8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 11, 2024

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD	JPM PR D	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE	JPM PR C	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG	JPM PR J	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ	JPM PR K	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL	JPM PR L	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM	JPM PR M	The New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC	JPM/32	The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC	AMJB	NYSE Arca, Inc.

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition

On October 11, 2024, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2024 third quarter net income of $12.9 billion, or $4.37 per share, compared with net income of $13.2 billion, or $4.33 per share, in the third quarter of 2023. A copy of the 2024 third quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

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

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update any forward-looking statements.

Item 9.01 Financial Statements and Exhibits

(d)    Exhibits

Exhibit No.	Description of Exhibit
99.1	JPMorgan Chase & Co. Earnings Release - Third Quarter 2024 Results
99.2	JPMorgan Chase & Co. Earnings Release Financial Supplement - Third Quarter 2024
101	Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

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SIGNATURE

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

JPMorgan Chase & Co.

(Registrant)

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

Dated: October 11, 2024

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EX-99.1

Exhibit 99.1

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

JPMORGAN CHASE REPORTS THIRD-QUARTER 2024 NET INCOME OF $12.9 BILLION ($4.37 PER SHARE)

THIRD-QUARTER 2024 RESULTS1

ROE 16% ROTCE2 19% CET1 Capital Ratios3 Std. 15.3%| Adv.15.5% Total Loss-Absorbing Capacity3$544B Std. RWA3$1.8T Cash and marketable securities4$1.5T Average loans$1.3T

Firmwide Metrics	n	Reported revenue of $42.7 billion and managed revenue of $43.3 billion2
	n	Expense of $22.6 billion; reported overhead ratio of 53% and managed overhead ratio2 of 52%
	n	Credit costs of $3.1 billion included $2.1 billion of net charge-offs and a $1.0 billion net reserve build
	n	Average loans up 1% YoY and QoQ; average deposits up 1% YoY and QoQ
CCB5 ROE 29%	n	Average deposits down 8% YoY, down 2% QoQ; client investment assets up 21%
	n	Average loans up 1% YoY, flat QoQ; Card Services net charge-off rate of 3.24%
	n	Debit and credit card sales volume6 up 6%
	n	Active mobile customers7 up 7%
CIB8 ROE 17%	n	Investment Banking fees up 31% YoY, down 4% QoQ; #1 ranking for Global Investment Banking fees with 9.1% wallet share YTD
	n	Markets revenue up 8%, with Fixed Income Markets flat and Equity Markets up 27%
	n	Average Banking & Payments loans down 2% YoY, down 1% QoQ; average client deposits9 up 7% YoY, up 3% QoQ
AWM ROE 34%	n	AUM10 of $3.9 trillion, up 23%
	n	Average loans up 2% YoY and QoQ; average deposits up 17% YoY including the allocation of First Republic deposits to AWM in 4Q2311, up 4% QoQ

Jamie Dimon, Chairman and CEO, commented: “The Firm reported strong underlying business and financial results in the third quarter, generating net income of $12.9 billion and an ROTCE of 19%. In the CIB, investment banking fees grew 31%, while Markets revenue was resilient, rising 8%. Payments fees grew by double-digits as investments are fueling organic growth. In CCB, we ranked #1 in U.S. retail deposits for the fourth consecutive year. Card loans increased 11%, and we saw robust acquisition of 2.5 million accounts. Finally, in AWM, asset management fees rose 15%, and long-term net inflows were a record $72 billion.”

Dimon added: “We await our regulators’ new rules on the Basel III endgame and the G-SIB surcharge as well as any adjustments to the SCB or CCAR. We believe rules can be written that promote a strong financial system without causing undue consequences for the economy, and now is an excellent time to step back and review the extensive set of existing rules – which were put in place for a good reason – to understand their impact on economic growth, the viability of both public and private markets, and secondary market liquidity. Regardless of the outcome of these rules, we have an extraordinarily strong balance sheet, evidenced by total loss-absorbing capacity of $544 billion plus cash and marketable securities of $1.5 trillion, while our riskiest assets, loans, total $1.3 trillion. On share repurchases, given that market levels are at least slightly inflated, we maintain our modest pace of buybacks, although we reserve the right to adjust this at any time.”

Dimon added: “We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse. There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history. Additionally, while inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world. While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment.”

Dimon concluded: “I get to travel around the country and the globe for our Firm. It gives me immense pride to see our employees tirelessly serve their clients and communities, which include over 82 million U.S. consumers and 6 million small businesses, 40 thousand large and medium-sized businesses – who we bank wherever they do business – and thousands of institutional clients, as well as veterans, schools, cities, states and countries around the world. I know you join me in extending gratitude to our employees.”

CAPITAL DISTRIBUTIONS

n    Common dividend of $3.6 billion or $1.25 per share

n    $6.0 billion of common stock net repurchases12

n    Net payout LTM12,13 of 54%

FORTRESS PRINCIPLES

n Book value per share of $115.15, up 15%; tangible book value per share2 of $96.42, up 18%

n    Basel III common equity Tier 1 capital3 of $273 billion and Standardized ratio3 of 15.3%; Advanced ratio3 of 15.5%

n    Firm supplementary leverage ratio of 6.0%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n    Over $2 trillion of credit and capital14 raised YTD, reflecting approximately

n$185 billion of credit for consumers

n$30 billion of credit for U.S. small businesses

n$1.9 trillion of credit and capital for corporations and non-U.S. government entities

n$50 billion of credit and capital for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities

Investor Contact: Mikael Grubb (212) 270-2479	Media Contact: Joseph Evangelisti (212) 270-7438
Note: Totals may not sum due to rounding. 1 Percentage comparisons noted in the bullet points are for the third quarter of 2024 versus the prior-year third quarter, unless otherwise specified. 2 For notes on non-GAAP financial measures, including managed basis reporting, see page 6. For additional notes, see page 7.

JPMorgan Chase & Co.

News Release

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

Comparisons noted in the sections below are for the third quarter of 2024 versus the prior-year third quarter, unless otherwise specified.

JPMORGAN CHASE (JPM)

Results for JPM										2Q24				3Q23
($ millions, except per share data)	3Q24			2Q24			3Q23			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue - reported	$	42,654		$	50,200		$	39,874		$	(7,546)	(15)	%	$	2,780	7	%
Net revenue - managed	43,315			50,992			40,686			(7,677)		(15)		2,629		6
Noninterest expense	22,565			23,713			21,757			(1,148)		(5)		808		4
Provision for credit losses	3,111			3,052			1,384			59		2		1,727		125
Net income	$	12,898		$	18,149		$	13,151		$	(5,251)	(29)	%	$	(253)	(2)	%
Earnings per share - diluted	$	4.37		$	6.12		$	4.33		$	(1.75)	(29)	%	$	0.04	1	%
Return on common equity	16		%	23		%	18		%
Return on tangible common equity	19			28			22

Discussion of Results:

Net income was $12.9 billion, down 2%.

Net revenue was $43.3 billion, up 6%. Net interest income was $23.5 billion, up 3%. Noninterest revenue was $19.8 billion, up 11%. Net interest income excluding Markets2 was $23.4 billion, up 1%, driven by the impact of balance sheet mix and securities reinvestment, higher revolving balances in Card Services and higher wholesale deposit balances, predominantly offset by lower deposit balances in CCB and deposit margin compression across the lines of business. Noninterest revenue excluding Markets2 was $12.7 billion, up 17%, driven by lower net investment securities losses compared to the prior year, higher asset management fees in AWM and CCB and higher investment banking fees. Markets revenue was $7.2 billion, up 8%.

Noninterest expense was $22.6 billion, up 4%, driven by higher compensation, including higher revenue-related compensation and growth in employees, partially offset by lower legal expense.

The provision for credit losses was $3.1 billion, reflecting net charge-offs of $2.1 billion and a net reserve build of $1.0 billion. Net charge-offs of $2.1 billion were up $590 million, predominantly driven by Card Services. The net reserve build included $882 million in Consumer, primarily in Card Services, and $144 million in Wholesale. The prior-year provision was $1.4 billion, reflecting net charge-offs of $1.5 billion and a net reserve release of $113 million.

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JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)

Results for CCB							2Q24				3Q23
($ millions)	3Q24		2Q24		3Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	17,791	$	17,701	$	18,362	$	90	1	%	$	(571)	(3)	%
Banking & Wealth Management	10,090		10,375		11,345		(285)		(3)		(1,255)		(11)
Home Lending	1,295		1,319		1,252		(24)		(2)		43		3
Card Services & Auto	6,406		6,007		5,765		399		7		641		11
Noninterest expense	9,586		9,425		9,105		161		2		481		5
Provision for credit losses	2,795		2,643		1,446		152		6		1,349		93
Net income	$	4,046	$	4,210	$	5,895	$	(164)	(4)	%	$	(1,849)	(31)	%

Discussion of Results:

Net income was $4.0 billion, down 31%.

Net revenue was $17.8 billion, down 3%. Banking & Wealth Management net revenue was $10.1 billion, down 11%, driven by lower net interest income on deposit margin compression and lower deposit balances, partially offset by higher asset management fees in J.P. Morgan Wealth Management. Home Lending net revenue was $1.3 billion, up 3%, driven by higher net interest income, partially offset by lower servicing and production revenue. Card Services & Auto net revenue was $6.4 billion, up 11%, driven by Card Services, reflecting higher net interest income on higher revolving balances.

Noninterest expense was $9.6 billion, up 5%, predominantly driven by higher compensation, primarily for advisors, bankers and technology employees, as well as continued investments in marketing.

The provision for credit losses was $2.8 billion, reflecting net charge-offs of $1.9 billion and a net reserve build of $876 million. Net charge-offs of $1.9 billion were up $520 million, driven by Card Services, primarily due to the seasoning of newer vintages and continued credit normalization. The net reserve build was primarily in Card Services, driven by growth in revolving balances and changes in certain macroeconomic variables. The prior-year provision was $1.4 billion, reflecting net charge-offs of $1.4 billion and a net reserve build of $47 million.

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JPMorgan Chase & Co.

News Release

COMMERCIAL & INVESTMENT BANK (CIB)8

Results for CIB							2Q24				3Q23
($ millions)	3Q24		2Q24		3Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	17,015	$	17,917	$	15,761	$	(902)	(5)	%	$	1,254	8	%
Banking & Payments	8,646		8,950		7,993		(304)		(3)		653		8
Markets & Securities Services	8,369		8,967		7,768		(598)		(7)		601		8
Noninterest expense	8,751		9,166		8,818		(415)		(5)		(67)		(1)
Provision for credit losses	316		384		(95)		(68)		(18)		411		NM
Net income	$	5,691	$	5,897	$	5,027	$	(206)	(3)	%	$	664	13	%

Discussion of Results8:

Net income was $5.7 billion, up 13%.

Net revenue was $17.0 billion, up 8%. Banking & Payments revenue was $8.6 billion, up 8%. Investment Banking revenue was $2.4 billion, up 29%. Investment Banking fees were up 31%, driven by higher fees across all products. Payments revenue was $4.4 billion, up 4%, driven by fee growth and higher deposit balances, largely offset by deposit margin compression and higher deposit-related client credits. Lending revenue was $1.9 billion, down 2%.

Markets & Securities Services revenue was $8.4 billion, up 8%. Markets revenue was $7.2 billion, up 8%. Fixed Income Markets revenue was $4.5 billion, flat to the prior year, including outperformance in Currencies & Emerging Markets and lower revenue in Rates. Equity Markets revenue was $2.6 billion, up 27%, reflecting strong performance across regions, largely driven by a supportive trading environment in the U.S. and increased late-quarter activity in Asia. Securities Services revenue was $1.3 billion, up 9%, largely driven by fee growth on higher market levels and volumes.

Noninterest expense was $8.8 billion, down 1%, driven by lower legal expense, offset by higher compensation, including revenue-related compensation and growth in employees, as well as higher technology expense.

The provision for credit losses was $316 million, reflecting a net reserve build of $160 million and net charge-offs of $156 million. The provision was driven by the impact of net lending activity, and net downgrade activity primarily in Real Estate, partially offset by changes in certain macroeconomic variables. The prior-year provision was a net benefit of $95 million, reflecting a net reserve release of $193 million and net charge-offs of $98 million.

ASSET & WEALTH MANAGEMENT (AWM)

Results for AWM							2Q24				3Q23
($ millions)	3Q24		2Q24		3Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	5,439	$	5,252	$	5,005	$	187	4	%	$	434	9	%
Noninterest expense	3,639		3,543		3,138		96		3		501		16
Provision for credit losses	4		20		(13)		(16)		(80)		17		NM
Net income	$	1,351	$	1,263	$	1,417	$	88	7	%	$	(66)	(5)	%

Discussion of Results:

Net income was $1.4 billion, down 5%.

Net revenue was $5.4 billion, up 9%, driven by growth in management fees on higher average market levels and strong net inflows, investment valuation gains compared to losses in the prior year and higher brokerage activity, partially offset by deposit margin compression.

Noninterest expense was $3.6 billion, up 16%, predominantly driven by higher compensation, including revenue-related compensation and continued growth in private banking advisor teams, as well as higher legal expense and distribution fees.

