#1JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT SECOND QUARTER 2023#2JPMORGAN CHASE & CO. TABLE OF CONTENTS Consolidated Results Consolidated Financial Highlights Consolidated Statements of Income Consolidated Balance Sheets Condensed Average Balance Sheets and Annualized Yields Reconciliation from Reported to Managed Basis Segment Results - Managed Basis Capital and Other Selected Balance Sheet Items Earnings Per Share and Related Information Business Segment Results Consumer & Community Banking ("CCB") Corporate & Investment Bank ("CIB") Commercial Banking ("CB") Asset & Wealth Management ("AWM") Corporate Credit-Related Information Non-GAAP Financial Measures Supplemental Information Related to the First Republic Acquisition Glossary of Terms and Acronyms (a) JPMORGAN CHASE & Co. Page(s) ܣܐ ܕ ܟ ܗ ܢ ܣ ܝ 9-10 12-15 16-18 19-20 21-23 24 25-28 29 30 (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").#3JPMORGAN CHASE & CO. CONSOLIDATED FINANCIAL HIGHLIGHTS (in millions, except per share and ratio data) SELECTED INCOME STATEMENT DATA Reported Basis Total net revenue Total noninterest expense Pre-provision profit (a) Provision for credit losses NET INCOME Managed Basis (b) Total net revenue Total noninterest expense Pre-provision profit (a) Provision for credit losses NET INCOME EARNINGS PER SHARE DATA Net income: Basic Diluted Average shares: Basic Diluted MARKET AND PER COMMON SHARE DATA Market capitalization Common shares at period-end Book value per share Tangible book value per share ("TBVPS") (a) Cash dividends declared per share FINANCIAL RATIOS (c) Return on common equity ("ROE") Return on tangible common equity ("ROTCE") (a) Return on assets CAPITAL RATIOS (d) Common equity Tier 1 ("CET1") capital ratio Tier 1 capital ratio Total capital ratio Tier 1 leverage ratio Supplementary leverage ratio ("SLR") $ $ 2Q23 41,307 20,822 20,485 2,899 (e) 14,472 42,401 (e) (e) 20,822 21,579 2,899 (e) 14,472 4.76 4.75 2,943.8 2,948.3 $ 422,661 2,906.1 98.11 79.90 1.00 20% 25 (e) (e) $ 38,349 20,107 18,242 2,275 12,622 1.51 13.8% (f) 15.3 (f) 17.3 (f) 6.9 (f) 5.8 (f) 1Q23 $ 39,336 20,107 19,229 2,275 12,622 4.11 4.10 2,968.5 2,972.7 $380,803 2,922.3 94.34 76.69 1.00 18 % 23 1.38 13.8% 15.4 17.4 6.9 5.9 $ $ 4Q22 34,547 19,022 15,525 2,288 11,008 35,566 19,022 16,544 2,288 11,008 3.58 3.57 2,962.9 2,967.1 $393,484 2,934.3 90.29 73.12 1.00 QUARTERLY TRENDS 16 % 20 1.16 13.2 % 14.9 16.8 6.6 5.6 3Q22 $32,716 19,178 13,538 1,537 9,737 $ 33,491 19,178 14,313 1,537 9,737 3.13 3.12 2,961.2 2,965.4 $ 306,520 2,933.2 87.00 69.90 1.00 15 % 18 1.01 12.5 % 14.1 16.0 6.2 5.3 2Q22 $ 30,715 18,749 11,966 1,101 8,649 $ 31,630 18,749 12,881 1,101 8,649 2.77 2.76 2,962.2 2,966.3 $ 330,237 2,932.6 86.38 69.53 1.00 13 % 17 0.89 12.2 % 14.1 15.7 6.2 5.3 2Q23 Change 1Q23 8% 4 12 27 15 8 4 12 27 15 16 16 (1) (1) 11 (1) + + 1 2Q22 34% 11 71 163 67 34 11 68 163 67 72 72 JPMORGAN CHASE & Co. (1) (1) 28 (1) 14 15 2023 $ 79,656 40,929 38,727 5,174 27,094 $ 8.86 8.85 2,956.1 2,960.5 $ 422,661 2,906.1 SIX MONTHS ENDED JUNE 30, 81,737 (e) 40,929 (e) 40,808 5,174 27,094 98.11 79.90 2.00 19 % 24 1.45 (e) $ 61,432 (e) 37,940 23,492 (e) (e) 13.8% (f) 15.3 (f) 17.3 (f) 6.9 (f) 5.8 (f) 2022 $ 2,564 16,931 63,220 37,940 25,280 2,564 16,931 5.40 5.39 2,969.6 2,973.7 $ 330,237 2,932.6 86.38 69.53 2.00 13 % 16 0.87 12.2 % 14.1 15.7 6.2 5.3 2023 Change 2022 30 % 8 65 102 60 29 8 61 102 60 64 64 28 (1) 14 15 (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 (b) Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis. measures. (c) Quarterly ratios are based upon annualized amounts. (d) The capital metrics reflect the Current Expected Credit Losses ("CECL") capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit is being phased out at 25% per year over a three-year period. As of June 30, 2023 and March 31, 2023, CET1 capital reflected the remaining $1.4 billion CECL benefit; as of December 31, 2022, September 30, 2022 and June 30, 2022, CET1 capital reflected a $2.2 billion benefit. Refer to Capital Risk Management on pages 36-41 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, and pages 86-96 of the Firm's 2022 Form 10-K for additional information. (e) On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the "First Republic acquisition") from the Federal Deposit Insurance Corporation ("FDIC"). Refer to page 30 for additional information. (f) Estimated. Page 2#4JPMORGAN CHASE & CO. CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratios, headcount and where otherwise noted) SELECTED BALANCE SHEET DATA (period-end) Total assets Loans: Consumer, excluding credit card loans Credit card loans Wholesale loans Total loans Deposits: U.S. offices: Noninterest-bearing Interest-bearing Non-U.S. offices: Noninterest-bearing Interest-bearing Total deposits Long-term debt Common stockholders' equity Total stockholders' equity Loans-to-deposits ratio Headcount 95% CONFIDENCE LEVEL - TOTAL VAR Average VaR (a) LINE OF BUSINESS NET REVENUE (b) Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management Corporate TOTAL NET REVENUE LINE OF BUSINESS NET INCOME/(LOSS) Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management Corporate NET INCOME MEMO: SELECTED FIRMWIDE METRICS Wealth Management (c) Client assets (in billions) Numbe J.P.Morgan Payments (d) Total net revenue Merchant processing volume (in billions) Average deposits (in billions) $3,868,240 2Q23 656,778 1,311,893 408,204 311,433 180,079 191,348 700,517 637,384 1,300,069 (e) 1,128,896 $ $ 24,268 25,071 406,023 397,796 2,398,962 (e) 2,377,253 364,078 (f) 285,112 312,516 54% 300,066 (g) 47 17,233 12,519 3,988 4,943 3,718 $ 42,401 (h) $ 5,306 4,092 1,208 1,226 2,640 14,472 $ 2,862 (1) 8,367 $3,744,305 4,729 600.1 720 1Q23 663,772 1,290,614 $ $ 295,489 275,678 303,082 47 % 296,877 47 $ 16,456 13,600 3,511 4,784 985 39,336 5,243 4,421 1,347 1,367 244 $ 12,622 $ 2,594 4,458 558.8 707 (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. $3,665,743 4Q22 311,375 185,175 639,097 1,135,647 644,902 1,276,346 27,005 391,926 2,340,179 $ $ 295,865 264,928 292,332 49 % 293,723 61 15,793 10,598 (j) 3,404 4,588 1,183 $ 35,566 4,556 3,314 1,423 1,134 581 $ 11,008 QUARTERLY TRENDS $ 2,438 8,166 4,423 583.2 732 $3,773,884 313,796 170,462 628,375 1,112,633 3Q22 688,292 1,304,012 26,629 389,682 2,408,615 $ $ 287,473 255,180 288,018 $ 46 % (j) $ 14,281 (j) 11,925 (j) 3,048 4,539 288,474 54 (302) $ 33,491 4,344 3,522 946 1,219 (294) 9,737 2,302 8,127 3,762 545.4 748 $3,841,314 317,212 165,494 621,449 1,104,155 714,478 1,343,802 26,983 386,281 2,471,544 $ $ 2Q22 $ $ $ $ 288,212 253,305 286,143 45% 278,494 54 12,558 12,003 2,683 4,306 80 31,630 3,108 3,717 994 1,004 (174) 8,649 2,177 7,75 3,130 539.6 816 (j) (j) 2Q23 Change 1Q23 3% 31 6 10 15 (1) 2 (3) 2 1 23 3 3 1 I o + ෆ 5 (8) 277 8 1 (7) (10) (10) NM 15 10 1 6 7 2 2Q22 1% 29 16 13 18 (8) (2) (10) 5 (3) 26 13 9 JPMORGAN CHASE & Co. 8 (13) 37 4 49 15 NM 34 71 10 22 22 NM 67 31 8 51 11 (12) 2023 $3,868,240 408,204 191,348 700,517 1,300,069 656,778 1,311,893 $ 364,078 (f) 285,112 312,516 54% 300,066 SIX MONTHS ENDED JUNE 30, $ 10,549 8,513 2,555 2,593 2,884 27,094 26,983 386,281 2,398,962 (e) 2,471,544 24,268 406,023 (e) $ 33,689 26,119 7,499 9,727 4,703 $ 81,737 (h) 2,862 8,367 9,187 1,158.9 714 (g) $3,841,314 2022 317,212 165,494 621,449 1,104,155 714,478 1,343,802 $ 288,212 253,305 286,143 (i) $ 45% $ 24,740 25,579 5,081 8,621 (801) 63,220 278,494 6,016 8,089 1,844 2,012 (1,030) $ 16,931 2,177 7,756 5,725 1,029.8 819 (j) (j) 2023 Change 2022 1% 29 16 13 18 (d) Predominantly in CIB and CB; total net revenue excludes the net impact of equity investments. (e) At June 30, 2023, includes $150 billion of loans and $68 billion of deposits associated with the First Republic acquisition. Refer to page 30 for additional information. (f) Includes a five year $50 billion notional, secured note payable to the FDIC and $25 billion of assumed FHLB advances associated with the First Republic acquisition. (g) Excludes 5,132 individuals associated with the First Republic acquisition who became employees effective July 2, 2023. (h) Includes the impact of the First Republic acquisition. Refer to page 30 for additional information. (i) As of June 30, 2023, includes $150.9 billion of client investment assets associated with the First Republic acquisition. (j) In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation. (8) (2) (10) 5 (3) 26 13 9 8 36 2 48 13 NM 60 29 75 5 39 29 NM 60 31 8 60 13 (13) Page 3#5JPMORGAN CHASE & CO. CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share and ratio data) REVENUE Investment banking fees Principal transactions Lending- and deposit-related fees Asset management fees Commissions and other fees Investment securities losses Mortgage fees and related income Card income Other income Noninterest revenue Interest income Interest expense Net interest income TOTAL NET REVENUE Provision for credit losses NONINTEREST EXPENSE Compensation expense Occupancy expense Technology, communications and equipment expense Professional and outside services Marketing Other expense (a) TOTAL NONINTEREST EXPENSE Income before income tax expense Income tax expense NET INCOME NET