)
Card income	400			315			353			(d)	293			(d)	337			(d)	27		19		715			603			(d)	19
All other income	396			373			147			(d)	181			(d)	(199)			(d)	6		NM		769			293			(d)	162
Noninterest revenue	10,802			11,523			8,112				9,281				8,805				(6)		23		22,325			18,809				19
Net interest income	1,717			2,077			2,486				2,644				3,198				(17)		(46)		3,794			6,770				(44)
TOTAL NET REVENUE (b)	12,519			13,600			10,598				11,925				12,003				(8)		4		26,119			25,579				2
Provision for credit losses	38			58			141				513				59				(34)		(36)		96			504				(81)
NONINTEREST EXPENSE
Compensation expense	3,461			4,085			3,091				3,311				3,510				(15)		(1)		7,546			7,516				—
Noncompensation expense	3,433			3,398			3,404			(d)	3,371			(d)	3,300			(d)	1		4		6,831			6,657			(d)	3
TOTAL NONINTEREST EXPENSE	6,894			7,483			6,495				6,682				6,810				(8)		1		14,377			14,173				1
Income before income tax expense	5,587			6,059			3,962				4,730				5,134				(8)		9		11,646			10,902				7
Income tax expense	1,495			1,638			648			(d)	1,208			(d)	1,417			(d)	(9)		6		3,133			2,813			(d)	11
NET INCOME	$	4,092		$	4,421		$	3,314			$	3,522			$	3,717			(7)		10		$	8,513		$	8,089			5
FINANCIAL RATIOS
ROE	15		%	16		%	12		%		13		%		14		%						15		%	15		%
Overhead ratio	55			55			61				56				57			(d)					55			55
Compensation expense as percentage of total net revenue	28			30			29				28				29								29			29			(d)
REVENUE BY BUSINESS
Investment Banking	$	1,494		$	1,560		$	1,389			$	1,713			$	1,351			(4)		11		$	3,054		$	3,408			(10)
Payments	2,451			2,396			2,120			(d)	2,039			(d)	1,519			(d)	2		61		4,847			3,420			(d)	42
Lending	299			267			323				323				410				12		(27)		566			731				(23)
Total Banking	4,244			4,223			3,832				4,075				3,280				—		29		8,467			7,559				12
Fixed Income Markets	4,567			5,699			3,739				4,469				4,711				(20)		(3)		10,266			10,409				(1)
Equity Markets	2,451			2,683			1,931				2,302				3,079				(9)		(20)		5,134			6,134				(16)
Securities Services	1,221			1,148			1,159				1,110				1,151				6		6		2,369			2,219				7
Credit Adjustments & Other (c)	36			(153)			(63)				(31)				(218)				NM		NM		(117)			(742)				84
Total Markets & Securities Services	8,275			9,377			6,766				7,850				8,723				(12)		(5)		17,652			18,020				(2)
TOTAL NET REVENUE	$	12,519		$	13,600		$	10,598			$	11,925			$	12,003			(8)		4		$	26,119		$	25,579			2

(a)Includes CB's share of revenue from investment banking products sold to CB clients through the CIB that is subject to a revenue sharing arrangement which is reported as a reduction in All other income.

(b)Includes tax-equivalent adjustments, predominantly due to income tax credits and other tax benefits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; and tax-exempt income from municipal bonds of $953 million, $839 million, $854 million, $626 million and $772 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $1.8 billion and $1.5 billion for the six months ended June 30, 2023 and 2022, respectively.

(c)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.

(d)In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

Page 16

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q23 Change										2023 Change
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023			2022			2022
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,432,054		$	1,436,237		$	1,334,296		$	1,384,618		$	1,403,558		—	%	2	%	$	1,432,054		$	1,403,558		2	%
Loans:
Loans retained (a)	194,450			187,133			187,642			180,604			171,219			4		14		194,450			171,219			14
Loans held-for-sale and loans at fair value (b)	38,959			38,335			42,304			40,357			46,032			2		(15)		38,959			46,032			(15)
Total loans	233,409			225,468			229,946			220,961			217,251			4		7		233,409			217,251			7
Equity	108,000			108,000			103,000			103,000			103,000			—		5		108,000			103,000			5
SELECTED BALANCE SHEET DATA (average)
Total assets	$	1,461,857		$	1,429,662		$	1,384,255		$	1,403,247		$	1,429,953		2		2		$	1,445,848		$	1,418,955		2
Trading assets - debt and equity instruments	533,082			488,767			406,692			386,895			411,079			9		30		511,047			415,190			23
Trading assets - derivative receivables	63,094			64,016			77,669			83,084			83,582			(1)		(25)		63,553			75,184			(15)
Loans:
Loans retained (a)	189,153			185,572			182,873			176,469			169,909			2		11		187,372			165,467			13
Loans held-for-sale and loans at fair value (b)	38,132			42,569			42,895			45,150			48,048			(10)		(21)		40,339			49,714			(19)
Total loans	227,285			228,141			225,768			221,619			217,957			—		4		227,711			215,181			6
Equity	108,000			108,000			103,000			103,000			103,000			—		5		108,000			103,000			5
Headcount	74,822			74,352			73,452			71,797			69,447			1		8		74,822			69,447			8
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	56		$	50		$	7		$	17		$	38		12		47		$	106		$	58		83
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)	924			832			718			583			697			11		33		924			697			33
Nonaccrual loans held-for-sale and loans at fair value (d)	818			808			848			824			840			1		(3)		818			840			(3)
Total nonaccrual loans	1,742			1,640			1,566			1,407			1,537			6		13		1,742			1,537			13
Derivative receivables	286			291			296			339			447			(2)		(36)		286			447			(36)
Assets acquired in loan satisfactions	133			86			87			85			84			55		58		133			84			58
Total nonperforming assets	2,161			2,017			1,949			1,831			2,068			7		4		2,161			2,068			4
Allowance for credit losses:
Allowance for loan losses	2,531			2,454			2,292			2,032			1,809			3		40		2,531			1,809			40
Allowance for lending-related commitments	1,207			1,301			1,448			1,582			1,358			(7)		(11)		1,207			1,358			(11)
Total allowance for credit losses	3,738			3,755			3,740			3,614			3,167			—		18		3,738			3,167			18
Net charge-off/(recovery) rate (a)(e)	0.12		%	0.11		%	0.02		%	0.04		%	0.09		%					0.11		%	0.07		%
Allowance for loan losses to period-end loans retained (a)	1.30			1.31			1.22			1.13			1.06							1.30			1.06
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)	1.86			1.81			1.67			1.49			1.38							1.86			1.38
Allowance for loan losses to nonaccrual loans retained (a)(c)	274			295			319			349			260							274			260
Nonaccrual loans to total period-end loans	0.75			0.73			0.68			0.64			0.71							0.75			0.71