Assets under management were $3.9 trillion and client assets were $5.7 trillion, each up 23%, driven by higher market levels and continued net inflows.

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JPMorgan Chase & Co.

News Release

CORPORATE

Results for Corporate							2Q24				3Q23
($ millions)	3Q24		2Q24		3Q23		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	3,070	$	10,122	$	1,558	$	(7,052)	(70)	%	$	1,512	97	%
Noninterest expense	589		1,579		696		(990)		(63)		(107)		(15)
Provision for credit losses	(4)		5		46		(9)		NM		(50)		NM
Net income/(loss)	$	1,810	$	6,779	$	812	$	(4,969)	(73)	%	$	998	123	%

Discussion of Results:

Net income was $1.8 billion, up $998 million.

Net revenue was $3.1 billion, up $1.5 billion. Net interest income was $2.9 billion, up $932 million, predominantly driven by the impact of balance sheet mix and securities reinvestment. Noninterest revenue was $155 million, compared with a net loss of $425 million in the prior year, predominantly driven by lower net investment securities losses.

Noninterest expense was $589 million, down $107 million.

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JPMorgan Chase & Co.

News Release

2. Notes on non-GAAP financial measures:

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

b.Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”) are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, refer to page 10 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $115.15, $111.29 and $100.30 at September 30, 2024, June 30, 2024, and September 30, 2023, respectively. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

c.In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets, refer to page 28 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to page 75 of the Firm’s 2023 Form 10-K.

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JPMorgan Chase & Co.

News Release

Additional notes:

3.Estimated. Reflects the Current Expected Credit Losses (“CECL”) capital transition provisions. As of September 30, 2024, CET1 capital and Total Loss-Absorbing Capacity reflected the remaining $720 million CECL benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 and Note 27 of the Firm’s 2023 Form 10-K for additional information.

4.Estimated. Cash and marketable securities includes end-of-period eligible high-quality liquid assets (“HQLA”), excluding regulatory prescribed haircuts under the liquidity coverage ratio (“LCR”) rule where applicable, for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm’s LCR. Also includes other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 51-58 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 and pages 102-109 of the Firm’s 2023 Form 10-K for additional information.

5.U.S. retail deposit market share is based on the Federal Deposit Insurance Corporation (FDIC) Summary of Deposits survey per S&P Global Market Intelligence, which applies a $1 billion deposit cap to Chase and industry branches for market share. Includes all commercial banks, savings banks and savings institutions as defined by the FDIC.

6.Excludes Commercial Card.

7.Users of all mobile platforms who have logged in within the past 90 days.

8.Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank ("CIB").

9.Client deposits and other third party liabilities (“client deposits”) pertain to the Payments and Securities Services businesses.

10.Assets under management (“AUM”).

11.In the fourth quarter of 2023, CCB transferred certain deposits associated with First Republic to AWM and CIB.

12.Includes the net impact of employee issuances. Excludes excise tax and commissions.

13.Last twelve months (“LTM”).

14.Credit provided to clients represents new and renewed credit, including loans and lending-related commitments, as well as unused amounts of advised uncommitted lines of credit where the Firm has discretion on whether or not to make a loan under these lines. Credit and capital for corporations and non-U.S. government entities includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.

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JPMorgan Chase & Co.

News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had$4.2 trillion in assets and $346 billion in stockholders’ equity as of September 30, 2024. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, October 11, 2024, at 8:30 a.m. (EDT) to present third-quarter 2024 financial results. The general public can access the call by dialing (888) 324-3618 in the U.S. and Canada, or (312) 470-7119 for international callers; use passcode 1364784#. Please dial in 15 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.

A replay of the conference call will be available beginning at approximately 11:00 a.m. (EDT) on October 11, 2024 through 11:59 p.m. (EDT) on October 25, 2024 by telephone at (800) 835-8067 (U.S. and Canada) or (203) 369-3354 (international); use passcode 67370#. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.

8

EX-99.2

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2024

JPMORGAN CHASE & CO.
TABLE OF CONTENTS
		Page(s)
Consolidated Results
Consolidated Financial Highlights		2–3
Consolidated Statements of Income		4
Consolidated Balance Sheets		5
Condensed Average Balance Sheets and Annualized Yields		6
Reconciliation from Reported to Managed Basis		7
Segment Results - Managed Basis		8
Capital and Other Selected Balance Sheet Items		9–10
Earnings Per Share and Related Information		11
Business Segment Results
Consumer & Community Banking (“CCB”)		12–15
Commercial & Investment Bank (“CIB”)		16–19
Asset & Wealth Management (“AWM”)		20–22
Corporate		23
Credit-Related Information		24-27
Non-GAAP Financial Measures		28
Glossary of Terms and Acronyms (a)

(a)    Refer to the Glossary of Terms and Acronyms on pages 315–321 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																							NINE MONTHS ENDED SEPTEMBER 30,
																				3Q24 Change											2024 Change
SELECTED INCOME STATEMENT DATA	3Q24				2Q24				1Q24				4Q23				3Q23			2Q24		3Q23		2024				2023			2023
Reported Basis
Total net revenue	$	42,654			$	50,200		(g)	$	41,934			$	38,574			$	39,874		(15)	%	7	%	$	134,788			$	119,530		13	%
Total noninterest expense	22,565				23,713				22,757			(h)	24,486			(h)	21,757			(5)		4		69,035				62,686			10
Pre-provision profit (a)	20,089				26,487				19,177				14,088				18,117			(24)		11		65,753				56,844			16
Provision for credit losses	3,111				3,052				1,884				2,762				1,384			2		125		8,047				6,558			23
NET INCOME	12,898				18,149				13,419				9,307				13,151			(29)		(2)		44,466				40,245			10
Managed Basis (b)
Total net revenue	43,315				50,992			(g)	42,548				39,943				40,686			(15)		6		136,855				122,423			12
Total noninterest expense	22,565				23,713				22,757			(h)	24,486			(h)	21,757			(5)		4		69,035				62,686			10
Pre-provision profit (a)	20,750				27,279				19,791				15,457				18,929			(24)		10		67,820				59,737			14
Provision for credit losses	3,111				3,052				1,884				2,762				1,384			2		125		8,047				6,558			23
NET INCOME	12,898				18,149				13,419				9,307				13,151			(29)		(2)		44,466				40,245			10
EARNINGS PER SHARE DATA
Net income: Basic	$	4.38			$	6.13			$	4.45			$	3.04			$	4.33		(29)		1		$	14.97			$	13.20		13
Diluted	4.37				6.12				4.44				3.04				4.33			(29)		1		14.94				13.18			13
Average shares: Basic	2,860.6				2,889.8				2,908.3				2,914.4				2,927.5			(1)		(2)		2,886.2				2,946.6			(2)
Diluted	2,865.9				2,894.9				2,912.8				2,919.1				2,932.1			(1)		(2)		2,891.2				2,951.0			(2)
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	593,643			$	575,463			$	575,195			$	489,320			$	419,254		3		42		$	593,643			$	419,254		42
Common shares at period-end	2,815.3				2,845.1				2,871.6				2,876.6				2,891.0			(1)		(3)		2,815.3				2,891.0			(3)
Book value per share	115.15				111.29				106.81				104.45				100.30			3		15		115.15				100.30			15
Tangible book value per share (“TBVPS”) (a)	96.42				92.77				88.43				86.08				82.04			4		18		96.42				82.04			18
Cash dividends declared per share	1.25				1.15				1.15				1.05				1.05			9		19		3.55				3.05			16
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	16		%		23		%		17		%		12		%		18		%					19		%		19		%
Return on tangible common equity (“ROTCE”) (a)	19				28				21				15				22							23				23
Return on assets	1.23				1.79				1.36				0.95				1.36							1.46				1.42
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)	15.3		%	(f)	15.3		%		15.0		%		15.0		%		14.3		%					15.3		%	(f)	14.3		%
Tier 1 capital ratio (e)	16.4			(f)	16.7				16.4				16.6				15.9							16.4			(f)	15.9
Total capital ratio (e)	18.2			(f)	18.5				18.2				18.5				17.8							18.2			(f)	17.8
Tier 1 leverage ratio	7.1			(f)	7.2				7.2				7.2				7.1							7.1			(f)	7.1
Supplementary leverage ratio (“SLR”)	6.0			(f)	6.1				6.1				6.1				6.0							6.0			(f)	6.0

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (“FDIC”).

(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 28 for a further discussion of these measures.

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

(c)Ratios are based upon annualized amounts.

(d)The capital metrics reflect the Current Expected Credit Losses ("CECL") capital transition provisions. As of September 30, 2024, June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining $720 million CECL benefit; as of December 31, 2023 and September 30, 2023, CET1 capital reflected a $1.4 billion benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, and Note 27 of the Firm’s 2023 Form 10-K for additional information.

(e)Reflect the Firm’s ratios under the Basel III Standardized approach. Refer to page 9 for further information on the Firm’s capital metrics.

(f)Estimated.

(g)Included a $7.9 billion net gain related to Visa shares. Refer to Note 2 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information on the exchange offer for Visa Class B-1 common stock.

(h)Included the FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which reflectsan adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.

Page 2

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q24 Change										2024 Change
	3Q24			2Q24			1Q24			4Q23			3Q23			2Q24		3Q23		2024			2023			2023
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	4,210,048		$	4,143,003		$	4,090,727		$	3,875,393		$	3,898,333		2	%	8	%	$	4,210,048		$	3,898,333		8	%
Loans:
Consumer, excluding credit card loans	394,945			396,955			403,404			410,093			408,769			(1)		(3)		394,945			408,769			(3)
Credit card loans	219,542			216,100			206,740			211,123			196,935			2		11		219,542			196,935			11
Wholesale loans	725,524			707,645			699,472			702,490			704,355			3		3		725,524			704,355			3
Total loans	1,340,011			1,320,700			1,309,616			1,323,706			1,310,059			1		2		1,340,011			1,310,059			2
Deposits:
U.S. offices:
Noninterest-bearing	611,334			632,316			657,651			643,748			651,240			(3)		(6)		611,334			651,240			(6)
Interest-bearing	1,326,489			1,291,737			1,311,857			1,303,100			1,295,609			3		2		1,326,489			1,295,609			2
Non-U.S. offices:
Noninterest-bearing	31,607			26,362			24,109			23,097			22,410			20		41		31,607			22,410			41
Interest-bearing	461,342			446,115			434,792			430,743			410,267			3		12		461,342			410,267			12
Total deposits	2,430,772			2,396,530			2,428,409			2,400,688			2,379,526			1		2		2,430,772			2,379,526			2
Long-term debt	410,157			394,028			395,872			391,825			362,793			4		13		410,157			362,793			13
Common stockholders’ equity	324,186			316,652			306,737			300,474			289,967			2		12		324,186			289,967			12
Total stockholders’ equity	345,836			340,552			336,637			327,878			317,371			2		9		345,836			317,371			9
Loans-to-deposits ratio	55		%	55		%	54		%	55		%	55		%					55		%	55		%
Employees	316,043			313,206			311,921			309,926			308,669			1		2		316,043			308,669			2
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)	$	45		$	56		$	48		$	35		$	41		(20)		10
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking	$	17,791		$	17,701		$	17,653		$	18,097		$	18,362		1		(3)		$	53,145		$	52,051		2
Commercial & Investment Bank (c)	17,015			17,917			17,584			14,974			15,761			(5)		8		52,516			49,379			6
Asset & Wealth Management	5,439			5,252			5,109			5,095			5,005			4		9		15,800			14,732			7
Corporate	3,070			10,122			2,202			1,777			1,558			(70)		97		15,394			6,261			146
TOTAL NET REVENUE	$	43,315		$	50,992		$	42,548		$	39,943		$	40,686		(15)		6		$	136,855		$	122,423		12
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	4,046		$	4,210		$	4,831		$	4,788		$	5,895		(4)		(31)		$	13,087		$	16,444		(20)
Commercial & Investment Bank (c)	5,691			5,897			6,622			4,177			5,027			(3)		13		18,210			16,095			13
Asset & Wealth Management	1,351			1,263			1,290			1,217			1,417			7		(5)		3,904			4,010			(3)
Corporate	1,810			6,779			676			(875)			812			(73)		123		9,265			3,696			151
NET INCOME	$	12,898		$	18,149		$	13,419		$	9,307		$	13,151		(29)		(2)		$	44,466		$	40,245		10

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC.

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

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

(c)Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank ("CIB"). Refer to Business Segment Results on page 20 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information.

