EX-99.2 3 a2q23erfex992supplement.htm EX-99.2 Document
                                                                    
Exhibit 99.2



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EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2023












                                                                    
JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment Results - Managed Basis8
Capital and Other Selected Balance Sheet Items9–10
Earnings Per Share and Related Information11
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
Corporate24
Credit-Related Information25–28
Non-GAAP Financial Measures29
Supplemental Information Related to the First Republic Acquisition30
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.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
SELECTED INCOME STATEMENT DATA 2Q231Q234Q223Q222Q221Q232Q22202320222022
Reported Basis
Total net revenue$41,307 (e)$38,349 $34,547 $32,716 $30,715 %34 %$79,656 (e)$61,432 30 %
Total noninterest expense20,822 (e)20,107 19,022 19,178 18,749 11 40,929 (e)37,940 
Pre-provision profit (a)20,485 18,242 15,525 13,538 11,966 12 71 38,727 23,492 65 
Provision for credit losses2,899 (e)2,275 2,288 1,537 1,101 27 163 5,174 (e)2,564 102 
NET INCOME14,472 12,622 11,008 9,737 8,649 15 67 27,094 16,931 60 
Managed Basis (b)
Total net revenue42,401 (e)39,336 35,566 33,491 31,630 34 81,737 (e)63,220 29 
Total noninterest expense20,822 (e)20,107 19,022 19,178 18,749 11 40,929 (e)37,940 
Pre-provision profit (a)21,579 19,229 16,544 14,313 12,881 12 68 40,808 25,280 61 
Provision for credit losses2,899 (e)2,275 2,288 1,537 1,101 27 163 5,174 (e)2,564 102 
NET INCOME14,472 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 
Diluted4.75 4.10 3.57 3.12 2.76 16 72 8.85 5.39 64 
Average shares: Basic2,943.8 2,968.5 2,962.9 2,961.2 2,962.2 (1)(1)2,956.1 2,969.6 — 
Diluted2,948.3 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-end2,906.1 2,922.3 2,934.3 2,933.2 2,932.6 (1)(1)2,906.1 2,932.6 (1)
Book value per share98.11 94.34 90.29 87.00 86.38 14 98.11 86.38 14 
Tangible book value per share (“TBVPS”) (a)79.90 76.69 73.12 69.90 69.53 15 79.90 69.53 15 
Cash dividends declared per share1.00 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 assets1.51 1.38 1.16 1.01 0.89 1.45 0.87 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio13.8 %(f)13.8 %13.2 %12.5 %12.2 %13.8 %(f)12.2 %
Tier 1 capital ratio15.3 (f)15.4 14.9 14.1 14.1 15.3 (f)14.1 
Total capital ratio17.3 (f)17.4 16.8 16.0 15.7 17.3 (f)15.7 
Tier 1 leverage ratio6.9 (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.
