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): April 14, 2023

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition

On April 14, 2023, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2023 first quarter net income of $12.6 billion, or $4.10 per share, compared with net income of $8.3 billion, or $2.63 per share, in the first quarter of 2022. A copy of the 2023 first quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

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

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2022, which has 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 - First Quarter 2023 Results
99.2	JPMorgan Chase & Co. Earnings Release Financial Supplement - First Quarter 2023
101	Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

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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: April 14, 2023

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EX-99.1

Exhibit 99.1

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

JPMORGAN CHASE REPORTS FIRST-QUARTER 2023 NET INCOME OF $12.6 BILLION ($4.10 PER SHARE)

FIRST-QUARTER 2023 RESULTS1

ROE18% ROTCE2 23% CET1 Capital Ratios3 Std. 13.8%| Adv.13.9% Total Loss-Absorbing Capacity3$488B Std. RWA3$1.7T Cash and marketable securities4$1.4T Average loans$1.1T

Firmwide Metrics	n	Reported revenue of $38.3 billion and managed revenue of $39.3 billion2,including $868 million of net investment securities losses
	n	Credit costs of $2.3 billion included a $1.1 billion net reserve build and $1.1 billion of net charge-offs
	n	Average loans up 6%; average deposits down 8%
CCB ROE 40%	n	Average deposits down 4%; client investment assets down 1%
	n	Average loans up 5% YoY and flat QoQ; Card Services net charge-off rate of 2.07%
	n	Debit and credit card sales volume5 up 10%
	n	Active mobile customers6 up 9%
CIB ROE 16%	n	#1 ranking for Global Investment Banking fees with 8.7% wallet share in 1Q23
	n	Total Markets revenue of $8.4 billion, down 4%, with Fixed Income Markets flat and Equity Markets down 12%
CB ROE 18%	n	Gross Investment Banking revenue7 of $881 million, up 21%
	n	Average loans up 13% YoY and up 1% QoQ; average deposits down 16%
AWM ROE 34%	n	Assets under management (AUM) of $3.0 trillion, up 2%
	n	Average loans down 1% YoY and down 1% QoQ; average deposits down 22%

Jamie Dimon, Chairman and CEO, commented on the financial results: “We reported strong results in the first quarter, delivering net income of $12.6 billion, record revenue of $38.3 billion, and an ROTCE of 23%. We continued to generate considerable amounts of capital, and our CET1 ratio increased to 13.8%, compared to a regulatory requirement of 12.5% and our target of 13% for the first quarter (which we had already exceeded). Our years of investment and innovation, vigilant risk and controls framework, and fortress balance sheet allowed us to produce these returns, and also act as a pillar of strength in the banking system and stand by our clients during a period of heightened volatility and uncertainty.”

Dimon continued: “Our lines of business saw continued momentum in the quarter. In Consumer & Community Banking, consumer spending remained healthy with combined debit and credit card sales up 10% and card loans up 21%. In the Corporate & Investment Bank, Markets revenue fell 4% versus a very strong prior year, and we focused on supporting clients as they navigated volatile market conditions. Global Investment Banking fees remained challenged for the industry, although we significantly outperformed the overall wallet. In Commercial Banking, we earned record revenue, with exceptionally strong Payments revenue, up 98%. Finally, Asset & Wealth Management performed well with strong long-term inflows of $47 billion across products.”

Dimon added: “The U.S. economy continues to be on generally healthy footings—consumers are still spending and have strong balance sheets, and businesses are in good shape. However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks. The banking situation is distinct from 2008 as it has involved far fewer financial players and fewer issues that need to be resolved, but financial conditions will likely tighten as lenders become more conservative, and we do not know if this will slow consumer spending. We also continue to monitor for potentially higher inflation for longer (and thus higher interest rates), the inflationary impact of continued fiscal stimulus, the unprecedented quantitative tightening, and geopolitical tensions including relations with China and the unpredictable war in Ukraine. While we hope these clouds will dissipate, the Firm is prepared for a broad range of outcomes, and we are confident that we can serve the needs of our customers and clients in all environments.”

Dimon concluded: “Finally, I want to recognize our outstanding employees across the globe. Thanks to their efforts, we extended credit and raised $588 billion in capital in the quarter for small and large businesses, governments, and U.S. consumers, as well as efficiently onboarded a significant amount of new clients across many of our businesses.”

SIGNIFICANT ITEMS

n    1Q23 results included:

n    $868million net investment securities losses in Corporate ($0.22 decrease in earnings per share)

CAPITAL DISTRIBUTED

n    Common dividend of $3.0 billion or $1.00 per share

n    $1.9 billion of common stock net repurchases8

n    Net payout LTM8,9 of 33%

FORTRESS PRINCIPLES

nBook value per share of $94.34, up 9%; tangible book value per share2 of $76.69, up 10%

n    Basel III common equity Tier 1 capital3 of $227 billion and Standardized ratio3 of 13.8%; Advanced ratio3 of 13.9%

n    Firm supplementary leverage ratio of 5.9%

OPERATING LEVERAGE

n    1Q23 expense of $20.1 billion; reported overhead ratio of 52%; managed overhead ratio2 of 51%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n$588 billion of credit and capital10 raised in 1Q23

n$57 billion of credit for consumers

n$9 billion of credit for U.S. small businesses

n$232 billion of credit for corporations

n$280 billion of capital raised for corporate clients and non-U.S. government entities

n$10 billion of credit and capital raised for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities

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

JPMorgan Chase & Co.

News Release

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

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

JPMORGAN CHASE (JPM)

Results for JPM										4Q22				1Q22
($ millions, except per share data)	1Q23			4Q22			1Q22			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue - reported	$	38,349		$	34,547		$	30,717		$	3,802	11	%	$	7,632	25	%
Net revenue - managed	39,336			35,566			31,590			3,770		11		7,746		25
Noninterest expense	20,107			19,022			19,191			1,085		6		916		5
Provision for credit losses	2,275			2,288			1,463			(13)		(1)		812		56
Net income	$	12,622		$	11,008		$	8,282		$	1,614	15	%	$	4,340	52	%
Earnings per share - diluted	$	4.10		$	3.57		$	2.63		$	0.53	15	%	$	1.47	56	%
Return on common equity	18		%	16		%	13		%
Return on tangible common equity	23			20			16

Discussion of Results:

Net income was $12.6 billion, up 52%.

Net revenue was $39.3 billion, up 25%. Net interest income (NII) was $20.8 billion, up 49%. NII excluding Markets2 was $20.9 billion, up 78%, predominantly driven by higher rates, partially offset by lower deposit balances compared to the prior year. Noninterest revenue was $18.5 billion, up 5%, predominantly driven by higher CIB Markets noninterest revenue, largely offset by higher net investment securities losses in Corporate and lower Investment Banking fees and operating lease income in Auto.

Noninterest expense was $20.1 billion, up 5%, driven by higher structural expense and continued investments in the business, primarily compensation reflecting headcount growth and wage inflation, as well as the previously announced FDIC assessment increase, partially offset by lower auto lease depreciation.

The provision for credit losses was $2.3 billion, reflecting net charge-offs of $1.1 billion and a net reserve build of $1.1 billion. The net reserve build included $726 million in Wholesale and $416 million in Consumer, largely driven by a deterioration in the weighted-average economic outlook, including updates to the Firm’s macroeconomic scenarios and an increased probability of a moderate recession due to tightening financial conditions. The net reserve build in Wholesale also included a build for single name exposures in Corporate. Net charge-offs of $1.1 billion were up $555 million, largely driven by Card Services.

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JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)

Results for CCB							4Q22				1Q22
($ millions)	1Q23		4Q22		1Q22		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	16,456	$	15,793	$	12,182	$	663	4	%	$	4,274	35	%
Banking & Wealth Management11	10,041		9,582		6,015		459		5		4,026		67
Home Lending	720		584		1,169		136		23		(449)		(38)
Card Services & Auto	5,695		5,627		4,998		68		1		697		14
Noninterest expense11	8,065		7,912		7,655		153		2		410		5
Provision for credit losses	1,402		1,845		678		(443)		(24)		724		107
Net income	$	5,243	$	4,556	$	2,908	$	687	15	%	$	2,335	80	%

Discussion of Results:

Net income was $5.2 billion, up 80%. Net revenue was $16.5 billion, up 35%.

Banking & Wealth Management net revenue was $10.0 billion, up 67%, driven by higher deposit margins. Home Lending net revenue was $720 million, down 38%, largely driven by lower net interest income from tighter loan spreads and lower production revenue due to lower volume. Card Services & Auto net revenue was $5.7 billion, up 14%, largely driven by higher net interest income in Card Services on higher revolving balances, partially offset by lower auto operating lease income.

Noninterest expense was $8.1 billion, up 5%, largely driven by higher compensation, including wage inflation and headcount growth, as well as investments in the business, largely offset by lower auto lease depreciation.

The provision for credit losses was $1.4 billion, reflecting net charge-offs of $1.1 billion and a reserve build of $350 million. The reserve build included $300 million in Card Services and $50 million in Home Lending, driven by a deterioration in the weighted-average economic outlook. Net charge-offs of $1.1 billion were up $499 million, predominantly driven by Card Services, reflecting continued normalization in delinquencies.

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JPMorgan Chase & Co.

News Release

CORPORATE & INVESTMENT BANK (CIB)

Results for CIB							4Q22				1Q22
($ millions)	1Q23		4Q22		1Q22		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	13,600	$	10,598	$	13,576	$	3,002	28	%	$	24	—	%
Banking11	4,223		3,832		4,279		391		10		(56)		(1)
Markets & Securities Services	9,377		6,766		9,297		2,611		39		80		1
Noninterest expense11	7,483		6,495		7,363		988		15		120		2
Provision for credit losses	58		141		445		(83)		(59)		(387)		(87)
Net income	$	4,421	$	3,314	$	4,372	$	1,107	33	%	$	49	1	%

Discussion of Results:

Net income was $4.4 billion, up 1%, with net revenue of $13.6 billion, flat to the prior year.

Banking revenue was $4.2 billion, down 1%. Investment Banking revenue was $1.6 billion, down 24%, reflecting lower Investment Banking fees, down 19%, predominantly driven by lower debt underwriting fees. Payments revenue was $2.4 billion, up 26% and included a gain on an equity investment in the prior year. Excluding the net impact of equity investments, Payments revenue was up 55%, predominantly driven by higher rates, partially offset by lower deposit balances. Lending revenue was $267 million, down 17%, predominantly driven by mark-to-market losses on hedges of retained loans, largely offset by higher net interest income on higher loan balances.

Markets & Securities Services revenue was $9.4 billion, up 1%. Markets revenue was $8.4 billion, down 4%. Fixed Income Markets revenue was $5.7 billion, flat, reflecting higher revenue in Rates and Credit and lower revenue in Currencies & Emerging Markets. Equity Markets revenue was $2.7 billion, down 12%, against a strong first quarter in the prior year. Securities Services revenue was $1.1 billion, up 7%, driven by higher rates, partially offset by lower deposit balances and market levels.

Noninterest expense was $7.5 billion, up 2%, reflecting higher compensation, including headcount growth and wage inflation, largely offset by lower revenue-related compensation.