Page 3

JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																			3Q24 Change											2024 Change
REVENUE	3Q24			2Q24				1Q24				4Q23				3Q23			2Q24		3Q23		2024				2023			2023
Investment banking fees	$	2,231		$	2,304			$	1,954			$	1,635			$	1,722		(3)	%	30	%	$	6,489			$	4,884		33	%
Principal transactions	5,988			6,814				6,790				3,725				6,210			(12)		(4)		19,592				20,735			(6)
Lending- and deposit-related fees	1,924			1,828				1,902				1,926				2,039			5		(6)		5,654				5,487			3
Asset management fees	4,479			4,302				4,146				4,077				3,904			4		15		12,927				11,143			16
Commissions and other fees	1,936			1,924				1,805				1,697				1,705			1		14		5,665				5,139			10
Investment securities losses	(16)			(547)				(366)				(743)				(669)			97		98		(929)				(2,437)			62
Mortgage fees and related income	402			348				275				263				414			16		(3)		1,025				913			12
Card income	1,345			1,332				1,218				1,247				1,209			1		11		3,895				3,537			10
Other income (a)	960			9,149			(e)	1,128				696				614			(90)		56		11,237				4,913			129
Noninterest revenue	19,249			27,454				18,852				14,523				17,148			(30)		12		65,555				54,314			21
Interest income	50,416			48,513				47,438				47,384				44,556			4		13		146,367				123,204			19
Interest expense	27,011			25,767				24,356				23,333				21,830			5		24		77,134				57,988			33
Net interest income	23,405			22,746				23,082				24,051				22,726			3		3		69,233				65,216			6
TOTAL NET REVENUE	42,654			50,200				41,934				38,574				39,874			(15)		7		134,788				119,530			13
Provision for credit losses	3,111			3,052				1,884				2,762				1,384			2		125		8,047				6,558			23
NONINTEREST EXPENSE
Compensation expense	12,817			12,953				13,118				11,847				11,726			(1)		9		38,888				34,618			12
Occupancy expense	1,258			1,248				1,211				1,208				1,197			1		5		3,717				3,382			10
Technology, communications and equipment expense	2,447			2,447				2,421				2,409				2,386			—		3		7,315				6,837			7
Professional and outside services	2,780			2,722				2,548				2,606				2,620			2		6		8,050				7,629			6
Marketing	1,258			1,221				1,160				1,298				1,126			3		12		3,639				3,293			11
Other expense (b)	2,005			3,122			(f)	2,299			(g)	5,118			(g)	2,702			(36)		(26)		7,426			(f)(g)	6,927			7
TOTAL NONINTEREST EXPENSE	22,565			23,713				22,757				24,486				21,757			(5)		4		69,035				62,686			10
Income before income tax expense	16,978			23,435				17,293				11,326				16,733			(28)		1		57,706				50,286			15
Income tax expense (a)	4,080			5,286				3,874				2,019			(h)	3,582			(23)		14		13,240				10,041			32
NET INCOME	$	12,898		$	18,149			$	13,419			$	9,307			$	13,151		(29)		(2)		$	44,466			$	40,245		10
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	4.38		$	6.13			$	4.45			$	3.04			$	4.33		(29)		1		$	14.97			$	13.20		13
Diluted earnings per share	4.37			6.12				4.44				3.04				4.33			(29)		1		14.94				13.18			13
FINANCIAL RATIOS
Return on common equity (c)	16		%	23		%		17		%		12		%		18		%					19		%		19		%
Return on tangible common equity (c)(d)	19			28				21				15				22							23				23
Return on assets (c)	1.23			1.79				1.36				0.95				1.36							1.46				1.42
Effective income tax rate	24.0			22.6				22.4				17.8			(h)	21.4							22.9				20.0
Overhead ratio	53			47				54				63				55							51				52

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC.

(a)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. The amortization of the associated investments that was previously recognized in other income is now recognized in income tax expense, which aligns with the associated tax credits and other tax benefits. Refer to Note 1 and 5 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 for additional information.

(b)Included Firmwide legal expense of $259 million, $317 million, $(72) million, $175 million and $665 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $504 million and $1.3 billion for the nine months ended September 30, 2024 and September 30, 2023, respectively.

(c)Ratios are based upon annualized amounts.

(d)Refer to page 28 for a further discussion of ROTCE.

(e)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.

(f)Included a $1.0 billion donation of Visa shares to pre-fund contributions to the JPMorgan Chase Foundation.

(g)Included an FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which was an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.

(h)Included an income tax benefit of $463 million for the three months ended December 31, 2023 related to the finalization of certain income tax regulations. The benefit resulted in a reduction in the Firm’s effective tax rate of 4.1 percentage points in the fourth quarter of 2023.

Page 4

JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
											Sep 30, 2024
											Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,
	2024		2024		2024		2023		2023		2024		2023
ASSETS
Cash and due from banks	$	22,896	$	27,265	$	22,750	$	29,066	$	24,921	(16)	%	(8)	%
Deposits with banks	411,364		503,554		539,366		595,085		486,448		(18)		(15)
Federal funds sold and securities purchased under
resale agreements	390,821		392,763		330,559		276,152		350,059		—		12
Securities borrowed	252,434		199,062		198,336		200,436		188,279		27		34
Trading assets:
Debt and equity instruments	734,928		679,209		697,788		485,743		534,923		8		37
Derivative receivables	52,561		54,673		56,621		54,864		67,070		(4)		(22)
Available-for-sale (“AFS”) securities	334,548		266,252		236,152		201,704		197,119		26		70
Held-to-maturity (”HTM”) securities	299,954		323,746		334,527		369,848		388,261		(7)		(23)
Investment securities, net of allowance for credit losses	634,502		589,998		570,679		571,552		585,380		8		8
Loans	1,340,011		1,320,700		1,309,616		1,323,706		1,310,059		1		2
Less: Allowance for loan losses	23,949		22,991		22,351		22,420		21,946		4		9
Loans, net of allowance for loan losses	1,316,062		1,297,709		1,287,265		1,301,286		1,288,113		1		2
Accrued interest and accounts receivable	122,565		135,692		129,823		107,363		127,752		(10)		(4)
Premises and equipment	31,525		30,582		30,279		30,157		29,677		3		6
Goodwill, MSRs and other intangible assets	64,455		64,525		64,374		64,381		64,910		—		(1)
Other assets	175,935		167,971		162,887		159,308		150,801		5		17
TOTAL ASSETS	$	4,210,048	$	4,143,003	$	4,090,727	$	3,875,393	$	3,898,333	2		8
LIABILITIES
Deposits	$	2,430,772	$	2,396,530	$	2,428,409	$	2,400,688	$	2,379,526	1		2
Federal funds purchased and securities loaned or sold
under repurchase agreements	389,337		400,832		325,670		216,535		268,750		(3)		45
Short-term borrowings	50,638		47,308		46,268		44,712		45,470		7		11
Trading liabilities:
Debt and equity instruments	204,593		206,018		192,324		139,581		165,494		(1)		24
Derivative payables	38,665		34,818		36,003		40,847		41,963		11		(8)
Accounts payable and other liabilities	314,356		295,813		301,469		290,307		292,070		6		8
Beneficial interests issued by consolidated VIEs	25,694		27,104		28,075		23,020		24,896		(5)		3
Long-term debt	410,157		394,028		395,872		391,825		362,793		4		13
TOTAL LIABILITIES	3,864,212		3,802,451		3,754,090		3,547,515		3,580,962		2		8
STOCKHOLDERS’ EQUITY
Preferred stock	21,650		23,900		29,900		27,404		27,404		(9)		(21)
Common stock	4,105		4,105		4,105		4,105		4,105		—		—
Additional paid-in capital	90,638		90,328		89,903		90,128		89,899		—		1
Retained earnings	365,966		356,924		342,414		332,901		327,044		3		12
Accumulated other comprehensive income/(loss) (“AOCI”)	(6,784)		(11,338)		(11,639)		(10,443)		(17,104)		40		60
Treasury stock, at cost	(129,739)		(123,367)		(118,046)		(116,217)		(113,977)		(5)		(14)
TOTAL STOCKHOLDERS’ EQUITY	345,836		340,552		336,637		327,878		317,371		2		9
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,210,048	$	4,143,003	$	4,090,727	$	3,875,393	$	3,898,333	2		8

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q24 Change										2024 Change
AVERAGE BALANCES	3Q24			2Q24			1Q24			4Q23			3Q23			2Q24		3Q23		2024			2023			2023
ASSETS
Deposits with banks	$	464,704		$	512,150		$	535,708		$	540,040		$	456,954		(9)	%	2	%	$	504,043		$	485,700		4	%
Federal funds sold and securities purchased under resale agreements	404,174			370,817			323,988			319,056			309,848			9		30		366,464			316,520			16
Securities borrowed	217,716			195,877			192,545			200,369			188,279			11		16		202,103			190,822			6
Trading assets - debt instruments	496,176			452,933			422,516			374,254			383,576			10		29		457,351			377,829			21
Investment securities	622,835			580,044			580,046			579,450			606,593			7		3		594,413			613,342			(3)
Loans	1,325,440			1,313,085			1,311,578			1,315,439			1,306,322			1		1		1,316,733			1,225,375			7
All other interest-earning assets (a)	90,721			84,819			79,134			79,787			80,156			7		13		84,912			88,255			(4)
Total interest-earning assets	3,621,766			3,509,725			3,445,515			3,408,395			3,331,728			3		9		3,526,019			3,297,843			7
Trading assets - equity and other instruments	217,790			221,382			190,783			144,642			173,998			(2)		25		210,013			165,292			27
Trading assets - derivative receivables	54,575			57,175			57,635			62,069			66,972			(5)		(19)		56,455			64,955			(13)
All other noninterest-earning assets	282,877			283,161			274,704			270,526			267,079			—		6		280,258			272,766			3
TOTAL ASSETS	$	4,177,008		$	4,071,443		$	3,968,637		$	3,885,632		$	3,839,777		3		9		$	4,072,745		$	3,800,856		7
LIABILITIES
Interest-bearing deposits	$	1,749,353		$	1,722,856		$	1,726,142		$	1,713,189		$	1,694,758		2		3		$	1,732,844		$	1,693,588		2
Federal funds purchased and securities loaned or
sold under repurchase agreements	425,795			375,371			294,983			254,211			254,105			13		68		365,604			256,717			42
Short-term borrowings	40,234			38,234			38,529			37,941			37,837			5		6		39,003			37,308			5
Trading liabilities - debt and all other interest-bearing liabilities (b)	329,850			318,703			302,997			287,443			288,007			3		15		317,229			286,324			11
Beneficial interests issued by consolidated VIEs	26,556			26,222			27,407			23,133			21,890			1		21		26,728			17,137			56
Long-term debt	347,910			342,516			340,411			325,843			315,267			2		10		343,628			286,522			20
Total interest-bearing liabilities	2,919,698			2,823,902			2,730,469			2,641,760			2,611,864			3		12		2,825,036			2,577,596			10
Noninterest-bearing deposits	633,957			648,327			648,644			658,912			660,983			(2)		(4)		643,608			661,086			(3)
Trading liabilities - equity and other instruments	32,739			30,456			28,622			34,176			29,508			7		11		30,613			29,262			5
Trading liabilities - derivative payables	39,936			37,538			39,877			42,447			46,754			6		(15)		39,120			47,672			(18)
All other noninterest-bearing liabilities	206,376			196,590			192,796			186,871			178,466			5		16		198,617			179,826			10
TOTAL LIABILITIES	3,832,706			3,736,813			3,640,408			3,564,166			3,527,575			3		9		3,736,994			3,495,442			7
Preferred stock	22,408			25,867			27,952			27,404			27,404			(13)		(18)		25,398			27,404			(7)
Common stockholders’ equity	321,894			308,763			300,277			294,062			284,798			4		13		310,353			278,010			12
TOTAL STOCKHOLDERS’ EQUITY	344,302			334,630			328,229			321,466			312,202			3		10		335,751			305,414			10
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,177,008		$	4,071,443		$	3,968,637		$	3,885,632		$	3,839,777		3		9		$	4,072,745		$	3,800,856		7
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	4.59		%	4.76		%	4.79		%	4.79		%	4.58		%					4.72		%	4.21		%
Federal funds sold and securities purchased under resale agreements	5.14			5.23			5.23			5.26			5.06							5.20			4.58
Securities borrowed	4.53			4.47			4.52			4.59			4.39							4.51			3.97
Trading assets - debt instruments	4.51			4.44			4.38			4.39			4.32							4.45			4.20
Investment securities	3.96			3.80			3.64			3.53			3.23							3.80			3.01
Loans	7.07			7.03			7.03			6.97			6.79							7.05			6.60
All other interest-earning assets (a)(d)	9.11			10.14			10.22			10.10			9.42							9.80			8.54
Total interest-earning assets	5.55			5.57			5.55			5.53			5.32							5.56			5.01
INTEREST-BEARING LIABILITIES
Interest-bearing deposits	2.94			2.90			2.85			2.78			2.53							2.90			2.21
Federal funds purchased and securities loaned or
sold under repurchase agreements	5.36			5.47			5.41			5.51			5.50							5.41			5.07
Short-term borrowings	5.38			5.27			5.57			5.55			5.38							5.41			4.88
Trading liabilities - debt and all other interest-bearing liabilities (b)	3.17			3.29			3.50			3.58			3.39							3.31			3.18
Beneficial interests issued by consolidated VIEs	5.27			5.40			5.34			5.36			5.38							5.34			5.00
Long-term debt	5.53			5.61			5.46			5.33			5.33							5.53			5.33
Total interest-bearing liabilities	3.68			3.67			3.59			3.50			3.32							3.65			3.01
INTEREST RATE SPREAD	1.87			1.90			1.96			2.03			2.00							1.91			2.00
NET YIELD ON INTEREST-EARNING ASSETS	2.58			2.62			2.71			2.81			2.72							2.64			2.66
Memo: Net yield on interest-earning assets excluding Markets (e)	3.86			3.86			3.83			3.86			3.89							3.85			3.84

(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)    All other interest-bearing liabilities include brokerage-related customer payables.