(a)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

(b)Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization.

(c)Allowance for loan losses of $145 million, $153 million, $104 million, $111 million and $130 million were held against these nonaccrual loans at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

(d)At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $76 million, $99 million, $115 million, $143 million and $196 million, respectively. These amounts have been excluded based upon the government guarantee.

(e)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(f)Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

Page 17

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS														SIX MONTHS ENDED JUNE 30,
											2Q23 Change								2023 Change
	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23		2Q22		2023		2022		2022
BUSINESS METRICS
Advisory	$	540	$	756	$	738	$	848	$	664	(29)	%	(19)	%	$	1,296	$	1,465	(12)	%
Equity underwriting	318		235		250		290		245		35		30		553		494		12
Debt underwriting	699		663		479		624		741		5		(6)		1,362		1,741		(22)
Total investment banking fees	$	1,557	$	1,654	$	1,467	$	1,762	$	1,650	(6)		(6)		$	3,211	$	3,700	(13)
Client deposits and other third-party liabilities (average) (a)	647,479		633,729		649,694		669,215		722,388		2		(10)		640,642		715,791		(10)
Merchant processing volume (in billions) (b)	600.1		558.8		583.2		545.4		539.6		7		11		1,158.9		1,029.8		13
Assets under custody (“AUC”) (period-end) (in billions)	$	30,424	$	29,725	$	28,635	$	27,157	$	28,579	2		6		$	30,424	$	28,579	6
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income	$	57	$	56	$	66	$	64	$	60	2		(5)
Foreign exchange	12		10		11		9		8		20		50
Equities	8		7		13		11		11		14		(27)
Commodities and other	12		15		18		14		14		(20)		(14)
Diversification benefit to CIB trading VaR (d)	(48)		(44)		(50)		(47)		(43)		(9)		(12)
CIB trading VaR (c)	41		44		58		51		50		(7)		(18)
Credit Portfolio VaR (e)	14		11		10		10		17		27		(18)
Diversification benefit to CIB VaR (d)	(11)		(10)		(8)		(8)		(15)		(10)		27
CIB VaR	$	44	$	45	$	60	$	53	$	52	(2)		(15)

(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.

(b)Represents Firmwide merchant processing volume.

(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 133–135 of the Firm’s 2022 Form 10-K for further information, and pages 67–69 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 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 hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In the first quarter of 2022, 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 18

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q23 Change										2023 Change
	2Q23				1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023			2022			2022
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	249			$	227		$	243		$	288		$	348		10	%	(28)	%	$	476		$	712		(33)	%
Card income	201				173			171			177			170			16		18		374			337
All other income	385				381			315			371			386			1		—		766			722			6
Noninterest revenue	835				781			729			836			904			7		(8)		1,616			1,771			(9)
Net interest income	3,153			(e)	2,730			2,675			2,212			1,779			15		77		5,883		(e)	3,310			78
TOTAL NET REVENUE (a)	3,988				3,511			3,404			3,048			2,683			14		49		7,499			5,081			48
Provision for credit losses	1,097			(e)	417			284			618			209			163		425		1,514		(e)	366			314
NONINTEREST EXPENSE
Compensation expense	656				641			607			577			559			2		17		1,297			1,112			17
Noncompensation expense	644				667			647			603			597			(3)		8		1,311			1,173			12
TOTAL NONINTEREST EXPENSE	1,300				1,308			1,254			1,180			1,156			(1)		12		2,608			2,285			14
Income before income tax expense	1,591				1,786			1,866			1,250			1,318			(11)		21		3,377			2,430			39
Income tax expense	383				439			443			304			324			(13)		18		822			586			40
NET INCOME	$	1,208			$	1,347		$	1,423		$	946		$	994		(10)		22		$	2,555		$	1,844		39
REVENUE BY PRODUCT
Lending	$	1,480		(e)	$	1,222		$	1,185		$	1,176		$	1,058		21		40		$	2,702	(e)	$	2,163		25
Payments (b)	2,248				2,028			1,989			1,618			1,253			11		79		4,276			2,275			88
Investment banking (b)(c)	213				250			196			224			234			(15)		(9)		463			453			2
Other	47				11			34			30			138			327		(66)		58			190			(69)
TOTAL NET REVENUE (a)	$	3,988			$	3,511		$	3,404		$	3,048		$	2,683		14		49		$	7,499		$	5,081		48
Investment Banking and Markets revenue, gross (d)	$	767			$	881		$	700		$	761		$	788		(13)		(3)		$	1,648		$	1,517		9
REVENUE BY CLIENT SEGMENT
Middle Market Banking	$	1,916		(f)	$	1,681		$	1,619		$	1,366		$	1,169		14		64		$	3,597	(f)	$	2,149		67
Corporate Client Banking	1,229				1,176			1,109			1,052			927			5		33		2,405			1,757			37
Commercial Real Estate Banking	806			(f)	642			666			624			590			26		37		1,448		(f)	1,171			24
Other	37				12			10			6			(3)			208		NM		49			4			NM
TOTAL NET REVENUE (a)	$	3,988			$	3,511		$	3,404		$	3,048		$	2,683		14		49		$	7,499		$	5,081		48
FINANCIAL RATIOS
ROE	16		%		18		%	22		%	14		%	15		%					17		%	14		%
Overhead ratio	33				37			37			39			43							35			45

(a)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $89 million, $82 million, $100 million, $80 million and $73 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $171 million and $142 million for the six months ended June 30, 2023 and 2022, respectively.