The provision for credit losses was $58 million, predominantly driven by net charge-offs of $50 million. The net reserve build was driven by net downgrade activity and a deterioration in the weighted-average economic outlook, largely offset by a release of name-specific reserves.

COMMERCIAL BANKING (CB)

Results for CB							4Q22				1Q22
($ millions)	1Q23		4Q22		1Q22		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	3,511	$	3,404	$	2,398	$	107	3	%	$	1,113	46	%
Noninterest expense	1,308		1,254		1,129		54		4		179		16
Provision for credit losses	417		284		157		133		47		260		166
Net income	$	1,347	$	1,423	$	850	$	(76)	(5)	%	$	497	58	%

Discussion of Results:

Net income was $1.3 billion, up 58%.

Net revenue was $3.5 billion, up 46%, driven by higher deposit margins, partially offset by lower deposit-related fees.

Noninterest expense was $1.3 billion, up 16%, largely driven by higher compensation, including headcount growth, as well as higher volume-related expense.

The provision for credit losses was $417 million, reflecting a net reserve build, predominantly driven by a deterioration in the weighted-average economic outlook and net downgrade activity.

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JPMorgan Chase & Co.

News Release

ASSET & WEALTH MANAGEMENT (AWM)

Results for AWM							4Q22				1Q22
($ millions)	1Q23		4Q22		1Q22		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	4,784	$	4,588	$	4,315	$	196	4	%	$	469	11	%
Noninterest expense	3,091		3,022		2,860		69		2		231		8
Provision for credit losses	28		32		154		(4)		(13)		(126)		(82)
Net income	$	1,367	$	1,134	$	1,008	$	233	21	%	$	359	36	%

Discussion of Results:

Net income was $1.4 billion, up 36%.

Net revenue was $4.8 billion, up 11%, driven by higher deposit margins on lower balances and a valuation gain of $339 million     on the Firm’s initial investment in the Asset Management joint venture in China as a result of taking 100% ownership, partially offset by the impact of lower average market levels on management fees and lower performance fees.

Noninterest expense was $3.1 billion, up 8%, predominantly driven by higher compensation, including headcount growth, higher revenue-related compensation and the impact of acquisitions.

The provision for credit losses was $28 million, reflecting a net reserve build.

Assets under management were $3.0 trillion, up 2%, driven by continued net inflows, largely offset by lower market levels.

CORPORATE

Results for Corporate							4Q22				1Q22
($ millions)	1Q23		4Q22		1Q22		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	985	$	1,183	$	(881)	$	(198)	(17)	%	$	1,866	NM
Noninterest expense	160		339		184		(179)		(53)		(24)		(13)
Provision for credit losses	370		(14)		29		384		NM		341		NM
Net income/(loss)	$	244	$	581	$	(856)	$	(337)	(58)	%	$	1,100	NM

Discussion of Results:

Net income was $244 million, compared with a net loss of $856 million in the prior year.

Net revenue was $985 million compared with a net loss of $881 million in the prior year. Net interest income was $1.7 billion compared with a loss of $536 million in the prior year, due to the impact of higher rates. The current quarter included $868 million of net investment securities losses, compared with $394 million of net losses in the prior year. Investment securities losses reflected net losses on sales of mortgage-backed securities and U.S. Treasuries.

Noninterest expense was $160 million, down $24 million.

The provision for credit losses was $370 million, reflecting a net reserve build, driven by single name exposures.

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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 $94.34, $90.29 and $86.16 at March 31, 2023, December 31, 2022, and March 31, 2022, respectively. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

c.In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets (“Markets”, which is composed of Fixed Income Markets and Equity Markets). Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets, refer to page 29 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to page 70 of the Firm’s 2022 Form 10-K.

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JPMorgan Chase & Co.

News Release

Additional notes:

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

4.Estimated. Cash and marketable securities, includes the Firm’s average eligible high-quality liquid assets (“HQLA”), other end-of-period HQLA-eligible securities which are included as part of the excess liquidity at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates and thus excluded from the Firm’s liquidity coverage ratio (“LCR”) under the LCR rule, and 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 97-104 of the Firm’s 2022 Form 10-K for additional information.

5.Excludes Commercial Card.

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

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

8.Includes the net impact of employee issuances.

9.Last twelve months (“LTM”).

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

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

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JPMorgan Chase & Co.

News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had$3.7 trillion in assets and $303 billion in stockholders’ equity as of March 31, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

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

A replay of the conference call will be available beginning at approximately 11:00 a.m. (EDT) on April 14, 2023 through 11:59 p.m. (EDT) on April 28, 2023 by telephone at (886) 405-7296 (U.S. and Canada) or (203) 369-0607 (international); use passcode 14632#. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

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

8

EX-99.2

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2023

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

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

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS
																	1Q23 Change
SELECTED INCOME STATEMENT DATA	1Q23				4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
Reported Basis
Total net revenue	$	38,349			$	34,547		$	32,716		$	30,715		$	30,717		11	%	25	%
Total noninterest expense	20,107				19,022			19,178			18,749			19,191			6		5
Pre-provision profit (a)	18,242				15,525			13,538			11,966			11,526			18		58
Provision for credit losses	2,275				2,288			1,537			1,101			1,463			(1)		56
NET INCOME	12,622				11,008			9,737			8,649			8,282			15		52
Managed Basis (b)
Total net revenue	39,336				35,566			33,491			31,630			31,590			11		25
Total noninterest expense	20,107				19,022			19,178			18,749			19,191			6		5
Pre-provision profit (a)	19,229				16,544			14,313			12,881			12,399			16		55
Provision for credit losses	2,275				2,288			1,537			1,101			1,463			(1)		56
NET INCOME	12,622				11,008			9,737			8,649			8,282			15		52
EARNINGS PER SHARE DATA
Net income: Basic	$	4.11			$	3.58		$	3.13		$	2.77		$	2.64		15		56
Diluted	4.10				3.57			3.12			2.76			2.63			15		56
Average shares: Basic	2,968.5				2,962.9			2,961.2			2,962.2			2,977.0			—		—
Diluted	2,972.7				2,967.1			2,965.4			2,966.3			2,981.0			—		—
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	380,803			$	393,484		$	306,520		$	330,237		$	400,379		(3)		(5)
Common shares at period-end	2,922.3				2,934.3			2,933.2			2,932.6			2,937.1			—		(1)
Book value per share	94.34				90.29			87.00			86.38			86.16			4		9
Tangible book value per share (“TBVPS”) (a)	76.69				73.12			69.90			69.53			69.58			5		10
Cash dividends declared per share	1.00				1.00			1.00			1.00			1.00			—		—
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	18		%		16		%	15		%	13		%	13		%
Return on tangible common equity (“ROTCE”) (a)	23				20			18			17			16
Return on assets	1.38				1.16			1.01			0.89			0.86
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio	13.8		%	(e)	13.2		%	12.5		%	12.2		%	11.9		%
Tier 1 capital ratio	15.4			(e)	14.9			14.1			14.1			13.7
Total capital ratio	17.4			(e)	16.8			16.0			15.7			15.4
Tier 1 leverage ratio	6.9			(e)	6.6			6.2			6.2			6.2
Supplementary leverage ratio (“SLR”)	5.9			(e)	5.6			5.3			5.3			5.2

(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 29 for a further discussion of these measures.

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

(c)Quarterly ratios are based upon annualized amounts.

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

(e)Estimated.

Page 2

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, headcount and where otherwise noted)
	QUARTERLY TRENDS
																				1Q23 Change
	1Q23			4Q22				3Q22				2Q22				1Q22				4Q22		1Q22
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	3,744,305		$	3,665,743			$	3,773,884			$	3,841,314			$	3,954,687			2	%	(5)	%
Loans:
Consumer, excluding credit card loans	311,433			311,375				313,796				317,212				312,489				—		—
Credit card loans	180,079			185,175				170,462				165,494				152,283				(3)		18
Wholesale loans	637,384			639,097				628,375				621,449				608,513				—		5
Total Loans	1,128,896			1,135,647				1,112,633				1,104,155				1,073,285				(1)		5
Deposits:
U.S. offices:
Noninterest-bearing	655,766			644,902				688,292				714,478				721,401				2		(9)
Interest-bearing	1,298,620			1,276,346				1,304,012				1,343,802				1,412,589				2		(8)
Non-U.S. offices:
Noninterest-bearing	25,071			27,005				26,629				26,983				27,542				(7)		(9)
Interest-bearing	397,796			391,926				389,682				386,281				399,675				1		—
Total deposits	2,377,253			2,340,179				2,408,615				2,471,544				2,561,207				2		(7)
Long-term debt	295,489			295,865				287,473				288,212				293,239				—		1
Common stockholders’ equity	275,678			264,928				255,180				253,305				253,061				4		9
Total stockholders’ equity	303,082			292,332				288,018				286,143				285,899				4		6
Loans-to-deposits ratio	47		%	49		%		46		%		45		%		42		%
Headcount	296,877			293,723				288,474				278,494				273,948				1		8
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)	$	47		$	61			$	54			$	54			$	63			(23)		(25)
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking	$	16,456		$	15,793		(e)	$	14,281		(e)	$	12,558		(e)	$	12,182		(e)	4		35
Corporate & Investment Bank	13,600			10,598			(e)	11,925			(e)	12,003			(e)	13,576			(e)	28		—
Commercial Banking	3,511			3,404				3,048				2,683				2,398				3		46
Asset & Wealth Management	4,784			4,588				4,539				4,306				4,315				4		11
Corporate	985			1,183				(302)				80				(881)				(17)		NM
TOTAL NET REVENUE	$	39,336		$	35,566			$	33,491			$	31,630			$	31,590			11		25
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	5,243		$	4,556		(e)	$	4,344		(e)	$	3,108		(e)	$	2,908		(e)	15		80
Corporate & Investment Bank	4,421			3,314			(e)	3,522			(e)	3,717			(e)	4,372			(e)	33		1
Commercial Banking	1,347			1,423				946				994				850				(5)		58
Asset & Wealth Management	1,367			1,134				1,219				1,004				1,008				21		36
Corporate	244			581				(294)				(174)				(856)				(58)		NM
NET INCOME	$	12,622		$	11,008			$	9,737			$	8,649			$	8,282			15		52
MEMO: SELECTED FIRMWIDE METRICS
Wealth Management (c)
Client assets (in billions)	$	2,594		$	2,438			$	2,302			$	2,177			$	2,389			6		9
Number of client advisors	8,314			8,166				8,127				7,756				7,614				2		9
J.P.Morgan Payments (d)
Total net revenue	4,458			4,423				3,762				3,130				2,595				1		72
Merchant processing volume (in billions)	558.8			583.2				545.4				539.6				490.2				(4)		14
Average deposits (in billions)	707			732				748				816				821				(3)		(14)