(c)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.

(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

Page 6

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO MANAGED BASIS
(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

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

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q24 Change										2024 Change
	3Q24			2Q24			1Q24			4Q23			3Q23			2Q24		3Q23		2024			2023			2023
OTHER INCOME
Other income - reported (a)	$	960		$	9,149		$	1,128		$	696		$	614		(90)	%	56	%	$	11,237		$	4,913		129	%
Fully taxable-equivalent adjustments (a)(b)	541			677			493			1,243			682			(20)		(21)		1,711			2,539			(33)
Other income - managed	$	1,501		$	9,826		$	1,621		$	1,939		$	1,296		(85)		16		$	12,948		$	7,452		74
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	19,249		$	27,454		$	18,852		$	14,523		$	17,148		(30)		12		$	65,555		$	54,314		21
Fully taxable-equivalent adjustments	541			677			493			1,243			682			(20)		(21)		1,711			2,539			(33)
Total noninterest revenue - managed	$	19,790		$	28,131		$	19,345		$	15,766		$	17,830		(30)		11		$	67,266		$	56,853		18
NET INTEREST INCOME
Net interest income - reported	$	23,405		$	22,746		$	23,082		$	24,051		$	22,726		3		3		$	69,233		$	65,216		6
Fully taxable-equivalent adjustments (b)	120			115			121			126			130			4		(8)		356			354			1
Net interest income - managed	$	23,525		$	22,861		$	23,203		$	24,177		$	22,856		3		3		$	69,589		$	65,570		6
TOTAL NET REVENUE
Total net revenue - reported	$	42,654		$	50,200		$	41,934		$	38,574		$	39,874		(15)		7		$	134,788		$	119,530		13
Fully taxable-equivalent adjustments	661			792			614			1,369			812			(17)		(19)		2,067			2,893			(29)
Total net revenue - managed	$	43,315		$	50,992		$	42,548		$	39,943		$	40,686		(15)		6		$	136,855		$	122,423		12
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	20,089		$	26,487		$	19,177		$	14,088		$	18,117		(24)		11		$	65,753		$	56,844		16
Fully taxable-equivalent adjustments	661			792			614			1,369			812			(17)		(19)		2,067			2,893			(29)
Pre-provision profit - managed	$	20,750		$	27,279		$	19,791		$	15,457		$	18,929		(24)		10		$	67,820		$	59,737		14
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	16,978		$	23,435		$	17,293		$	11,326		$	16,733		(28)		1		$	57,706		$	50,286		15
Fully taxable-equivalent adjustments	661			792			614			1,369			812			(17)		(19)		2,067			2,893			(29)
Income before income tax expense - managed	$	17,639		$	24,227		$	17,907		$	12,695		$	17,545		(27)		1		$	59,773		$	53,179		12
INCOME TAX EXPENSE
Income tax expense - reported (a)	$	4,080		$	5,286		$	3,874		$	2,019		$	3,582		(23)		14		$	13,240		$	10,041		32
Fully taxable-equivalent adjustments (a)	661			792			614			1,369			812			(17)		(19)		2,067			2,893			(29)
Income tax expense - managed	$	4,741		$	6,078		$	4,488		$	3,388		$	4,394		(22)		8		$	15,307		$	12,934		18
OVERHEAD RATIO
Overhead ratio - reported	53		%	47		%	54		%	63		%	55		%					51		%	52		%
Overhead ratio - managed	52			47			53			61			53							50			51

(a)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.

(b)Predominantly recognized in CIB and Corporate.

Page 7

JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS															NINE MONTHS ENDED SEPTEMBER 30,
												3Q24 Change									2024 Change
	3Q24		2Q24			1Q24		4Q23		3Q23		2Q24		3Q23		2024			2023		2023
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	17,791	$	17,701		$	17,653	$	18,097	$	18,362	1	%	(3)	%	$	53,145		$	52,051	2	%
Commercial & Investment Bank (a)	17,015		17,917			17,584		14,974		15,761		(5)		8		52,516			49,379		6
Asset & Wealth Management	5,439		5,252			5,109		5,095		5,005		4		9		15,800			14,732		7
Corporate	3,070		10,122		(b)	2,202		1,777		1,558		(70)		97		15,394			6,261		146
TOTAL NET REVENUE	$	43,315	$	50,992		$	42,548	$	39,943	$	40,686	(15)		6		$	136,855		$	122,423	12
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	9,586	$	9,425		$	9,297	$	9,336	$	9,105	2		5		$	28,308		$	25,483	11
Commercial & Investment Bank (a)	8,751		9,166			8,724		8,169		8,818		(5)		(1)		26,641			25,803		3
Asset & Wealth Management	3,639		3,543			3,460		3,388		3,138		3		16		10,642			9,392		13
Corporate	589		1,579		(c)	1,276		3,593		696		(63)		(15)		3,444		(c)	2,008		72
TOTAL NONINTEREST EXPENSE	$	22,565	$	23,713		$	22,757	$	24,486	$	21,757	(5)		4		$	69,035		$	62,686	10
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	8,205	$	8,276		$	8,356	$	8,761	$	9,257	(1)		(11)		$	24,837		$	26,568	(7)
Commercial & Investment Bank (a)	8,264		8,751			8,860		6,805		6,943		(6)		19		25,875			23,576		10
Asset & Wealth Management	1,800		1,709			1,649		1,707		1,867		5		(4)		5,158			5,340		(3)
Corporate	2,481		8,543			926		(1,816)		862		(71)		188		11,950			4,253		181
PRE-PROVISION PROFIT	$	20,750	$	27,279		$	19,791	$	15,457	$	18,929	(24)		10		$	67,820		$	59,737	14
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	2,795	$	2,643		$	1,913	$	2,189	$	1,446	6		93		$	7,351		$	4,710	56
Commercial & Investment Bank (a)	316		384			1		576		(95)		(18)		NM		701			1,515		(54)
Asset & Wealth Management	4		20			(57)		(1)		(13)		(80)		NM		(33)			160		NM
Corporate	(4)		5			27		(2)		46		NM		NM		28			173		(84)
PROVISION FOR CREDIT LOSSES	$	3,111	$	3,052		$	1,884	$	2,762	$	1,384	2		125		$	8,047		$	6,558	23
NET INCOME/(LOSS)
Consumer & Community Banking	$	4,046	$	4,210		$	4,831	$	4,788	$	5,895	(4)		(31)		$	13,087		$	16,444	(20)
Commercial & Investment Bank (a)	5,691		5,897			6,622		4,177		5,027		(3)		13		18,210			16,095		13
Asset & Wealth Management	1,351		1,263			1,290		1,217		1,417		7		(5)		3,904			4,010		(3)
Corporate	1,810		6,779			676		(875)		812		(73)		123		9,265			3,696		151
TOTAL NET INCOME	$	12,898	$	18,149		$	13,419	$	9,307	$	13,151	(29)		(2)		$	44,466		$	40,245	10

(a)Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank ("CIB"). Refer to Business Segment Results on page 20 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information.

(b)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.

(c)Included $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.

Page 8

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																		Sep 30, 2024
																		Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,				Jun 30,				Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,							2024 Change
	2024				2024				2024			2023			2023			2024		2023		2024			2023		2023
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	272,988		(c)	$	267,196			$	257,569		$	250,585		$	241,825		2	%	13	%
Tier 1 capital	292,366			(c)	290,442				280,771			277,306			268,579			1		9
Total capital	324,642			(c)	322,175				312,149			308,497			300,859			1		8
Risk-weighted assets	1,783,831			(c)	1,743,481				1,712,081			1,671,995			1,692,219			2		5
CET1 capital ratio	15.3		%	(c)	15.3		%		15.0		%	15.0		%	14.3		%
Tier 1 capital ratio	16.4			(c)	16.7				16.4			16.6			15.9
Total capital ratio	18.2			(c)	18.5				18.2			18.5			17.8
Advanced
CET1 capital	$	272,988		(c)	$	267,196			$	257,569		$	250,585		$	241,825		2		13
Tier 1 capital	292,366			(c)	290,442				280,771			277,306			268,579			1		9
Total capital	310,821			(c)	308,639				298,766			295,417			287,560			1		8
Risk-weighted assets	1,765,597			(c)	1,726,204				1,681,317			1,669,156			1,671,593			2		6
CET1 capital ratio	15.5		%	(c)	15.5		%		15.3		%	15.0		%	14.5		%
Tier 1 capital ratio	16.6			(c)	16.8				16.7			16.6			16.1
Total capital ratio	17.6			(c)	17.9				17.8			17.7			17.2
Leverage-based capital metrics
Adjusted average assets (b)	$	4,122,364		(c)	$	4,016,654			$	3,913,677		$	3,831,200		$	3,785,641		3		9
Tier 1 leverage ratio	7.1		%	(c)	7.2		%		7.2		%	7.2		%	7.1		%
Total leverage exposure	$	4,893,156		(c)	$	4,768,202			$	4,634,634		$	4,540,465		$	4,500,253		3		9
SLR	6.0		%	(c)	6.1		%		6.1		%	6.1		%	6.0		%
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC	$	543,703		(c)	$	533,949			$	520,386		$	513,799		$	496,183		2		10
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance	$	267,196			$	257,569			$	250,585		$	241,825		$	235,827		4		13		$	250,585		$	218,934	14	%
Net income applicable to common equity	12,612				17,832				13,022			8,921			12,765			(29)		(1)		43,466			39,130		11
Dividends declared on common stock	(3,570)				(3,322)				(3,348)			(3,064)			(3,080)			(7)		(16)		(10,240)			(8,991)		(14)
Net purchase of treasury stock	(6,372)				(5,321)				(1,829)			(2,240)			(2,337)			(20)		(173)		(13,522)			(6,641)		(104)
Changes in additional paid-in capital	310				425				(225)			229			321			(27)		(3)		510			855		(40)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities	2,297				108				141			4,362			(1,950)			NM		NM		2,546			1,019		150
Translation adjustments, net of hedges	389				(156)				(204)			402			(340)			NM		NM		29			(73)		NM
Fair value hedges	(20)				8				(21)			(86)			(5)			NM		(300)		(33)			(15)		(120)
Defined benefit pension and other postretirement employee benefit plans	(28)				(3)				26			455			(21)			NM		(33)		(5)			(82)		94
Changes related to other CET1 capital adjustments	174			(c)	56				(578)			(219)			645			211		(73)		(348)		(c)	(2,311)		85
Change in Standardized/Advanced CET1 capital	5,792			(c)	9,627				6,984			8,760			5,998			(40)		(3)		22,403		(c)	22,891		(2)
Standardized/Advanced CET1 capital, ending balance	$	272,988		(c)	$	267,196			$	257,569		$	250,585		$	241,825		2		13		$	272,988	(c)	$	241,825	13

(a)The capital metrics reflect the CECL capital transition provisions. As of September 30, 2024, June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining $720 million CECL benefit; as of December 31, 2023 and September 30, 2023, CET1 capital reflected a $1.4 billion benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, and Note 27 of the Firm’s 2023 Form 10-K for additional information.

(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.

(c)Estimated.

Page 9

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
												Sep 30, 2024
												Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,		Jun 30,		Mar 31,			Dec 31,		Sep 30,		Jun 30,		Sep 30,						2024 Change
	2024		2024		2024			2023		2023		2024		2023		2024		2023		2023
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity	$	324,186	$	316,652	$	306,737		$	300,474	$	289,967	2	%	12	%
Less: Goodwill	52,711		52,620		52,636			52,634		52,492		—		—
Less: Other intangible assets	2,991		3,058		3,133			3,225		3,309		(2)		(10)
Add: Certain deferred tax liabilities (b)	2,962		2,969		2,981			2,996		3,025		—		(2)
Total tangible common equity	$	271,446	$	263,943	$	253,949		$	247,611	$	237,191	3		14
TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity	$	321,894	$	308,763	$	300,277		$	294,062	$	284,798	4		13		$	310,353	$	278,010	12	%
Less: Goodwill	52,658		52,618		52,614			52,538		52,427		—		—		52,630		52,164		1
Less: Other intangible assets	3,007		3,086		3,157			3,254		3,511		(3)		(14)		3,083		2,342		32
Add: Certain deferred tax liabilities (b)	2,963		2,975		2,988			2,992		3,080		—		(4)		2,976		2,846		5
Total tangible common equity	$	269,192	$	256,034	$	247,494		$	241,262	$	231,940	5		16		$	257,616	$	226,350	14
INTANGIBLE ASSETS (period-end)
Goodwill	$	52,711	$	52,620	$	52,636		$	52,634	$	52,492	—		—
Mortgage servicing rights	8,753		8,847		8,605			8,522		9,109		(1)		(4)
Other intangible assets	2,991		3,058		3,133			3,225		3,309		(2)		(10)
Total intangible assets	$	64,455	$	64,525	$	64,374		$	64,381	$	64,910	—		(1)

(a)Refer to page 28 for further discussion of TCE.