(b)In the fourth quarter of 2022, certain revenue from CIB Markets products was reclassified from investment banking to payments. Prior-period amounts have been revised to conform with the current presentation.

(c)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB which is reported in All other income.

(d)Includes gross revenues earned by the Firm, that are subject to a revenue sharing arrangement with the CIB, for Investment Banking and Markets’ products sold to CB clients. This includes revenues related to fixed income and equity markets products. Refer to page 61 of the Firm’s 2022 Form 10-K for discussion of revenue sharing.

(e)Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information.

(f)For the three and six months ended June 30, 2023, includes $48 million and $130 million for Middle Market Banking and Commercial Real Estate Banking, respectively, associated with the First Republic acquisition.

Page 19

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q23 Change										2023 Change
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023			2022			2022
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	305,280		$	261,181		$	257,106		$	247,485		$	242,456		17	%	26	%	$	305,280		$	242,456		26	%
Loans:
Loans retained	282,124		(d)	238,752			233,879			231,829			223,541			18		26		282,124		(d)	223,541			26
Loans held-for-sale and loans at fair value	1,540			1,538			707			137			566			—		172		1,540			566			172
Total loans	$	283,664		$	240,290		$	234,586		$	231,966		$	224,107		18		27		$	283,664		$	224,107		27
Equity	30,000			28,500			25,000			25,000			25,000			5		20		30,000			25,000			20
Period-end loans by client segment
Middle Market Banking (a)	$	79,885	(e)	$	73,329		$	72,625		$	71,707		$	68,535		9		17		$	79,885	(e)	$	68,535		17
Corporate Client Banking	60,511			58,256			53,840			52,940			49,503			4		22		60,511			49,503			22
Commercial Real Estate Banking	142,897		(e)	108,582			107,999			107,241			105,982			32		35		142,897		(e)	105,982			35
Other	371			123			122			78			87			202		326		371			87			326
Total loans (a)	$	283,664		$	240,290		$	234,586		$	231,966		$	224,107		18		27		$	283,664		$	224,107		27
SELECTED BALANCE SHEET DATA (average)
Total assets	$	290,875		$	255,468		$	253,007		$	246,318		$	239,381		14		22		$	273,269		$	236,444		16
Loans:
Loans retained	270,091		(d)	236,808			234,654			227,539			218,478			14		24		253,542		(d)	213,536			19
Loans held-for-sale and loans at fair value	726			1,155			673			1,589			1,004			(37)		(28)		939			1,572			(40)
Total loans	$	270,817		$	237,963		$	235,327		$	229,128		$	219,482		14		23		$	254,481		$	215,108		18
Client deposits and other third-party liabilities	275,223			265,971			278,924			281,336			300,425			3		(8)		270,622			308,627			(12)
Equity	29,505			28,500			25,000			25,000			25,000			4		18		29,005			25,000			16
Average loans by client segment
Middle Market Banking	$	78,037	(f)	$	73,030		$	72,109		$	70,002		$	66,640		7		17		$	75,547	(f)	$	64,550		17
Corporate Client Banking	59,159			56,581			55,137			52,432			47,832			5		24		57,877			46,720			24
Commercial Real Estate Banking	133,394		(f)	108,143			107,831			106,546			104,890			23		27		120,838		(f)	103,701			17
Other	227			209			250			148			120			9		89		219			137			60
Total loans	$	270,817		$	237,963		$	235,327		$	229,128		$	219,482		14		23		$	254,481		$	215,108		18
Headcount	15,991			15,026			14,687			14,299			13,811			6		16		15,991			13,811			16
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	100		$	37		$	35		$	42		$	1		170		NM		$	137		$	7		NM
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)	1,068			918			766			836			761			16		40		1,068			761			40
Nonaccrual loans held-for-sale and loans
at fair value	—			—			—			—			—			—		—		—			—			—
Total nonaccrual loans	1,068			918			766			836			761			16		40		1,068			761			40
Assets acquired in loan satisfactions	—			—			—			7			8			—		NM		—			8			NM
Total nonperforming assets	1,068			918			766			843			769			16		39		1,068			769			39
Allowance for credit losses:
Allowance for loan losses	4,729			3,566			3,324			3,050			2,602			33		82		4,729			2,602			82
Allowance for lending-related commitments	801			966			830			864			725			(17)		10		801			725			10
Total allowance for credit losses	5,530		(d)	4,532			4,154			3,914			3,327			22		66		5,530		(d)	3,327			66
Net charge-off/(recovery) rate (c)	0.15		%	0.06		%	0.06		%	0.07		%	—		%					0.11		%	0.01		%
Allowance for loan losses to period-end loans retained	1.68			1.49			1.42			1.32			1.16							1.68			1.16
Allowance for loan losses to nonaccrual loans retained (b)	443			388			434			365			342							443			342
Nonaccrual loans to period-end total loans	0.38			0.38			0.33			0.36			0.34							0.38			0.34

(a)At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, total loans included $65 million, $88 million, $132 million, $205 million, and $335 million of loans, respectively, under the PPP, of which $60 million, $80 million, $123 million, $187 million and $306 million, were in Middle Market Banking. Refer to pages 108-109 of the Firm’s 2022 Form 10-K for further information on the PPP.