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

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

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

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

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

Page 3

JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS
																1Q23 Change
REVENUE	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
Investment banking fees	$	1,649		$	1,418		$	1,674		$	1,586		$	2,008		16	%	(18)	%
Principal transactions	7,615			4,434			5,383			4,990			5,105			72		49
Lending- and deposit-related fees	1,620			1,655			1,731			1,873			1,839			(2)		(12)
Asset management fees	3,465			3,432			3,495			3,517			3,652			1		(5)
Commissions and other fees	1,695			1,574			1,574			1,723			1,710			8		(1)
Investment securities losses	(868)			(874)			(959)			(153)			(394)			1		(120)
Mortgage fees and related income	221			98			314			378			460			126		(52)
Card income	1,234			1,226			1,086			1,133			975			1		27
Other income	1,007			1,392			900			540			1,490			(28)		(32)
Noninterest revenue	17,638			14,355			15,198			15,587			16,845			23		5
Interest income	37,004			33,054			25,611			18,646			15,496			12		139
Interest expense	16,293			12,862			8,093			3,518			1,624			27		NM
Net interest income	20,711			20,192			17,518			15,128			13,872			3		49
TOTAL NET REVENUE	38,349			34,547			32,716			30,715			30,717			11		25
Provision for credit losses	2,275			2,288			1,537			1,101			1,463			(1)		56
NONINTEREST EXPENSE
Compensation expense	11,676			10,009			10,539			10,301			10,787			17		8
Occupancy expense	1,115			1,271			1,162			1,129			1,134			(12)		(2)
Technology, communications and equipment expense	2,184			2,256			2,366			2,376			2,360			(3)		(7)
Professional and outside services	2,448			2,652			2,481			2,469			2,572			(8)		(5)
Marketing	1,045			1,093			1,017			881			920			(4)		14
Other expense (a)	1,639			1,741			1,613			1,593			1,418			(6)		16
TOTAL NONINTEREST EXPENSE	20,107			19,022			19,178			18,749			19,191			6		5
Income before income tax expense	15,967			13,237			12,001			10,865			10,063			21		59
Income tax expense	3,345			2,229			2,264			2,216			1,781			50		88
NET INCOME	$	12,622		$	11,008		$	9,737		$	8,649		$	8,282		15		52
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	4.11		$	3.58		$	3.13		$	2.77		$	2.64		15		56
Diluted earnings per share	4.10			3.57			3.12			2.76			2.63			15		56
FINANCIAL RATIOS
Return on common equity (b)	18		%	16		%	15		%	13		%	13		%
Return on tangible common equity (b)(c)	23			20			18			17			16
Return on assets (b)	1.38			1.16			1.01			0.89			0.86
Effective income tax rate	20.9			16.8			18.9			20.4			17.7
Overhead ratio	52			55			59			61			62

(a)Included Firmwide legal expense of $176 million, $27 million, $47 million, $73 million and $119 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

(b)Quarterly ratios are based upon annualized amounts.

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

Page 4

JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
											Mar 31, 2023
											Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Mar 31,
	2023		2022		2022		2022		2022		2022		2022
ASSETS
Cash and due from banks	$	25,098	$	27,697	$	24,654	$	27,215	$	26,165	(9)	%	(4)	%
Deposits with banks	520,902		539,537		619,533		642,045		728,367		(3)		(28)
Federal funds sold and securities purchased under
resale agreements	317,111		315,592		301,878		322,156		301,875		—		5
Securities borrowed	195,917		185,369		193,216		202,393		224,852		6		(13)
Trading assets:
Debt and equity instruments	519,618		382,919		413,953		384,260		437,892		36		19
Derivative receivables	59,274		70,880		92,534		81,317		73,636		(16)		(20)
Available-for-sale (“AFS”) securities	197,248		205,857		188,140		222,069		312,875		(4)		(37)
Held-to-maturity (”HTM”) securities	412,827		425,305		430,106		441,649		366,585		(3)		13
Investment securities, net of allowance for credit losses	610,075		631,162		618,246		663,718		679,460		(3)		(10)
Loans	1,128,896		1,135,647		1,112,633		1,104,155		1,073,285		(1)		5
Less: Allowance for loan losses	20,053		19,726		18,185		17,750		17,192		2		17
Loans, net of allowance for loan losses	1,108,843		1,115,921		1,094,448		1,086,405		1,056,093		(1)		5
Accrued interest and accounts receivable	115,316		125,189		143,905		145,442		152,207		(8)		(24)
Premises and equipment	28,266		27,734		27,199		26,770		26,916		2		5
Goodwill, MSRs and other intangible assets	62,090		60,859		60,806		59,360		58,485		2		6
Other assets	181,795		182,884		183,512		200,233		188,739		(1)		(4)
TOTAL ASSETS	$	3,744,305	$	3,665,743	$	3,773,884	$	3,841,314	$	3,954,687	2		(5)
LIABILITIES
Deposits	$	2,377,253	$	2,340,179	$	2,408,615	$	2,471,544	$	2,561,207	2		(7)
Federal funds purchased and securities loaned or sold
under repurchase agreements	246,396		202,613		239,939		222,719		223,858		22		10
Short-term borrowings	42,241		44,027		47,866		58,422		57,586		(4)		(27)
Trading liabilities:
Debt and equity instruments	145,153		126,835		133,175		137,891		144,280		14		1
Derivative payables	44,711		51,141		56,703		52,417		57,803		(13)		(23)
Accounts payable and other liabilities	275,077		300,141		300,016		313,326		320,671		(8)		(14)
Beneficial interests issued by consolidated VIEs	14,903		12,610		12,079		10,640		10,144		18		47
Long-term debt	295,489		295,865		287,473		288,212		293,239		—		1
TOTAL LIABILITIES	3,441,223		3,373,411		3,485,866		3,555,171		3,668,788		2		(6)
STOCKHOLDERS’ EQUITY
Preferred stock	27,404		27,404		32,838		32,838		32,838		—		(17)
Common stock	4,105		4,105		4,105		4,105		4,105		—		—
Additional paid-in capital	89,155		89,044		88,865		88,614		88,260		—		1
Retained earnings	306,208		296,456		288,776		282,445		277,177		3		10
Accumulated other comprehensive income/(loss) (“AOCI”)	(14,418)		(17,341)		(19,134)		(14,369)		(9,567)		17		(51)
Treasury stock, at cost	(109,372)		(107,336)		(107,432)		(107,490)		(106,914)		(2)		(2)
TOTAL STOCKHOLDERS’ EQUITY	303,082		292,332		288,018		286,143		285,899		4		6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,744,305	$	3,665,743	$	3,773,884	$	3,841,314	$	3,954,687	2		(5)

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS
																1Q23 Change
AVERAGE BALANCES	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
ASSETS
Deposits with banks	$	505,662		$	595,631		$	652,321		$	694,644		$	742,311		(15)	%	(32)	%
Federal funds sold and securities purchased under resale agreements	313,187			306,173			322,053			305,132			294,951			2		6
Securities borrowed	192,843			192,412			204,479			207,437			218,030			—		(12)
Trading assets - debt instruments	357,682			302,825			283,414			273,736			272,116			18		31
Investment securities	622,050			625,388			647,165			672,799			671,165			(1)		(7)
Loans	1,129,624			1,126,002			1,112,761			1,093,106			1,068,637			—		6
All other interest-earning assets (a)	95,709			116,640			122,756			139,040			134,741			(18)		(29)
Total interest-earning assets	3,216,757			3,265,071			3,344,949			3,385,894			3,401,951			(1)		(5)
Trading assets - equity and other instruments	152,081			126,138			129,221			151,309			156,908			21		(3)
Trading assets - derivative receivables	64,526			78,476			83,950			84,483			67,334			(18)		(4)
All other noninterest-earning assets	276,613			285,586			284,127			289,957			280,595			(3)		(1)
TOTAL ASSETS	$	3,709,977		$	3,755,271		$	3,842,247		$	3,911,643		$	3,906,788		(1)		(5)
LIABILITIES
Interest-bearing deposits	$	1,670,036		$	1,695,233		$	1,728,852		$	1,790,421		$	1,781,320		(1)		(6)
Federal funds purchased and securities loaned or
sold under repurchase agreements	252,310			247,934			239,582			233,376			250,215			2		1
Short-term borrowings (b)	38,763			39,843			45,797			50,833			47,871			(3)		(19)
Trading liabilities - debt and all other interest-bearing liabilities (c)	277,576			256,533			278,049			274,435			263,025			8		6
Beneficial interests issued by consolidated VIEs	13,483			12,312			11,039			10,577			10,891			10		24
Long-term debt	249,336			246,978			253,012			246,195			254,180			1		(2)
Total interest-bearing liabilities	2,501,504			2,498,833			2,556,331			2,605,837			2,607,502			—		(4)
Noninterest-bearing deposits	650,443			684,921			716,518			741,891			734,233			(5)		(11)
Trading liabilities - equity and other instruments	29,769			35,415			36,985			40,937			43,394			(16)		(31)
Trading liabilities - derivative payables	49,357			56,988			56,994			61,026			54,522			(13)		(9)
All other noninterest-bearing liabilities	180,303			191,929			189,637			181,128			181,105			(6)		—
TOTAL LIABILITIES	3,411,376			3,468,086			3,556,465			3,630,819			3,620,756			(2)		(6)
Preferred stock	27,404			28,415			32,838			32,838			33,526			(4)		(18)
Common stockholders’ equity	271,197			258,770			252,944			247,986			252,506			5		7
TOTAL STOCKHOLDERS’ EQUITY	298,601			287,185			285,782			280,824			286,032			4		4
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,709,977		$	3,755,271		$	3,842,247		$	3,911,643		$	3,906,788		(1)		(5)
AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks	3.87		%	3.14		%	1.83		%	0.62		%	0.13		%
Federal funds sold and securities purchased under resale agreements	4.06			2.95			1.74			0.71			0.55
Securities borrowed (e)	3.61			2.84			1.50			0.33			(0.16)
Trading assets - debt instruments	4.15			3.75			3.36			3.02			2.65
Investment securities	2.79			2.36			1.84			1.55			1.38
Loans	6.37			5.83			5.00			4.28			4.05
All other interest-earning assets (a)	7.50			5.76			3.57			1.85			0.97
Total interest-earning assets	4.68			4.03			3.05			2.22			1.86
INTEREST-BEARING LIABILITIES
Interest-bearing deposits	1.85			1.37			0.73			0.20			0.04
Federal funds purchased and securities loaned or
sold under repurchase agreements	4.51			3.15			1.98			0.76			0.18
Short-term borrowings (b)	4.40			3.60			1.98			0.91			0.36
Trading liabilities - debt and all other interest-bearing liabilities (c)	2.88			2.38			1.49			0.69			0.30
Beneficial interests issued by consolidated VIEs	4.43			3.74			2.24			1.11			0.69
Long-term debt	5.39			4.87			3.77			2.54			1.72
Total interest-bearing liabilities	2.64			2.04			1.26			0.54			0.25
INTEREST RATE SPREAD	2.04			1.99			1.79			1.68			1.61
NET YIELD ON INTEREST-EARNING ASSETS	2.63			2.47			2.09			1.80			1.67
Memo: Net yield on interest-earning assets excluding Markets (f)	3.80			3.41			2.81			2.26			1.95

(a)    Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.

(b)    Includes commercial paper.

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

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

(e)    Negative interest and rates reflect the net impact of interest earned offset by fees paid on client-driven prime brokerage securities borrowed transactions.