INCOME PER COMMON SHARE DATA Basic earnings per share Diluted earnings per share FINANCIAL RATIOS Return on common equity (b) Return on tangible common equity (b)(c) Return on assets (b) Effective income tax rate Overhead ratio 2Q23 $ 1,513 6,910 1,828 3,774 1,739 (900) 278 1,094 3,292 (d) 19,528 41,644 19,865 21,779 41,307 2,899 (d) 11,216 1,070 2,267 2,561 1,122 2,586 (d) 20,822 17,586 3,114 $ 14,472 4.76 4.75 20 % 25 1.51 17.7 50 (e) $ 1Q23 $ 1,649 7,615 1,620 3,465 1,695 (868) 221 1,234 1,007 17,638 37,004 16,293 20,711 38,349 2,275 11,676 1,115 2,184 2,448 1,045 1,639 20,107 15,967 3,345 $ 12,622 4.11 4.10 18 % 23 1.38 20.9 52 $ $ 4Q22 1,418 4,434 1,655 3,432 1,574 (874) 98 1,226 1,392 14,355 33,054 12,862 20,192 34,547 2,288 10,009 1,271 2,256 2,652 1,093 1,741 19,022 13,237 2,229 11,008 3.58 3.57 QUARTERLY TRENDS 16 % 20 1.16 16.8 55 $ $ $ 3Q22 1,674 5,383 1,731 3,495 1,574 (959) 314 1,086 900 15,198 25,611 8,093 17,518 32,716 1,537 10,539 1,162 2,366 2,481 1,017 1,613 19,178 12,001 2,264 9,737 3.13 3.12 15 % 18 1.01 18.9 59 $ $ $ 2Q22 1,586 4,990 1,873 3,517 1,723 (153) 378 1,133 540 15,587 18,646 3,518 15,128 30,715 1,101 10,301 1,129 2,376 2,469 881 1,593 18,749 10,865 2,216 8,649 2.77 2.76 13 % 17 0.89 20.4 61 2Q23 Change 1Q23 (8)% (9) 13 9 3 (4) 26 (11) 227 11 13 22 5 8 27 (4) 4 5 7 58 4 10 (7) 15 16 16 JPMORGAN CHASE & CO. 2Q22 2023 $ 3,162 $ 3,594 14,525 10,095 (2) 3,448 3,712 7 7,239 7,169 1 3,434 3,433 (488) (1,768) (547) 111 (26) 499 838 (3) 2,328 2,108 NM 4,299 (d) 2,030 25 37,166 32,432 78,648 34,142 36,158 5,142 42,490 79,656 (5)% 38 123 465 44 34 163 9 (5) (5) 4 27 62 11 62 41 67 72 72 $ $ 5,174 SIX MONTHS ENDED JUNE 30, 8.86 8.85 22,892 2,185 4,451 5,009 2,167 4,225 40,929 33,553 6,459 (e) 27,094 19% 24 1.45 19.3 51 (d) (d) $ $ 2022 29,000 61,432 2,564 21,088 2,263 4,736 5,041 1,801 3,011 37,940 20,928 3,997 16,931 5.40 5.39 13 % 16 0.87 19.1 62 2023 Change 2022 (12)% 44 (7) 1 (223) (40) 10 112 15 130 NM 47 30 102 9 (3) (6) (1) 20 40 8 60 62 60 64 64 (a) Included Firmwide legal expense of $420 million, $176 million, $27 million, $47 million and $73 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $596 million and $192 million for the six months ended June 30, 2023 and June 30, 2022 respectively. (b) Quarterly ratios are based upon annualized amounts. (c) Refer to page 29 for further discussion of ROTCE. (d) As a result of the First Republic acquisition on May 1, 2023, includes the estimated bargain purchase gain of $2.7 billion recorded in other income, an increase to the provision for credit losses of $1.2 billion, and other expense of $599 million. Refer to page 30 for additional information. (e) Income taxes associated with the First Republic acquisition are reflected in the bargain purchase gain, resulting in a reduction in the Firm's effective tax rate of 3.4 percentage points. Page 4#6JPMORGAN CHASE & CO. CONSOLIDATED BALANCE SHEETS (in millions) ASSETS Cash and due from banks Deposits with banks Federal funds sold and securities purchased under resale agreements Securities borrowed Trading assets: Debt and equity instruments Derivative receivables Available-for-sale ("AFS") securities Held-to-maturity ("HTM") securities Investment securities, net of allowance for credit losses Loans Less: Allowance for loan losses Loans, net of allowance for loan losses Accrued interest and accounts receivable Premises and equipment Goodwill, MSRs and other intangible assets Other assets TOTAL ASSETS LIABILITIES Deposits Federal funds purchased and securities loaned or sold under repurchase agreements Short-term borrowings Trading liabilities: Debt and equity instruments Derivative payables Accounts payable and other liabilities Beneficial interests issued by consolidated VIES Long-term debt TOTAL LIABILITIES STOCKHOLDERS' EQUITY Preferred stock Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income/(loss) ("AOCI") Treasury stock, at cost TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ Jun 30, 2023 26,064 469,059 325,628 163,563 572,779 64,217 203,262 (a) 408,941 612,203 1,300,069 (a) 21,980 (b) 1,278,089 111,561 29,493 64,238 151,346 $ 3,868,240 266,272 41,022 132,264 46,545 286,934 19,647 364,078 (c) 3,555,724 $ 27,404 4,105 89,578 317,359 (14,290) (111,640) 312,516 $ 3,868,240 Mar 31, 2023 $ 2,398,962 (a) $ 2,377,253 25,098 520,902 317,111 195,917 519,618 59,274 197,248 412,827 610,075 1,128,896 20,053 1,108,843 115,316 28,266 62,090 181,795 $ 3,744,305 246,396 42,241 145,153 44,711 275,077 14,903 295,489 3,441,223 27,404 4,105 89,155 306,208 (14,418) (109,372) 303,082 $ 3,744,305 $ Dec 31, 2022 27,697 539,537 315,592 185,369 382,919 70,880 205,857 425,305 631,162 1,135,647 19,726 1,115,921 125,189 27,734 60,859 182,884 $ 3,665,743 $ 2,340,179 202,613 44,027 126,835 51,141 300,141 12,610 295,865 3,373,411 27,404 4,105 89,044 296,456 (17,341) (107,336) 292,332 $ 3,665,743 JPMORGAN CHASE & CO. Jun 30, 2023 Change $ Sep 30, 2022 24,654 619,533 301,878 193,216 413,953 92,534 188,140 430,106 618,246 1,112,633 18,185 1,094,448 143,905 27,199 60,806 183,512 $ 3,773,884 $ 2,408,615 239,939 47,866 133,175 56,703 300,016 12,079 287,473 3,485,866 32,838 4,105 88,865 288,776 (19,134) (107,432) 288,018 $ 3,773,884 $ Jun 30, 2022 27,215 642,045 322,156 202,393 384,260 81,317 222,069 441,649 663,718 1,104,155 17,750 1,086,405 145,442 26,770 59,360 200,233 $ 3,841,314 $ 2,471,544 222,719 58,422 137,891 52,417 313,326 10,640 288,212 3,555,171 32,838 4,105 88,614 282,445 (14,369) (107,490) 286,143 $ 3,841,314 Mar 31, 2023 (a) Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information. (b) At June 30, 2023, includes an addition to the allowance for loan losses of $1.1 billion associated with the First Republic acquisition. (c) At June 30, 2023, includes a five-year $50 billion notional, secured note payable to the FDIC and $25 billion of assumed FHLB advances associated with the First Republic acquisition. 4% (10) 3 (17) W WA @JO (17) 1 8 (3) (9) 4 4 32 23 3 w w ÑAT (2) Jun 30, 2022 (4)% (27) 1 (19) 49 (21) (8) (7) (8) 18 24 18 (23) 10 8 (24) 1 (3) 20 (30) (4) (11) (8) 85 26 (17) 1 12 1 (4) 9 1 Page 5#7JPMORGAN CHASE & CO. CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS (in millions, except rates) AVERAGE BALANCES ASSETS Deposits with banks Federal funds sold and securities purchased under resale agreements Securities borrowed Trading assets - debt instruments Investment securities Loans All other interest-earning assets (a) Total interest-earning assets Trading assets - equity and other instruments Trading assets - derivative receivables All other noninterest-earning assets TOTAL ASSETS LIABILITIES Interest-bearing deposits Federal funds purchased and securities loaned or sold under repurchase agreements Short-term borrowings (b) Trading liabilities - debt and all other interest-bearing liabilities (c) Beneficial interests issued by consolidated VIES Long-term debt Total interest-bearing liabilities Noninterest-bearing deposits Trading liabilities - equity and other instruments Trading liabilities - derivative payables All other noninterest-bearing liabilities TOTAL LIABILITIES Preferred stock Common stockholders' equity TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY AVERAGE RATES (d) INTEREST-EARNING ASSETS Deposits with banks Federal funds sold and securities purchased under resale agreements Securities borrowed Trading assets - debt instruments Investment securities Loans All other interest-earning assets (a) Total interest-earning assets INTEREST-BEARING LIABILITIES Interest-bearing deposits Federal funds purchased and securities loaned or sold under repurchase agreements Short-term borrowings (b) Trading liabilities - debt and all other interest-bearing liabilities (c) Beneficial interests issued by consolidated VIES Long-term debt Total interest-bearing liabilities INTEREST RATE SPREAD NET YIELD ON INTEREST-EARNING ASSETS Memo: Net yield on interest-earning assets excluding Markets (e) $ 2Q23 495,018 326,563 191,393 391,945 611,552 1,238,237 89,072 3,343,780 169,558 63,339 274,711 $ 3,851,388 $ 1,715,699 263,718 35,335 293,269 15,947 294,239 2,618,207 671,715 28,513 46,934 180,730 3,546,099 27,404 277,885 305,289 $ 3,851,388 4.20 % 4.63 3.91 4.12 3.01 6.59 8.85 5.01 2.24 5.17 4.87 3.25 4.95 5.28 3.04 1.97 2.62 3.83 $ 1Q23 505,662 313,187 192,843 357,682 622,050 1,129,624 95,709 3,216,757 152,081 64,526 276,613 $ 3,709,977 $ 1,670,036 252,310 38,763 277,576 13,483 249,336 2,501,504 650,443 29,769 49,357 180,303 3,411,376 27,404 271,197 298,601 $ 3,709,977 3.87% 4.06 3.61 4.15 2.79 6.37 7.50 4.68 1.85 4.51 4.40 2.88 4.43 5.39 2.64 2.04 2.63 3.80 $ 4Q22 QUARTERLY TRENDS 595,631 306,173 192,412 302,825 625,388 1,126,002 116,640 3,265,071 126,138 78,476 285,586 $ 3,755,271 $ 1,695,233 247,934 39,843 256,533 12,312 246,978 2,498,833 684,921 35,415 56,988 191,929 3,468,086 28,415 258,770 287,185 $ 3,755,271 3.14 % 2.95 2.84 3.75 2.36 5.83 5.76 4.03 1.37 3.15 3.60 2.38 3.74 4.87 2.04 1.99 2.47 3.41 3Q22 $ 652,321 322,053 204,479 283,414 647,165 1,112,761 122,756 3,344,949 129,221 83,950 284,127 $ 3,842,247 $ 1,728,852 239,582 45,797 278,049 11,039 253,012 2,556,331 716,518 36,985 56,994 189,637 3,556,465 32,838 