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 8 %34 %$79,656 (e)$61,432 30 %
Total noninterest expense20,822 (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 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 8 34 81,737 (e)63,220 29 
Total noninterest expense20,822 (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 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 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 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 %1 %$3,868,240 $3,841,314 1 %
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 6 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 (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 2 5 406,023 386,281 5 
Total deposits2,398,962 (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 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 3 13 285,112 253,305 13 
Total stockholders’ equity312,516 303,082 292,332 288,018 286,143 3 9 312,516 286,143 9 
Loans-to-deposits ratio54 %47 %49 %46 %45 %54 %45 %
Headcount300,066 (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 Bank12,519 13,600 10,598 (j)11,925 (j)12,003 (j)(8)4 26,119 25,579 (j)2 
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 3 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 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 Bank4,092 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 
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 1 8 8,367 7,756 8 
J.P.Morgan Payments (d)
Total net revenue4,729 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.
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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 9 7 7,239 7,169 1 
Commissions and other fees1,739 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 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 5 44 42,490 29,000 47 
TOTAL NET REVENUE41,307 38,349 34,547 32,716 30,715 8 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)9 22,892 21,088 9 
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 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)
Marketing1,122 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 EXPENSE20,822 20,107 19,022 19,178 18,749 4 11 40,929 37,940 8 
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 %(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 3 1 
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 8 (21)
Available-for-sale (“AFS”) securities203,262 (a)197,248 205,857 188,140 222,069 3 (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 4 10 
Goodwill, MSRs and other intangible assets64,238 62,090 60,859 60,806 59,360 3 8 
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 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 agreements266,272 246,396 202,613 239,939 222,719 8 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 4 (11)
Accounts payable and other liabilities 286,934 275,077 300,141 300,016 313,326 4 (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 3 — 
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 — 1 
Retained earnings317,359 306,208 296,456 288,776 282,445 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’ EQUITY312,516 303,082 292,332 288,018 286,143 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.
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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 4 7 319,911 300,070 7 
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 4 (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 4 
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 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 agreements263,718 252,310 247,934 239,582 233,376 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 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 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 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 4 (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 2 12 274,560 250,234 10 
TOTAL STOCKHOLDERS’ EQUITY305,289 298,601 287,185 285,782 280,824 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 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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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 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 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 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 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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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)5 %37 %$33,689 $24,740 (a)36 %
Corporate & Investment Bank12,519 13,600 10,598 (a)11,925 (a)12,003 (a)(8)4 26,119 25,579 (a)2 
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 3 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 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 Bank6,894 7,483 6,495 (a)6,682 (a)6,810 (a)(8)1 14,377 14,173 (a)1 
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 2 8 6,254 5,779 8 
Corporate1,152 160 339 305 206 NM459 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 Bank5,625 6,117 4,103 5,243 5,193 (8)8 11,742 11,406 3 
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 5 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)370 (14)(21)28 NMNM127 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 Bank4,092 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)NMNM2,884 (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.
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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Jun 30, 2023
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2023 Change
2023202320222022202220232022202320222022
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$235,832 (c)$227,144 $218,934 $209,661 $207,436 4 %14 %
Tier 1 capital262,529 (c)253,837 245,631 236,363 239,705 3 10 
Total capital295,265 (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 ratio13.8 %(c)13.8 %13.2 %12.5 %12.2 %
Tier 1 capital ratio15.3 (c)15.4 14.9 14.1 14.1 
Total capital ratio17.3 (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 capital281,909 (c)273,122 264,583 256,157 257,329 3 10 
Risk-weighted assets1,697,807 (c)1,633,774 1,609,773 1,609,968 1,613,210 4 5 
CET1 capital ratio13.9 %(c)13.9 %13.6 %13.0 %12.9 %
Tier 1 capital ratio15.5 (c)15.5 15.3 14.7 14.9 
Total capital ratio16.6 (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 ratio6.9 %(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)
SLR5.8 %(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 equity14,099 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 capital423 111 179 251 354 281 19 534 199 168 
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities757 2,212 1,865 (2,145)(4,031)(66)NM2,969 (11,484)NM
Translation adjustments, net of hedges70 197 711 (581)(679)(64)NM267 (741)NM
Fair value hedges11 (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 capital8,688 (c)8,210 9,273 2,225 (467)6 NM16,898 (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.