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

Page 6

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

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

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

	QUARTERLY TRENDS
																1Q23 Change
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
OTHER INCOME
Other income - reported	$	1,007		$	1,392		$	900		$	540		$	1,490		(28)	%	(32)	%
Fully taxable-equivalent adjustments (a)	867			898			663			812			775			(3)		12
Other income - managed	$	1,874		$	2,290		$	1,563		$	1,352		$	2,265		(18)		(17)
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	17,638		$	14,355		$	15,198		$	15,587		$	16,845		23		5
Fully taxable-equivalent adjustments	867			898			663			812			775			(3)		12
Total noninterest revenue - managed	$	18,505		$	15,253		$	15,861		$	16,399		$	17,620		21		5
NET INTEREST INCOME
Net interest income - reported	$	20,711		$	20,192		$	17,518		$	15,128		$	13,872		3		49
Fully taxable-equivalent adjustments (a)	120			121			112			103			98			(1)		22
Net interest income - managed	$	20,831		$	20,313		$	17,630		$	15,231		$	13,970		3		49
TOTAL NET REVENUE
Total net revenue - reported	$	38,349		$	34,547		$	32,716		$	30,715		$	30,717		11		25
Fully taxable-equivalent adjustments	987			1,019			775			915			873			(3)		13
Total net revenue - managed	$	39,336		$	35,566		$	33,491		$	31,630		$	31,590		11		25
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	18,242		$	15,525		$	13,538		$	11,966		$	11,526		18		58
Fully taxable-equivalent adjustments	987			1,019			775			915			873			(3)		13
Pre-provision profit - managed	$	19,229		$	16,544		$	14,313		$	12,881		$	12,399		16		55
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	15,967		$	13,237		$	12,001		$	10,865		$	10,063		21		59
Fully taxable-equivalent adjustments	987			1,019			775			915			873			(3)		13
Income before income tax expense - managed	$	16,954		$	14,256		$	12,776		$	11,780		$	10,936		19		55
INCOME TAX EXPENSE
Income tax expense - reported	$	3,345		$	2,229		$	2,264		$	2,216		$	1,781		50		88
Fully taxable-equivalent adjustments	987			1,019			775			915			873			(3)		13
Income tax expense - managed	$	4,332		$	3,248		$	3,039		$	3,131		$	2,654		33		63
OVERHEAD RATIO
Overhead ratio - reported	52		%	55		%	59		%	61		%	62		%
Overhead ratio - managed	51			53			57			59			61

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

Page 7

JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS
															1Q23 Change
	1Q23		4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	16,456	$	15,793	(a)	$	14,281	(a)	$	12,558	(a)	$	12,182	(a)	4	%	35	%
Corporate & Investment Bank	13,600		10,598		(a)	11,925		(a)	12,003		(a)	13,576		(a)	28		—
Commercial Banking	3,511		3,404			3,048			2,683			2,398			3		46
Asset & Wealth Management	4,784		4,588			4,539			4,306			4,315			4		11
Corporate	985		1,183			(302)			80			(881)			(17)		NM
TOTAL NET REVENUE	$	39,336	$	35,566		$	33,491		$	31,630		$	31,590		11		25
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	8,065	$	7,912	(a)	$	7,983	(a)	$	7,658	(a)	$	7,655	(a)	2		5
Corporate & Investment Bank	7,483		6,495		(a)	6,682		(a)	6,810		(a)	7,363		(a)	15		2
Commercial Banking	1,308		1,254			1,180			1,156			1,129			4		16
Asset & Wealth Management	3,091		3,022			3,028			2,919			2,860			2		8
Corporate	160		339			305			206			184			(53)		(13)
TOTAL NONINTEREST EXPENSE	$	20,107	$	19,022		$	19,178		$	18,749		$	19,191		6		5
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	8,391	$	7,881		$	6,298		$	4,900		$	4,527		6		85
Corporate & Investment Bank	6,117		4,103			5,243			5,193			6,213			49		(2)
Commercial Banking	2,203		2,150			1,868			1,527			1,269			2		74
Asset & Wealth Management	1,693		1,566			1,511			1,387			1,455			8		16
Corporate	825		844			(607)			(126)			(1,065)			(2)		NM
PRE-PROVISION PROFIT	$	19,229	$	16,544		$	14,313		$	12,881		$	12,399		16		55
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	1,402	$	1,845		$	529		$	761		$	678		(24)		107
Corporate & Investment Bank	58		141			513			59			445			(59)		(87)
Commercial Banking	417		284			618			209			157			47		166
Asset & Wealth Management	28		32			(102)			44			154			(13)		(82)
Corporate	370		(14)			(21)			28			29			NM		NM
PROVISION FOR CREDIT LOSSES	$	2,275	$	2,288		$	1,537		$	1,101		$	1,463		(1)		56
NET INCOME/(LOSS)
Consumer & Community Banking	$	5,243	$	4,556		$	4,344		$	3,108		$	2,908		15		80
Corporate & Investment Bank	4,421		3,314			3,522			3,717			4,372			33		1
Commercial Banking	1,347		1,423			946			994			850			(5)		58
Asset & Wealth Management	1,367		1,134			1,219			1,004			1,008			21		36
Corporate	244		581			(294)			(174)			(856)			(58)		NM
TOTAL NET INCOME	$	12,622	$	11,008		$	9,737		$	8,649		$	8,282		15		52

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

Page 8

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																		Mar 31, 2023
																		Change
	Mar 31,				Dec 31,				Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2023				2022				2022			2022			2022			2022		2022
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	227,142		(c)	$	218,934			$	209,661		$	207,436		$	207,903		4	%	9	%
Tier 1 capital	253,824			(c)	245,631				236,363			239,705			240,076			3		6
Total capital	286,414			(c)	277,769				268,076			268,339			269,536			3		6
Risk-weighted assets	1,650,014			(c)	1,653,538				1,678,498			1,704,893			1,750,678			—		(6)
CET1 capital ratio	13.8		%	(c)	13.2		%		12.5		%	12.2		%	11.9		%
Tier 1 capital ratio	15.4			(c)	14.9				14.1			14.1			13.7
Total capital ratio	17.4			(c)	16.8				16.0			15.7			15.4
Advanced
CET1 capital	$	227,142		(c)	$	218,934			$	209,661		$	207,436		$	207,903		4		9
Tier 1 capital	253,824			(c)	245,631				236,363			239,705			240,076			3		6
Total capital	273,111			(c)	264,583				256,157			257,329			258,989			3		5
Risk-weighted assets	1,634,230			(c)	1,609,773				1,609,968			1,613,210			1,643,453			2		(1)
CET1 capital ratio	13.9		%	(c)	13.6		%		13.0		%	12.9		%	12.7		%
Tier 1 capital ratio	15.5			(c)	15.3				14.7			14.9			14.6
Total capital ratio	16.7			(c)	16.4				15.9			16.0			15.8
Leverage-based capital metrics
Adjusted average assets (b)	$	3,656,585		(c)	$	3,703,873			$	3,791,804		$	3,861,979		$	3,857,783		(1)		(5)
Tier 1 leverage ratio	6.9		%	(c)	6.6		%		6.2		%	6.2		%	6.2		%
Total leverage exposure	$	4,327,687		(c)	$	4,367,092			$	4,460,636		$	4,563,099		$	4,586,537		(1)		(6)
SLR	5.9		%	(c)	5.6		%		5.3		%	5.3		%	5.2		%
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC	$	488,246		(c)	$	486,044			$	473,241		$	466,715		$	462,690		—		6
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance	$	218,934			$	209,661			$	207,436		$	207,903		$	213,942		4		2
Net income applicable to common equity	12,266				10,652				9,305			8,239			7,885			15		56
Dividends declared on common stock	(2,963)				(2,972)				(2,974)			(2,971)			(2,976)			—		—
Net purchase of treasury stock	(2,036)				96				58			(576)			(1,499)			NM		(36)
Changes in additional paid-in capital	111				179				251			354			(155)			(38)		NM
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities	2,212				1,865				(2,145)			(4,031)			(7,453)			19		NM
Translation adjustments, net of hedges	197				711				(581)			(679)			(62)			(72)		NM
Fair value hedges	(21)				(101)				38			51			110			79		NM
Defined benefit pension and other postretirement employee benefit plans	(55)				(324)				(1,004)			20			67			83		NM
Changes related to other CET1 capital adjustments	(1,503)			(c)	(833)				(723)			(874)			(1,956)			(80)		23
Change in Standardized/Advanced CET1 capital	8,208			(c)	9,273				2,225			(467)			(6,039)			(11)		NM
Standardized/Advanced CET1 capital, ending balance	$	227,142		(c)	$	218,934			$	209,661		$	207,436		$	207,903		4		9

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

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

(c)Estimated.

Page 9

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
												Mar 31, 2023
												Change
	Mar 31,		Dec 31,		Sep 30,			Jun 30,		Mar 31,		Dec 31,	Mar 31,
	2023		2022		2022			2022		2022		2022	2022
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity	$	275,678	$	264,928	$	255,180		$	253,305	$	253,061	4	9
Less: Goodwill	52,144		51,662		51,461			50,697		50,298		1	4
Less: Other intangible assets	2,191		1,224		1,205			1,224		893		79	145
Add: Certain deferred tax liabilities (b)	2,754		2,510		2,509			2,509		2,496		10	10
Total tangible common equity	$	224,097	$	214,552	$	205,023		$	203,893	$	204,366	4	10
TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity	$	271,197	$	258,770	$	252,944		$	247,986	$	252,506	5	7
Less: Goodwill	51,716		51,586		51,323			50,575		50,307		—	3
Less: Other intangible assets	1,296		1,217		1,208			1,119		896		6	45
Add: Certain deferred tax liabilities (b)	2,549		2,508		2,512			2,503		2,498		2	2
Total tangible common equity	$	220,734	$	208,475	$	202,925		$	198,795	$	203,801	6	8
INTANGIBLE ASSETS (period-end)
Goodwill	$	52,144	$	51,662	$	51,461		$	50,697	$	50,298	1	4
Mortgage servicing rights	7,755		7,973		8,140			7,439		7,294		(3)	6
Other intangible assets	2,191		1,224		1,205			1,224		893		79	145
Total intangible assets	$	62,090	$	60,859	$	60,806		$	59,360	$	58,485	2	6

(a)Refer to page 29 for further discussion of TCE.

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

Page 10

JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS
																1Q23 Change
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
EARNINGS PER SHARE
Basic earnings per share
Net income	$	12,622		$	11,008		$	9,737		$	8,649		$	8,282		15	%	52	%
Less: Preferred stock dividends	356			356			432			410			397			—		(10)
Net income applicable to common equity	12,266			10,652			9,305			8,239			7,885			15		56
Less: Dividends and undistributed earnings allocated to
participating securities	73			54			50			44			40			35		83
Net income applicable to common stockholders	$	12,193		$	10,598		$	9,255		$	8,195		$	7,845		15		55
Total weighted-average basic shares outstanding	2,968.5			2,962.9			2,961.2			2,962.2			2,977.0			—		—
Net income per share	$	4.11		$	3.58		$	3.13		$	2.77		$	2.64		15		56
Diluted earnings per share
Net income applicable to common stockholders	$	12,193		$	10,598		$	9,255		$	8,195		$	7,845		15		55
Total weighted-average basic shares outstanding	2,968.5			2,962.9			2,961.2			2,962.2			2,977.0			—		—
Add: Dilutive impact of stock appreciation rights (“SARs”) and     employee stock options, unvested performance share units     (“PSUs”) and nondividend-earning restricted stock units     (“RSUs”)	4.2			4.2			4.2			4.1			4.0			—		5
Total weighted-average diluted shares outstanding	2,972.7			2,967.1			2,965.4			2,966.3			2,981.0			—		—
Net income per share	$	4.10		$	3.57		$	3.12		$	2.76		$	2.63		15		56
COMMON DIVIDENDS
Cash dividends declared per share	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		—		—
Dividend payout ratio	24		%	28		%	32		%	36		%	38		%
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	22.0			—			—			5.0			18.1			NM		22
Average price paid per share of common stock	$	133.67		$	—		$	—		$	124.88		$	138.04		NM		(3)
Aggregate repurchases of common stock	2,940			—			—			622			2,500			NM		18
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	10.0			1.2			0.6			0.5			11.0			NM		(9)
Net impact of employee issuances on stockholders’ equity (b)	$	1,028		$	273		$	304		$	398		$	843		277		22

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

(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.