252,944 285,782 $ 3,842,247 1.83 % 1.74 1.50 3.36 1.84 5.00 3.57 3.05 0.73 1.98 1.98 1.49 2.24 3.77 1.26 1.79 2.09 2.81 2Q22 $ 694,644 305,132 207,437 273,736 672,799 1,093,106 139,040 3,385,894 151,309 84,483 289,957 $ 3,911,643 $ 1,790,421 233,376 50,833 274,435 10,577 246,195 2,605,837 741,891 40,937 61,026 181,128 3,630,819 32,838 247,986 280,824 $ 3,911,643 0.62% 0.71 0.33 3.02 1.55 4.28 1.85 2.22 0.20 0.76 0.91 0.69 1.11 2.54 0.54 1.68 1.80 2.26 2Q23 Change 1Q23 ✩ ✦ €ọ @ọ € + ‡ Ñ€ + (2)% 4 (1) 10 (2) 10 (7) 4 11 (2) (1) 3 5 (9) 6 18 18 5 3 (4) 4 2 2 4 JPMORGAN CHASE & CO. SIX MONTHS ENDED JUNE 30, 2Q22 (29)% 7 - @❤æ❤§¤ƒˆˆ € 85ˆˆˆˆˆ ª • ª $ 2023 500,311 319,911 192,114 374,908 616,772 1,184,231 92,372 3,280,619 160,868 63,929 275,657 $ 3,781,073 $ 1,692,993 258,045 37,039 285,467 14,722 271,912 2,560,178 661,138 29,137 48,139 180,517 3,479,109 27,404 274,560 301,964 $ 3,781,073 4.03 % 4.35 3.76 4.13 2.90 6.49 8.15 4.85 2.05 4.85 4.63 3.07 4.71 5.33 2.85 2.00 2.63 3.82 $ 2022 718,346 300,070 212,704 272,931 671,987 1,080,939 136,902 3,393,879 154,093 75,956 285,301 $ 3,909,229 $ 1,785,896 241,749 49,360 268,762 10,733 250,165 2,606,665 738,083 42,159 57,792 181,116 3,625,815 33,180 250,234 283,414 $ 3,909,229 0.37 % 0.63 0.08 2.83 1.47 4.16 1.42 2.04 0.12 0.47 0.64 0.50 0.90 2.13 0.40 1.64 1.74 2.11 (a) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets. (b) Includes commercial paper. (c) All other interest-bearing liabilities include brokerage-related customer payables. (d) Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. (e) Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 29 for a further discussion of this measure. 2023 Change 2022 (30)% 7 (10) 37 (8) 10 (33) (3) 4 (16) (3) (3) (5) 7 (25) 6 37 9 (2) (10) (31) (17) (4) (17) 10 7 (3) Page 6#8JPMORGAN CHASE & CO. RECONCILIATION FROM REPORTED TO MANAGED BASIS (in millions, except ratios) JPMORGAN CHASE & CO. 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. OTHER INCOME Other income - reported Fully taxable-equivalent adjustments (a) Other income - managed TOTAL NONINTEREST REVENUE Total noninterest revenue reported Fully taxable-equivalent adjustments Total noninterest revenue managed NET INTEREST INCOME Net interest income - reported Fully taxable-equivalent adjustments (a) Net interest income-managed TOTAL NET REVENUE Total net revenue - reported Fully taxable-equivalent adjustments Total net revenue - managed PRE-PROVISION PROFIT Pre-provision profit - reported Fully taxable-equivalent adjustments Pre-provision profit - managed INCOME BEFORE INCOME TAX EXPENSE Income before income tax expense reported Fully taxable-equivalent adjustments Income before income tax expense managed INCOME TAX EXPENSE Income tax expense - reported Fully taxable-equivalent adjustments Income tax expense - managed OVERHEAD RATIO Overhead ratio - reported Overhead ratio - managed (a) Predominantly recognized in CIB, CB and Corporate. $ $ $ $ $ $ 21,779 104 $ 21,883 $ $ 41,307 1,094 42,401 $ $ $ 2Q23 $ 3,292 990 4,282 $ 19,528 990 20,518 20,485 1,094 21,579 17,586 1,094 18,680 3,114 1,094 4,208 50 % 49 $ $ $ $ $ $ $ $ $ 1Q23 $ 1,007 867 1,874 $ 17,638 867 18,505 20,711 120 20,831 18,242 987 $ 19,229 38,349 987 39,336 $ 15,967 987 16,954 3,345 987 $ 4,332 52 % 51 $ 1,392 898 2,290 $ $ 14,355 898 $ 15,253 $ $ $ 34,547 1,019 $ 35,566 $ $ 4Q22 $ $ $ 20,192 121 20,313 15,525 1,019 16,544 13,237 1,019 14,256 2,229 1,019 3,248 QUARTERLY TRENDS 55 % 53 $ $ $ $ $ $ $ $ $ $ $ $ 3Q22 $ 13,538 775 14,313 $ 900 663 1,563 15,198 663 15,861 17,518 112 17,630 32,716 775 33,491 12,001 775 12,776 2,264 775 3,039 59 % 57 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2Q22 540 812 1,352 15,587 812 16,399 15,128 103 15,231 30,715 915 31,630 11,966 915 12,881 10,865 915 11,780 2,216 915 3,131 61 % 59 2Q23 Change 1Q23 227 % 14 128 11 14 11 5 (13) 5 8 11 8 12 11 12 10 11 10 (7) 11 (3) 2Q22 NM 22 217 25 22 25 44 1 44 34 20 34 71 20 68 62 20 59 41 20 34 $ $ $ $ $ $ $ $ $ $ $ 79,656 2,081 $ 81,737 $ 2023 $ SIX MONTHS ENDED JUNE 30, 4,299 1,857 6,156 37,166 1,857 39,023 42,490 224 42,714 38,727 2,081 40,808 33,553 2,081 35,634 6,459 2,081 8,540 51 % 50 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2022 2,030 1,587 3,617 32,432 1,587 34,019 29,000 201 29,201 61,432 1,788 63,220 23,492 1,788 25,280 20,928 1,788 22,716 3,997 1,788 5,785 62 % 60 2023 Change 2022 112 % 17 70 15 17 15 47 11 46 30 16 29 65 16 61 60 16 57 62 16 48 Page 7#9JPMORGAN CHASE & CO. SEGMENT RESULTS - MANAGED BASIS (in millions) TOTAL NET REVENUE (fully taxable-equivalent ("FTE")) Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management Corporate TOTAL NET REVENUE TOTAL NONINTEREST EXPENSE Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management Corporate TOTAL NONINTEREST EXPENSE PRE-PROVISION PROFIT/(LOSS) Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management Corporate PRE-PROVISION PROFIT PROVISION FOR CREDIT LOSSES Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management Corporate PROVISION FOR CREDIT LOSSES NET INCOME/(LOSS) Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management Corporate TOTAL NET INCOME $ $ $ $ $ $ 8,920 5,625 2,688 1,780 2,566 $ 21,579 $ $ 2Q23 $ 17,233 12,519 3,988 4,943 3,718 42,401 8,313 6,894 1,300 3,163 1,152 20,822 1,862 38 1,097 145 (243) 2,899 5,306 4,092 1,208 1,226 2,640 14,472 $ $ $ 8,065 7,483 1,308 3,091 160 $ 20,107 $ 1Q23 8,391 6,117 2,203 1,693 825 $ 19,229 $ 16,456 13,600 3,511 4,784 985 39,336 $ 1,402 58 417 28 370 2,275 5,243 4,421 1,347 1,367 244 $ 12,622 15,793 (a) 10,598 (a) 3,404 4,588 1,183 $ 35,566 $ $ 4Q22 QUARTERLY TRENDS 7,912 (a) $ 6,495 (a) 1,254 3,022 339 $ 19,022 $ 7,881 4,103 2,150 1,566 844 $ 16,544 $ 1,845 141 284 32 (14) 2,288 $ 4,556 3,314 1,423 1,134 581 $ 11,008 $ $ $ $ $ 3Q22 (607) $ 14,313 $ 14,281 (a) 11,925 (a) 3,048 4,539 (302) 33,491 7,983 (a) 6,682 (a) 1,180 3,028 305 19,178 6,298 5,243 1,868 1,511 529 513 618 (102) (21) 1,537 4,344 3,522 946 1,219 (294) 9,737 $ $ $ $ $ $ $ $ $ $ 2Q22 12,558 (a) 12,003 (a) 2,683 4,306 80 31,630 7,658 (a) 6,810 (a) 1,156 2,919 206 18,749 4,900 5,193 1,527 1,387 (126) 12,881 761 59 209 44 28 1,101 3,108 3,717 994 1,004 (174) 8,649 2Q23 Change 1Q23 5% (8) 14 3 277 8 3 (8) (1) 2 NM 4 6 (8) 22 5 211 12 33 (34) 163 418 NM 27 1 (7) (10) (10) NM 15 JPMORGAN CHASE & Co. 2Q22 37 % 4 49 15 NM 34 9 1 12 8 459 11 82 8 76 28 NM 68 145 (36) 425 230 NM 163 71 10 22 22 NM 67 $ $ $ $ $ $ $ $ $ $ 2023 SIX MONTHS ENDED JUNE 30, 33,689 26,119 7,499 9,727 4,703 81,737 16,378 14,377 2,608 6,254 1,312 40,929 17,311 11,742 4,891 3,473 3,391 40,808 3,264 96 1,514 173 127 5,174 10,549 8,513 2,555 2,593 2,884 27,094 $ $ $ $ $ $ $ $ $ 2022 24,740 (a) 25,579 (a) 5,081 8,621 (801) 63,220 15,313 (a) 14,173 (a) 2,285 5,779 390 37,940 9,427 11,406 2,796 2,842 (1,191) 25,280 1,439 504 366 198 57 2,564 6,016 8,089 1,844 2,012 (1,030) 16,931 2023 Change 2022 36 % 2 48 13 NM 29 7 1 14 8 236 8 84 3 75 22 NM 61 127 (81) 314 (13) 123 102 75 5 39 29 NM 60 (a) In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation. Page 8#10JPMORGAN CHASE & CO. CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS (in millions, except ratio data) CAPITAL (a) Risk-based capital metrics Standardized CET1 capital Tier 1 capital Total capital Risk-weighted assets CET1 capital ratio Tier 1 capital ratio Total capital ratio Advanced CET1 capital Tier 1 capital Total capital Risk-weighted assets CET1 capital ratio Tier 1 capital ratio Total capital ratio Leverage-based capital metrics Adjusted average assets (b) Tier 1 leverage ratio Total leverage exposure SLR Total Loss-Absorbing Capacity ("TLAC") Eligible external TLAC MEMO: CET1 CAPITAL ROLLFORWARD Standardized/Advanced CET1 capital, beginning balance Net income applicable to common equity Dividends declared on common stock Net purchase of treasury stock Changes in additional paid-in capital Changes related to AOCI applicable to capital: Unrealized gains/(losses) on investment securities Translation adjustments, net of hedges Fair value hedges Defined benefit pension and other postretirement employee benefit plans Changes related to other CET1 capital adjustments Change in Standardized/Advanced CET1 capital Standardized/Advanced CET1 capital, ending balance Jun 30, 2023 $ 235,832 262,529 295,265 1,710,780 13.8% (c) 15.3 17.3 이이이이이이이 $ 235,832 (c) 262,529 (c) 281,909 1,697,807 이이이이이이이 13.9% (c) 15.5 16.6 (c) (c) $3,796,523 (c) 6.9% (c) $ 227,144 14,099 (2,948) (2,268) 423 $4,492,311 (c) 5.8 % (c) 757 70 11 $493,718 (c) Mar 31, 2023 $ 227,144 253,837 286,398 1,647,363 13.8 % 15.4 17.4 $ 227,144 253,837 273,122 1,633,774 13.9% 15.5 16.7 $3,656,598 6.9 % $4,327,863 5.9 % $ 488,245 $218,934 12,266 (2,963) (2,036) 111 2,212 197 (21) (6) (55) (1,501) (1,450) (c) 8,688 (c) 8,210 235,832 (c) $227,144 Dec 31, 2022 $218,934 245,631 277,769 1,653,538 13.2 % 14.9 16.8 $ 218,934 245,631 264,583 1,609,773 13.6 % 15.3 16.4 $3,703,873 6.6 % $4,367,092 5.6 % $ 486,044 $ 209,661 10,652 (2,972) 96 179 1,865 711 (101) (324) (833) 9,273 218,934 Sep 30, 2022 $ 209,661 236,363 268,076 1,678,498 12.5 % 14.1 16.0 $ 209,661 236,363 256, 157 1,609,968 13.0 % 14.7 15.9 $3,791,804 6.2 % $4,460,636 5.3 % $ 473,241 $207,436 9,305 (2,974) 58 251 (2,145) (581) 38 (1,004) (723) 2,225 $209,661 Jun 30, 2022 $207,436 239,705 268,339 1,704,893 12.2 % 14.1 15.7 $207,436 239,705 257,329 1,613,210 12.9 % 14.9 16.0 $3,861,979 6.2 % $4,563,099 5.3 % $ 466,715 $ 207,903 8,239 (2,971) (576) 354 (4,031) (679) 51 20 (874) (467) $207,436 Jun 30, 2023 Change Mar 31, 2023 4% 3 3 4 433 3 4 4 4 1 4 15 1 (11) 281 (66) (64) NM 89 3 6 4 JPMORGAN CHASE & Co. Jun 30, 2022 14% 10 10 14 10 10 5 (2) (2) 6 9 71 1 (294) 19 NM NM (78) NM (66) NM 14 2023 SIX MONTHS ENDED JUNE 30, $ 218,934 26,365 (5,911) (4,304) 534 2,969 267 (10) $ (61) (2,951) (c) 16,898 (c) 235,832 (c) $ 2022 213,942 16,124 (5,947) (2,075) 199 (11,484) (741) 161 87 (2,830) (6,506) 207,436 2023 Change 2022 2% 64 1 (107) 168 NM NM NM NM (4) NM 14 (a) The capital metrics reflect the CECL capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit is being phased out at 25% per year over a three-year period. As of June 30, 2023 and March 31, 2023, CET1 capital reflected the remaining $1.4 billion CECL benefit; as of December 31, 2022, September 30, 2022 and June 30, 2022, CET1 capital reflected a $2.2 billion benefit. Refer to Capital Risk Management on pages 36-41 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 and pages 86-96 of the Firm's 2022 Form 10-K for additional information. (b) Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets. (c) Estimated. Page 9#11JPMORGAN CHASE & CO. CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED (in millions, except ratio data) TANGIBLE COMMON EQUITY (period-end) (a) Common stockholders' equity Less: Goodwill Less: Other intangible assets Add: Certain deferred tax liabilities (b) Total tangible common equity TANGIBLE COMMON EQUITY (average) (a) Common stockholders' equity Less: Goodwill Less: Other intangible assets Add: Certain deferred tax liabilities (b) Total tangible common equity INTANGIBLE ASSETS (period-end) Goodwill Mortgage servicing rights Other intangible assets Total intangible assets $ $ $ $ $ $ Jun 30, 2023 285,112 52,380 3,629 3,097 232,200 277,885 52,342 2,191 2,902 226,254 52,380 8,229 3,629 64,238 $ $ $ $ $ Mar 31, 2023 275,678 52,144 2,191 2,754 224,097 271,197 51,716 1,296 2,549 220,734 52,144 7,755 2,191 $ 62,090 $ $ $ $ $ $ Dec 31, 2022 264,928 51,662 1,224 2,510 214,552 258,770 51,586 1,217 2,508 208,475 51,662 7,973 1,224 60,859 $ $ $ $ $ $ Sep 30, 2022 255,180 51,461 1,205 2,509 205,023 252,944 51,323 1,208 2,512 202,925 51,461 8,140 1,205 60,806 $ $ $ $ $ $ Jun 30, 2022 253,305 50,697 1,224 2,509 203,893 247,986 50,575 1,119 2,503 198,795 50,697 7,439 1,224 59,360 Jun 30, 2023 Change Mar 31, 2023 3 66 12 4 2 1 69 14 3 6 66 3 JPMORGAN CHASE & CO. Jun 30, 2022 13 3 196 23 14 12 3 96 16 14 3 11 196 8 $ $ 2023 SIX MONTHS ENDED JUNE 30, 274,560 52,031 1,746 2,727 223,510 (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. $ $ 2022 250,234 50,442 1,007 2,500 201,285 2023 Change 2022 10% 3 73 9 11 Page 10#12JPMORGAN CHASE & CO. EARNINGS PER SHARE AND RELATED INFORMATION (in millions, except per share and ratio data) EARNINGS PER SHARE Basic earnings per share Net income Less: Preferred stock dividends Net income applicable to common equity Less: Dividends and undistributed earnings allocated to participating securities Net income applicable to common stockholders Total weighted-average basic shares outstanding Net income per share Diluted earnings per share Net income applicable to common stockholders Total weighted-average basic shares outstanding Add: Dilutive impact of unvested performance share units ("PSUS"), nondividend-earning restricted stock units ("RSUS") and stock appreciation rights ("SARS") Total weighted-average diluted shares outstanding Net income per share COMMON DIVIDENDS Cash dividends declared per share Dividend payout ratio COMMON SHARE REPURCHASE PROGRAM (a) Total shares of common stock repurchased Average price paid per share of common stock Aggregate repurchases of common stock EMPLOYEE ISSUANCE Shares issued from treasury stock related to employee stock-based compensation awards and employee stock purchase plans Net impact of employee issuances on stockholders' equity (b) $ $ $ $ $ 2Q23 $ 14,472 373 14,099 88 14,011 2,943.8 4.76 14,011 2,943.8 4.5 2,948.3 4.75 1.00 21 % 16.7 $ 137.20 2,293 0.5 467 $ 12,622 356 12,266 1Q23 73 $ 12,193 $ $ 12,193 2,968.5 $ 2,968.5 4.11 4.2 2,972.7 4.10 1.00 24 % 22.0 $ 133.67 2.940 10.0 $ 1,028 $ 11,008 356 10,652 4Q22 54 $ 10,598 2,962.9 $ 3.58 $ $ 10,598 2,962.9 4.2 2,967.1 3.57 1.00 28 % | | | QUARTERLY TRENDS 1.2 $ 273 $ 9,737 432 9,305 50 $ 9,255 $ $ 3Q22 GA $ 2,961.2 3.13 9,255 2,961.2 4.2 $ 1.00 2,965.4 3.12 32 % | | | 0.6 304 $ $ $ $ $ $ $ $ 2Q22 8,649 410 8,239 44 8,195 2,962.2 2.77 8,195 2,962.2 4.1 2,966.3 2.76 1.00 36% 5.0 124.88 622 0.5 398 2Q23 Change 1Q23 15 % 5 15 21 15 (1) 16 15 (1) 7 (1) 16 1 (24) 3 (22) (95) (55) JPMORGAN CHASE & CO. 2Q22 67% (9) 71 100 71 (1) 72 71 (1) 10 (1) 72 1 234 10 269 17 $ 27,094 729 26,365 $ $ 2023 $ $26,204 2,956.1 161 26,204 $ 2,956.1 8.86 4.4 2,960.5 8.85 38.7 $ 135.19 5,233 SIX MONTHS ENDED JUNE 30, 2.00 22 % 10.5 1,495 $ 16,931 807 16,124 2022 85 $ 16,039 $ $ 2,969.6 5.40 16,039 2,969.6 4.1 2,973.7 5.39 2.00 37% 23.1 $ 135.20 3,122 11.5 1,241 2023 Change 2022 60 % (10) 64 89 63 64 63 7 64 68 68 (9) 20 (a) The Firm is authorized to purchase up to $30 billion of common shares under its current repurchase program. In the second half of 2022, as a result of the expected increases in regulatory capital requirements, the Firm temporarily suspended share repurchases. In the first quarter of 2023, the Firm resumed repurchasing shares under its common share repurchase program. (b) The net impact of employee issuances on stockholders' equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of SARS. Page 11#13JPMORGAN CHASE & CO. CONSUMER & COMMUNITY BANKING FINANCIAL HIGHLIGHTS (in millions, except ratio data) INCOME STATEMENT REVENUE Lending- and deposit-related fees Asset management fees Mortgage fees and related income Card income All other income (a) Noninterest revenue Net interest income TOTAL NET REVENUE Provision for credit losses NONINTEREST EXPENSE Compensation expense Noncompensation expense (b) TOTAL NONINTEREST EXPENSE Income before income tax expense Income tax expense NET INCOME REVENUE BY LINE OF BUSINESS Banking & Wealth Management Home Lending Card Services & Auto MORTGAGE FEES AND RELATED INCOME DETAILS Production revenue Net mortgage servicing revenue (c) Mortgage fees and related income FINANCIAL RATIOS ROE Overhead ratio $ $ 2Q23 $ 841 816 (d) 274 483 1,129 (d) 3,543 13,690 (d) 17,233 1,862 (d) 3,628 4,685 8,313 7,058 1,752 5,306 102 172 274 (d) 38 % 48 $ 1Q23 823 676 223 739 $ 1,162 3,623 12,833 16,456 $ 10,936 (e) $ 10,041 1,007 (e) 5,290 720 5,695 1,402 3,545 4,520 8,065 6,989 1,746 $ 5,243 75 148 223 40 % 49 $ 4Q22 $ 834 662 90 694 (f) 1,189 (f) 3,469 12,324 15,793 1,845 QUARTERLY TRENDS 3,339 4,573 (f) 7,912 6,036 1,480 (f) 4,556 43 47 90 $ 9,582 (f) $ 584 5,627 $ 35 % 50 $ $ 3Q22 822 662 313 613 1,302 3,712 10,569 14,281 529 3,345 4,638 7,983 5,769 1,425 4,344 7,960 920 5,401 93 220 313 (f) (f) (f) $ 34 % (f) 56 $ (f) $ $ 2Q22 855 684 377 621 (f) (f) 1,313 3,850 8,708 12,558 761 3,237 4,421 (f) 7,658 4,139 1,031 3,108 6,502 1,001 5,055 150 227 377 24 % 61 (f) (f) 2Q23 Change 1Q23 2% N 21 23 (35) (3) (2) 7 5 33 2 WAN 1 1 9 40 (7) 36 16 23 JPMORGAN CHASE & Co. 2Q22 (2)% 19 (27) (22) (14) (8) 57 37 145 12 6 9 71 70 71 68 1 5 (32) (24) (27) $ $ $ $ 2023 SIX MONTHS ENDED JUNE 30, 1,664 $ 1,492 (d) 497 1,222 2,291 (d) 7,166 26,523 (d) 33,689 3,264 (d) 7,173 9,205 (d) 16,378 14,047 3,498 10,549 20,977 (e) $ 1,727 (e) 10,985 177 320 497 $ 39 % 49 $ 2022 1,660 1,410 833 1,162 (f) 2,640 (f) 7,705 17,035 24,740 1,439 6,408 8,905 (f) 15,313 7,988 1,972 (f) 6,016 12,517 (f) 2,170 10,053 361 472 833 23 % 62 2023 Change 2022 6 (40) 5 (13) (7) 56 36 127 12 % 3 7 76 77 75 68 (20) 9 (51) (32) (40) (a) Primarily includes operating lease income and commissions and other fees. For the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, operating lease income was $704 million, $741 million, $777 million, $854 million and $929 million, respectively, and $1.4 billion and $2.0 billion for the six months ended June 30, 2023 and 2022, respectively. (b) Included depreciation expense on leased assets of $445 million, $407 million, $463 million, $605 million and $652 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $852 million and $1.3 billion for the six months ended June 30, 2023 and 2022, respectively. (c) Included MSR risk management results of $25 million, $(12) million, $(98) million, $54 million and $28 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $13 million and $137 million for the six months ended June 30, 2023 and 2022, respectively. (d) Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information. (e) For the three and six months ended June 30, 2023, includes $596 million and $235 million for Banking & Wealth Management and Home Lending, respectively, associated with the First Republic acquisition. (f) In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation. Page 12#14JPMORGAN CHASE & CO. CONSUMER & COMMUNITY BANKING FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except headcount data) SELECTED BALANCE SHEET DATA (period-end) Total assets Loans: Banking & Wealth Management (a) Home Lending (b) Card Services Auto Total loans Deposits Equity SELECTED BALANCE SHEET DATA (average) Total assets Loans: Banking & Wealth Management Home Lending (c) Card Services Auto Total loans Deposits Equity Headcount 2Q23 $ 620,193 $ 30,959 (d) 262,432 (d) 191,353 73,587 558,331 576,417 30,628 (f) 229,569 (f) 187,028 71,083 518,308 1,173,514 (e) 1,147,474 55,500 52,000 1,157,309 54,346 1Q23 137,087 $ 506,382 28,038 172,058 180,079 69,556 449,731 $ 506,775 28,504 172,124 180,451 68,744 449,823 1,112,967 52,000 135,983 4Q22 QUARTERLY TRENDS $ 514,085 29,008 172,554 185,175 68,191 454,928 1,131,611 50,000 $ 504,859 29,412 174,487 177,026 67,623 448,548 1,142,523 50,000 135,347 $ 3Q22 500,752 30,230 174,618 170,462 67,201 442,511 1,173,241 50,000 $ 498,858 30,788 176,852 168,125 66,979 442,744 1,174,227 50,000 133,803 $ 2Q22 500,219 31,494 176,939 165,494 67,842 441,769 1,178,825 50,000 $ 496,177 32,294 177,330 158,434 68,569 436,627 1,180,453 50,000 130,907 2Q23 Change 1Q23 22 % 10 53 6 6 24 2 7 14 7 33 4 3 15 4 5 1 JPMORGAN CHASE & Co. 2Q22 24% (2) 48 16 8 26 11 16 (5) 29 18 4 19 (2) 9 5 2023 SIX MONTHS ENDED JUNE 30, $ 620,193 30,959 (d) 262,432 (d) 191,353 73,587 558,331 1,173,514 (e) 55,500 $ 541,788 29,572 (f) 201,005 (f) 183,758 69,920 484,255 1,135,261 53,180 137,087 2022 $ 500,219 $ 31,494 176,939 165,494 67,842 441,769 1,178,825 50,000 492,592 33,014 176,911 153,941 68,908 432,774 1,167,057 50,000 130,907 2023 Change 2022 24 % (2) 48 16 8 26 11 10 (10) 14 19 1 12 (3) 6 5 (a) At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022 included $163 million, $205 million, $350 million, $791 million and $1.5 billion of loans, respectively, in Business Banking under the Paycheck Protection Program ("PPP"). Refer to pages 108-109 of the Firm's 2022 Form 10-K for further information on the PPP. (b) At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, Home Lending loans held-for-sale and loans at fair value were $3.9 billion, $4.2 billion, $3.0 billion, $4.1 billion and $5.2 billion, respectively. (c) Average Home Lending loans held-for sale and loans at fair value were $5.3 billion, $3.5 billion, $4.5 billion, $5.9 billion and $8.1 billion for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $4.4 billion and $9.5 billion for the six months ended June 30, 2023 and 2022, respectively. (d) As of June 30, 2023, includes $3.4 billion and $91.3 billion for Banking & Wealth Management and Home Lending, respectively, associated with the First Republic acquisition. (e) Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information. (f) For the three months ended June 30, 2023, includes $2.7 billion and $57.2 billion for Banking & Wealth Management and Home Lending, respectively, and for the six months ended June 30, 2023, includes $1.4 billion and $28.7 billion for Banking & Wealth Management and Home Lending, respectively, associated with the First Republic acquisition. Page 13#15JPMORGAN CHASE & CO. CONSUMER & COMMUNITY BANKING FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio data) CREDIT DATA AND QUALITY STATISTICS Nonaccrual loans (a)(b) Net charge-offs/(recoveries) Banking & Wealth Management Home Lending Card Services Auto Total net charge-offs/(recoveries) Net charge-off/(recovery) rate Banking & Wealth Management (c) Home Lending Card Services Auto Total net charge-off/(recovery) rate 30+ day delinquency rate Home Lending (d)(e) Card Services Auto 90+ day delinquency rate - Card Services Allowance for loan losses Banking & Wealth Management Home Lending Card Services Auto Total allowance for loan losses $ $ $ $ 2Q23 3,823 92 (28) 1,124 63 1,251 1.20 % (0.05) 2.41 0.36 0.98 0.58 % 1.70 0.92 0.84 731 777 (g) 11,600 717 13,825 $ $ $ 1Q23 3,835 79 (18) 922 69 1,052 1.12 % (0.04) 2.07 0.41 0.96 0.81 % 1.68 0.90 0.83 $ $ 720 427 11,400 716 13,263 (f) $ 4Q22 QUARTERLY TRENDS 3,899 95 (33) 725 58 845 1.28 % (0.08) 1.62 0.34 0.75 0.83 % 1.45 1.01 0.68 722 867 11,200 715 13,504 $ $ $ 3Q22 3,936 105 (59) 592 41 679 1.35 % (0.14) 1.40 0.24 0.62 0.78 % 1.23 0.75 0.57 722 667 10,400 715 12,504 $ $ $ $ 2Q22 4,217 81 (68) 580 18 611 1.01 (0.16) 1.47 0.11 0.57 0.85 % 1.05 0.69 0.51 697 785 10,400 740 12,622 2Q23 Change 1Q23 - % 16 (56) 22 (9) 19 2 82 2 JPMORGAN CHASE & CO. 4 2Q22 (9)% 14 59 94 250 105 ܗ ܚ ܘ (1) (3) 10 $ $ $ $ 2023 SIX MONTHS ENDED JUNE 30, 3,823 171 (46) 2,046 132 2,303 1.17 % (0.05) 2.25 0.38 0.97 0.58 % 1.70 0.92 0.84 731 777 (g) 11,600 717 13,825 $ $ $ $ 2022 4,217 170 (137) 1,086 45 1,164 1.04 % (0.16) 1.42 0.13 0.55 0.85 % 1.05 0.69 0.51 697 785 10,400 740 12,622 2023 Change 2022 (9)% 1 66 88 193 98 5 (1) 12 (3) 10 (a) At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $139 million, $164 million, $187 million, $219 million and $257 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm's policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. (b) Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. (c) At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022 included $163 million, $205 million, $350 million, $791 million and $1.5 billion of loans, respectively, under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to pages 108-109 of the Firm's 2022 Form 10-K for further information on the PPP. (d) At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $177 million, $353 million, $449 million, $454 million and $513 million in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent. (e) At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $195 million, $219 million, $258 million, $284 million and $315 million, respectively. These amounts have been excluded based upon the government guarantee. (f) On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance resulted in a net decrease in the allowance for loan losses of $591 million, driven by residential real estate and credit card. Refer to Credit-related information on pages 27-28, and Note 1 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 for further information. (g) As of June 30, 2023, includes $377 million associated with the First Republic acquisition. Page 14#16JPMORGAN CHASE & CO. CONSUMER & COMMUNITY BANKING FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio data and where otherwise noted) BUSINESS METRICS Number of: Branches Active digital customers (in thousands) (a) Active mobile customers (in thousands) (b) Debit and credit card sales volume (in billions) Total payments transaction volume (in trillions) (c) Banking & Wealth Management Average deposits Deposit margin Business Banking average loans Business Banking origination volume Client investment assets (d) Number of client advisors Home Lending (in billions) Mortgage origination volume by channel Retail Correspondent Total mortgage origination volume (e) Third-party mortgage loans serviced (period-end) MSR carrying value (period-end) Card Services Sales volume, excluding commercial card (in billions) Net revenue rate Net yield on average loans Auto Loan and lease origination volume (in billions) Average auto operating lease assets $ $ $ $ $ 2Q23 $ 4,874 65,559 (f) 51,963 (f) $ 1,142,755 (g) $ 1,098,494 2.83 % 19,628 1,275 892,897 5,153 424.0 $ 1.5 (f) 7.3 (h) $ 3.9 11.2 $ 604.5 8.2 294.0 9.11 % 9.31 $ 12.0 11,015 $ 1Q23 $ 4,784 64,998 50,933 387.3 1.4 2.78 % 19,884 1,027 690,819 5,125 3.6 2.1 5.7 575.9 7.7 266.2 10.38 % 9.89 9.2 11,538 $ $ $ 4Q22 $ 1,126,420 $ 4,787 63,136 49,710 411.1 1.4 2.48 % 20,467 1,081 647,120 5,029 4.6 2.1 6.7 584.3 8.0 QUARTERLY TRENDS 284.8 10.06 % 9.78 7.5 12,333 $ $ $ 1,156,933 $ 3Q22 $ 4,802 61,985 48,904 $ 21,263 977 615,048 5,017 $ 395.8 1.4 1.83 % 7.8 4.3 12.1 586.7 8.1 $ 7.5 13,466 $ $ $ 1,163,423 $ 272.3 $ 9.92 % 9.81 2Q22 $ 4,822 60,735 47,436 397.0 1.5 1.31 % 22,769 1,196 628,479 4,890 11.0 10.9 21.9 575.6 7.4 271.2 9.59 % 9.50 7.0 14,866 2Q23 Change 1Q23 2% 1 2 9 7 4 (1) 24 29 1 103 86 96 5 6 10 30 (5) JPMORGAN CHASE & Co. 2Q22 1% 8 10 7 (2) (14) 7 42 5 (34) (64) (49) 5 11 8 71 (26) $ $ $ $ 2023 $ 4,874 65,559 (f) 51,963 (f) 811.3 2.9 (f) SIX MONTHS ENDED JUNE 30, $ 1,120,746 (g) $ 1,149,844 2.81 % 19,755 2,302 892,897 5,153 560.2 $ 10.9 (h) $ 6.0 16.9 604.5 8.2 9.73 % 9.60 21.2 11,275 2022 $ 4,822 60,735 47,436 $ 748.5 2.8 $ 23,787 2,224 628,479 4,890 1.27 % 26.1 20.5 46.6 575.6 7.4 507.6 9.72 % 9.73 15.4 15,640 2023 Change 2022 1% 8 10 8 4 (3) (17) 4 42 5 (58) (71) (64) 5 11 10 38 (28) (a) Users of all web and/or mobile platforms who have logged in within the past 90 days. (b) Users of all mobile platforms who have logged in within the past 90 days. (c) Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks. (d) assets managed accounts and J.P. Morgan tual funds where AWM the investment manager. Refer to AWM segment results on pages 21-23 for additional information. As of June 30, 2023, includes 150.9 billion of client with the First Republic acquisition. (e) Firmwide mortgage origination volume was $13.0 billion, $6.8 billion, $8.5 billion, $15.2 billion and $27.9 billion for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $19.8 billion and $58.1 billion for the six