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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, headcount and where otherwise noted)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
SELECTED BALANCE SHEET DATA (period-end)
Total assets$3,868,240 $3,744,305 $3,665,743 $3,773,884 $3,841,314 %%$3,868,240 $3,841,314 %
Loans:
Consumer, excluding credit card loans408,204 311,433 311,375 313,796 317,212 31 29 408,204 317,212 29 
Credit card loans191,348 180,079 185,175 170,462 165,494 16 191,348 165,494 16 
Wholesale loans700,517 637,384 639,097 628,375 621,449 10 13 700,517 621,449 13 
Total loans1,300,069 (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-bearing656,778 663,772 644,902 688,292 714,478 (1)(8)656,778 714,478 (8)
Interest-bearing1,311,893 1,290,614 1,276,346 1,304,012 1,343,802 (2)1,311,893 1,343,802 (2)
Non-U.S. offices:
Noninterest-bearing24,268 25,071 27,005 26,629 26,983 (3)(10)24,268 26,983 (10)
Interest-bearing406,023 397,796 391,926 389,682 386,281 406,023 386,281 
Total deposits2,398,962 (e)2,377,253 2,340,179 2,408,615 2,471,544 (3)2,398,962 (e)2,471,544 (3)
Long-term debt364,078 (f)295,489 295,865 287,473 288,212 23 26 364,078 (f)288,212 26 
Common stockholders’ equity285,112 275,678 264,928 255,180 253,305 13 285,112 253,305 13 
Total stockholders’ equity312,516 303,082 292,332 288,018 286,143 312,516 286,143 
Loans-to-deposits ratio54 %47 %49 %46 %45 %54 %45 %
Headcount300,066 (g)296,877 293,723 288,474 278,494 300,066 (g)278,494 
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)37 $33,689 $24,740 (j)36 
Corporate & Investment Bank12,519 13,600 10,598 (j)11,925 (j)12,003 (j)(8)26,119 25,579 (j)
Commercial Banking3,988 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 15 9,727 8,621 13 
Corporate3,718 985 1,183 (302)80 277 NM4,703 (801)NM
TOTAL NET REVENUE$42,401 (h)$39,336 $35,566 $33,491 $31,630 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 71 $10,549 $6,016 75 
Corporate & Investment Bank4,092 4,421 3,314 3,522 3,717 (7)10 8,513 8,089 
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 
Corporate2,640 244 581 (294)(174)NMNM2,884 (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 advisors8,367 8,314 8,166 8,127 7,756 8,367 7,756 
J.P.Morgan Payments (d)
Total net revenue4,729 4,458 4,423 3,762 3,130 51 9,187 5,725 60 
Merchant processing volume (in billions)600.1 558.8 583.2 545.4 539.6 11 1,158.9 1,029.8 13 
Average deposits (in billions)720 707 732 748 816 (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.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
REVENUE2Q231Q234Q223Q222Q221Q232Q22202320222022
Investment banking fees $1,513 $1,649 $1,418 $1,674 $1,586 (8)%(5)%$3,162 $3,594 (12)%
Principal transactions6,910 7,615 4,434 5,383 4,990 (9)38 14,525 10,095 44 
Lending- and deposit-related fees1,828 1,620 1,655 1,731 1,873 13 (2)3,448 3,712 (7)
Asset management fees3,774 3,465 3,432 3,495 3,517 7,239 7,169 
Commissions and other fees1,739 1,695 1,574 1,574 1,723 3,434 3,433 — 
Investment securities losses(900)(868)(874)(959)(153)(4)(488)(1,768)(547)(223)
Mortgage fees and related income278 221 98 314 378 26 (26)499 838 (40)
Card income1,094 1,234 1,226 1,086 1,133 (11)(3)2,328 2,108 10 
Other income3,292 (d)1,007 1,392 900 540 227 NM4,299 (d)2,030 112 
Noninterest revenue19,528 17,638 14,355 15,198 15,587 11 25 37,166 32,432 15 
Interest income41,644 37,004 33,054 25,611 18,646 13 123 78,648 34,142 130 
Interest expense19,865 16,293 12,862 8,093 3,518 22 465 36,158 5,142 NM
Net interest income21,779 20,711 20,192 17,518 15,128 44 42,490 29,000 47 
TOTAL NET REVENUE41,307 38,349 34,547 32,716 30,715 34 79,656 61,432 30 
Provision for credit losses2,899 (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)22,892 21,088 
Occupancy expense1,070 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 (5)4,451 4,736 (6)
Professional and outside services 2,561 2,448 2,652 2,481 2,469 5,009 5,041 (1)
Marketing1,122 1,045 1,093 1,017 881 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 EXPENSE20,822 20,107 19,022 19,178 18,749 11 40,929 37,940 
Income before income tax expense17,586 15,967 13,237 12,001 10,865 10 62 33,553 20,928 60 
Income tax expense3,114 (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 share4.75 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 rate17.7 (e)20.9 16.8 18.9 20.4 19.3 19.1 
Overhead ratio50 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.