Page 11

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS
																				1Q23 Change
	1Q23			4Q22				3Q22				2Q22				1Q22				4Q22		1Q22
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	823		$	834			$	822			$	855			$	805			(1)	%	2	%
Asset management fees	676			662				662				684				726				2	%	(7)	%
Mortgage fees and related income	223			90				313				377				456				148		(51)
Card income	739			694			(d)	613			(d)	621			(d)	541			(d)	6		37
All other income (a)	1,162			1,189			(d)	1,302			(d)	1,313			(d)	1,327			(d)	(2)		(12)
Noninterest revenue	3,623			3,469				3,712				3,850				3,855				4		(6)
Net interest income	12,833			12,324				10,569				8,708				8,327				4		54
TOTAL NET REVENUE	16,456			15,793				14,281				12,558				12,182				4		35
Provision for credit losses	1,402			1,845				529				761				678				(24)		107
NONINTEREST EXPENSE
Compensation expense	3,545			3,339				3,345				3,237				3,171				6		12
Noncompensation expense (b)	4,520			4,573			(d)	4,638			(d)	4,421			(d)	4,484			(d)	(1)		1
TOTAL NONINTEREST EXPENSE	8,065			7,912				7,983				7,658				7,655				2		5
Income before income tax expense	6,989			6,036				5,769				4,139				3,849				16		82
Income tax expense	1,746			1,480				1,425				1,031				941				18		86
NET INCOME	$	5,243		$	4,556			$	4,344			$	3,108			$	2,908			15		80
REVENUE BY LINE OF BUSINESS
Banking & Wealth Management	$	10,041		$	9,582		(d)	$	7,960		(d)	$	6,502		(d)	$	6,015		(d)	5		67
Home Lending	720			584				920				1,001				1,169				23		(38)
Card Services & Auto	5,695			5,627				5,401				5,055				4,998				1		14
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	75			43				93				150				211				74		(64)
Net mortgage servicing revenue (c)	148			47				220				227				245				215		(40)
Mortgage fees and related income	$	223		$	90			$	313			$	377			$	456			148		(51)
FINANCIAL RATIOS
ROE	40		%	35		%		34		%	(d)	24		%		23		%
Overhead ratio	49			50				56				61				63

(a)Includes operating lease income and commissions and other fees. For the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, included operating lease income of $741 million, $777 million, $854 million, $929 million and $1.0 billion, respectively.

(b)Included depreciation expense on leased assets of $407 million, $463 million, $605 million, $652 million and $694 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

(c)Included MSR risk management results of $(12) million, $(98) million, $54 million, $28 million and $109 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

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

Page 12

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
	QUARTERLY TRENDS
											1Q23 Change
	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22		1Q22
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	506,382	$	514,085	$	500,752	$	500,219	$	486,183	(1)	%	4	%
Loans:
Banking & Wealth Management (a)	28,038		29,008		30,230		31,494		32,772		(3)		(14)
Home Lending (b)	172,058		172,554		174,618		176,939		172,025		—		—
Card Services	180,079		185,175		170,462		165,494		152,283		(3)		18
Auto	69,556		68,191		67,201		67,842		69,251		2		—
Total loans	449,731		454,928		442,511		441,769		426,331		(1)		5
Deposits	1,147,474		1,131,611		1,173,241		1,178,825		1,189,308		1		(4)
Equity	52,000		50,000		50,000		50,000		50,000		4		4
SELECTED BALANCE SHEET DATA (average)
Total assets	$	506,775	$	504,859	$	498,858	$	496,177	$	488,967	—		4
Loans:
Banking & Wealth Management	28,504		29,412		30,788		32,294		33,742		(3)		(16)
Home Lending (c)	172,124		174,487		176,852		177,330		176,488		(1)		(2)
Card Services	180,451		177,026		168,125		158,434		149,398		2		21
Auto	68,744		67,623		66,979		68,569		69,250		2		(1)
Total loans	449,823		448,548		442,744		436,627		428,878		—		5
Deposits	1,112,967		1,142,523		1,174,227		1,180,453		1,153,513		(3)		(4)
Equity	52,000		50,000		50,000		50,000		50,000		4		4
Headcount	135,983		135,347		133,803		130,907		129,268		—		5

(a)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022 included $205 million, $350 million, $791 million, $1.5 billion and $2.9 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to pages 108-109 of the Firm’s 2022 Form 10-K for further information on the PPP.

(b)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, Home Lending loans held-for-sale and loans at fair value were $4.2 billion, $3.0 billion, $4.1 billion, $5.2 billion and $5.8 billion, respectively.

(c)Average Home Lending loans held-for sale and loans at fair value were $3.5 billion, $4.5 billion, $5.9 billion, $8.1 billion and $10.8 billion for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

Page 13

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS
																1Q23 Change
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)	$	3,835		$	3,899		$	3,936		$	4,217		$	4,531		(2)	%	(15)	%
Net charge-offs/(recoveries)
Banking & Wealth Management	79			95			105			81			89			(17)		(11)
Home Lending	(18)			(33)			(59)			(68)			(69)			45		74
Card Services	922			725			592			580			506			27		82
Auto	69			58			41			18			27			19		156
Total net charge-offs/(recoveries)	$	1,052		$	845		$	679		$	611		$	553		24		90
Net charge-off/(recovery) rate
Banking & Wealth Management (c)	1.12		%	1.28		%	1.35		%	1.01		%	1.07		%
Home Lending	(0.04)			(0.08)			(0.14)			(0.16)			(0.17)
Card Services	2.07			1.62			1.40			1.47			1.37
Auto	0.41			0.34			0.24			0.11			0.16
Total net charge-off/(recovery) rate	0.96			0.75			0.62			0.57			0.54
30+ day delinquency rate
Home Lending (d)(e)	0.81		%	0.83		%	0.78		%	0.85		%	1.03		%
Card Services	1.68			1.45			1.23			1.05			1.09
Auto	0.90			1.01			0.75			0.69			0.57
90+ day delinquency rate - Card Services	0.83			0.68			0.57			0.51			0.54
Allowance for loan losses
Banking & Wealth Management	$	720		$	722		$	722		$	697		$	697		—		3
Home Lending	427			867			667			785			785			(51)		(46)
Card Services	11,400			11,200			10,400			10,400			10,250			2		11
Auto	716			715			715			740			738			—		(3)
Total allowance for loan losses	$	13,263	(f)	$	13,504		$	12,504		$	12,622		$	12,470		(2)		6

(a)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $164 million, $187 million, $219 million, $257 million and $315 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(b)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic.

(c)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022 included $205 million, $350 million, $791 million, $1.5 billion and $2.9 billion of loans, respectively, under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to pages 108-109 of the Firm’s 2022 Form 10-K for further information on the PPP.

(d)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $353 million, $449 million, $454 million, $513 million and $728 million in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

(e)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $219 million, $258 million, $284 million, $315 million and $370 million, respectively. These amounts have been excluded based upon the government guarantee.

(f)On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance resulted in a net decrease in the allowance for loan losses of $591 million in CCB, driven by residential real estate and credit card. Refer to Credit-related information on pages 27-28, and Note 1 of the Firm’s 2022 Form 10-K for further information.

Page 14

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS
																1Q23 Change
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
BUSINESS METRICS
Number of:
Branches	4,784			4,787			4,802			4,822			4,810			—	%	(1)	%
Active digital customers (in thousands) (a)	64,998			63,136			61,985			60,735			60,286			3		8
Active mobile customers (in thousands) (b)	50,933			49,710			48,904			47,436			46,527			2		9
Debit and credit card sales volume (in billions)	$	387.3		$	411.1		$	395.8		$	397.0		$	351.5		(6)		10
Total payments transaction volume (in trillions) (c)	1.4			1.4			1.4			1.5			1.3			—		8
Banking & Wealth Management
Average deposits	$	1,098,494		$	1,126,420		$	1,156,933		$	1,163,423		$	1,136,115		(2)		(3)
Deposit margin	2.78		%	2.48		%	1.83		%	1.31		%	1.22		%
Business Banking average loans	$	19,884		$	20,467		$	21,263		$	22,769		$	24,816		(3)		(20)
Business Banking origination volume	1,027			1,081			977			1,196			1,028			(5)		—
Client investment assets (d)	690,819			647,120			615,048			628,479			696,316			7		(1)
Number of client advisors	5,125			5,029			5,017			4,890			4,816			2		6
Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	3.6		$	4.6		$	7.8		$	11.0		$	15.1		(22)		(76)
Correspondent	2.1			2.1			4.3			10.9			9.6			—		(78)
Total mortgage origination volume (e)	$	5.7		$	6.7		$	12.1		$	21.9		$	24.7		(15)		(77)
Third-party mortgage loans serviced (period-end)	575.9			584.3			586.7			575.6			575.4			(1)		—
MSR carrying value (period-end)	7.7			8.0			8.1			7.4			7.3			(4)		5
Card Services
Sales volume, excluding commercial card (in billions)	$	266.2		$	284.8		$	272.3		$	271.2		$	236.4		(7)		13
Net revenue rate	10.38		%	10.06		%	9.92		%	9.59		%	9.87		%
Net yield on average loans	9.89			9.78			9.81			9.50			9.99
Auto
Loan and lease origination volume (in billions)	$	9.2		$	7.5		$	7.5		$	7.0		$	8.4		23		10
Average auto operating lease assets	11,538			12,333			13,466			14,866			16,423			(6)		(30)

(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.

(b)Users of all mobile platforms who have logged in within the past 90 days.

(c)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.

(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 21-23 for additional information.