(b)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

Page 10

JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q24 Change										2024 Change
	3Q24				2Q24			1Q24				4Q23			3Q23			2Q24		3Q23		2024			2023			2023
EARNINGS PER SHARE
Basic earnings per share
Net income	$	12,898			$	18,149		$	13,419			$	9,307		$	13,151		(29)	%	(2)	%	$	44,466		$	40,245		10	%
Less: Preferred stock dividends	286				317			397				386			386			(10)		(26)		1,000			1,115			(10)
Net income applicable to common equity	12,612				17,832			13,022				8,921			12,765			(29)		(1)		43,466			39,130			11
Less: Dividends and undistributed earnings allocated to
participating securities	75				114			80				51			80			(34)		(6)		267			241			11
Net income applicable to common stockholders	$	12,537			$	17,718		$	12,942			$	8,870		$	12,685		(29)		(1)		$	43,199		$	38,889		11
Total weighted-average basic shares outstanding	2,860.6				2,889.8			2,908.3				2,914.4			2,927.5			(1)		(2)		2,886.2			2,946.6			(2)
Net income per share	$	4.38			$	6.13		$	4.45			$	3.04		$	4.33		(29)		1		$	14.97		$	13.20		13
Diluted earnings per share
Net income applicable to common stockholders	$	12,537			$	17,718		$	12,942			$	8,870		$	12,685		(29)		(1)		$	43,199		$	38,889		11
Total weighted-average basic shares outstanding	2,860.6				2,889.8			2,908.3				2,914.4			2,927.5			(1)		(2)		2,886.2			2,946.6			(2)
Add: Dilutive impact of unvested performance share units     (“PSUs”), nondividend-earning restricted stock units     (“RSUs”) and stock appreciation rights (“SARs”)	5.3				5.1			4.5				4.7			4.6			4		15		5.0			4.4			14
Total weighted-average diluted shares outstanding	2,865.9				2,894.9			2,912.8				2,919.1			2,932.1			(1)		(2)		2,891.2			2,951.0			(2)
Net income per share	$	4.37			$	6.12		$	4.44			$	3.04		$	4.33		(29)		1		$	14.94		$	13.18		13
COMMON DIVIDENDS
Cash dividends declared per share	$	1.25		(c)	$	1.15		$	1.15		(d)	$	1.05		$	1.05		9		19		$	3.55		$	3.05		16
Dividend payout ratio	28		%		19		%	26		%		34		%	24		%					24		%	23		%
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	30.3				27.0			15.9				15.2			15.6			12		94		73.2			54.3			35
Average price paid per share of common stock	$	209.61			$	196.83		$	179.50			$	151.02		$	151.46		6		38		$	198.37		$	139.87		42
Aggregate repurchases of common stock	6,361				5,318			2,849				2,301			2,364			20		169		14,528			7,597			91
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	0.5				0.5			10.9				0.8			0.6			—		(17)		11.9			11.1			7
Net impact of employee issuances on stockholders’ equity (b)	$	354			$	459		$	801			$	308		$	368		(23)		(4)		$	1,614		$	1,863		(13)

(a)Effective July 1, 2024, the Firm’s Board of Directors had authorized a common share repurchase program of $30 billion that replaced the previous 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.

(c)On September 17, 2024, the Board of Directors declared a quarterly common stock dividend of $1.25 per share.

(d)On March 19, 2024, the Board of Directors declared a quarterly common stock dividend of $1.15 per share.

Page 11

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q24 Change										2024 Change
	3Q24			2Q24			1Q24			4Q23			3Q23			2Q24		3Q23		2024			2023			2023
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	863		$	830		$	822		$	856		$	836		4	%	3	%	$	2,515		$	2,500		1	%
Asset management fees	1,022			978			947			899			891			4		15		2,947			2,383			24
Mortgage fees and related income	390			346			274			261			417			13		(6)		1,010			914			11
Card income	743			741			682			684			626			—		19		2,166			1,848			17
All other income (a)	1,196			1,101			1,220			1,270			1,212			9		(1)		3,517			3,503			—
Noninterest revenue	4,214			3,996			3,945			3,970			3,982			5		6		12,155			11,148			9
Net interest income	13,577			13,705			13,708			14,127			14,380			(1)		(6)		40,990			40,903			—
TOTAL NET REVENUE	17,791			17,701			17,653			18,097			18,362			1		(3)		53,145			52,051			2
Provision for credit losses	2,795			2,643			1,913			2,189			1,446			6		93		7,351			4,710			56
NONINTEREST EXPENSE
Compensation expense	4,275			4,240			4,229			4,023			3,975			1		8		12,744			11,148			14
Noncompensation expense (b)	5,311			5,185			5,068			5,313			5,130			2		4		15,564			14,335			9
TOTAL NONINTEREST EXPENSE	9,586			9,425			9,297			9,336			9,105			2		5		28,308			25,483		(d)	11
Income before income tax expense	5,410			5,633			6,443			6,572			7,811			(4)		(31)		17,486			21,858			(20)
Income tax expense	1,364			1,423			1,612			1,784			1,916			(4)		(29)		4,399			5,414			(19)
NET INCOME	$	4,046		$	4,210		$	4,831		$	4,788		$	5,895		(4)		(31)		$	13,087		$	16,444		(20)
REVENUE BY BUSINESS
Banking & Wealth Management	$	10,090		$	10,375		$	10,324		$	10,877		$	11,345		(3)		(11)		$	30,789		$	32,322		(5)
Home Lending	1,295			1,319			1,186			1,161			1,252			(2)		3		3,800			2,979			28
Card Services & Auto	6,406			6,007			6,143			6,059			5,765			7		11		18,556			16,750			11
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	154			157			130			82			162			(2)		(5)		441			339			30
Net mortgage servicing revenue (c)	236			189			144			179			255			25		(7)		569			575			(1)
Mortgage fees and related income	$	390		$	346		$	274		$	261		$	417		13		(6)		$	1,010		$	914		11
FINANCIAL RATIOS
ROE	29		%	30		%	35		%	33		%	41		%					31		%	40		%
Overhead ratio	54			53			53			52			50							53			49

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $699 million, $682 million, $665 million, $666 million and $685 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $2.0 billion and $2.1 billion for the nine months ended September 30, 2024 and 2023, respectively.

(b)Included depreciation expense on leased assets of $387 million, $430 million, $427 million, $425 million and $458 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $1.2 billion and $1.3 billion for the nine months ended September 30, 2024 and 2023, respectively.

(c)Included MSR risk management results of $100 million, $39 million, $(1) million, $7 million and $111 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $138 million and $124 million for the nine months ended September 30, 2024 and 2023, respectively.

(d)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense has been aligned to the appropriate LOB.

Page 12

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
	QUARTERLY TRENDS															NINE MONTHS ENDED SEPTEMBER 30,
												3Q24 Change								2024 Change
	3Q24		2Q24		1Q24		4Q23			3Q23		2Q24		3Q23		2024		2023		2023
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	633,038	$	638,493	$	629,122	$	642,951		$	626,196	(1)	%	1	%	$	633,038	$	626,196	1	%
Loans:
Banking & Wealth Management	31,614		31,078		31,266		31,142			30,574		2		3		31,614		30,574		3
Home Lending (a)	247,663		250,032		254,243		259,181			261,858		(1)		(5)		247,663		261,858		(5)
Card Services	219,671		216,213		206,823		211,175			196,955		2		12		219,671		196,955		12
Auto	73,215		75,310		76,508		77,705			74,831		(3)		(2)		73,215		74,831		(2)
Total loans	572,163		572,633		568,840		579,203			564,218		—		1		572,163		564,218		1
Deposits	1,054,027		1,069,753		1,105,583		1,094,738		(c)	1,136,884		(1)		(7)		1,054,027		1,136,884		(7)
Equity	54,500		54,500		54,500		55,500			55,500		—		(2)		54,500		55,500		(2)
SELECTED BALANCE SHEET DATA (average)
Total assets	$	631,117	$	628,757	$	627,862	$	629,744		$	622,760	—		1		$	629,252	$	569,076	11
Loans:
Banking & Wealth Management	30,910		31,419		31,241		30,718			30,686		(2)		1		31,189		29,947		4
Home Lending (b)	250,581		254,385		257,866		261,394			264,041		(1)		(5)		254,264		222,248		14
Card Services	217,327		210,119		204,701		202,685			195,245		3		11		210,740		187,629		12
Auto	73,675		75,804		77,268		76,409			74,358		(3)		(1)		75,575		71,416		6
Total loans	572,493		571,727		571,076		571,206			564,330		—		1		571,768		511,240		12
Deposits	1,053,701		1,073,544		1,079,243		1,092,432		(c)	1,143,539		(2)		(8)		1,068,774		1,138,050		(6)
Equity	54,500		54,500		54,500		55,500			55,500		—		(2)		54,500		53,962		1
Employees	143,964		143,412		142,758		141,640			141,125		—		2		143,964		141,125		2

(a)At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, Home Lending loans held-for-sale and loans at fair value were $6.9 billion, $5.9 billion, $4.8 billion, $3.4 billion and $4.1 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $8.4 billion, $7.7 billion, $4.7 billion, $4.7 billion and $5.7 billion for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $6.9 billion and $4.8 billion for the nine months ended September 30, 2024 and 2023, respectively.

(c)In the fourth quarter of 2023, CCB transferred approximately $18.8 billion of deposits associated with First Republic to AWM and CIB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.

Page 13

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q24 Change										2024 Change
	3Q24			2Q24			1Q24			4Q23			3Q23			2Q24		3Q23		2024			2023			2023
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)	$	3,252		$	3,413		$	3,647		$	3,740		$	3,690		(5)	%	(12)	%	$	3,252		$	3,690		(12)	%
Net charge-offs/(recoveries)
Banking & Wealth Management	82			176			79			81			88			(53)		(7)		337			259			30
Home Lending	(44)			(40)			(7)			6			(16)			(10)		(175)		(91)			(62)			(47)
Card Services	1,768			1,830			1,688			1,426			1,227			(3)		44		5,286			3,273			62
Auto	113			98			119			125			100			15		13		330			232			42
Total net charge-offs/(recoveries)	$	1,919		$	2,064		$	1,879		$	1,638		$	1,399		(7)		37		$	5,862		$	3,702		58
Net charge-off/(recovery) rate
Banking & Wealth Management	1.06		%	2.25		%	1.02		%	1.05		%	1.14		%					1.44		%	1.16		%
Home Lending	(0.07)			(0.07)			(0.01)			0.01			(0.02)							(0.05)			(0.04)
Card Services	3.24			3.50			3.32			2.79			2.49							3.35			2.33
Auto	0.62			0.52			0.62			0.65			0.53							0.59			0.43
Total net charge-off/(recovery) rate	1.35			1.47			1.33			1.15			0.99							1.39			0.98
30+ day delinquency rate
Home Lending (b)	0.77		%	0.70		%	0.70		%	0.66		%	0.59		%					0.77		%	0.59		%
Card Services	2.20			2.08			2.23			2.14			1.94							2.20			1.94
Auto	1.23			1.12			1.03			1.19			1.13							1.23			1.13
90+ day delinquency rate - Card Services	1.10			1.07			1.16			1.05			0.94							1.10			0.94
Allowance for loan losses
Banking & Wealth Management	$	709		$	685		$	706		$	685		$	686		4		3		$	709		$	686		3
Home Lending	447			437			432			578			573			2		(22)		447			573			(22)
Card Services	14,106			13,206			12,606			12,453			11,901			7		19		14,106			11,901			19
Auto	692			742			742			742			742			(7)		(7)		692			742			(7)
Total allowance for loan losses	$	15,954		$	15,070		$	14,486		$	14,458		$	13,902		6		15		$	15,954		$	13,902		15

(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $88 million, $96 million, $107 million, $123 million and $123 million, respectively. 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)At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $126 million, $137 million, $147 million, $176 million and $175 million, respectively. These amounts have been excluded based upon the government guarantee.