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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Jun 30, 2023
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2023202320222022202220232022
ASSETS
Cash and due from banks $26,064 $25,098 $27,697 $24,654 $27,215 %(4)%
Deposits with banks 469,059 520,902 539,537 619,533 642,045 (10)(27)
Federal funds sold and securities purchased under
resale agreements325,628 317,111 315,592 301,878 322,156 
Securities borrowed163,563 195,917 185,369 193,216 202,393 (17)(19)
Trading assets:
Debt and equity instruments572,779 519,618 382,919 413,953 384,260 10 49 
Derivative receivables64,217 59,274 70,880 92,534 81,317 (21)
Available-for-sale (“AFS”) securities203,262 (a)197,248 205,857 188,140 222,069 (8)
Held-to-maturity (”HTM”) securities408,941 412,827 425,305 430,106 441,649 (1)(7)
Investment securities, net of allowance for credit losses612,203 610,075 631,162 618,246 663,718 — (8)
Loans1,300,069 (a)1,128,896 1,135,647 1,112,633 1,104,155 15 18 
Less: Allowance for loan losses21,980 (b)20,053 19,726 18,185 17,750 10 24 
Loans, net of allowance for loan losses1,278,089 1,108,843 1,115,921 1,094,448 1,086,405 15 18 
Accrued interest and accounts receivable111,561 115,316 125,189 143,905 145,442 (3)(23)
Premises and equipment29,493 28,266 27,734 27,199 26,770 10 
Goodwill, MSRs and other intangible assets64,238 62,090 60,859 60,806 59,360 
Other assets151,346 181,795 182,884 183,512 200,233 (17)(24)
TOTAL ASSETS$3,868,240 $3,744,305 $3,665,743 $3,773,884 $3,841,314 
LIABILITIES
Deposits$2,398,962 (a)$2,377,253 $2,340,179 $2,408,615 $2,471,544 (3)
Federal funds purchased and securities loaned or sold
under repurchase agreements266,272 246,396 202,613 239,939 222,719 20 
Short-term borrowings41,022 42,241 44,027 47,866 58,422 (3)(30)
Trading liabilities:
Debt and equity instruments132,264 145,153 126,835 133,175 137,891 (9)(4)
Derivative payables46,545 44,711 51,141 56,703 52,417 (11)
Accounts payable and other liabilities 286,934 275,077 300,141 300,016 313,326 (8)
Beneficial interests issued by consolidated VIEs19,647 14,903 12,610 12,079 10,640 32 85 
Long-term debt364,078 (c)295,489 295,865 287,473 288,212 23 26 
TOTAL LIABILITIES3,555,724 3,441,223 3,373,411 3,485,866 3,555,171 — 
STOCKHOLDERS’ EQUITY
Preferred stock27,404 27,404 27,404 32,838 32,838 — (17)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital89,578 89,155 89,044 88,865 88,614 — 
Retained earnings317,359 306,208 296,456 288,776 282,445 12 
Accumulated other comprehensive income/(loss) (“AOCI”)(14,290)(14,418)(17,341)(19,134)(14,369)
Treasury stock, at cost(111,640)(109,372)(107,336)(107,432)(107,490)(2)(4)
TOTAL STOCKHOLDERS’ EQUITY312,516 303,082 292,332 288,018 286,143 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,868,240 $3,744,305 $3,665,743 $3,773,884 $3,841,314 
(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.