(e)Firmwide mortgage origination volume was $6.8 billion, $8.5 billion, $15.2 billion, $27.9 billion and $30.2 billion for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

Page 15

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS
																				1Q23 Change
	1Q23			4Q22				3Q22				2Q22				1Q22				4Q22		1Q22
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,654		$	1,467			$	1,762			$	1,650			$	2,050			13	%	(19)	%
Principal transactions	7,408			4,397				5,258				5,048				5,223				68		42
Lending- and deposit-related fees	539			548				589				641				641				(2)		(16)
Commissions and other fees	1,234			1,200				1,198				1,328				1,332				3		(7)
Card income	315			353			(c)	293			(c)	337			(c)	266			(c)	(11)		18
All other income	373			147			(c)	181			(c)	(199)			(c)	492			(c)	154		(24)
Noninterest revenue	11,523			8,112				9,281				8,805				10,004				42		15
Net interest income	2,077			2,486				2,644				3,198				3,572				(16)		(42)
TOTAL NET REVENUE (a)	13,600			10,598				11,925				12,003				13,576				28		—
Provision for credit losses	58			141				513				59				445				(59)		(87)
NONINTEREST EXPENSE
Compensation expense	4,085			3,091				3,311				3,510				4,006				32		2
Noncompensation expense	3,398			3,404			(c)	3,371			(c)	3,300			(c)	3,357			(c)	—		1
TOTAL NONINTEREST EXPENSE	7,483			6,495				6,682				6,810				7,363				15		2
Income before income tax expense	6,059			3,962				4,730				5,134				5,768				53		5
Income tax expense	1,638			648				1,208				1,417				1,396				153		17
NET INCOME	$	4,421		$	3,314			$	3,522			$	3,717			$	4,372			33		1
FINANCIAL RATIOS
ROE	16		%	12		%		13		%		14		%		16		%	(c)
Overhead ratio	55			61				56				57			(c)	54
Compensation expense as percentage of total net revenue	30			29				28				29				30
REVENUE BY BUSINESS
Investment Banking	$	1,560		$	1,389			$	1,713			$	1,351			$	2,057			12		(24)
Payments	2,396			2,120			(c)	2,039			(c)	1,519			(c)	1,901			(c)	13		26
Lending	267			323				323				410				321				(17)		(17)
Total Banking	4,223			3,832				4,075				3,280				4,279				10		(1)
Fixed Income Markets	5,699			3,739				4,469				4,711				5,698				52		—
Equity Markets	2,683			1,931				2,302				3,079				3,055				39		(12)
Securities Services	1,148			1,159				1,110				1,151				1,068				(1)		7
Credit Adjustments & Other (b)	(153)			(63)				(31)				(218)				(524)				(143)		71
Total Markets & Securities Services	9,377			6,766				7,850				8,723				9,297				39		1
TOTAL NET REVENUE	$	13,600		$	10,598			$	11,925			$	12,003			$	13,576			28		—

(a)Includes tax-equivalent adjustments, predominantly due to income tax credits and other tax benefits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; and tax-exempt income from municipal bonds of $839 million, $854 million, $626 million, $772 million and $737 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

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

Page 16

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																1Q23 Change
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,436,237		$	1,334,296		$	1,384,618		$	1,403,558		$	1,460,463		8	%	(2)	%
Loans:
Loans retained (a)	187,133			187,642			180,604			171,219			167,791			—		12
Loans held-for-sale and loans at fair value (b)	38,335			42,304			40,357			46,032			47,260			(9)		(19)
Total loans	225,468			229,946			220,961			217,251			215,051			(2)		5
Equity	108,000			103,000			103,000			103,000			103,000			5		5
SELECTED BALANCE SHEET DATA (average)
Total assets	$	1,429,662		$	1,384,255		$	1,403,247		$	1,429,953		$	1,407,835		3		2
Trading assets - debt and equity instruments	488,767			406,692			386,895			411,079			419,346			20		17
Trading assets - derivative receivables	64,016			77,669			83,084			83,582			66,692			(18)		(4)
Loans:
Loans retained (a)	185,572			182,873			176,469			169,909			160,976			1		15
Loans held-for-sale and loans at fair value (b)	42,569			42,895			45,150			48,048			51,398			(1)		(17)
Total loans	228,141			225,768			221,619			217,957			212,374			1		7
Equity	108,000			103,000			103,000			103,000			103,000			5		5
Headcount	74,352			73,452			71,797			69,447			68,292			1		9
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	50		$	7		$	17		$	38		$	20		NM		150
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)	832			718			583			697			871			16		(4)
Nonaccrual loans held-for-sale and loans at fair value (d)	808			848			824			840			949			(5)		(15)
Total nonaccrual loans	1,640			1,566			1,407			1,537			1,820			5		(10)
Derivative receivables	291			296			339			447			597			(2)		(51)
Assets acquired in loan satisfactions	86			87			85			84			91			(1)		(5)
Total nonperforming assets	2,017			1,949			1,831			2,068			2,508			3		(20)
Allowance for credit losses:
Allowance for loan losses	2,454			2,292			2,032			1,809			1,687			7		45
Allowance for lending-related commitments	1,301			1,448			1,582			1,358			1,459			(10)		(11)
Total allowance for credit losses	3,755			3,740			3,614			3,167			3,146			—		19
Net charge-off/(recovery) rate (a)(e)	0.11		%	0.02		%	0.04		%	0.09		%	0.05		%
Allowance for loan losses to period-end loans retained (a)	1.31			1.22			1.13			1.06			1.01
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)	1.81			1.67			1.49			1.38			1.31
Allowance for loan losses to nonaccrual loans retained (a)(c)	295			319			349			260			194
Nonaccrual loans to total period-end loans	0.73			0.68			0.64			0.71			0.85

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

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

(c)Allowance for loan losses of $153 million, $104 million, $111 million, $130 million and $226 million were held against these nonaccrual loans at March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

(d)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $99 million, $115 million, $143 million, $196 million and $283 million, respectively. These amounts have been excluded based upon the government guarantee.

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

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

Page 17

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS
											1Q23 Change
	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22		1Q22
BUSINESS METRICS
Advisory	$	756	$	738	$	848	$	664	$	801	2	%	(6)	%
Equity underwriting	235		250		290		245		249		(6)		(6)
Debt underwriting	663		479		624		741		1,000		38		(34)
Total investment banking fees	$	1,654	$	1,467	$	1,762	$	1,650	$	2,050	13		(19)
Client deposits and other third-party liabilities (average) (a)	633,729		649,694		669,215		722,388		709,121		(2)		(11)
Merchant processing volume (in billions) (b)	558.8		583.2		545.4		539.6		490.2		(4)		14
Assets under custody (“AUC”) (period-end) (in billions)	$	29,725	$	28,635	$	27,157	$	28,579	$	31,571	4		(6)
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income	$	56	$	66	$	64	$	60	$	47	(15)		19
Foreign exchange	10		11		9		8		4		(9)		150
Equities	7		13		11		11		12		(46)		(42)
Commodities and other	15		18		14		14		15		(17)		—
Diversification benefit to CIB trading VaR (d)	(44)		(50)		(47)		(43)		(33)		12		(33)
CIB trading VaR (c)	44		58		51		50		45		(24)		(2)
Credit Portfolio VaR (e)	11		10		10		17		29		10		(62)
Diversification benefit to CIB VaR (d)	(10)		(8)		(8)		(15)		(10)		(25)		—
CIB VaR	$	45	$	60	$	53	$	52	$	64	(25)		(30)

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

(b)Represents total merchant processing volume across CIB, CCB and CB.

(c)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 133–135 of the Firm’s 2022 Form 10-K for further information.

(d)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.

(e)Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In the first quarter of 2022, in line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.

Page 18

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS
																1Q23 Change
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	227		$	243		$	288		$	348		$	364		(7)	%	(38)	%
Card income	173			171			177			170			167			1		4
All other income	381			315			371			386			336			21		13
Noninterest revenue	781			729			836			904			867			7		(10)
Net interest income	2,730			2,675			2,212			1,779			1,531			2		78
TOTAL NET REVENUE (a)	3,511			3,404			3,048			2,683			2,398			3		46
Provision for credit losses	417			284			618			209			157			47		166
NONINTEREST EXPENSE
Compensation expense	641			607			577			559			553			6		16
Noncompensation expense	667			647			603			597			576			3		16
TOTAL NONINTEREST EXPENSE	1,308			1,254			1,180			1,156			1,129			4		16
Income before income tax expense	1,786			1,866			1,250			1,318			1,112			(4)		61
Income tax expense	439			443			304			324			262			(1)		68
NET INCOME	$	1,347		$	1,423		$	946		$	994		$	850		(5)		58
REVENUE BY PRODUCT
Lending	$	1,222		$	1,185		$	1,176		$	1,058		$	1,105		3		11
Payments (b)	2,028			1,989			1,618			1,253			1,022			2		98
Investment banking (b)(c)	250			196			224			234			219			28		14
Other	11			34			30			138			52			(68)		(79)
TOTAL NET REVENUE (a)	$	3,511		$	3,404		$	3,048		$	2,683		$	2,398		3		46
Investment banking revenue, gross (d)	$	881		$	700		$	761		$	788		$	729		26		21
REVENUE BY CLIENT SEGMENT
Middle Market Banking	$	1,681		$	1,619		$	1,366		$	1,169		$	980		4		72
Corporate Client Banking	1,176			1,109			1,052			927			830			6		42
Commercial Real Estate Banking	642			666			624			590			581			(4)		10
Other	12			10			6			(3)			7			20		71
TOTAL NET REVENUE (a)	$	3,511		$	3,404		$	3,048		$	2,683		$	2,398		3		46
FINANCIAL RATIOS
ROE	18		%	22		%	14		%	15		%	13		%
Overhead ratio	37			37			39			43			47

(a)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $82 million, $100 million, $80 million, $73 million and $69 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

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

(c)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.

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

Page 19

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS
																1Q23 Change
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	261,181		$	257,106		$	247,485		$	242,456		$	235,127		2	%	11	%
Loans:
Loans retained	238,752			233,879			231,829			223,541			213,073			2		12
Loans held-for-sale and loans at fair value	1,538			707			137			566			1,743			118		(12)
Total loans	$	240,290		$	234,586		$	231,966		$	224,107		$	214,816		2		12
Equity	28,500			25,000			25,000			25,000			25,000			14		14
Period-end loans by client segment
Middle Market Banking (a)	$	73,329		$	72,625		$	71,707		$	68,535		$	64,306		1		14
Corporate Client Banking	58,256			53,840			52,940			49,503			46,720			8		25
Commercial Real Estate Banking	108,582			107,999			107,241			105,982			103,685			1		5
Other	123			122			78			87			105			1		17
Total loans (a)	$	240,290		$	234,586		$	231,966		$	224,107		$	214,816		2		12
SELECTED BALANCE SHEET DATA (average)
Total assets	$	255,468		$	253,007		$	246,318		$	239,381		$	233,474		1		9
Loans:
Loans retained	236,808			234,654			227,539			218,478			208,540			1		14
Loans held-for-sale and loans at fair value	1,155			673			1,589			1,004			2,147			72		(46)
Total loans	$	237,963		$	235,327		$	229,128		$	219,482		$	210,687		1		13
Client deposits and other third-party liabilities	265,971			278,924			281,336			300,425			316,921			(5)		(16)
Equity	28,500			25,000			25,000			25,000			25,000			14		14
Average loans by client segment
Middle Market Banking	$	73,030		$	72,109		$	70,002		$	66,640		$	62,437		1		17
Corporate Client Banking	56,581			55,137			52,432			47,832			45,595			3		24
Commercial Real Estate Banking	108,143			107,831			106,546			104,890			102,498			—		6
Other	209			250			148			120			157			(16)		33
Total loans	$	237,963		$	235,327		$	229,128		$	219,482		$	210,687		1		13
Headcount	15,026			14,687			14,299			13,811			13,220			2		14
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	37		$	35		$	42		$	1		$	6		6		NM
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)	918			766			836			761			751			20		22
Nonaccrual loans held-for-sale and loans
at fair value	—			—			—			—			—			—		—
Total nonaccrual loans	918			766			836			761			751			20		22
Assets acquired in loan satisfactions	—			—			7			8			17			—		NM
Total nonperforming assets	918			766			843			769			768			20		20
Allowance for credit losses:
Allowance for loan losses	3,566			3,324			3,050			2,602			2,357			7		51
Allowance for lending-related commitments	966			830			864			725			762			16		27
Total allowance for credit losses	4,532			4,154			3,914			3,327			3,119			9		45
Net charge-off/(recovery) rate (c)	0.06		%	0.06		%	0.07		%	—		%	0.01		%
Allowance for loan losses to period-end loans retained	1.49			1.42			1.32			1.16			1.11
Allowance for loan losses to nonaccrual loans retained (b)	388			434			365			342			314
Nonaccrual loans to period-end total loans	0.38			0.33			0.36			0.34			0.35

(a)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, total loans included $88 million, $132 million, $205 million, $335 million, and $640 million of loans, respectively, under the PPP, of which $80 million, $123 million, $187 million, $306 million and $604 million, were in Middle Market Banking. Refer to pages 108-109 of the Firm’s 2022 Form 10-K for further information on the PPP.