(b)Allowance for loan losses of $205 million, $170 million, $153 million, $150 million and $74 million was held against nonaccrual loans retained at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(d)Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information.

(e)At June 30, 2023, includes $6.2 billion and $33.3 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, associated with the First Republic acquisition.

(f)For the three months ended June 30, 2023, includes $4.4 billion and $24.2 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, and for the six months ended June 30, 2023, includes $2.2 billion and $12.2 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, associated with the First Republic acquisition.

Page 20

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q23 Change										2023 Change
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023			2022			2022
INCOME STATEMENT
REVENUE
Asset management fees	$	2,930		$	2,761		$	2,742		$	2,803		$	2,797		6	%	5	%	$	5,691		$	5,696		—	%
Commissions and other fees	196			181			234			241			240			8		(18)		377			456			(17)
All other income	232		(a)	391			82			82			47			(41)		394		623		(a)	171			264
Noninterest revenue	3,358			3,333			3,058			3,126			3,084			1		9		6,691			6,323			6
Net interest income	1,585		(a)	1,451			1,530			1,413			1,222			9		30		3,036		(a)	2,298			32
TOTAL NET REVENUE	4,943			4,784			4,588			4,539			4,306			3		15		9,727			8,621			13
Provision for credit losses	145		(a)	28			32			(102)			44			418		230		173		(a)	198			(13)
NONINTEREST EXPENSE
Compensation expense	1,746			1,735			1,649			1,649			1,508			1		16		3,481			3,038			15
Noncompensation expense	1,417			1,356			1,373			1,379			1,411			4		—		2,773			2,741			1
TOTAL NONINTEREST EXPENSE	3,163			3,091			3,022			3,028			2,919			2		8		6,254			5,779			8
Income before income tax expense	1,635			1,665			1,534			1,613			1,343			(2)		22		3,300			2,644			25
Income tax expense	409			298			400			394			339			37		21		707			632			12
NET INCOME	$	1,226		$	1,367		$	1,134		$	1,219		$	1,004		(10)		22		$	2,593		$	2,012		29
REVENUE BY LINE OF BUSINESS
Asset Management	$	2,128		$	2,434		$	2,158		$	2,209		$	2,137		(13)		—		$	4,562		$	4,451		2
Global Private Bank	2,815		(a)	2,350			2,430			2,330			2,169			20		30		5,165		(a)	4,170			24
TOTAL NET REVENUE	$	4,943		$	4,784		$	4,588		$	4,539		$	4,306		3		15		$	9,727		$	8,621		13
FINANCIAL RATIOS
ROE	29		%	34		%	26		%	28		%	23		%					31		%	23		%
Overhead ratio	64			65			66			67			68							64			67
Pretax margin ratio:
Asset Management	27			37			27			31			29							32			31
Global Private Bank	37			33			39			40			33							35			30
Asset & Wealth Management	33			35			33			36			31							34			31
Headcount	26,931			26,773			26,041			25,769			23,981			1		12		26,931			23,981			12
Number of Global Private Bank client advisors	3,214			3,189			3,137			3,110			2,866			1		12		3,214			2,866			12

(a) Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information.

Page 21

Page 22

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q23 Change										2023 Change
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023			2022			2022
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	247,118		$	232,516		$	232,037		$	232,303		$	235,553		6	%	5	%	$	247,118		$	235,553		5	%
Loans	222,493		(a)	211,140			214,006			214,989			218,841			5		2		222,493		(a)	218,841			2
Deposits	199,763			225,831			233,130			242,315			257,437			(12)		(22)		199,763			257,437			(22)
Equity	17,000			16,000			17,000			17,000			17,000			6		—		17,000			17,000			—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	238,987		$	228,823		$	230,149		$	232,748		$	234,565		4		2		$	233,933		$	233,444		—
Loans	219,469		(b)	211,469			214,150			216,714			216,846			4		1		215,491		(b)	215,735			—
Deposits	211,872			224,354			236,965			253,026			268,861			(6)		(21)		218,078			278,256			(22)
Equity	16,670			16,000			17,000			17,000			17,000			4		(2)		16,337			17,000			(4)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	2		$	(2)		$	(2)		$	(13)		$	9		NM		(78)		$	—		$	8		NM
Nonaccrual loans	615			477			459			467			620			29		(1)		615			620			(1)
Allowance for credit losses:
Allowance for loan losses	649			526			494			461			547			23		19		649			547			19
Allowance for lending-related commitments	39			19			20			21			22			105		77		39			22			77
Total allowance for credit losses	688			545			514			482			569			26		21		688			569			21
Net charge-off/(recovery) rate	—		%	—		%	—		%	(0.02)		%	0.02		%					—		%	0.01		%
Allowance for loan losses to period-end loans	0.29			0.25			0.23			0.21			0.25							0.29			0.25
Allowance for loan losses to nonaccrual loans	106			110			108			99			88							106			88
Nonaccrual loans to period-end loans	0.28			0.23			0.21			0.22			0.28							0.28			0.28

(a)Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information.

(b)For the three and six months ended June 30, 2023, includes $9.7 billion and $4.9 billion, respectively, associated with the First Republic acquisition.