months ended June 30, 2023 and 2022, respectively. (f) Excludes the impact of the First Republic acquisition. (g) For the three and six months ended June 30, 2023, includes $47.2 billion and $23.7 billion, respectively, associated with the First Republic acquisition. (h) For the three and six months ended June 30, 2023, includes $1.1 billion associated with the First Republic acquisition. associated. Page 15#17JPMORGAN CHASE & CO. CORPORATE & INVESTMENT BANK FINANCIAL HIGHLIGHTS (in millions, except ratio data) INCOME STATEMENT REVENUE Investment banking fees (a) Principal transactions Lending- and deposit-related fees Commissions and other fees Card income All other income Noninterest revenue Net interest income TOTAL NET REVENUE (b) Provision for credit losses NONINTEREST EXPENSE Compensation expense Noncompensation expense TOTAL NONINTEREST EXPENSE Income before income tax expense Income tax expense NET INCOME FINANCIAL RATIOS ROE Overhead ratio Compensation expense as percentage of total net revenue REVENUE BY BUSINESS Investment Banking Payments Lending Total Banking Fixed Income Markets Equity Markets Securities Services Credit Adjustments & Other (c) Total Markets & Securities Services TOTAL NET REVENUE $ $ $ $ 2Q23 1,557 6,697 533 1,219 400 396 10,802 1,717 12,519 38 3,461 3,433 6,894 5,587 1,495 4,092 15 % 55 28 1,494 2,451 299 4,244 4,567 2,451 1,221 36 8,275 12,519 $ 1Q23 $ 1,654 7,408 539 1,234 315 373 11,523 2,077 13,600 58 4,085 3,398 7,483 6,059 1,638 $ 4,421 16 % 55 30 1,560 2,396 267 4,223 5,699 2,683 1,148 (153) 9,377 $ 13,600 $ 4Q22 $ 1,467 4,397 548 1,200 353 147 8,112 2,486 10,598 141 3,091 3,404 6,495 3,962 648 $ 3,314 12% 61 29 QUARTERLY TRENDS 1,931 1,159 (63) 6,766 $ 10,598 (d) (d) (d) 1,389 2,120 (d) 323 3,832 3,739 (d) $ $ $ 3Q22 1,762 5,258 589 1,198 293 181 9,281 2,644 11,925 513 3,311 3,371 6,682 4,730 1,208 3,522 13 % 56 28 4,075 4,469 2,302 1,110 1,713 2,039 (d) 323 (31) (d) (d) 7,850 $ 11,925 (d) (d) $ $ 2Q22 1,650 5,048 641 1,328 337 (d) (199) (d) 8,805 3,198 12,003 59 3,510 3,300 6,810 5,134 1,417 3,717 14 % 57 29 3,280 4,711 3,079 1,151 (218) (d) 1,351 1,519 (d) 410 8,723 $ 12,003 (d) (d) 2Q23 Change 1Q23 (6)% (10) (1) (1) 27 6 (6) (17) (8) (34) (15) 1 (8) (8) (9) (7) (4) 2 12 (20) (9) 6 NM (12) (8) JPMORGAN CHASE & CO. 2Q22 (6)% 33 (17) (8) 19 NM 23 (46) 4 (36) (1) 4 1 9 6 10 11 61 (27) 29 (3) (20) 6 NM (5) 4 $ 2023 $ 3,211 14,105 1,072 2,453 715 769 22,325 3,794 26,119 $ 96 7,546 6,831 14,377 11,646 3,133 8,513 15 % 55 29 3,054 4,847 566 SIX MONTHS ENDED JUNE 30, 8,467 10,266 5,134 2,369 (117) 17,652 $ 26,119 $ $ $ 2022 3,700 10,271 1,282 2,660 603 293 18,809 6,770 25,579 504 7,516 6,657 14,173 10,902 2,813 8,089 15% 55 29 3,408 3,420 731 7,559 10,409 6,134 2,219 (742) 18,020 $ 25,579 (d) (d) (d) (d) (d) (d) 2023 Change 2022 (13)% 37 (16) (8) 19 162 19 (44) 2 (81) | 3 1 7 11 5 (10) 42 (23) 12 (1) (16) 7 84 (2) 2 (a) Includes CB's share of revenue from investment banking products sold to CB clients through the CIB that is subject to a revenue sharing arrangement which is reported as a reduction in All other income. (b) Includes tax-equivalent adjustments, predominantly due to income tax credits and other tax benefits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; and tax-exempt income from municipal bonds of $953 million, $839 million, $854 million, $626 million and $772 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $1.8 billion and $1.5 billion for the six months ended June 30, 2023 and 2022, respectively. (c) Consists primarily of centrally managed credit valuation adjustments ("CVA"), funding valuation adjustments ("FVA") on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets. (d) In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation. Page 16#18JPMORGAN CHASE & CO. CORPORATE & INVESTMENT BANK FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio and headcount data) SELECTED BALANCE SHEET DATA (period-end) Total assets Loans: Loans retained (a) Loans held-for-sale and loans at fair value (b) Total loans Equity SELECTED BALANCE SHEET DATA (average) Total assets Trading assets - debt and equity instruments Trading assets - derivative receivables Loans: Loans retained (a) Loans held-for-sale and loans at fair value (b) Total loans Equity Headcount CREDIT DATA AND QUALITY STATISTICS Net charge-offs/(recoveries) Nonperforming assets: Nonaccrual loans: Nonaccrual loans retained (c) Nonaccrual loans held-for-sale and loans at fair value (d) Total nonaccrual loans Derivative receivables Assets acquired in loan satisfactions Total nonperforming assets Allowance for credit losses: Allowance for loan losses Allowance for lending-related commitments Total allowance for credit losses Net charge-off/(recovery) rate (a)(e) Allowance for loan losses to period-end loans retained (a) Allowance for loan losses to period-end loans retained, excluding trade finance and conduits (f) Allowance for loan losses to nonaccrual loans retained (a)(c) Nonaccrual loans to total period-end loans 2Q23 $1,432,054 $ 194,450 38,959 233,409 108,000 $1,461,857 533,082 63,094 189,153 38,132 227,285 108,000 74,822 56 924 818 1,742 286 133 2,161 2,531 1,207 3,738 0.12 % 1.30 1.86 274 0.75 1Q23 $1,436,237 187,133 38,335 225,468 108,000 $1,429,662 488,767 64,016 185,572 42,569 228,141 108,000 74,352 50 832 808 1,640 291 86 2,017 2,454 1,301 3,755 0.11% 1.31 1.81 295 0.73 4Q22 $1,334,296 $ 187,642 42,304 229,946 103,000 $1,384,255 406,692 77,669 182,873 42,895 225,768 103,000 73,452 7 718 848 1,566 296 87 1,949 2,292 1,448 3,740 QUARTERLY TRENDS 0.02% 1.22 1.67 319 0.68 3Q22 $1,384,618 180,604 40,357 220,961 103,000 $1,403,247 386,895 83,084 176,469 45,150 221,619 103,000 71,797 17 583 824 1,407 339 85 1,831 2,032 1,582 3,614 0.04 % 1.13 1.49 349 0.64 2Q22 $1,403,558 $ 171,219 46,032 217,251 103,000 $1,429,953 411,079 83,582 169,909 48,048 217,957 103,000 69,447 38 697 840 1,537 447 84 2,068 1,809 1,358 3,167 0.09 % 1.06 1.38 260 0.71 2Q23 Change 1Q23 - % 4 2 4 2 9 (1) 2 (10) 1 12 11 1 6 (2) 55 7 3 (7) JPMORGAN CHASE & CO. 2Q22 2% 14 (15) 7 5 2 30 (25) 11 (21) 4 5 8 47 33 (3) 13 (36) 58 4 40 (11) 18 2023 $1,432,054 $ 194,450 38,959 233,409 108,000 $1,445,848 511,047 63,553 187,372 40,339 227,711 108,000 74,822 106 924 818 1,742 286 133 2,161 2,531 1,207 3,738 SIX MONTHS ENDED JUNE 30, 0.11% 1.30 1.86 274 0.75 2022 $1,403,558 $ 171,219 46,032 217,251 103,000 $1,418,955 415,190 75,184 165,467 49,714 215,181 103,000 69,447 58 697 840 1,537 447 84 2,068 1,809 1,358 3,167 0.07% 1.06 1.38 260 0.71 2023 Change 2022 2% 14 (15) 7 5 2 23 (15) 13 (19) 6 5 8 83 33 (3) 13 (36) 58 4 40 (11) 18 (a) Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts. (b) Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization. (c) Allowance for loan losses of $145 million, $153 million, $104 million, $111 million and $130 million were held against these nonaccrual loans at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively. (d) At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $76 million, $99 million, $115 million, $143 million and $196 million, respectively. These amounts have been excluded based upon the government guarantee. (e) Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate. (f) Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB's allowance coverage ratio. Page 17#19JPMORGAN CHASE & CO. CORPORATE & INVESTMENT BANK FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except where otherwise noted) BUSINESS METRICS Advisory Equity underwriting Debt underwriting Total investment banking fees Client deposits and other third-party liabilities (average) (a) Merchant processing volume (in billions) (b) Assets under custody ("AUC") (period-end) (in billions) 95% Confidence Level - Total CIB VaR (average) CIB trading VaR by risk type: (c) Fixed income Foreign exchange Equities Commodities and other Diversification benefit to CIB trading VaR (d) CIB trading VaR (c) Credit Portfolio VaR (e) Diversification benefit to CIB VaR (d) CIB VaR $ $ $ 2Q23 $ 540 318 699 1,557 647,479 $ 30,424 600.1 57 12 8 12 (48) 41 14 (11) 44 $ $ $ $ 1Q23 756 235 663 1,654 633,729 558.8 29,725 56 10 7 15 (44) 44 11 (10) 45 $ $ $ 4Q22 $ QUARTERLY TRENDS 738 250 479 1,467 649,694 $ 28,635 583.2 66 11 13 18 (50) 58 10 (8) 60 $ $ 3Q22 $ 848 290 624 1,762 669,215 $ 27,157 545.4 64 9 11 14 (47) 51 10 (8) 53 $ $ $ $ 2Q22 664 245 741 1,650 722,388 539.6 28,579 60 8 11 14 (43) 50 17 (15) 52 2Q23 Change 1Q23 (29)% 35 5 (6) 2 7 2 2 20 14 (20) (9) (7) 27 (10) (2) JPMORGAN CHASE & Co. 2Q22 (19)% 30 (6) (6) (10) 11 6 (5) 50 (27) (14) (12) (18) (18) 27 (15) $ $ $ 2023 SIX MONTHS ENDED JUNE 30, 1,296 553 1,362 3,211 640,642 1,158.9 30,424 $ $ $ 2022 1,465 494 1,741 3,700 715,791 1,029.8 28,579 2023 Change 2022 (12)% 12 (22) (13) (10) 13 6 (a) Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses. (b) Represents Firmwide merchant processing volume. (c) CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 133-135 of the Firm's 2022 Form 10-K for further information, and pages 67-69 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 for further information. (d) Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks. (e) Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In