(b)Allowance for loan losses of $170 million, $153 million, $150 million, $74 million and $104 million was held against nonaccrual loans retained at March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

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

Page 20

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																1Q23 Change
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
INCOME STATEMENT
REVENUE
Asset management fees	$	2,761		$	2,742		$	2,803		$	2,797		$	2,899		1	%	(5)	%
Commissions and other fees	181			234			241			240			216			(23)	%	(16)	%
All other income	391			82			82			47			124			377		215
Noninterest revenue	3,333			3,058			3,126			3,084			3,239			9		3
Net interest income	1,451			1,530			1,413			1,222			1,076			(5)		35
TOTAL NET REVENUE	4,784			4,588			4,539			4,306			4,315			4		11
Provision for credit losses	28			32			(102)			44			154			(13)		(82)
NONINTEREST EXPENSE
Compensation expense	1,735			1,649			1,649			1,508			1,530			5		13
Noncompensation expense	1,356			1,373			1,379			1,411			1,330			(1)		2
TOTAL NONINTEREST EXPENSE	3,091			3,022			3,028			2,919			2,860			2		8
Income before income tax expense	1,665			1,534			1,613			1,343			1,301			9		28
Income tax expense	298			400			394			339			293			(26)		2
NET INCOME	$	1,367		$	1,134		$	1,219		$	1,004		$	1,008		21		36
REVENUE BY LINE OF BUSINESS
Asset Management	$	2,434		$	2,158		$	2,209		$	2,137		$	2,314		13		5
Global Private Bank	2,350			2,430			2,330			2,169			2,001			(3)		17
TOTAL NET REVENUE	$	4,784		$	4,588		$	4,539		$	4,306		$	4,315		4		11
FINANCIAL RATIOS
ROE	34		%	26		%	28		%	23		%	23		%
Overhead ratio	65			66			67			68			66
Pretax margin ratio:
Asset Management	37			27			31			29			33
Global Private Bank	33			39			40			33			27
Asset & Wealth Management	35			33			36			31			30
Headcount	26,773			26,041			25,769			23,981			23,366			3		15
Number of Global Private Bank client advisors	3,189			3,137			3,110			2,866			2,798			2		14

Page 21

Page 22

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS
																1Q23 Change
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	232,516		$	232,037		$	232,303		$	235,553		$	233,070		—	%	—	%
Loans	211,140			214,006			214,989			218,841			215,130			(1)		(2)
Deposits	225,831			233,130			242,315			257,437			287,293			(3)		(21)
Equity	16,000			17,000			17,000			17,000			17,000			(6)		(6)
SELECTED BALANCE SHEET DATA (average)
Total assets	$	228,823		$	230,149		$	232,748		$	234,565		$	232,310		(1)		(2)
Loans	211,469			214,150			216,714			216,846			214,611			(1)		(1)
Deposits	224,354			236,965			253,026			268,861			287,756			(5)		(22)
Equity	16,000			17,000			17,000			17,000			17,000			(6)		(6)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(2)		$	(2)		$	(13)		$	9		$	(1)		—		(100)
Nonaccrual loans	477			459			467			620			626			4		(24)
Allowance for credit losses:
Allowance for loan losses	526			494			461			547			516			6		2
Allowance for lending-related commitments	19			20			21			22			19			(5)		—
Total allowance for credit losses	545			514			482			569			535			6		2
Net charge-off/(recovery) rate	—		%	—		%	(0.02)		%	0.02		%	—		%
Allowance for loan losses to period-end loans	0.25			0.23			0.21			0.25			0.24
Allowance for loan losses to nonaccrual loans	110			108			99			88			82
Nonaccrual loans to period-end loans	0.23			0.21			0.22			0.28			0.29

Page 23

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
											Mar 31, 2023
											Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Mar 31,
CLIENT ASSETS	2023		2022		2022		2022		2022		2022		2022
Assets by asset class
Liquidity	$	761	$	654	$	615	$	654	$	657	16	%	16	%
Fixed income	682		638		612		624		657		7		4
Equity	733		670		609		641		739		9		(1)
Multi-asset	627		603		577		615		699		4		(10)
Alternatives	203		201		203		209		208		1		(2)
TOTAL ASSETS UNDER MANAGEMENT	3,006		2,766		2,616		2,743		2,960		9		2
Custody/brokerage/administration/deposits	1,341		1,282		1,207		1,055		1,156		5		16
TOTAL CLIENT ASSETS (a)	$	4,347	$	4,048	$	3,823	$	3,798	$	4,116	7		6
Assets by client segment
Private Banking	$	826	$	751	$	698	$	712	$	777	10		6
Global Institutional	1,347		1,252		1,209		1,294		1,355		8		(1)
Global Funds	833		763		709		737		828		9		1
TOTAL ASSETS UNDER MANAGEMENT	$	3,006	$	2,766	$	2,616	$	2,743	$	2,960	9		2
Private Banking	$	2,090	$	1,964	$	1,848	$	1,715	$	1,880	6		11
Global Institutional	1,417		1,314		1,261		1,339		1,402		8		1
Global Funds	840		770		714		744		834		9		1
TOTAL CLIENT ASSETS (a)	$	4,347	$	4,048	$	3,823	$	3,798	$	4,116	7		6
Assets under management rollforward
Beginning balance	$	2,766	$	2,616	$	2,743	$	2,960	$	3,113
Net asset flows:
Liquidity	93		33		(36)		—		(52)
Fixed income	26		8		9		(1)		(3)
Equity	22		9		6		9		11
Multi-asset	(2)		(7)		(5)		(3)		6
Alternatives	1		—		2		1		5
Market/performance/other impacts	100		107		(103)		(223)		(120)
Ending balance	$	3,006	$	2,766	$	2,616	$	2,743	$	2,960
Client assets rollforward
Beginning balance	$	4,048	$	3,823	$	3,798	$	4,116	$	4,295
Net asset flows	152		70		(15)		(1)		(5)
Market/performance/other impacts	147		155		40		(317)		(174)
Ending balance	$	4,347	$	4,048	$	3,823	$	3,798	$	4,116

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

Page 24

JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
	QUARTERLY TRENDS
															1Q23 Change
	1Q23			4Q22			3Q22			2Q22			1Q22		4Q22	1Q22
INCOME STATEMENT
REVENUE
Principal transactions	$	82		$	(7)		$	(76)		$	17		$	(161)	NM	NM
Investment securities losses	(868)			(874)			(959)			(153)			(394)		1	(120)	%
All other income	31			766		(e)	(59)			(108)			210		(96)	(85)
Noninterest revenue	(755)			(115)			(1,094)			(244)			(345)		NM	(119)
Net interest income	1,740			1,298			792			324			(536)		34	NM
TOTAL NET REVENUE (a)	985			1,183			(302)			80			(881)		(17)	NM
Provision for credit losses	370			(14)			(21)			28			29		NM	NM
NONINTEREST EXPENSE	160			339			305			206			184		(53)	(13)
Income/(loss) before income tax expense/(benefit)	455			858			(586)			(154)			(1,094)		(47)	NM
Income tax expense/(benefit)	211			277			(292)			20			(238)		(24)	NM
NET INCOME/(LOSS)	$	244		$	581		$	(294)		$	(174)		$	(856)	(58)	NM
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	1,106			603			(180)			82			(944)		83	NM
Other Corporate	(121)			580			(122)			(2)			63		NM	NM
TOTAL NET REVENUE	$	985		$	1,183		$	(302)		$	80		$	(881)	(17)	NM
NET INCOME/(LOSS)
Treasury and CIO	624			531			(68)			88			(748)		18	NM
Other Corporate	(380)			50			(226)			(262)			(108)		NM	(252)
TOTAL NET INCOME/(LOSS)	$	244		$	581		$	(294)		$	(174)		$	(856)	(58)	NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,307,989		$	1,328,219		$	1,408,726		$	1,459,528		$	1,539,844	(2)	(15)
Loans	2,267			2,181			2,206			2,187			1,957		4	16
Deposits	19,458		(d)	14,203		(d)	14,449		(d)	13,191		(d)	1,434		37	NM
Headcount	44,743			44,196			42,806			40,348			39,802		1	12
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses	$	(868)		$	(874)		$	(959)		$	(153)		$	(394)	1	(120)
Available-for-sale securities (average)	202,776			195,788			209,008			252,121			304,314		4	(33)
Held-to-maturity securities (average) (b)	417,350			427,802			436,302			418,843			364,814		(2)	14
Investment securities portfolio (average)	$	620,126		$	623,590		$	645,310		$	670,964		$	669,128	(1)	(7)
Available-for-sale securities (period-end)	195,228			203,981			186,441			220,213			310,909		(4)	(37)
Held-to-maturity securities (period-end) (b)	412,827			425,305			430,106			441,649			366,585		(3)	13
Investment securities portfolio, net of allowance for credit losses (period-end) (c)	$	608,055		$	629,286		$	616,547		$	661,862		$	677,494	(3)	(10)

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

(b)In January 2023, upon adoption of the Derivatives and Hedging: Fair Value Hedging - Portfolio Layer Method accounting guidance, the Firm elected to transfer $7.1 billion of HTM securities to AFS. The transferred securities were placed in a closed AFS securities portfolio as part of a portfolio layer method hedge. During 2022, the Firm transferred $78.3 billion of investment securities from AFS to HTM for capital management purposes. At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, the estimated fair value of the HTM securities portfolio was $382.0 billion, $388.6 billion, $389.8 billion, $415.6 billion and $350.5 billion, respectively. Refer to Accounting and Reporting Developments on page 153 of the Firm’s 2022 Form 10-K for additional information on the portfolio layer method.

(c)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, the allowance for credit losses on investment securities was $61 million, $67 million, $52 million, $47 million and $41 million, respectively.

(d)Predominantly relates to international consumer growth initiatives.