Page 23

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
											Jun 30, 2023
											Change				SIX MONTHS ENDED JUNE 30,
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Jun 30,						2023 Change
CLIENT ASSETS	2023		2023		2022		2022		2022		2023		2022		2023		2022		2022
Assets by asset class
Liquidity	$	826	$	761	$	654	$	615	$	654	9	%	26	%	$	826	$	654	26	%
Fixed income	718		682		638		612		624		5		15		718		624		15
Equity	792		733		670		609		641		8		24		792		641		24
Multi-asset	647		627		603		577		615		3		5		647		615		5
Alternatives	205		203		201		203		209		1		(2)		205		209		(2)
TOTAL ASSETS UNDER MANAGEMENT	3,188		3,006		2,766		2,616		2,743		6		16		3,188		2,743		16
Custody/brokerage/administration/deposits	1,370		1,341		1,282		1,207		1,055		2		30		1,370		1,055		30
TOTAL CLIENT ASSETS (a)	$	4,558	$	4,347	$	4,048	$	3,823	$	3,798	5		20		$	4,558	$	3,798	20
Assets by client segment
Private Banking	$	881	$	826	$	751	$	698	$	712	7		24		$	881	$	712	24
Global Institutional	1,423		1,347		1,252		1,209		1,294		6		10		1,423		1,294		10
Global Funds	884		833		763		709		737		6		20		884		737		20
TOTAL ASSETS UNDER MANAGEMENT	$	3,188	$	3,006	$	2,766	$	2,616	$	2,743	6		16		$	3,188	$	2,743	16
Private Banking	$	2,170	$	2,090	$	1,964	$	1,848	$	1,715	4		27		$	2,170	$	1,715	27
Global Institutional	1,497		1,417		1,314		1,261		1,339		6		12		1,497		1,339		12
Global Funds	891		840		770		714		744		6		20		891		744		20
TOTAL CLIENT ASSETS (a)	$	4,558	$	4,347	$	4,048	$	3,823	$	3,798	5		20		$	4,558	$	3,798	20
Assets under management rollforward
Beginning balance	$	3,006	$	2,766	$	2,616	$	2,743	$	2,960					$	2,766	$	3,113
Net asset flows:
Liquidity	60		93		33		(36)		—						153		(52)
Fixed income	37		26		8		9		(1)						63		(4)
Equity	20		22		9		6		9						42		20
Multi-asset	3		(2)		(7)		(5)		(3)						1		3
Alternatives	1		1		—		2		1						2		6
Market/performance/other impacts	61		100		107		(103)		(223)						161		(343)
Ending balance	$	3,188	$	3,006	$	2,766	$	2,616	$	2,743					$	3,188	$	2,743
Client assets rollforward
Beginning balance	$	4,347	$	4,048	$	3,823	$	3,798	$	4,116					$	4,048	$	4,295
Net asset flows	112		152		70		(15)		(1)						264		(6)
Market/performance/other impacts	99		147		155		40		(317)						246		(491)
Ending balance	$	4,558	$	4,347	$	4,048	$	3,823	$	3,798					$	4,558	$	3,798

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

Page 24

JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
	QUARTERLY TRENDS																SIX MONTHS ENDED JUNE 30,
													2Q23 Change									2023 Change
	2Q23			1Q23		4Q22			3Q22		2Q22		1Q23		2Q22		2023			2022		2022
INCOME STATEMENT
REVENUE
Principal transactions	$	113		$	82	$	(7)		$	(76)	$	17	38	%	NM		$	195		$	(144)	NM
Investment securities losses	(900)			(868)		(874)			(959)		(153)		(4)		(488)	%	(1,768)			(547)		(223)	%
All other income	2,767		(e)	31		766		(h)	(59)		(108)		NM		NM		2,798		(e)	102		NM
Noninterest revenue	1,980			(755)		(115)			(1,094)		(244)		NM		NM		1,225			(589)		NM
Net interest income	1,738		(e)	1,740		1,298			792		324		—		436		3,478		(e)	(212)		NM
TOTAL NET REVENUE (a)	3,718			985		1,183			(302)		80		277		NM		4,703			(801)		NM
Provision for credit losses	(243)			370		(14)			(21)		28		NM		NM		127			57		123
NONINTEREST EXPENSE	1,152		(e)	160		339			305		206		NM		459		1,312		(e)	390		236
Income/(loss) before income tax expense/(benefit)	2,809			455		858			(586)		(154)		NM		NM		3,264			(1,248)		NM
Income tax expense/(benefit)	169		(f)	211		277			(292)		20		(20)		NM		380		(f)	(218)		NM
NET INCOME/(LOSS)	$	2,640		$	244	$	581		$	(294)	$	(174)	NM		NM		$	2,884		$	(1,030)	NM
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	1,261			1,106		603			(180)		82		14		NM		2,367			(862)		NM
Other Corporate	2,457		(e)	(121)		580			(122)		(2)		NM		NM		2,336		(e)	61		NM
TOTAL NET REVENUE	$	3,718		$	985	$	1,183		$	(302)	$	80	277		NM		$	4,703		$	(801)	NM
NET INCOME/(LOSS)
Treasury and CIO	1,057			624		531			(68)		88		69		NM		1,681			(660)		NM
Other Corporate	1,583		(e)	(380)		50			(226)		(262)		NM		NM		1,203		(e)	(370)		NM
TOTAL NET INCOME/(LOSS)	$	2,640		$	244	$	581		$	(294)	$	(174)	NM		NM		$	2,884		$	(1,030)	NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,263,595		$	1,307,989	$	1,328,219		$	1,408,726	$	1,459,528	(3)		(13)		$	1,263,595		$	1,459,528	(13)
Loans	2,172			2,267		2,181			2,206		2,187		(4)		(1)		2,172			2,187		(1)
Deposits (b)	21,083			19,458		14,203			14,449		13,191		8		60		21,083			13,191		60
Headcount	45,235			44,743		44,196			42,806		40,348		1		12		45,235			40,348		12
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses	$	(900)		$	(868)	$	(874)		$	(959)	$	(153)	(4)		(488)		$	(1,768)		$	(547)	(223)
Available-for-sale securities (average)	198,620			202,776		195,788			209,008		252,121		(2)		(21)		200,687			278,073		(28)
Held-to-maturity securities (average) (c)	410,594			417,350		427,802			436,302		418,843		(2)		(2)		413,953			391,978		6
Investment securities portfolio (average)	$	609,214		$	620,126	$	623,590		$	645,310	$	670,964	(2)		(9)		$	614,640		$	670,051	(8)
Available-for-sale securities (period-end)	201,211		(g)	195,228		203,981			186,441		220,213		3		(9)		201,211		(g)	220,213		(9)
Held-to-maturity securities (period-end) (c)	408,941			412,827		425,305			430,106		441,649		(1)		(7)		408,941			441,649		(7)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	610,152		$	608,055	$	629,286		$	616,547	$	661,862	—		(8)		$	610,152		$	661,862	(8)