the first quarter of 2022, in line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures. Page 18#20JPMORGAN CHASE & CO. COMMERCIAL BANKING FINANCIAL HIGHLIGHTS (in millions, except ratio data) INCOME STATEMENT REVENUE Lending- and deposit-related fees Card income All other income Noninterest revenue Net interest income TOTAL NET REVENUE (a) Provision for credit losses NONINTEREST EXPENSE Compensation expense Noncompensation expense TOTAL NONINTEREST EXPENSE Income before income tax expense Income tax expense NET INCOME REVENUE BY PRODUCT Lending Payments (b) Investment banking (b)(c) Other TOTAL NET REVENUE (a) Investment Banking and Markets revenue, gross (d) REVENUE BY CLIENT SEGMENT Middle Market Banking Corporate Client Banking Commercial Real Estate Banking Other TOTAL NET REVENUE (a) FINANCIAL RATIOS ROE Overhead ratio $ $ $ $ $ $ 2Q23 249 201 385 835 3,153 3,988 1,097 (e) 656 644 1,300 1,591 383 1,208 (e) 767 1,480 (e) $ 2,248 213 47 3,988 16% 33 $ $ (f) $ 1,916 (f) $ 1,229 806 37 3,988 $ 1Q23 227 173 381 781 2,730 3,511 417 641 667 1,308 1,786 439 1,347 1,222 2,028 250 11 3,511 881 1,681 1,176 642 12 $ 3,511 18 % 37 $ $ $ $ $ $ 4Q22 243 171 315 729 2,675 3,404 284 607 647 1,254 QUARTERLY TRENDS 1,866 443 1,423 1,185 1,989 196 34 3,404 700 1,619 1,109 666 10 $ 3,404 22% 37 $ $ $ $ $ 3Q22 $ 288 177 371 836 2,212 3,048 618 577 603 1,180 1,250 304 946 1,176 1,618 224 30 3,048 761 $ 1,366 1,052 624 6 3,048 14 % 39 $ $ $ $ 2Q22 $ 348 170 386 904 1,779 2,683 209 559 597 1,156 1,058 1,253 234 138 $ 2,683 1,318 324 994 788 1,169 927 590 (3) 2,683 15 % 43 2Q23 Change 1Q23 10 % 16 1 7 15 14 163 2 (3) (1) (11) (13) (10) 21 11 (15) 327 14 (13) 14 5 26 208 14 JPMORGAN CHASE & Co. 2Q22 (28)% 18 - (8) 77 49 425 17 8 12 21 18 22 40 79 (9) (66) 49 (3) 64 33 37 NM 49 $ $ $ $ $ 2023 SIX MONTHS ENDED JUNE 30, (e) Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information. (f) For the three and six months ended June 30, 2023, includes $48 million and $130 million for Middle Market Banking and Commercial Real Estate Banking, respectively, associated with the First Republic acquisition. 476 374 766 1,616 5,883 (e) 7,499 1,514 (e) 1,297 1,311 2,608 2,702 (e) $ 4,276 463 58 $ 7,499 3,377 822 2,555 1,648 $ $ 17% 35 $ $ 3,597 (f) $ 2,405 1,448 (f) 49 7,499 $ 2022 712 337 722 1,771 3,310 5,081 366 1,112 1,173 2,285 2,430 586 1,844 2,163 2,275 453 190 5,081 1,517 2,149 1,757 1,171 4 5,081 14 % 45 2023 Change 2022 (33)% 6 (9) 78 48 314 17 12 14 39 40 39 25 88 2 (69) 48 9 67 37 24 NM 48 (a) Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $89 million, $82 million, $100 million, $80 million and $73 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $171 million and $142 million for the six months ended June 30, 2023 and 2022, respectively. (b) In the fourth quarter of 2022, certain revenue from CIB Markets products was reclassified from investment banking to payments. Prior-period amounts have been revised to conform with the current presentation. (c) Includes CB's share of revenue from investment banking products sold to CB clients through the CIB which is reported in All other income. (d) Includes gross revenues earned by the Firm, that are subject to a revenue sharing arrangement with the CIB, for Investment Banking and Markets' products sold to CB clients. This includes revenues related to fixed income and equity markets products. Refer to page 61 of the Firm's 2022 Form 10-K for discussion of revenue sharing. Page 19#21JPMORGAN CHASE & CO. COMMERCIAL BANKING FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except headcount and ratio data) SELECTED BALANCE SHEET DATA (period-end) Total assets Loans: Loans retained Loans held-for-sale and loans at fair value Total loans Equity Period-end loans by client segment Middle Market Banking (a) Corporate Client Banking Commercial Real Estate Banking Other Total loans (a) SELECTED BALANCE SHEET DATA (average) Total assets Loans: Loans retained Loans held-for-sale and loans at fair value Total loans Client deposits and other third-party liabilities Equity Average loans by client segment Middle Market Banking Corporate Client Banking Commercial Real Estate Banking Other Total loans Headcount CREDIT DATA AND QUALITY STATISTICS Net charge-offs/(recoveries) Nonperforming assets Nonaccrual loans: Nonaccrual loans retained (b) Nonaccrual loans held-for-sale and loans at fair value Total nonaccrual loans Assets acquired in loan satisfactions Total nonperforming assets Allowance for credit losses: Allowance for loan losses Allowance for lending-related commitments Total allowance for credit losses Net charge-off/(recovery) rate (c) Allowance for loan losses to period-end loans retained Allowance for loan losses to nonaccrual loans retained (b) Nonaccrual loans to period-end total loans $ $ $ $ $ $ 2Q23 $ 305,280 282,124 (d) 1,540 283,664 30,000 79,885 (e) 60,511 142,897 (e) 371 283,664 290,875 270,091 (d) 726 270,817 275,223 29,505 100 1,068 1,068 78,037 (f) $ 59,159 133,394 (f) 227 $ 270,817 15,991 1,068 4,729 801 5,530 (d) $ 0.15 % 1.68 443 0.38 $ $ $ $ $ $ $ 1Q23 261,181 238,752 1,538 240,290 28,500 73,329 58,256 108,582 123 240,290 255,468 236,808 1,155 237,963 265,971 28,500 73,030 56,581 108,143 209 237,963 15,026 37 918 918 918 3,566 966 4,532 0.06 1.49 388 0.38 % $ $ $ $ $ $ $ $ 4Q22 QUARTERLY TRENDS 257,106 233,879 707 234,586 25,000 72,625 53,840 107,999 122 234,586 253,007 234,654 673 235,327 278,924 25,000 72,109 55,137 107,831 250 235,327 14,687 35 766 766 766 3,324 830 4,154 0.06 1.42 434 0.33 % $ $ $ $ $ $ $ $ $ 3Q22 247,485 231,829 137 231,966 25,000 71,707 52,940 107,241 78 231,966 246,318 227,539 1,589 229,128 281,336 25,000 70,002 52,432 106,546 148 229,128 14,299 42 836 836 7 843 3,050 864 3,914 0.07 % 1.32 365 0.36 $ 242,456 $ $ $ $ $ $ 2Q22 $ 223,541 566 224,107 25,000 68,535 49,503 105,982 87 224,107 239,381 218,478 1,004 219,482 300,425 25,000 66,640 47,832 104,890 120 219,482 13,811 1 761 761 8 769 2,602 725 3,327 1.16 342 0.34 % 2Q23 Change 1Q23 17% 18 18 5 9 32 202 18 14 14 (37) 14 3 4 7 5 23 9 14 6 170 16 - 16 - 16 33 (17) 22 JPMORGAN CHASE & Co. SIX MONTHS ENDED JUNE 30, 2Q22 26 % 26 172 27 20 17 22 35 326 27 22 24 (28) 23 (8) 18 17 24 27 89 23 16 NM 40 40 NM 39 82 10 66 $ $ $ $ $ $ 2023 305,280 $ 282,124 (d) 1,540 283,664 30,000 273,269 $ 254,481 270,622 29,005 79,885 (e) $ 60,511 142,897 (e) 371 283,664 253,542 (d) 939 75,547 (f) 57,877 120,838 (f) 219 $ 254,481 15,991 137 1,068 1,068 1,068 4,729 801 5,530 (d) $ 0.11 % 1.68 443 0.38 $ $ $ $ $ $ 2022 242,456 223,541 566 224,107 25,000 68,535 49,503 105,982 87 224,107 236,444 213,536 1,572 215,108 308,627 25,000 64,550 46,720 103,701 137 215,108 13,811 7 761 761 8 769 2,602 725 3,327 0.01 % 1.16 342 0.34 2023 Change 2022 26% 26 172 27 20 17 22 35 326 27 16 19 (40) 18 (12) 16 17 24 17 60 18 16 NM 40 40 NM 39 82 10 66 (a) At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, total loans included $65 million, $88 million, $132 million, $205 million, and $335 million of loans, respectively, under the PPP, of which $60 million, $80 million, $123 million, $187 million and $306 million, were in Middle Market Banking. Refer to pages 108-109 of the Firm's 2022 Form 10-K for further information on the PPP. (b) Allowance for loan losses of $205 million, $170 million, $153 million, $150 million and $74 million was held against nonaccrual loans retained at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively. (c) Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate. (d) Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information. (e) At June 30, 2023, includes $6.2 billion and $33.3 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, associated with the First Republic acquisition. (f) For the three months ended June 30, 2023, includes $4.4 billion and $24.2 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, and for the six months ended June 30, 2023, includes $2.2 billion and $12.2 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, associated with the First Republic acquisition. Page 20#22JPMORGAN CHASE & CO. ASSET & WEALTH MANAGEMENT FINANCIAL HIGHLIGHTS (in millions, except ratio and headcount data) INCOME STATEMENT REVENUE Asset management fees Commissions and other fees All other income Noninterest revenue Net interest income TOTAL NET REVENUE Provision for credit losses NONINTEREST EXPENSE Compensation expense Noncompensation expense TOTAL NONINTEREST EXPENSE Income before income tax expense Income tax expense NET INCOME REVENUE BY LINE OF BUSINESS Asset Management Global Private Bank TOTAL NET REVENUE FINANCIAL RATIOS ROE Overhead ratio Pretax margin ratio: Asset Management Global Private Bank Asset & Wealth Management Headcount Number of Global Private Bank client advisors $ $ $ $ 2Q23 2,930 196 232 (a) 3,358 1,585 (a) 4,943 145 (a) 1,746 1,417 3,163 1,635 409 1,226 2,128 2,815 (a) 4,943 29 % 64 27 37 33 26,931 3,214 $ $ $ $ 1Q23 2,761 181 391 3,333 1,451 4,784 28 1,735 1,356 3,091 1,665 298 1,367 2,434 2,350 4,784 34 % 65 37 33 35 26,773 3,189 (a) Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information. $ 4Q22 2,742 234 82 3,058 1,530 4,588 32 1,649 1,373 3,022 QUARTERLY TRENDS 1,534 