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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Jun 30, 2023
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2023 Change
2023202320222022202220232022202320222022
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$285,112 $275,678 $264,928 $255,180 $253,305 3 13 
Less: Goodwill52,380 52,144 51,662 51,461 50,697 — 3 
Less: Other intangible assets3,629 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: Goodwill52,342 51,716 51,586 51,323 50,575 1 3 52,031 50,442 3 
Less: Other intangible assets2,191 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 rights8,229 7,755 7,973 8,140 7,439 6 11 
Other intangible assets3,629 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.

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JPMORGAN CHASE & CO.
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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
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 dividends373 356 356 432 410 5 (9)729 807 (10)
Net income applicable to common equity14,099 12,266 10,652 9,305 8,239 15 71 26,365 16,124 64 
Less: Dividends and undistributed earnings allocated to
participating securities88 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 outstanding2,943.8 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 outstanding2,943.8 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 outstanding2,948.3 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 ratio21 %24 %28 %32 %36 %22 %37 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased16.7 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 stock2,293 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 plans0.5 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.


















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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$841 $823 $834 $822 $855 2 %(2)%$1,664 $1,660 — %
Asset management fees816 (d)676 662 662 684 21 19 1,492 (d)1,410 6 
Mortgage fees and related income274 223 90 313 377 23 (27)497 833 (40)
Card income483 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 revenue3,543 3,623 3,469 3,712 3,850 (2)(8)7,166 7,705 (7)
Net interest income13,690 (d)12,833 12,324 10,569 8,708 7 57 26,523 (d)17,035 56 
TOTAL NET REVENUE17,233 16,456 15,793 14,281 12,558 5 37 33,689 24,740 36 
Provision for credit losses1,862 (d)1,402 1,845 529 761 33 145 3,264 (d)1,439 127 
NONINTEREST EXPENSE
Compensation expense3,628 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 EXPENSE8,313 8,065 7,912 7,983 7,658 3 9 16,378 15,313 7 
Income before income tax expense7,058 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 Lending1,007 (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 revenue102 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
ROE38 %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.

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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
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 Services191,353 180,079 185,175 170,462 165,494 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 
Deposits1,173,514 (e)1,147,474 1,131,611 1,173,241 1,178,825 2 — 1,173,514 (e)1,178,825 — 
Equity55,500 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 Management30,628 (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 Services187,028 180,451 177,026 168,125 158,434 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 loans518,308 449,823 448,548 442,744 436,627 15 19 484,255 432,774 12 
Deposits1,157,309 1,112,967 1,142,523 1,174,227 1,180,453 4 (2)1,135,261 1,167,057 (3)
Equity54,346 52,000 50,000 50,000 50,000 5 9 53,180 50,000 6 
Headcount137,087 135,983 135,347 133,803 130,907 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.


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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
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 Management92 79 95 105 81 16 14 171 170 1 
Home Lending(28)(18)(33)(59)(68)(56)59 (46)(137)66 
Card Services1,124 922 725 592 580 22 94 2,046 1,086 88 
Auto63 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 Services2.41 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) rate0.98 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 Services1.70 1.68 1.45 1.23 1.05 1.70 1.05 
Auto0.92 0.90 1.01 0.75 0.69 0.92 0.69 
90+ day delinquency rate - Card Services0.84 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 Lending777 (g)427 867 667 785 82 (1)777 (g)785 (1)
Card Services11,600 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.


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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
BUSINESS METRICS
Number of:
Branches4,874 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 advisors5,153 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 rate9.11 %10.38 %10.06 %9.92 %9.59 %9.73 %9.72 %
Net yield on average loans9.31 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 assets11,015 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.