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

Page 25

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
												Mar 31, 2023
												Change
	Mar 31,		Dec 31,			Sep 30,		Jun 30,		Mar 31,		Dec 31,		Mar 31,
	2023		2022			2022		2022		2022		2022		2022
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	300,447	$	300,753		$	301,403	$	302,631	$	296,161	—	%	1	%
Loans held-for-sale and loans at fair value	10,986		10,622			12,393		14,581		16,328		3		(33)
Total consumer, excluding credit card loans	311,433		311,375			313,796		317,212		312,489		—		—
Credit card loans
Loans retained	180,079		185,175			170,462		165,494		152,283		(3)		18
Total credit card loans	180,079		185,175			170,462		165,494		152,283		(3)		18
Total consumer loans	491,512		496,550			484,258		482,706		464,772		(1)		6
Wholesale loans (b)
Loans retained	604,324		603,670			596,208		584,265		569,953		—		6
Loans held-for-sale and loans at fair value	33,060		35,427			32,167		37,184		38,560		(7)		(14)
Total wholesale loans	637,384		639,097			628,375		621,449		608,513		—		5
Total loans	1,128,896		1,135,647			1,112,633		1,104,155		1,073,285		(1)		5
Derivative receivables	59,274		70,880			92,534		81,317		73,636		(16)		(20)
Receivables from customers (c)	43,943		49,257			54,921		58,349		68,473		(11)		(36)
Total credit-related assets	1,232,113		1,255,784			1,260,088		1,243,821		1,215,394		(2)		1
Lending-related commitments
Consumer, excluding credit card	37,568		33,518			34,868		40,484		47,103		12		(20)
Credit card (d)	861,218		821,284			798,855		774,021		757,283		5		14
Wholesale	484,539		471,980		(g)	472,950		487,500		497,232		3		(3)
Total lending-related commitments	1,383,325		1,326,782			1,306,673		1,302,005		1,301,618		4		6
Total credit exposure	$	2,615,438	$	2,582,566		$	2,566,761	$	2,545,826	$	2,517,012	1		4
Memo: Total by category
Consumer exposure (e)	$	1,390,298	$	1,351,352		$	1,317,981	$	1,297,211	$	1,269,158	3		10
Wholesale exposure (f)	1,225,140		1,231,214			1,248,780		1,248,615		1,247,854		—		(2)
Total credit exposure	$	2,615,438	$	2,582,566		$	2,566,761	$	2,545,826	$	2,517,012	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, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.

(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(d)Also includes commercial card lending-related commitments primarily in CB and CIB.

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

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

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

Page 26

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Mar 31, 2023
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2023			2022			2022			2022			2022			2022		2022
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained	$	3,843		$	3,874		$	3,917		$	4,186		$	4,485		(1)	%	(14)	%
Loans held-for-sale and loans at fair value	452			451			461			486			525			—		(14)
Total consumer nonaccrual loans	4,295			4,325			4,378			4,672			5,010			(1)		(14)
Wholesale nonaccrual loans
Loans retained	2,211			1,963			1,882			2,083			2,289			13		(3)
Loans held-for-sale and loans at fair value	389			432			414			407			459			(10)		(15)
Total wholesale nonaccrual loans	2,600			2,395			2,296			2,490			2,748			9		(5)
Total nonaccrual loans (b)	6,895			6,720			6,674			7,162			7,758			3		(11)
Derivative receivables	291			296			339			447			597			(2)		(51)
Assets acquired in loan satisfactions	232			231			230			236			250			—		(7)
Total nonperforming assets	7,418			7,247			7,243			7,845			8,605			2		(14)
Wholesale lending-related commitments (c)	401			455			470			397			767			(12)		(48)
Total nonperforming exposure	$	7,819		$	7,702		$	7,713		$	8,242		$	9,372		2		(17)
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.61		%	0.59		%	0.60		%	0.65		%	0.72		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.38			1.39			1.40			1.47			1.60
Total wholesale nonaccrual loans to total
wholesale loans	0.41			0.37			0.37			0.40			0.45

(a)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $263 million, $302 million, $362 million, $453 million and $598 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2022 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

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

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

Page 27

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS
																	1Q23 Change
	1Q23				4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	19,139		(b)	$	18,185		$	17,750		$	17,192		$	16,386		5	%	17	%
Net charge-offs:
Gross charge-offs	1,451				1,210			1,104			1,036			976			20		49
Gross recoveries collected	(314)				(323)			(377)			(379)			(394)			3		20
Net charge-offs	1,137				887			727			657			582			28		95
Provision for loan losses	2,047				2,426			1,165			1,230			1,368			(16)		50
Other	4				2			(3)			(15)			20			100		(80)
Ending balance	$	20,053			$	19,726		$	18,185		$	17,750		$	17,192		2		17
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,382			$	2,551		$	2,222		$	2,358		$	2,261		(7)		5
Provision for lending-related commitments	(13)				(169)			328			(135)			96			92		NM
Other	1				—			1			(1)			1			NM		—
Ending balance	$	2,370			$	2,382		$	2,551		$	2,222		$	2,358		(1)		1
ALLOWANCE FOR INVESTMENT SECURITIES	$	90			$	96		$	61		$	47		$	41		(6)		120
Total allowance for credit losses (a)	$	22,513			$	22,204		$	20,797		$	20,019		$	19,591		1		15
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.18		%		0.16		%	0.10		%	0.04		%	0.06		%
Credit card retained loans	2.07				1.62			1.40			1.47			1.37
Total consumer retained loans	0.89				0.70			0.56			0.53			0.50
Wholesale retained loans	0.06				0.03			0.04			0.03			0.02
Total retained loans	0.43				0.33			0.27			0.25			0.24
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	300,585			$	301,093		$	301,347		$	299,649		$	295,460		—		2
Credit card retained loans	180,451				177,026			168,125			158,434			149,398			2		21
Total average retained consumer loans	481,036				478,119			469,472			458,083			444,858			1		8
Wholesale retained loans	601,401				599,817			590,490			577,850			559,395			—		8
Total average retained loans	$	1,082,437			$	1,077,936		$	1,059,962		$	1,035,933		$	1,004,253		—		8

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

(b)On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance eliminated the existing accounting and disclosure requirements for trouble debt restructurings (“TDRs”), including the requirement to measure the allowance using a discounted cash flow (“DCF”) methodology. The Firm elected to apply its portfolio-based allowance approach to substantially all its non-collateral dependent modified loans to troubled borrowers, resulting in a net decrease in the beginning balance of the allowance for loan losses of $587 million, predominantly driven by residential real estate and credit card. Refer to Note 1 of the Firm’s 2022 Form 10-K for further information.

Page 28

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																	Mar 31, 2023
																	Change
	Mar 31,			Dec 31,				Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2023			2022				2022			2022			2022			2022		2022
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	(1,030)		$	(624)		(d)	$	(702)		$	(676)		$	(644)		(65)	%	(60)	%
Portfolio-based	2,696			2,664			(d)	2,521			2,605			2,538			1		6
Total consumer, excluding credit card	1,666			2,040				1,819			1,929			1,894			(18)		(12)
Credit card
Asset-specific (a)	—			223				218			227			262			NM		NM
Portfolio-based	11,400			10,977				10,182			10,173			9,988			4		14
Total credit card	11,400			11,200				10,400			10,400			10,250			2		11
Total consumer	13,066			13,240				12,219			12,329			12,144			(1)		8
Wholesale
Asset-specific (a)	437			467				450			332			485			(6)		(10)
Portfolio-based	6,550			6,019				5,516			5,089			4,563			9		44
Total wholesale	6,987			6,486				5,966			5,421			5,048			8		38
Total allowance for loan losses	20,053			19,726				18,185			17,750			17,192			2		17
Allowance for lending-related commitments	2,370			2,382				2,551			2,222			2,358			(1)		1
Allowance for investment securities	90			96				61			47			41			(6)		120
Total allowance for credit losses	$	22,513		$	22,204			$	20,797		$	20,019		$	19,591		1		15
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.55		%	0.68		%		0.60		%	0.64		%	0.64		%
Credit card allowance to total credit card retained loans	6.33			6.05				6.10			6.28			6.73
Wholesale allowance to total wholesale retained loans	1.16			1.07				1.00			0.93			0.89
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (b)	1.26			1.17				1.08			0.99			0.95
Total allowance to total retained loans	1.85			1.81				1.70			1.69			1.69
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)	43			53				46			46			42
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (c)	143			146				134			117			102
Wholesale allowance to wholesale retained nonaccrual loans	316			330				317			260			221
Total allowance to total retained nonaccrual loans	331			338				314			283			254

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

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

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

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

Page 29

JPMORGAN CHASE & CO.
NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

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

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

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

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

(e)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets (“Markets”, which is composed of Fixed Income Markets and Equity Markets), as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income.These metrics, which excludeMarkets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to page 70 of the Firm’s 2022 Form 10-K.

	QUARTERLY TRENDS
																1Q23 Change
(in millions, except rates)	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
Net interest income - reported	$	20,711		$	20,192		$	17,518		$	15,128		$	13,872		3	%	49	%
Fully taxable-equivalent adjustments	120			121			112			103			98			(1)		22
Net interest income - managed basis (a)	$	20,831		$	20,313		$	17,630		$	15,231		$	13,970		3		49
Less: Markets net interest income	(105)			315			707			1,549			2,218			NM		NM
Net interest income excluding Markets (a)	$	20,936		$	19,998		$	16,923		$	13,682		$	11,752		5		78
Average interest-earning assets	$	3,216,757		$	3,265,071		$	3,344,949		$	3,385,894		$	3,401,951		(1)		(5)
Less: AverageMarkets interest-earning assets	982,572			939,420			952,488			957,304			963,845			5		2
Average interest-earning assets excluding Markets	$	2,234,185		$	2,325,651		$	2,392,461		$	2,428,590		$	2,438,106		(4)		(8)
Net yield on average interest-earning assets - managed basis	2.63		%	2.47		%	2.09		%	1.80		%	1.67		%
Net yield on averageMarkets interest-earning assets	(0.04)			0.13			0.29			0.65			0.93
Net yield on average interest-earning assets excluding Markets	3.80			3.41			2.81			2.26			1.95
Noninterest revenue - reported	$	17,638		$	14,355		$	15,198		$	15,587		$	16,845		23		5
Fully taxable-equivalent adjustments	867			898			663			812			775			(3)		12
Noninterest revenue - managed basis	$	18,505		$	15,253		$	15,861		$	16,399		$	17,620		21		5
Less: Markets noninterest revenue	8,487			5,355			6,064			6,241			6,535			58		30
Noninterest revenue excluding Markets	$	10,018		$	9,898		$	9,797		$	10,158		$	11,085		1		(10)
Memo: Markets total net revenue	$	8,382		$	5,670		$	6,771		$	7,790		$	8,753		48		(4)

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

XML

Document and Entity Information	Apr. 14, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 14, 2023
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
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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
Alerian MLP Index ETNs due May 24, 2024
Entity Information [Line Items]
Title of 12(b) Security	Alerian MLP Index ETNs due May 24, 2024
Trading Symbol	AMJ
Security Exchange Name	NYSEArca
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
Trading Symbol	JPM/32
Security Exchange Name	NYSE