Page 14

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q24 Change										2024 Change
	3Q24			2Q24			1Q24			4Q23			3Q23			2Q24		3Q23		2024			2023			2023
BUSINESS METRICS
Number of:
Branches	4,906			4,884			4,907			4,897			4,863			—	%	1	%	4,906			4,863			1	%
Active digital customers (in thousands) (a)	70,063			69,011			68,496			66,983			66,765			2		5		70,063			66,765			5
Active mobile customers (in thousands) (b)	56,985			55,564			54,674			53,828			53,221			3		7		56,985			53,221			7
Debit and credit card sales volume (in billions)	$	453.4		$	453.7		$	420.7		$	441.0		$	426.3		—		6		$	1,327.8		$	1,237.6		7
Total payments transaction volume (in trillions) (c)	1.7			1.6			1.5			1.5			1.5			6		13		4.8			4.4			9
Banking & Wealth Management
Average deposits	$	1,037,953		$	1,058,914		$	1,065,562		$	1,077,725		$	1,127,807		(2)		(8)		$	1,054,084		$	1,123,126		(6)
Deposit margin	2.60		%	2.72		%	2.71		%	2.82		%	2.92		%					2.68		%	2.84		%
Business Banking average loans	$	19,472		$	19,461		$	19,447		$	19,511		$	19,520		—		—		$	19,460		$	19,676		(1)
Business Banking origination volume	1,091			1,312			1,130			1,130			1,321			(17)		(17)		3,533			3,623			(2)
Client investment assets (d)	1,067,931			1,013,680			1,010,315			951,115			882,253			5		21		1,067,931			882,253			21
Number of client advisors	5,775			5,672			5,571			5,456			5,424			2		6		5,775			5,424			6
Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	6.5		$	6.9		$	4.4		$	4.7		$	6.8		(6)		(4)		$	17.8		$	17.7		1
Correspondent	4.9			3.8			2.2			2.5			4.2			29		17		10.9			10.2			7
Total mortgage origination volume (e)	$	11.4		$	10.7		$	6.6		$	7.2		$	11.0		7		4		$	28.7		$	27.9		3
Third-party mortgage loans serviced (period-end)	656.1			642.8			626.2			631.2			637.8			2		3		656.1			637.8			3
MSR carrying value (period-end)	8.7			8.8			8.6			8.5			9.1			(1)		(4)		8.7			9.1			(4)
Card Services
Sales volume, excluding commercial card (in billions)	$	316.6		$	316.6		$	291.0		$	307.2		$	296.2		—		7		$	924.2		$	856.4		8
Net revenue rate	9.91		%	9.61		%	10.09		%	9.82		%	9.60		%					9.87		%	9.69		%
Net yield on average loans	9.71			9.46			9.90			9.70			9.54							9.69			9.58
Auto
Loan and lease origination volume (in billions)	$	10.0		$	10.8		$	8.9		$	9.9		$	10.2		(7)		(2)		$	29.7		$	31.4		(5)
Average auto operating lease assets	11,192			10,693			10,435			10,440			10,701			5		5		10,775			11,081			(3)

(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 20-22 for additional information.

(e)Firmwide mortgage origination volume was $13.3 billion, $12.3 billion, $7.6 billion, $8.6 billion and $13.0 billion for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $33.2 billion and $32.8 billion for the nine months ended September 30, 2024 and 2023, respectively.

Page 15

JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q24 Change										2024 Change
	3Q24			2Q24			1Q24			4Q23			3Q23			2Q24		3Q23		2024			2023			2023
INCOME STATEMENT
REVENUE
Investment banking fees	$	2,267		$	2,356		$	2,014		$	1,667		$	1,729		(4)	%	31	%	$	6,637		$	4,964		34	%
Principal transactions	5,899			6,691			6,634			3,649			5,971			(12)		(1)		19,224			20,145			(5)
Lending- and deposit-related fees	997			924			973			909			966			8		3		2,894			2,514			15
Commissions and other fees	1,349			1,337			1,272			1,208			1,184			1		14		3,958			3,671			8
Card income	589			579			525			552			572			2		3		1,693			1,661			2
All other income	521			857			743			1,041			420			(39)		24		2,121			1,828			16
Noninterest revenue	11,622			12,744			12,161			9,026			10,842			(9)		7		36,527			34,783			5
Net interest income	5,393			5,173			5,423			5,948			4,919			4		10		15,989			14,596			10
TOTAL NET REVENUE (a)	17,015			17,917			17,584			14,974			15,761			(5)		8		52,516			49,379			6
Provision for credit losses	316			384			1			576			(95)			(18)		NM		701			1,515			(54)
NONINTEREST EXPENSE
Compensation expense	4,510			4,752			4,896			4,107			4,155			(5)		9		14,158			12,998			9
Noncompensation expense	4,241			4,414			3,828			4,062			4,663			(4)		(9)		12,483			12,805			(3)
TOTAL NONINTEREST EXPENSE	8,751			9,166			8,724			8,169			8,818			(5)		(1)		26,641			25,803			3
Income before income tax expense	7,948			8,367			8,859			6,229			7,038			(5)		13		25,174			22,061			14
Income tax expense	2,257			2,470			2,237			2,052			2,011			(9)		12		6,964			5,966			17
NET INCOME	$	5,691		$	5,897		$	6,622		$	4,177		$	5,027		(3)		13		$	18,210		$	16,095		13
FINANCIAL RATIOS
ROE	17		%	17		%	20		%	11		%	14		%					18		%	15		%
Overhead ratio	51			51			50			55			56							51			52
Compensation expense as percentage of total net revenue	27			27			28			27			26							27			26
REVENUE BY BUSINESS
Investment Banking	$	2,354		$	2,464		$	2,216		$	1,783		$	1,818		(4)		29		$	7,034		$	5,293		33
Payments	4,370			4,546			4,466			4,456			4,217			(4)		4		13,382			13,362			—
Lending	1,894			1,936			1,724			1,763			1,934			(2)		(2)		5,554			5,133			8
Other	28			4			(3)			36			24			NM		17		29			71			(59)
Total Banking & Payments	8,646			8,950			8,403			8,038			7,993			(3)		8		25,999			23,859			9
Fixed Income Markets	4,530			4,822			5,327			4,068			4,548			(6)		—		14,679			14,909			(2)
Equity Markets	2,622			2,971			2,686			1,779			2,069			(12)		27		8,279			7,208			15
Securities Services	1,326			1,261			1,183			1,191			1,212			5		9		3,770			3,581			5
Credit Adjustments & Other (b)	(109)			(87)			(15)			(102)			(61)			(25)		(79)		(211)			(178)			(19)
Total Markets & Securities Services	8,369			8,967			9,181			6,936			7,768			(7)		8		26,517			25,520			4
TOTAL NET REVENUE	$	17,015		$	17,917		$	17,584		$	14,974		$	15,761		(5)		8		$	52,516		$	49,379		6
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking	$	6,139		$	6,141		$	5,820		$	5,415		$	5,469		—	%	12	%	$	18,100		$	16,285		11	%
Commercial Banking	2,891			2,860			2,837			2,949			2,874			1		1		8,588			8,101			6
Middle Market Banking	1,931			1,936			1,927			2,010			1,949			—		(1)		5,794			5,730			1
Commercial Real Estate Banking	960			924			910			939			925			4		4		2,794			2,371			18
Other	(384)			(51)			(254)			(326)			(350)			NM		(10)		(689)			(527)			(31)
Total Banking & Payments revenue	$	8,646		$	8,950		$	8,403		$	8,038		$	7,993		(3)		8		$	25,999		$	23,859		9

(a)Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $607 million, $737 million, $557 million, $1.3 billion and $746 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively, and $1.9 billion and $2.7 billion for the nine months ended September 30, 2024 and 2023, respectively. Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.

(b)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.

(c)Refer to page 29 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for a description of each of the client coverage segments.

Page 16

JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
	QUARTERLY TRENDS															NINE MONTHS ENDED SEPTEMBER 30,
												3Q24 Change								2024 Change
	3Q24		2Q24		1Q24		4Q23			3Q23		2Q24		3Q23		2024		2023		2023
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,029,277	$	1,939,038	$	1,898,251	$	1,638,493		$	1,746,598	5	%	16	%	$	2,029,277	$	1,746,598	16	%
Loans:
Loans retained	483,915		475,880		475,454		475,186			475,644		2		2		483,915		475,644		2
Loans held-for-sale and loans at fair value (a)	47,728		41,737		40,746		39,464			39,984		14		19		47,728		39,984		19
Total loans	531,643		517,617		516,200		514,650			515,628		3		3		531,643		515,628		3
Equity	132,000		132,000		132,000		138,000			138,000		—		(4)		132,000		138,000		(4)
Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking	$	134,487	$	132,592	$	129,179	$	128,097		$	130,133	1		3		$	134,487	$	130,133	3
Commercial Banking	218,733		220,222		223,474		221,550			222,368		(1)		(2)		218,733		222,368		(2)
Middle Market Banking	73,782		75,488		79,207		78,043			78,955		(2)		(7)		73,782		78,955		(7)
Commercial Real Estate Banking	144,951		144,734		144,267		143,507			143,413		—		1		144,951		143,413		1
Other	263		266		588		526			291		(1)		(10)		263		291		(10)
Total Banking & Payments loans	353,483		353,080		353,241		350,173			352,792		—		—		353,483		352,792		—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	1,993,322	$	1,915,880	$	1,794,118	$	1,703,717		$	1,725,146	4		16		$	1,901,443	$	1,721,149	10
Trading assets - debt and equity instruments	663,302		638,473		580,899		490,268			522,843		4		27		627,689		515,036		22
Trading assets - derivative receivables	54,133		58,850		57,268		62,481			65,800		(8)		(18)		56,741		64,327		(12)
Loans:
Loans retained	476,256		471,861		471,187		473,879			475,285		1		—		473,113		452,497		5
Loans held-for-sale and loans at fair value (a)	44,868		42,868		43,537		40,415			40,605		5		10		43,762		41,051		7
Total loans	521,124		514,729		514,724		514,294			515,890		1		1		516,875		493,548		5
Deposits	1,064,402		1,046,993		1,045,788		1,032,226		(c)	988,765		2		8		1,052,438		984,188		7
Equity	132,000		132,000		132,000		138,000			138,000		—		(4)		132,000		137,340		(4)
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking	$	128,747	$	130,320	$	127,403	$	130,287		$	132,394	(1)		(3)		$	128,824	$	131,548	(2)
Commercial Banking	219,406		220,767		222,323		222,057			221,729		(1)		(1)		220,826		204,926		8
Middle Market Banking	74,660		76,229		78,364		78,601			78,774		(2)		(5)		76,411		76,634		—
Commercial Real Estate Banking	144,746		144,538		143,959		143,456			142,955		—		1		144,415		128,292		13
Other	277		360		590		449			435		(23)		(36)		408		291		40
Total Banking & Payments loans	348,430		351,447		350,316		352,793			354,558		(1)		(2)		350,058		336,765		4
Employees	93,754		93,387		92,478		92,271			92,181		—		2		93,754		92,181		2

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

(b)Refer to page 29 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for a description of each of the client coverage segments.

(c)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.

Page 17

Page 18

JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
	QUARTERLY TRENDS																	NINE MONTHS ENDED SEPTEMBER 30,
																3Q24 Change								2024 Change
	3Q24			2Q24			1Q24			4Q23			3Q23			2Q24	3Q23	2024			2023			2023
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	156		$	164		$	69		$	247		$	98		(5)	59	$	389		$	341		14
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)	2,857			2,631			2,146			1,675			1,867			9	53	2,857			1,867			53
Nonaccrual loans held-for-sale and loans at fair value (b)	1,187			988			1,093			828			825			20	44	1,187			825			44
Total nonaccrual loans	4,044			3,619			3,239			2,503			2,692			12	50	4,044			2,692			50
Derivative receivables	210			290			293			364			293			(28)	(28)	210			293			(28)
Assets acquired in loan satisfactions	216			220			159			169			173			(2)	25	216			173			25
Total nonperforming assets	4,470			4,129			3,691			3,036			3,158			8	42	4,470			3,158			42
Allowance for credit losses:
Allowance for loan losses	7,427			7,344			7,291			7,326			7,135			1	4	7,427			7,135			4
Allowance for lending-related commitments	2,013			1,930			1,785			1,849			1,940			4	4	2,013			1,940			4
Total allowance for credit losses	9,440			9,274			9,076			9,175			9,075			2	4	9,440			9,075			4
Net charge-off/(recovery) rate (c)	0.13		%	0.14		%	0.06		%	0.21		%	0.08		%			0.11		%	0.10		%
Allowance for loan losses to period-end loans retained	1.53			1.54			1.53			1.54			1.50					1.53			1.50
Allowance for loan losses to nonaccrual loans retained (a)	260			279			340			437			382					260			382
Nonaccrual loans to total period-end loans	0.76			0.70			0.63			0.49			0.52					0.76			0.52

.

(a)Allowance for loan losses of $366 million, $452 million, $375 million, $251 million and $346 million were held against these nonaccrual loans at September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively.

(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $38 million, $42 million, $50 million, $59 million and $65 million, respectively.

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

.