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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
AVERAGE BALANCES2Q231Q234Q223Q222Q221Q232Q22202320222022
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 agreements326,563 313,187 306,173 322,053 305,132 319,911 300,070 
Securities borrowed191,393 192,843 192,412 204,479 207,437 (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 securities611,552 622,050 625,388 647,165 672,799 (2)(9)616,772 671,987 (8)
Loans1,238,237 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 (1)3,280,619 3,393,879 (3)
Trading assets - equity and other instruments169,558 152,081 126,138 129,221 151,309 11 12 160,868 154,093 
Trading assets - derivative receivables63,339 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 (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 (4)$1,692,993 $1,785,896 (5)
Federal funds purchased and securities loaned or
sold under repurchase agreements263,718 252,310 247,934 239,582 233,376 13 258,045 241,749 
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)293,269 277,576 256,533 278,049 274,435 285,467 268,762 
Beneficial interests issued by consolidated VIEs15,947 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 
Total interest-bearing liabilities 2,618,207 2,501,504 2,498,833 2,556,331 2,605,837 — 2,560,178 2,606,665 (2)
Noninterest-bearing deposits 671,715 650,443 684,921 716,518 741,891 (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 payables46,934 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 LIABILITIES3,546,099 3,411,376 3,468,086 3,556,465 3,630,819 (2)3,479,109 3,625,815 (4)
Preferred stock27,404 27,404 28,415 32,838 32,838 — (17)27,404 33,180 (17)
Common stockholders’ equity277,885 271,197 258,770 252,944 247,986 12 274,560 250,234 10 
TOTAL STOCKHOLDERS’ EQUITY305,289 298,601 287,185 285,782 280,824 301,964 283,414 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,851,388 $3,709,977 $3,755,271 $3,842,247 $3,911,643 (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 agreements4.63 4.06 2.95 1.74 0.71 4.35 0.63 
Securities borrowed3.91 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 securities3.01 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 agreements5.17 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 VIEs4.95 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 SPREAD1.97 2.04 1.99 1.79 1.68 2.00 1.64 
NET YIELD ON INTEREST-EARNING ASSETS2.62 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.


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JPMORGAN CHASE & CO.
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RECONCILIATION FROM REPORTED TO MANAGED BASIS
(in millions, except ratios)
The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 29 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
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 adjustments990 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 44 $42,490 $29,000 47 
Fully taxable-equivalent adjustments (a)104 120 121 112 103 (13)224 201 11 
Net interest income - managed$21,883 $20,831 $20,313 $17,630 $15,231 44 $42,714 $29,201 46 
TOTAL NET REVENUE
Total net revenue - reported$41,307 $38,349 $34,547 $32,716 $30,715 34 $79,656 $61,432 30 
Fully taxable-equivalent adjustments1,094 987 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 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 adjustments1,094 987 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 adjustments1,094 987 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 - reported50 %52 %55 %59 %61 %51 %62 %
Overhead ratio - managed49 51 53 57 59 50 60 
(a)Predominantly recognized in CIB, CB and Corporate.
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JPMORGAN CHASE & CO.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$17,233 $16,456 $15,793 (a)$14,281 (a)$12,558 (a)%37 %$33,689 $24,740 (a)36 %
Corporate & Investment Bank12,519 13,600 10,598 (a)11,925 (a)12,003 (a)(8)26,119 25,579 (a)
Commercial Banking3,988 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 15 9,727 8,621 13 
Corporate3,718 985 1,183 (302)80 277 NM4,703 (801)NM
TOTAL NET REVENUE$42,401 $39,336 $35,566 $33,491 $31,630 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)$16,378 $15,313 (a)
Corporate & Investment Bank6,894 7,483 6,495 (a)6,682 (a)6,810 (a)(8)14,377 14,173 (a)
Commercial Banking1,300 1,308 1,254 1,180 1,156 (1)12 2,608 2,285 14 
Asset & Wealth Management3,163 3,091 3,022 3,028 2,919 6,254 5,779 
Corporate1,152 160 339 305 206 NM459 1,312 390 236 
TOTAL NONINTEREST EXPENSE$20,822 $20,107 $19,022 $19,178 $18,749 11 $40,929 $37,940 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$8,920 $8,391 $7,881 $6,298 $4,900 82 $17,311 $9,427 84 
Corporate & Investment Bank5,625 6,117 4,103 5,243 5,193 (8)11,742 11,406 
Commercial Banking2,688 2,203 2,150 1,868 1,527 22 76 4,891 2,796 75 
Asset & Wealth Management1,780 1,693 1,566 1,511 1,387 28 3,473 2,842 22 
Corporate2,566 825 844 (607)(126)211 NM3,391 (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 Bank38 58 141 513 59 (34)(36)96 504 (81)
Commercial Banking1,097 417 284 618 209 163 425 1,514 366 314 
Asset & Wealth Management145 28 32 (102)44 418 230 173 198 (13)
Corporate(243)