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $45 million, $56 million, $58 million, $59 million and $60 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $101 million and $118 million for the six months ended June 30, 2023 and 2022 respectively.

(b)Predominantly relates to the Firm's international consumer initiatives.

(c)In January 2023, upon adoption of the Derivatives and Hedging: Fair Value Hedging - Portfolio Layer Method accounting guidance, the Firm elected to transfer $7.1 billion of HTM securities to AFS. The transferred securities were placed in a closed AFS securities portfolio as part of a portfolio layer method hedge. During 2022, the Firm transferred $78.3 billion of investment securities from AFS to HTM for capital management purposes. At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, the estimated fair value of the HTM securities portfolio was $375.3 billion, $382.0 billion, $388.6 billion, $389.8 billion and $415.6 billion, respectively. Refer to Note 1 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023for additional information on the portfolio layer method.

(d)At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, the allowance for credit losses on investment securities was $74 million, $61 million, $67 million, $52 million and $47 million, respectively.

(e)Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information.

(f)Income taxes associated with the First Republic acquisition are reflected in the bargain purchase gain.

(g)At June 30, 2023, includes AFS securities of $25.8 billion associated with the First Republic acquisition.

(h)Included a $914 million gain on sale of Visa B shares.

Page 25

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
													Jun 30, 2023
													Change
	Jun 30,			Mar 31,		Dec 31,			Sep 30,		Jun 30,		Mar 31,		Jun 30,
	2023			2023		2022			2022		2022		2023		2022
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	396,195		$	300,447	$	300,753		$	301,403	$	302,631	32	%	31	%
Loans held-for-sale and loans at fair value	12,009			10,986		10,622			12,393		14,581		9		(18)
Total consumer, excluding credit card loans	408,204			311,433		311,375			313,796		317,212		31		29
Credit card loans
Loans retained	191,348			180,079		185,175			170,462		165,494		6		16
Total credit card loans	191,348			180,079		185,175			170,462		165,494		6		16
Total consumer loans	599,552			491,512		496,550			484,258		482,706		22		24
Wholesale loans (b)
Loans retained	668,145			604,324		603,670			596,208		584,265		11		14
Loans held-for-sale and loans at fair value	32,372			33,060		35,427			32,167		37,184		(2)		(13)
Total wholesale loans	700,517			637,384		639,097			628,375		621,449		10		13
Total loans	1,300,069			1,128,896		1,135,647			1,112,633		1,104,155		15		18
Derivative receivables	64,217			59,274		70,880			92,534		81,317		8		(21)
Receivables from customers (c)	42,741			43,943		49,257			54,921		58,349		(3)		(27)
Total credit-related assets	1,407,027			1,232,113		1,255,784			1,260,088		1,243,821		14		13
Lending-related commitments
Consumer, excluding credit card	50,846			37,568		33,518			34,868		40,484		35		26
Credit card (d)	881,485			861,218		821,284			798,855		774,021		2		14
Wholesale	541,089			484,539		471,980		(h)	472,950		487,500		12		11
Total lending-related commitments	1,473,420			1,383,325		1,326,782			1,306,673		1,302,005		7		13
Total credit exposure	$	2,880,447	(g)	$	2,615,438	$	2,582,566		$	2,566,761	$	2,545,826	10		13
Memo: Total by category
Consumer exposure (e)	$	1,531,883		$	1,390,298	$	1,351,352		$	1,317,981	$	1,297,211	10		18
Wholesale exposure (f)	1,348,564			1,225,140		1,231,214			1,248,780		1,248,615		10		8
Total credit exposure	$	2,880,447		$	2,615,438	$	2,582,566		$	2,566,761	$	2,545,826	10		13

(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, CB, 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 CB and 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)Includes credit exposure associated with the First Republic acquisition consisting of $104.6 billion in the Consumer credit portfolio and $98.2 billion in the Wholesale credit portfolio.

(h)Prior-period amount has been revised to conform with the current presentation.

Page 26

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Jun 30, 2023
																Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,
	2023			2023			2022			2022			2022			2023		2022
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained	$	3,784		$	3,843		$	3,874		$	3,917		$	4,186		(2)	%	(10)	%
Loans held-for-sale and loans at fair value	481			452			451			461			486			6		(1)
Total consumer nonaccrual loans	4,265			4,295			4,325			4,378			4,672			(1)		(9)
Wholesale nonaccrual loans
Loans retained	2,593			2,211			1,963			1,882			2,083			17		24
Loans held-for-sale and loans at fair value	415			389			432			414			407			7		2
Total wholesale nonaccrual loans	3,008			2,600			2,395			2,296			2,490			16		21
Total nonaccrual loans (b)	7,273			6,895			6,720			6,674			7,162			5		2
Derivative receivables	286			291			296			339			447			(2)		(36)
Assets acquired in loan satisfactions	279			232			231			230			236			20		18
Total nonperforming assets	7,838			7,418			7,247			7,243			7,845			6		—
Wholesale lending-related commitments (c)	332			401			455			470			397			(17)		(16)
Total nonperforming exposure	$	8,170		$	7,819		$	7,702		$	7,713		$	8,242		4		(1)
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.56		%	0.61		%	0.59		%	0.60		%	0.65		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.04			1.38			1.39			1.40			1.47
Total wholesale nonaccrual loans to total
wholesale loans	0.43			0.41			0.37			0.37			0.40

(a)At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $215 million, $263 million, $302 million, $362 million and $453 million, respectively. These amounts have been excluded based upon the government guarantee. 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 2022 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

(b)Generally excludes loans that were under payment deferral or other assistance, including amendments or waivers of financial covenants, in response to the COVID-19 pandemic.