Page 19

JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS														NINE MONTHS ENDED SEPTEMBER 30,
											3Q24 Change								2024 Change
	3Q24		2Q24		1Q24		4Q23		3Q23		2Q24		3Q23		2024		2023		2023
BUSINESS METRICS
Advisory	$	847	$	785	$	598	$	751	$	767	8	%	10	%	$	2,230	$	2,063	8	%
Equity underwriting	344		495		355		324		274		(31)		26		1,194		827		44
Debt underwriting	1,076		1,076		1,061		592		688		—		56		3,213		2,074		55
Total investment banking fees	$	2,267	$	2,356	$	2,014	$	1,667	$	1,729	(4)		31		$	6,637	$	4,964	34
Client deposits and other third-party liabilities (average) (a)	966,025		936,725		931,603		928,561		900,292		3		7		944,862		907,567		4
Assets under custody (“AUC”) (period-end) (in billions)	$	35,832	$	34,024	$	33,985	$	32,392	$	29,725	5		21		$	35,832	$	29,725	21
95% Confidence Level - Total CIB VaR (average) (b)
CIB trading VaR by risk type: (c)
Fixed income	$	37	$	31	$	35	$	35	$	49	19		(24)
Foreign exchange	15		18		13		10		17		(17)		(12)
Equities	8		7		6		5		7		14		14
Commodities and other	8		9		7		8		10		(11)		(20)
Diversification benefit to CIB trading VaR (d)	(33)		(32)		(29)		(29)		(48)		(3)		31
CIB trading VaR (c)	35		33		32		29		35		6		—
Credit Portfolio VaR (e)	21		21		24		16		15		—		40
Diversification benefit to CIB VaR (d)	(14)		(16)		(15)		(13)		(12)		13		(17)
CIB VaR	$	42	$	38	$	41	$	32	$	38	11		11

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

(b)The impact of the CIB business segment reorganization was not material to Total CIB VaR. Prior periods have not been revised. Refer to Business Segment Results on page 20 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information.

(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 137–139 of the Firm’s 2023 Form 10-K for further information and pages 79–81 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 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 credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.

Page 20

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q24 Change										2024 Change
	3Q24			2Q24			1Q24			4Q23			3Q23			2Q24		3Q23		2024			2023			2023
INCOME STATEMENT
REVENUE
Asset management fees	$	3,427		$	3,304		$	3,170		$	3,137		$	2,975	(a)	4	%	15	%	$	9,901		$	8,689	(a)	14	%
Commissions and other fees	224			232			193			153			190		(a)	(3)		18		649			544		(a)	19
All other income	148			97			151			148			266			53		(44)		396			889			(55)
Noninterest revenue	3,799			3,633			3,514			3,438			3,431			5		11		10,946			10,122			8
Net interest income	1,640			1,619			1,595			1,657			1,574			1		4		4,854			4,610			5
TOTAL NET REVENUE	5,439			5,252			5,109			5,095			5,005			4		9		15,800			14,732			7
Provision for credit losses	4			20			(57)			(1)			(13)			(80)		NM		(33)			160			NM
NONINTEREST EXPENSE
Compensation expense	1,994			1,960			1,972			1,857			1,777			2		12		5,926			5,258			13
Noncompensation expense	1,645			1,583			1,488			1,531			1,361			4		21		4,716			4,134			14
TOTAL NONINTEREST EXPENSE	3,639			3,543			3,460			3,388			3,138			3		16		10,642			9,392			13
Income before income tax expense	1,796			1,689			1,706			1,708			1,880			6		(4)		5,191			5,180			—
Income tax expense	445			426			416			491			463			4		(4)		1,287			1,170			10
NET INCOME	$	1,351		$	1,263		$	1,290		$	1,217		$	1,417		7		(5)		$	3,904		$	4,010		(3)
REVENUE BY LINE OF BUSINESS
Asset Management	$	2,525		$	2,437		$	2,326		$	2,403		$	2,164		4		17		$	7,288		$	6,726		8
Global Private Bank	2,914			2,815			2,783			2,692			2,841			4		3		8,512			8,006			6
TOTAL NET REVENUE	$	5,439		$	5,252		$	5,109		$	5,095		$	5,005		4		9		$	15,800		$	14,732		7
FINANCIAL RATIOS
ROE	34		%	32		%	33		%	28		%	32		%					33		%	32		%
Overhead ratio	67			67			68			66			63							67			64
Pretax margin ratio:
Asset Management	32			30			28			29			29							30			31
Global Private Bank	34			34			38			37			44							35			38
Asset & Wealth Management	33			32			33			34			38							33			35
Employees	29,112			28,579			28,670			28,485			28,083			2		4		29,112			28,083			4
Number of Global Private Bank client advisors	3,753			3,509			3,536			3,515			3,443			7		9		3,753			3,443			9

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

Page 21

Page 22

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q24 Change										2024 Change
	3Q24			2Q24			1Q24			4Q23			3Q23			2Q24		3Q23		2024			2023			2023
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	253,750		$	247,353		$	240,555		$	245,512		$	249,866		3	%	2	%	$	253,750		$	249,866		2	%
Loans	233,903			228,042			222,472			227,929			228,114			3		3		233,903			228,114			3
Deposits	248,984			236,492			230,413			233,232		(a)	215,152			5		16		248,984			215,152			16
Equity	15,500			15,500			15,500			17,000			17,000			—		(9)		15,500			17,000			(9)
SELECTED BALANCE SHEET DATA (average)
Total assets	$	247,768		$	242,155		$	241,384		$	247,202		$	245,616		2		1		$	243,784		$	237,870		2
Loans	229,299			224,122			223,429			227,042			223,760			2		2		225,630			218,278			3
Deposits	236,470			227,423			227,723			226,640		(a)	201,975			4		17		230,560			212,652			8
Equity	15,500			15,500			15,500			17,000			17,000			—		(9)		15,500			16,560			(6)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	12		$	3		$	8		$	12		$	1		300		NM		$	23		$	1		NM
Nonaccrual loans	764			745			769			650			621			3		23		764			621			23
Allowance for credit losses:
Allowance for loan losses	566			575			571			633			642			(2)		(12)		566			642			(12)
Allowance for lending-related commitments	38			40			27			28			32			(5)		19		38			32			19
Total allowance for credit losses	604			615			598			661			674			(2)		(10)		604			674			(10)
Net charge-off/(recovery) rate	0.02		%	0.01		%	0.01		%	0.02		%	—		%					0.01		%	—		%
Allowance for loan losses to period-end loans	0.24			0.25			0.26			0.28			0.28							0.24			0.28
Allowance for loan losses to nonaccrual loans	74			77			74			97			103							74			103
Nonaccrual loans to period-end loans	0.33			0.33			0.35			0.29			0.27							0.33			0.27

(a)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.

Page 23

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
											Sep 30, 2024
											Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,						2024 Change
CLIENT ASSETS	2024		2024		2024		2023		2023		2024		2023		2024		2023		2023
Assets by asset class
Liquidity	$	983	$	953	$	927	$	926	$	867	3	%	13	%	$	983	$	867	13	%
Fixed income	854		785		762		751		707		9		21		854		707		21
Equity	1,094		1,017		964		868		780		8		40		1,094		780		40
Multi-asset	763		719		711		680		626		6		22		763		626		22
Alternatives	210		208		200		197		206		1		2		210		206		2
TOTAL ASSETS UNDER MANAGEMENT	3,904		3,682		3,564		3,422		3,186		6		23		3,904		3,186		23
Custody/brokerage/administration/deposits	1,817		1,705		1,655		1,590		1,458		7		25		1,817		1,458		25
TOTAL CLIENT ASSETS (a)	$	5,721	$	5,387	$	5,219	$	5,012	$	4,644	6		23		$	5,721	$	4,644	23
Assets by client segment
Private Banking	$	1,182	$	1,097	$	1,052	$	974	$	888	8		33		$	1,182	$	888	33
Global Institutional	1,622		1,540		1,494		1,488		1,424		5		14		1,622		1,424		14
Global Funds	1,100		1,045		1,018		960		874		5		26		1,100		874		26
TOTAL ASSETS UNDER MANAGEMENT	$	3,904	$	3,682	$	3,564	$	3,422	$	3,186	6		23		$	3,904	$	3,186	23
Private Banking	$	2,873	$	2,681	$	2,599	$	2,452	$	2,249	7		28		$	2,873	$	2,249	28
Global Institutional	1,739		1,654		1,595		1,594		1,514		5		15		1,739		1,514		15
Global Funds	1,109		1,052		1,025		966		881		5		26		1,109		881		26
TOTAL CLIENT ASSETS (a)	$	5,721	$	5,387	$	5,219	$	5,012	$	4,644	6		23		$	5,721	$	4,644	23
Assets under management rollforward
Beginning balance	$	3,682	$	3,564	$	3,422	$	3,186	$	3,188					$	3,422	$	2,766
Net asset flows:
Liquidity	34		16		(4)		49		40						46		193
Fixed income	37		22		14		6		1						73		64
Equity	21		31		21		12		16						73		58
Multi-asset	10		(3)		(2)		(1)		1						5		2
Alternatives	4		2		1		(5)		2						7		4
Market/performance/other impacts	116		50		112		175		(62)						278		99
Ending balance	$	3,904	$	3,682	$	3,564	$	3,422	$	3,186					$	3,904	$	3,186
Client assets rollforward
Beginning balance	$	5,387	$	5,219	$	5,012	$	4,644	$	4,558					$	5,012	$	4,048
Net asset flows	140		79		43		94		132						262		396
Market/performance/other impacts	194		89		164		274		(46)						447		200
Ending balance	$	5,721	$	5,387	$	5,219	$	5,012	$	4,644					$	5,721	$	4,644
SELECTED FIRMWIDE METRICS
Wealth Management
Client assets (in billions) (b)	$	3,648	$	3,427	$	3,360	$	3,177	$	2,929	6		25		$	3,648	$	2,929	25
Number of client advisors	9,528		9,181		9,107		8,971		8,867		4		7		9,528		8,867		7

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

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

Page 24

JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
	QUARTERLY TRENDS																	NINE MONTHS ENDED SEPTEMBER 30,
														3Q24 Change										2024 Change
	3Q24		2Q24			1Q24			4Q23			3Q23		2Q24		3Q23		2024			2023			2023
INCOME STATEMENT
REVENUE
Principal transactions	$	(1)	$	60		$	65		$	(21)		$	128	NM		NM		$	124		$	323		(62)	%
Investment securities losses	(16)		(546)			(366)			(743)			(669)		97	%	98	%	(928)			(2,437)			62
All other income	172		8,244		(e)	26			96			116		(98)		48		8,442			2,914			190
Noninterest revenue	155		7,758			(275)			(668)			(425)		(98)		NM		7,638			800			NM
Net interest income	2,915		2,364			2,477			2,445			1,983		23		47		7,756			5,461			42
TOTAL NET REVENUE (a)	3,070		10,122			2,202			1,777			1,558		(70)		97		15,394			6,261			146
Provision for credit losses	(4)		5			27			(2)			46		NM		NM		28			173			(84)
NONINTEREST EXPENSE	589		1,579		(f)	1,276		(g)	3,593		(g)	696		(63)		(15)		3,444		(f)(g)	2,008		(i)	72
Income/(loss) before income tax expense/(benefit)	2,485		8,538			899			(1,814)			816		(71)		205		11,922			4,080			192
Income tax expense/(benefit)	675		1,759			223			(939)		(h)	4		(62)		NM		2,657			384			NM
NET INCOME/(LOSS)	$	1,810	$	6,779		$	676		$	(875)		$	812	(73)		123		$	9,265		$	3,696		151
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	3,154		2,084			2,317			2,065			1,640		51		92		7,555			4,007			89
Other Corporate	(84)		8,038			(115)			(288)			(82)		NM		(2)		7,839			2,254			248
TOTAL NET REVENUE	$	3,070	$	10,122		$	2,202		$	1,777		$	1,558	(70)		97		$	15,394		$	6,261		146
NET INCOME/(LOSS)
Treasury and CIO	2,291		1,513			1,641			1,396			1,129		51		103		5,445			2,810			94
Other Corporate	(481)		5,266			(965)			(2,271)			(317)		NM		(52)		3,820			886			331
TOTAL NET INCOME/(LOSS)	$	1,810	$	6,779		$	676		$	(875)		$	812	(73)		123		$	9,265		$	3,696		151
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,293,983	$	1,318,119		$	1,322,799		$	1,348,437		$	1,275,673	(2)		1		$	1,293,983		$	1,275,673		1
Loans	2,302		2,408			2,104			1,924			2,099		(4)		10		2,302			2,099			10
Deposits (b)	30,170		26,073			22,515			21,826			20,363		16		48		30,170			20,363			48
Employees	49,213		47,828			48,015			47,530			47,280		3		4		49,213			47,280			4
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses	$	(16)	$	(546)		$	(366)		$	(743)		$	(669)	97		98		$	(928)		$	(2,437)		62
Available-for-sale securities (average)	306,244		247,304			222,943			199,581			201,875		24		52		259,003			201,087			29
Held-to-maturity securities (average) (c)	313,898		330,347			354,759			377,709			402,816		(5)		(22)		332,932			410,200			(19)
Investment securities portfolio (average)	$	620,142	$	577,651		$	577,702		$	577,290		$	604,691	7		3		$	591,935		$	611,287		(3)
Available-for-sale securities (period-end)	331,715		263,624			233,770			199,354			195,200		26		70		331,715			195,200			70
Held-to-maturity securities (period-end) (c)	299,954		323,746			334,527			369,848			388,261		(7)		(23)		299,954			388,261			(23)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	631,669	$	587,370		$	568,297		$	569,202		$	583,461	8		8		$	631,669		$	583,461		8

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million, $45 million, $49 million, $53 million and $57 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively and $138 million and $158 million for the nine months ended September 30, 2024 and 2023, respectively.