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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
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 transactions6,697 7,408 4,397 5,258 5,048 (10)33 14,105 10,271 37 
Lending- and deposit-related fees533 539 548 589 641 (1)(17)1,072 1,282 (16)
Commissions and other fees1,219 1,234 1,200 1,198 1,328 (1)(8)2,453 2,660 (8)
Card income400 315 353 (d)293 (d)337 (d)27 19 715 603 (d)19 
All other income396 373 147 (d)181 (d)(199)(d)6 NM769 293 (d)162 
Noninterest revenue10,802 11,523 8,112 9,281 8,805 (6)23 22,325 18,809 19 
Net interest income1,717 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 losses38 58 141 513 59 (34)(36)96 504 (81)
NONINTEREST EXPENSE
Compensation expense3,461 4,085 3,091 3,311 3,510 (15)(1)7,546 7,516 — 
Noncompensation expense3,433 3,398 3,404 (d)3,371 (d)3,300 (d)1 4 6,831 6,657 (d)3 
TOTAL NONINTEREST EXPENSE6,894 7,483 6,495 6,682 6,810 (8)1 14,377 14,173 1 
Income before income tax expense5,587 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
ROE15 %16 %12 %13 %14 %15 %15 %
Overhead ratio55 55 61 56 57 (d)55 55 
Compensation expense as percentage of total net revenue28 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 
Lending299 267 323 323 410 12 (27)566 731 (23)
Total Banking4,244 4,223 3,832 4,075 3,280 — 29 8,467 7,559 12 
Fixed Income Markets4,567 5,699 3,739 4,469 4,711 (20)(3)10,266 10,409 (1)
Equity Markets2,451 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)NMNM(117)(742)84 
Total Markets & Securities Services8,275 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.


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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
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 
Equity108,000 108,000 103,000 103,000 103,000 — 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 loans227,285 228,141 225,768 221,619 217,957 — 4 227,711 215,181 6 
Equity108,000 108,000 103,000 103,000 103,000 — 5 108,000 103,000 5 
Headcount74,822 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 receivables286 291 296 339 447 (2)(36)286 447 (36)
Assets acquired in loan satisfactions133 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 losses2,531 2,454 2,292 2,032 1,809 3 40 2,531 1,809 40 
Allowance for lending-related commitments1,207 1,301 1,448 1,582 1,358 (7)(11)1,207 1,358 (11)
Total allowance for credit losses3,738 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 loans0.75 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.

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JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
BUSINESS METRICS
Advisory$540 $756 $738 $848 $664 (29)%(19)%$1,296 $1,465 (12)%
Equity underwriting318 235 250 290 245 35 30 553 494 12 
Debt underwriting699 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 
Equities8 7 13 11 11 14 (27)
Commodities and other12 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.
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JPMORGAN CHASE & CO.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees $249 $227 $243 $288 $348 10 %(28)%$476 $712 (33)%
Card income201 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 income3,153 (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 losses1,097 (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 expense644 667 647 603 597 (3)8 1,311 1,173 12 
TOTAL NONINTEREST EXPENSE1,300 1,308 1,254 1,180 1,156 (1)12 2,608 2,285 14 
Income before income tax expense1,591 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 
Other47 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 Banking806 (f)642 666 624 590 26 37 1,448 (f)1,171 24 
Other37 12 10 6 (3)208 NM49 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
ROE16 %18 %22 %14 %15 %17 %14 %
Overhead ratio33 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.

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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
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 retained282,124 (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 value1,540 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 
Equity30,000 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 Banking60,511 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 
Other371 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 retained270,091 (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 value726 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 liabilities275,223 265,971 278,924 281,336 300,425 3 (8)270,622 308,627 (12)
Equity29,505 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 
Other227 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 
Headcount15,991 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 loans1,068 918 766 836 761 16 40 1,068 761 40 
Assets acquired in loan satisfactions— — — 7 8 — NM— 8 NM
Total nonperforming assets1,068 918 766 843 769 16 39 1,068 769 39 
Allowance for credit losses:
Allowance for loan losses4,729 3,566  3,324 3,050  2,602 33 82 4,729 2,602 82 
Allowance for lending-related commitments801 966  830 864  725 (17)10 801 725 10 
Total allowance for credit losses5,530 (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 retained1.68 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 loans0.38 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.