(c)Represents commitments that are risk rated as nonaccrual.

Page 27

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																					SIX MONTHS ENDED JUNE 30,
																		2Q23 Change											2023 Change
	2Q23				1Q23				4Q22			3Q22			2Q22			1Q23		2Q22		2023				2022			2022
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	20,053			$	19,139		(c)	$	18,185		$	17,750		$	17,192		5	%	17	%	$	19,139			$	16,386		17	%
Net charge-offs:
Gross charge-offs	1,776				1,451				1,210			1,104			1,036			22		71		3,227				2,012			60
Gross recoveries collected	(365)				(314)				(323)			(377)			(379)			(16)		4		(679)				(773)			12
Net charge-offs	1,411				1,137				887			727			657			24		115		2,548				1,239			106
Provision for loan losses	3,317			(b)	2,047				2,426			1,165			1,230			62		170		5,364			(b)	2,598			106
Other	21				4				2			(3)			(15)			425		NM		25				5			400
Ending balance	$	21,980			$	20,053			$	19,726		$	18,185		$	17,750		10		24		$	21,980			$	17,750		24
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,370			$	2,382			$	2,551		$	2,222		$	2,358		(1)		1		$	2,382			$	2,261		5
Provision for lending-related commitments	(188)			(b)	(13)				(169)			328			(135)			NM		(39)		(201)			(b)	(39)			(415)
Other	4				1				—			1			(1)			300		NM		5				—			NM
Ending balance	$	2,186			$	2,370			$	2,382		$	2,551		$	2,222		(8)		(2)		$	2,186			$	2,222		(2)
ALLOWANCE FOR INVESTMENT SECURITIES	$	104			$	90			$	96		$	61		$	47		16		121		$	104			$	47		121
Total allowance for credit losses (a)	$	24,270			$	22,513			$	22,204		$	20,797		$	20,019		8		21		$	24,270			$	20,019		21
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.14		%		0.18		%		0.16		%	0.10		%	0.04		%					0.16		%		0.05		%
Credit card retained loans	2.41				2.07				1.62			1.40			1.47							2.25				1.42
Total consumer retained loans	0.91				0.89				0.70			0.56			0.53							0.90				0.52
Wholesale retained loans	0.10				0.06				0.03			0.04			0.03							0.08				0.03
Total retained loans	0.47				0.43				0.33			0.27			0.25							0.45				0.24
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	359,543			$	300,585			$	301,093		$	301,347		$	299,649		20		20		$	330,227			$	297,566		11
Credit card retained loans	187,027				180,451				177,026			168,125			158,434			4		18		183,757				153,941			19
Total average retained consumer loans	546,570				481,036				478,119			469,472			458,083			14		19		513,984				451,507			14
Wholesale retained loans	647,474				601,401				599,817			590,490			577,850			8		12		624,566				568,673			10
Total average retained loans	$	1,194,044			$	1,082,437			$	1,077,936		$	1,059,962		$	1,035,933		10		15		$	1,138,550			$	1,020,180		12

(a)At June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $17 million, $20 million, $21 million, and $30 million, respectively, and at March 31, 2023, excludes an allowance for credit losses associated with certain other assets in Corporate of $241 million.

(b)Includes $1.2 billion of provision for credit losses associated with the First Republic acquisition.

(c)On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance eliminated the existing accounting and disclosure requirements for trouble debt restructurings (“TDRs”), including the requirement to measure the allowance using a discounted cash flow (“DCF”) methodology. The Firm elected to apply its portfolio-based allowance approach to substantially all its non-collateral dependent modified loans to troubled borrowers, resulting in a net decrease in the beginning balance of the allowance for loan losses of $587 million, predominantly driven by residential real estate and credit card. Refer to Note 1 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 for further information.

Page 28

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																		Jun 30, 2023
																		Change
	Jun 30,				Mar 31,			Dec 31,				Sep 30,			Jun 30,			Mar 31,		Jun 30,
	2023				2023			2022				2022			2022			2023		2022
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	(971)			$	(1,030)		$	(624)		(e)	$	(702)		$	(676)		6	%	(44)	%
Portfolio-based	3,019				2,696			2,664			(e)	2,521			2,605			12		16
Total consumer, excluding credit card	2,048			(d)	1,666			2,040				1,819			1,929			23		6
Credit card
Asset-specific (a)	—				—			223				218			227			—		NM
Portfolio-based	11,600				11,400			10,977				10,182			10,173			2		14
Total credit card	11,600				11,400			11,200				10,400			10,400			2		12
Total consumer	13,648				13,066			13,240				12,219			12,329			4		11
Wholesale
Asset-specific (a)	478				437			467				450			332			9		44
Portfolio-based	7,854				6,550			6,019				5,516			5,089			20		54
Total wholesale	8,332			(d)	6,987			6,486				5,966			5,421			19		54
Total allowance for loan losses	21,980				20,053			19,726				18,185			17,750			10		24
Allowance for lending-related commitments	2,186				2,370			2,382				2,551			2,222			(8)		(2)
Allowance for investment securities	104				90			96				61			47			16		121
Total allowance for credit losses	$	24,270			$	22,513		$	22,204			$	20,797		$	20,019		8		21
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.52		%		0.55		%	0.68		%		0.60		%	0.64		%
Credit card allowance to total credit card retained loans	6.06				6.33			6.05				6.10			6.28
Wholesale allowance to total wholesale retained loans	1.25				1.16			1.07				1.00			0.93
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (b)	1.36				1.26			1.17				1.08			0.99
Total allowance to total retained loans	1.75				1.85			1.81				1.70			1.69
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)	54				43			53				46			46
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (c)	163				143			146				134			117
Wholesale allowance to wholesale retained nonaccrual loans	321				316			330				317			260
Total allowance to total retained nonaccrual loans	345				331			338				314			283