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

(c)At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, the estimated fair value of the HTM securities portfolio was $279.6 billion, $294.8 billion, $305.4 billion, $342.8 billion and $348.7 billion, respectively.

(d)At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, the allowance for credit losses on investment securities was $123 million, $125 million, $120 million, $94 million and $87 million, respectively.

(e)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.

(f)Included a $1.0 billion donation of Visa shares to pre-fund contributions to the JPMorgan Chase Foundation.

(g)Included an FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which was an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.

(h)Included an income tax benefit of $463 million for the three months ended December 31, 2023 related to the finalization of certain income tax regulations.

(i)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense has been aligned to the appropriate LOBs.

Page 25

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Sep 30, 2024
											Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,
	2024		2024		2024		2023		2023		2024		2023
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	377,938	$	382,795	$	389,592	$	397,275	$	397,054	(1)	%	(5)	%
Loans held-for-sale and loans at fair value	17,007		14,160		13,812		12,818		11,715		20		45
Total consumer, excluding credit card loans	394,945		396,955		403,404		410,093		408,769		(1)		(3)
Credit card loans
Loans retained	219,542		216,100		206,740		211,123		196,935		2		11
Total credit card loans	219,542		216,100		206,740		211,123		196,935		2		11
Total consumer loans	614,487		613,055		610,144		621,216		605,704		—		1
Wholesale loans (b)
Loans retained	687,890		674,152		667,761		672,472		671,952		2		2
Loans held-for-sale and loans at fair value	37,634		33,493		31,711		30,018		32,403		12		16
Total wholesale loans	725,524		707,645		699,472		702,490		704,355		3		3
Total loans	1,340,011		1,320,700		1,309,616		1,323,706		1,310,059		1		2
Derivative receivables	52,561		54,673		56,621		54,864		67,070		(4)		(22)
Receivables from customers (c)	53,270		56,018		52,036		47,625		43,376		(5)		23
Total credit-related assets	1,445,842		1,431,391		1,418,273		1,426,195		1,420,505		1		2
Lending-related commitments
Consumer, excluding credit card	45,322		47,215		46,660		45,403		48,313		(4)		(6)
Credit card (d)	989,594		964,727		943,935		915,658		898,903		3		10
Wholesale	543,060		545,020		532,514		536,786		531,568		—		2
Total lending-related commitments	1,577,976		1,556,962		1,523,109		1,497,847		1,478,784		1		7
Total credit exposure	$	3,023,818	$	2,988,353	$	2,941,382	$	2,924,042	$	2,899,289	1		4
Memo: Total by category
Consumer exposure (e)	$	1,649,403	$	1,624,997	$	1,600,739	$	1,582,277	$	1,552,920	2		6
Wholesale exposure (f)	1,374,415		1,363,356		1,340,643		1,341,765		1,346,369		1		2
Total credit exposure	$	3,023,818	$	2,988,353	$	2,941,382	$	2,924,042	$	2,899,289	1		4

(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, 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 CIB.

(e)Represents total consumer loans and lending-related commitments.

(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.

Page 26

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Sep 30, 2024
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2024			2024			2024			2023			2023			2024		2023
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained	$	3,316		$	3,423		$	3,630		$	3,643		$	3,766		(3)	%	(12)	%
Loans held-for-sale and loans at fair value	397			382			481			560			408			4		(3)
Total consumer nonaccrual loans	3,713			3,805			4,111			4,203			4,174			(2)		(11)
Wholesale nonaccrual loans
Loans retained	3,517			3,289			2,927			2,346			2,907			7		21
Loans held-for-sale and loans at fair value	845			697			639			368			439			21		92
Total wholesale nonaccrual loans	4,362			3,986			3,566			2,714			3,346			9		30
Total nonaccrual loans	8,075			7,791			7,677			6,917			7,520			4		7
Derivative receivables	210			290			293			364			293			(28)		(28)
Assets acquired in loan satisfactions	343			342			295			316			318			—		8
Total nonperforming assets	8,628			8,423			8,265			7,597			8,131			2		6
Wholesale lending-related commitments (b)	619			541			390			464			387			14		60
Total nonperforming exposure	$	9,247		$	8,964		$	8,655		$	8,061		$	8,518		3		9
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.60		%	0.59		%	0.59		%	0.52		%	0.57		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	0.94			0.96			1.02			1.02			1.02
Total wholesale nonaccrual loans to total
wholesale loans	0.60			0.56			0.51			0.39			0.48

(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $126 million, $138 million, $157 million, $182 million and $188 million, respectively. 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 2023 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

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

Page 27

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q24 Change										2024 Change
	3Q24			2Q24			1Q24			4Q23			3Q23			2Q24		3Q23		2024			2023			2023
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	22,991		$	22,351		$	22,420		$	21,946		$	21,980		3	%	5	%	$	22,420		$	19,139		17	%
Net charge-offs:
Gross charge-offs	2,567			2,726			2,381			2,557			1,869			(6)		37		7,674			5,096			51
Gross recoveries collected	(480)			(495)			(425)			(393)			(372)			3		(29)		(1,400)			(1,051)			(33)
Net charge-offs	2,087			2,231			1,956			2,164			1,497			(6)		39		6,274			4,045			55
Provision for loan losses	3,040			2,871			1,887			2,625			1,479			6		106		7,798			6,843			14
Other	5			—			—			13			(16)			NM		NM		5			9			(44)
Ending balance	$	23,949		$	22,991		$	22,351		$	22,420		$	21,946		4		9		$	23,949		$	21,946		9
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,068		$	1,916		$	1,974		$	2,075		$	2,186		8		(5)		$	1,974		$	2,382		(17)
Provision for lending-related commitments	74			154			(60)			(100)			(107)			(52)		NM		168			(308)			NM
Other	—			(2)			2			(1)			(4)			NM		NM		—			1			NM
Ending balance	$	2,142		$	2,068		$	1,916		$	1,974		$	2,075		4		3		$	2,142		$	2,075		3
ALLOWANCE FOR INVESTMENT SECURITIES	$	175		$	177		$	154		$	128		$	117		(1)		50		$	175		$	117		50
Total allowance for credit losses (a)	$	26,266		$	25,236		$	24,421		$	24,522		$	24,138		4		9		$	26,266		$	24,138		9
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.17		%	0.14		%	0.19		%	0.21		%	0.17		%					0.17		%	0.16		%
Credit card retained loans	3.23			3.50			3.32			2.79			2.49							3.35			2.33
Total consumer retained loans	1.29			1.33			1.26			1.08			0.93							1.29			0.91
Wholesale retained loans	0.09			0.16			0.05			0.31			0.06							0.10			0.07
Total retained loans	0.65			0.71			0.62			0.68			0.47							0.66			0.46
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	379,459		$	385,662		$	394,033		$	397,819		$	396,788		(2)		(4)		$	386,359		$	352,670		10
Credit card retained loans	217,204			210,020			204,637			202,652			195,232			3		11		210,645			187,624			12
Total average retained consumer loans	596,663			595,682			598,670			600,471			592,020			—		1		597,004			540,294			10
Wholesale retained loans	674,939			666,347			664,588			669,899			667,825			1		1		668,648			639,125			5
Total average retained loans	$	1,271,602		$	1,262,029		$	1,263,258		$	1,270,370		$	1,259,845		1		1		$	1,265,652		$	1,179,419		7

(a)At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $277 million, $278 million, $274 million, $243 million and $17 million, respectively.

Page 28

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Sep 30, 2024
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2024			2024			2024			2023			2023			2024		2023
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific	$	(756)		$	(856)		$	(873)		$	(876)		$	(942)		12	%	20	%
Portfolio-based	2,491			2,599			2,603			2,732			2,796			(4)		(11)
Total consumer, excluding credit card	1,735			1,743			1,730			1,856			1,854			—		(6)
Credit card
Portfolio-based	14,100			13,200			12,600			12,450			11,900			7		18
Total credit card	14,100			13,200			12,600			12,450			11,900			7		18
Total consumer	15,835			14,943			14,330			14,306			13,754			6		15
Wholesale
Asset-specific	499			562			514			392			732			(11)		(32)
Portfolio-based	7,615			7,486			7,507			7,722			7,460			2		2
Total wholesale	8,114			8,048			8,021			8,114			8,192			1		(1)
Total allowance for loan losses	23,949			22,991			22,351			22,420			21,946			4		9
Allowance for lending-related commitments	2,142			2,068			1,916			1,974			2,075			4		3
Allowance for investment securities	175			177			154			128			117			(1)		50
Total allowance for credit losses	$	26,266		$	25,236		$	24,421		$	24,522		$	24,138		4		9
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.46		%	0.46		%	0.44		%	0.47		%	0.47		%
Credit card allowance to total credit card retained loans	6.42			6.11			6.09			5.90			6.04
Wholesale allowance to total wholesale retained loans	1.18			1.19			1.20			1.21			1.22
Total allowance to total retained loans	1.86			1.81			1.77			1.75			1.73
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (a)	52			51			48			51			49
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (a)	144			146			149			166			151
Wholesale allowance to wholesale retained nonaccrual loans	231			245			274			346			282
Total allowance to total retained nonaccrual loans	350			343			341			374			329

(a)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.

JPMORGAN CHASE & CO.
NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

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

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

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

(d)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets, as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income.These metrics, which excludeMarkets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to page 75 of the Firm’s 2023 Form 10-K.

	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																			3Q24 Change												2024 Change
(in millions, except rates)	3Q24			2Q24			1Q24				4Q23				3Q23				2Q24		3Q23		2024				2023				2023
Net interest income - reported	$	23,405		$	22,746		$	23,082			$	24,051			$	22,726			3	%	3	%	$	69,233			$	65,216			6	%
Fully taxable-equivalent adjustments	120			115			121				126				130				4		(8)		356				354				1
Net interest income - managed basis (a)	$	23,525		$	22,861		$	23,203			$	24,177			$	22,856			3		3		$	69,589			$	65,570			6
Less: Markets net interest income	78			(77)			183				615				(317)				NM		NM		184				(909)				NM
Net interest income excluding Markets (a)	$	23,447		$	22,938		$	23,020			$	23,562			$	23,173			2		1		$	69,405			$	66,479			4
Average interest-earning assets	$	3,621,766		$	3,509,725		$	3,445,515			$	3,408,395			$	3,331,728			3		9		$	3,526,019			$	3,297,843			7
Less: AverageMarkets interest-earning assets	1,206,085			1,116,853			1,031,075				985,997				970,789				8		24		1,118,326				985,703				13
Average interest-earning assets excluding Markets	$	2,415,681		$	2,392,872		$	2,414,440			$	2,422,398			$	2,360,939			1		2		$	2,407,693			$	2,312,140			4
Net yield on average interest-earning assets - managed basis	2.58		%	2.62		%	2.71		%		2.81		%		2.72		%						2.64		%		2.66		%
Net yield on averageMarkets interest-earning assets	0.03			(0.03)			0.07				0.25				(0.13)								0.02				(0.12)
Net yield on average interest-earning assets excluding Markets	3.86			3.86			3.83				3.86				3.89								3.85				3.84
Noninterest revenue - reported (b)	$	19,249		$	27,454		$	18,852			$	14,523			$	17,148			(30)		12		$	65,555			$	54,314			21
Fully taxable-equivalent adjustments (b)	541			677			493				1,243				682				(20)		(21)		1,711				2,539				(33)
Noninterest revenue - managed basis	$	19,790		$	28,131		$	19,345			$	15,766			$	17,830			(30)		11		$	67,266			$	56,853			18
Less: Markets noninterest revenue	7,074			7,870			7,830			(c)	5,232			(c)	6,934			(c)	(10)		2		22,774			(c)	23,026			(c)	(1)
Noninterest revenue excluding Markets	$	12,716		$	20,261		$	11,515			$	10,534			$	10,896			(37)		17		$	44,492			$	33,827			32
Memo: Markets total net revenue	$	7,152		$	7,793		$	8,013			$	5,847			$	6,617			(8)		8		$	22,958			$	22,117			4

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

(b) Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.

(c) Effective in the second quarter of 2024, the former Corporate & Investment Bank and Commercial Banking business segments were combined to form one segment, the Commercial & Investment Bank. Prior-period amounts have been revised to include the markets-related revenues of the former Commercial Banking business segment, to conform with the current presentation.

XML

Document and Entity Information	Oct. 11, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 11, 2024
Entity Registrant Name	JPMorgan Chase & Co
Entity Incorporation, State or Country Code	DE
Entity File Number	1-5805
Entity Tax Identification Number	13-2624428
Entity Address, Address Line One	383 Madison Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10179
City Area Code	212
Local Phone Number	270-6000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000019617
Amendment Flag	false
Common stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock
Trading Symbol	JPM
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD
Trading Symbol	JPM PR D
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE
Trading Symbol	JPM PR C
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG
Trading Symbol	JPM PR J
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ
Trading Symbol	JPM PR K
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL
Trading Symbol	JPM PR L
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM
Trading Symbol	JPM PR M
Security Exchange Name	NYSE
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
Entity Information [Line Items]
Title of 12(b) Security	Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
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Guarantee Of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC [Domain]
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Title of 12(b) Security	Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC
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Security Exchange Name	NYSEArca