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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
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 fees196 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 income1,585 (a)1,451 1,530 1,413 1,222 9 30 3,036 (a)2,298 32 
TOTAL NET REVENUE4,943 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 EXPENSE3,163 3,091 3,022 3,028 2,919 2 8 6,254 5,779 8 
Income before income tax expense1,635 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 Bank2,815 (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
ROE29 %34 %26 %28 % 23 % 31 %23 %
Overhead ratio64 65 66 67 68 64 67 
Pretax margin ratio:
Asset Management27 37 27 31 29 32 31 
Global Private Bank37 33 39 40 33 35 30 
Asset & Wealth Management33 35 33 36 31 34 31 
Headcount26,931 26,773 26,041 25,769 23,981 1 12 26,931 23,981 12 
Number of Global Private Bank client advisors3,214 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.



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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
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 
Deposits199,763 225,831 233,130 242,315 257,437 (12)(22)199,763 257,437 (22)
Equity17,000 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 — 
Deposits211,872 224,354 236,965 253,026 268,861 (6)(21)218,078 278,256 (22)
Equity16,670 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 loans615 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 commitments39 19 20 21 22 105 77 39 22 77 
Total allowance for credit losses688 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 loans106 110 108 99 88 106 88 
Nonaccrual loans to period-end loans0.28 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.

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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Jun 30, 2023
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2023 Change
CLIENT ASSETS2023202320222022202220232022202320222022
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 
Equity792 733 670 609 641 8 24 792 641 24 
Multi-asset647 627 603 577 615 3 5 647 615 5 
Alternatives205 203 201 203 209 1 (2)205 209 (2)
TOTAL ASSETS UNDER MANAGEMENT3,188 3,006 2,766 2,616 2,743 6 16 3,188 2,743 16 
Custody/brokerage/administration/deposits1,370 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 Institutional1,423 1,347 1,252 1,209 1,294 6 10 1,423 1,294 10 
Global Funds884 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 Institutional1,497 1,417 1,314 1,261 1,339 6 12 1,497 1,339 12 
Global Funds891 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)
Equity20 22 9 6 9 42 20 
Multi-asset3 (2)(7)(5)(3)1 3 
Alternatives1 1 — 2 1 2 6 
Market/performance/other impacts61 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 flows112 152 70 (15)(1)264 (6)
Market/performance/other impacts99 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.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
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)NMNM2,798 (e)102 NM
Noninterest revenue1,980 (755)(115)(1,094)(244)NMNM1,225 (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 NM4,703 (801)NM
Provision for credit losses(243)370 (14)(21)28 NMNM127 57 123 
NONINTEREST EXPENSE1,152 (e)160 339 305 206 NM459 1,312 (e)390 236 
Income/(loss) before income tax expense/(benefit)2,809 455 858 (586)(154)NMNM3,264 (1,248)NM
Income tax expense/(benefit) 169 (f)211 277 (292)20 (20)NM380 (f)(218)NM
NET INCOME/(LOSS)
$2,640 $244 $581 $(294)$(174)NMNM$2,884 $(1,030)NM
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
1,261 1,106 603 (180)82 14 NM2,367 (862)NM
Other Corporate2,457 (e)(121)580 (122)(2)NMNM2,336 (e)61 NM
TOTAL NET REVENUE$3,718 $985 $1,183 $(302)$80 277 NM$4,703 $(801)NM
NET INCOME/(LOSS)
Treasury and CIO1,057 624 531 (68)88 69 NM1,681 (660)NM
Other Corporate 1,583 (e)(380)50 (226)(262)NMNM1,203 (e)(370)NM
TOTAL NET INCOME/(LOSS) $2,640 $244 $581 $(294)$(174)NMNM$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 $1,459,528 (13)
Loans2,172 2,267 2,181 2,206 2,187 (4)(1)2,172 2,187 (1)
Deposits (b)21,083 19,458 14,203 14,449 13,191 8 60 21,083 13,191 60 
Headcount45,235 44,743 44,196 42,806 40,348 1 12 45,235 40,348 12 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses$(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, 2023 for 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.