(a)On January 1, 2023, the Firm adopted the Financial Instruments – Credit Losses: Troubled Debt Restructurings accounting guidance under which it elected to change from an asset-specific allowance approach to its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except collateral-dependent loans and nonaccrual risk-rated loans, for which the asset-specific allowance approach will continue to apply.

(b)Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(c)Refer to footnote (a) on page 26 for information on the Firm’s nonaccrual policy for credit card loans.

(d)Includes $377 million and $695 million of Consumer and Wholesale portfolio-based allowance, respectively, associated with the First Republic acquisition.

(e)Prior-period amounts have been revised to conform with the current presentation.

Page 29

JPMORGAN CHASE & CO.
NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

(d)The ratio of the wholesale and CIB’s allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.

(e)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets (“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 excludeMarkets, 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 70 of the Firm’s 2022 Form 10-K.

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q23 Change										2023 Change
(in millions, except rates)	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		2023			2022			2022
Net interest income - reported	$	21,779		$	20,711		$	20,192		$	17,518		$	15,128		5	%	44	%	$	42,490		$	29,000		47	%
Fully taxable-equivalent adjustments	104			120			121			112			103			(13)		1		224			201			11
Net interest income - managed basis (a)	$	21,883		$	20,831		$	20,313		$	17,630		$	15,231		5		44		$	42,714		$	29,201		46
Less: Markets net interest income	(487)			(105)			315			707			1,549			(364)		NM		(592)			3,767			NM
Net interest income excluding Markets (a)	$	22,370		$	20,936		$	19,998		$	16,923		$	13,682		7		63		$	43,306		$	25,434		70
Average interest-earning assets	$	3,343,780		$	3,216,757		$	3,265,071		$	3,344,949		$	3,385,894		4		(1)		$	3,280,619		$	3,393,879		(3)
Less: AverageMarkets interest-earning assets	1,003,877			982,572			939,420			952,488			957,304			2		5		993,283			960,556			3
Average interest-earning assets excluding Markets	$	2,339,903		$	2,234,185		$	2,325,651		$	2,392,461		$	2,428,590		5		(4)		$	2,287,336		$	2,433,323		(6)
Net yield on average interest-earning assets - managed basis	2.62		%	2.63		%	2.47		%	2.09		%	1.80		%					2.63		%	1.74		%
Net yield on averageMarkets interest-earning assets	(0.19)			(0.04)			0.13			0.29			0.65							(0.12)			0.79
Net yield on average interest-earning assets excluding Markets	3.83			3.80			3.41			2.81			2.26							3.82			2.11
Noninterest revenue - reported	$	19,528		$	17,638		$	14,355		$	15,198		$	15,587		11		25		$	37,166		$	32,432		15
Fully taxable-equivalent adjustments	990			867			898			663			812			14		22		1,857			1,587			17
Noninterest revenue - managed basis	$	20,518		$	18,505		$	15,253		$	15,861		$	16,399		11		25		$	39,023		$	34,019		15
Less: Markets noninterest revenue	7,505			8,487			5,355			6,064			6,241			(12)		20		15,992			12,776			25
Noninterest revenue excluding Markets	$	13,013		$	10,018		$	9,898		$	9,797		$	10,158		30		28		$	23,031		$	21,243		8
Memo: Markets total net revenue	$	7,018		$	8,382		$	5,670		$	6,771		$	7,790		(16)		(10)		$	15,400		$	16,543		(7)

(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.

Page 30

JPMORGAN CHASE & CO.
SUPPLEMENTAL INFORMATION RELATED TO THE FIRST REPUBLIC ACQUISITION
(in millions)
	THREE AND SIX MONTHS ENDED JUNE 30, 2023
	CCB		CB		AWM		CORP			Total
SELECTED INCOME STATEMENT DATA
REVENUE
Asset management fees	$	107	$	—	$	—	$	—		$	107
All other income	105		—		174		2,762		(a)	3,041
Noninterest revenue	212		—		174		2,762			3,148
Net interest income	619		178		129		(29)			897
TOTAL NET REVENUE	831		178		303		2,733			4,045
Provision for credit losses	408		608		146		—			1,162
Noninterest expense	37		—		—		562			599
NET INCOME	293		(327)		119		2,301			2,386
SELECTED BALANCE SHEET DATA (period-end)
Loans	$	94,721	$	39,500	$	13,696	$	—		$	147,917	(b)
Deposits	68,351		—		—		—			68,351

(a)On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition") from the Federal Deposit Insurance Corporation (“FDIC”) resulting in an estimated bargain purchase gain of $2.7 billion recorded in other income. The bargain purchase gain generally represents the excess of the estimated fair value of the net assets acquired over the purchase price. This estimate is preliminary and subject to change for up to one year from the acquisition date, as permitted by U.S. GAAP, and as the settlement with the FDIC is finalized.

(b)Excludes $1.9 billion of loans transferred to the CIB.

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Document Type	8-K
Document Period End Date	Jul. 14, 2023
Entity Registrant Name	JPMorgan Chase & Co
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Entity Address, Address Line One	383 Madison Avenue,
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Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
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