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CREDIT-RELATED INFORMATION
(in millions)
Jun 30, 2023
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2023202320222022202220232022
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 loans408,204 311,433 311,375 313,796 317,212 31 29 
Credit card loans
Loans retained191,348 180,079 185,175 170,462 165,494 6 16 
Total credit card loans191,348 180,079 185,175 170,462 165,494 6 16 
Total consumer loans 599,552 491,512 496,550 484,258 482,706 22 24 
Wholesale loans (b)
Loans retained668,145 604,324 603,670 596,208 584,265 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 commitments1,473,420 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.

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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,
2023202320222022202220232022
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 loans4,265 4,295 4,325 4,378 4,672 (1)(9)
Wholesale nonaccrual loans
Loans retained2,593 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 satisfactions279 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.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
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-offs1,776 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-offs1,411 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 
Other21 4 2 (3)(15)425 NM25 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)
Other4 1 — 1 (1)300 NM5 — 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 loans2.41 2.07 1.62 1.40 1.47 2.25 1.42 
Total consumer retained loans0.91 0.89 0.70 0.56 0.53 0.90 0.52 
Wholesale retained loans0.10 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 loans187,027 180,451 177,026 168,125 158,434 4 18 183,757 153,941 19 
Total average retained consumer loans546,570 481,036 478,119 469,472 458,083 14 19 513,984 451,507 14 
Wholesale retained loans647,474 601,401 599,817 590,490 577,850 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.


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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,
2023202320222022202220232022
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-based3,019 2,696 2,664 (e)2,521 2,605 12 16 
Total consumer, excluding credit card2,048 (d)1,666 2,040 1,819 1,929 23 6 
Credit card
Asset-specific (a)— — 223 218 227 — NM
Portfolio-based11,600 11,400 10,977 10,182 10,173 2 14 
Total credit card11,600 11,400 11,200 10,400 10,400 2 12 
Total consumer13,648 13,066 13,240 12,219 12,329 4 11 
Wholesale
Asset-specific (a)478 437 467 450 332 9 44 
Portfolio-based7,854 6,550 6,019 5,516 5,089 20 54 
Total wholesale8,332 (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 commitments2,186 2,370 2,382 2,551 2,222 (8)(2)
Allowance for investment securities104 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 loans0.52 %0.55 %0.68 %0.60 %0.64 %
Credit card allowance to total credit card retained loans6.06 6.33 6.05 6.10 6.28 
Wholesale allowance to total wholesale retained loans1.25 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 loans1.75 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 loans321 316 330 317 260 
Total allowance to total retained nonaccrual loans345 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.

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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 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 additional information on Markets revenue, refer to page 70 of the Firm’s 2022 Form 10-K.
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
(in millions, except rates)2Q231Q234Q223Q222Q221Q232Q22202320222022
Net interest income - reported$21,779 $20,711 $20,192 $17,518 $15,128 5 %44 %$42,490 $29,000 47 %
Fully taxable-equivalent adjustments104 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: Average Markets 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 basis2.62 %2.63 %2.47 %2.09 %1.80 %2.63 %1.74 %
Net yield on average Markets 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 Markets3.83 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 adjustments990 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 revenue7,505 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.
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JPMORGAN CHASE & CO.
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SUPPLEMENTAL INFORMATION RELATED TO THE FIRST REPUBLIC ACQUISITION
(in millions)
THREE AND SIX MONTHS ENDED JUNE 30, 2023
CCBCBAWMCORPTotal
SELECTED INCOME STATEMENT DATA
REVENUE
Asset management fees$107 $— $— $— $107 
All other income105 — 174 2,762 (a)3,041 
Noninterest revenue212 — 174 2,762 3,148 
Net interest income619 178 129 (29)897 
TOTAL NET REVENUE831 178 303 2,733 4,045 
Provision for credit losses408 608 146 — 1,162 
Noninterest expense37 — — 562 599 
NET INCOME293 (327)119 2,301 2,386 
SELECTED BALANCE SHEET DATA (period-end)
Loans$94,721 $39,500 $13,696 $— $147,917 (b)
Deposits68,351 — — — 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.