400 1,134 $ 2,158 2,430 $ 4,588 26 % 66 27 39 33 26,041 3,137 $ $ $ $ 3Q22 2,803 241 82 3,126 1,413 4,539 (102) 1,649 1,379 3,028 1,613 394 1,219 2,209 2,330 4,539 28 % 67 31 40 36 25,769 3,110 $ 2,797 240 47 3,084 1,222 4,306 $ 2Q22 $ 44 1,508 1,411 2,919 1,343 339 1,004 2,137 2,169 4,306 23 % 68 29 33 31 23,981 2,866 2Q23 Change 1Q23 6% 8 (41) 1 9 3 418 142 (2) 37 (10) (13) 20 3 1 1 JPMORGAN CHASE & Co. 2Q22 5% (18) 394 9 30 15 230 16 8 22 21 22 30 15 12 12 $ $ $ $ 2023 SIX MONTHS ENDED JUNE 30, 5,691 377 623 (a) 6,691 3,036 (a) 9,727 173 (a) 3,481 2,773 6,254 3,300 707 2,593 4,562 5,165 (a) 9,727 31 % 64 32 35 34 26,931 3,214 $ $ $ 2022 5,696 456 171 6,323 2,298 8,621 198 3,038 2,741 5,779 2,644 632 2,012 4,451 4,170 8,621 23 % 67 31 30 31 23,981 2,866 2023 Change 2022 (17) 264 6 32 13 (13) 15 1 8 25 12 29 2 24 13 % 12 12 Page 21#23JPMORGAN CHASE & CO. ASSET & WEALTH MANAGEMENT FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio data) SELECTED BALANCE SHEET DATA (period-end) Total assets Loans Deposits Equity SELECTED BALANCE SHEET DATA (average) Total assets Loans Deposits Equity CREDIT DATA AND QUALITY STATISTICS Net charge-offs/(recoveries) Nonaccrual loans Allowance for credit losses: Allowance for loan losses Allowance for lending-related commitments Total allowance for credit losses Net charge-off/(recovery) rate Allowance for loan losses to period-end loans Allowance for loan losses to nonaccrual loans Nonaccrual loans to period-end loans $ 247,118 $ 2Q23 $ 222,493 (a) 199,763 17,000 238,987 219,469 (b) 211,872 16,670 2 615 649 39 688 0.29 106 0.28 % 1Q23 $ 232,516 211,140 225,831 16,000 $ 228,823 211,469 224,354 16,000 $ (2) 477 526 19 545 0.25 110 0.23 % 4Q22 $ 232,037 214,006 233,130 17,000 $ 230,149 214,150 236,965 17,000 $ (2) 459 494 20 514 0.23 108 0.21 QUARTERLY TRENDS % 3Q22 $ 232,303 214,989 242,315 17,000 $ 232,748 216,714 253,026 17,000 $ (13) 467 461 21 482 (0.02) 0.21 99 0.22 % (a) Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information. (b) For the three and six months ended June 30, 2023, includes $9.7 billion and $4.9 billion, respectively, associated with the First Republic acquisition. 2Q22 $ 235,553 218,841 257,437 17,000 $ 234,565 216,846 268,861 17,000 $ 9 620 547 22 569 0.02 0.25 88 0.28 % 2Q23 Change 1Q23 6% 5 (12) 6 4 4 (6) 4 NM 29 23 105 26 JPMORGAN CHASE & CO. 2Q22 5% 2 (22) 2 1 (21) (2) (78) (1) 19 77 21 2023 $ 247,118 222,493 199,763 17,000 $ 233,933 215,491 218,078 16,337 $ 615 649 39 688 0.29 106 0.28 SIX MONTHS ENDED JUNE 30, (a) (b) % 2022 $ 235,553 218,841 257,437 17,000 $ 233,444 215,735 278,256 17,000 $ 8 620 547 22 569 0.01 0.25 88 0.28 % 2023 Change 2022 5% 2 (22) (22) (4) NM (1) 19 77 21 Page 22#24JPMORGAN CHASE & CO. ASSET & WEALTH MANAGEMENT FINANCIAL HIGHLIGHTS, CONTINUED (in billions) CLIENT ASSETS Assets by asset class Liquidity Fixed income Equity Multi-asset Alternatives TOTAL ASSETS UNDER MANAGEMENT Custody/brokerage/administration/deposits TOTAL CLIENT ASSETS (a) Assets by client segment Private Banking Global Institutional Global Funds TOTAL ASSETS UNDER MANAGEMENT Private Banking Global Institutional Global Funds TOTAL CLIENT ASSETS (a) Assets under management rollforward Beginning balance Net asset flows: Liquidity Fixed income Equity Multi-asset Alternatives Market/performance/other impacts Ending balance Client assets rollforward Beginning balance Net asset flows Market/performance/other impacts Ending balance $ $ $ $ $ $ $ $ Jun 30, 2023 $ 826 718 792 647 205 3,188 1,370 4,558 881 1,423 884 3,188 2,170 1,497 891 4,558 60 37 20 3 1 61 $ 3,188 3,006 4,347 112 99 4,558 $ $ $ $ $ $ $ $ $ $ Mar 31, 2023 761 682 733 627 203 3,006 1,341 4,347 826 1,347 833 3,006 2,090 1,417 840 4,347 2,766 93 26 22 (2) 1 100 3,006 4,048 152 147 4,347 $ $ $ $ $ $ $ Dec 31, 2022 654 638 670 **235 603 201 2,766 1,282 4,048 751 1,252 763 2,766 1,964 1,314 770 4,048 2,616 33 8 9 (7) 107 2,766 3,823 70 155 $ 4,048 $ $ $ $ $ $ $ $ $ $ Sep 30, 2022 615 612 609 577 203 2,616 1,207 3,823 698 1,209 709 2,616 1,848 1,261 714 3,823 2,743 (36) 9 6 (5) 2 (103) 2,616 3,798 (15) 40 3,823 (a) Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. $ $ $ $ $ $ $ $ $ $ Jun 30, 2022 654 624 641 615 209 2,743 1,055 3,798 712 1,294 737 2,743 1,715 1,339 744 3,798 2,960 (1) 9 (3) 1 (223) 2,743 4,116 (1) (317) 3,798 Jun 30, 2023 Change Mar 31, 2023 9% 5 8 3 1 6 2 5 7 6 6 6 4 6 6 5 JPMORGAN CHASE & CO. Jun 30, 2022 26 % 15 24 5 (2) 16 30 20 24 10 20 16 27 12 20 20 $ $ $ $ $ $ $ 2023 $ SIX MONTHS ENDED JUNE 30, 826 718 792 647 205 3,188 1,370 4,558 881 1,423 884 3,188 2,170 1,497 891 4,558 2,766 153 63 42 1 2 161 3,188 4,048 264 246 $ 4,558 $ $ $ $ $ $ $ $ $ $ 2022 654 624 641 615 209 2,743 1,055 3,798 712 1,294 737 2,743 1,715 1,339 744 3,798 3,113 (52) (4) 20 3 6 (343) 2,743 4,295 (6) (491) 3,798 2023 Change 2022 26 % 15 24 5 (2) 16 30 20 24 10 20 16 27 12 20 20 Page 23#25JPMORGAN CHASE & CO. CORPORATE FINANCIAL HIGHLIGHTS (in millions, except headcount data) INCOME STATEMENT REVENUE Principal transactions Investment securities losses All other income Noninterest revenue Net interest income TOTAL NET REVENUE (a) Provision for credit losses NONINTEREST EXPENSE Income/(loss) before income tax expense/(benefit) Income tax expense/(benefit) NET INCOME/(LOSS) MEMO: TOTAL NET REVENUE Treasury and Chief Investment Office ("CIO") Other Corporate TOTAL NET REVENUE NET INCOME/(LOSS) Treasury and CIO Other Corporate TOTAL NET INCOME/(LOSS) SELECTED BALANCE SHEET DATA (period-end) Total assets Loans Deposits (b) Headcount SUPPLEMENTAL INFORMATION TREASURY and CIO Investment securities losses Available-for-sale securities (average) Held-to-maturity securities (average) (c) Investment securities portfolio (average) Available-for-sale securities (period-end) Held-to-maturity securities (period-end) (c) Investment securities portfolio, net of allowance for credit losses (period-end) (d) $ $ $ $ $ $ 2Q23 113 (900) 2,767 (e) 1,980 1,738 (e) 3,718 $ (243) 1,152 (e) 2,809 169 (f) 2,640 $ 1,263,595 2,172 21,083 1,261 2,457 (e) 3,718 1,057 1,583 (e) 2,640 45,235 (900) 198,620 410,594 609,214 201,211 (g) 408,941 $ 610,152 $ $ $ 1Q23 82 (868) 31 (755) 1,740 985 370 160 455 211 244 1,106 (121) 985 624 (380) 244 $1,307,989 2,267 19,458 44,743 (868) 202,776 417,350 $ 620,126 195,228 412,827 608,055 (** $ $ $ $ QUARTERLY TRENDS 4Q22 $ (7) (874) 766 (h) (115) 1,298 1,183 (14) 339 858 277 581 603 580 1,183 $ 1,328,219 2,181 14,203 531 50 581 44,196 (874) 195,788 427,802 623,590 203,981 425,305 $ $ $ 3Q22 (76) (959) (59) (1,094) 792 (302) (21) 305 (586) (292) (294) (180) (122) (302) (68) (226) (294) $1,408,726 2,206 14,449 42,806 (959) 209,008 436,302 $ 645,310 186,441 430,106 616,547 $ $ 2Q22 17 (153) (108) $ **** (244) 324 111 80 28 206 (154) 20 (174) 82 (2) 80 88 (262) (174) $ 1,459,528 2,187 13,191 40,348 (153) 252,121 418,843 $ 670,964 220,213 441,649 2Q23 Change 1Q23 38 % (4) NM NM 277 NM NM NM (20) NM 14 NM 277 69 NM NM (3) (4) 8 1 (4) (2) (2) (2) 3 € JPMORGAN CHASE & CO. 2Q22 NM (488)% NM NM 436 NM NM 459 NM NM NM NM NM NM NM NM NM (13) (1) 60 12 (488) (21) (2) (9) (9) (7) $ $ $ $ $ 2023 $ SIX MONTHS ENDED JUNE 30, 195 (1,768) 2,798 (e) 1,225 3,478 4,703 127 1,312 (e) 3,264 380 2,884 $1,263,595 2,172 21,083 1,681 1,203 2,884 (e) 2,367 2,336 (e) 4,703 45,235 (f) (e) (1,768) 200,687 413,953 614,640 201,211 (9) 408,941 $ $ $ $ 2022 $ (144) (547) 102 (589) (212) (801) 57 2523 390 (1,248) (218) (1,030) $ 1,459,528 2,187 13,191 (d) At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, the allowance for credit losses on investment securities was $74 million, $61 million, $67 million, $52 million and $47 million, respectively. (e) Includes the impacts of the First Republic acquisition. Refer to page 30 for additional information. (f) Income taxes associated with the First Republic acquisition are reflected in the bargain purchase gain. (g) At June 30, 2023, includes AFS securities of $25.8 billion associated with the First Republic acquisition. (h) Included a $914 million gain on sale of Visa B shares. (862) 61 (801) (660) (370) (1,030) 40,348 (547) 278,073 391,978 670,051 220,213 441,649 2023 Change 2022 NM (223)% NM NM NM NM 123 236 NM NM NM NM NM NM NM NM NM $ 629,286 $ 661,862 (8) $ 610,152 661,862 (a) Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $45 million, $56 million, $58 million, $59 million and $60 million for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively, and $101 million and $118 million for the six months ended June 30, 2023 and 2022 respectively. (b) Predominantly relates to the Firm's international consumer initiatives. (c) In January 2023, upon adoption of the Derivatives and Hedging: Fair Value Hedging - Portfolio Layer Method accounting guidance, the Firm elected to transfer $7.1 billion of HTM securities to AFS. The transferred securities were placed in a closed AFS securities portfolio as part of a portfolio layer method hedge. During 2022, the Firm transferred $78.3 billion of investment securities from AFS to HTM for capital management purposes. At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, the estimated fair value of the HTM securities portfolio was $375.3 billion, $382.0 billion, $388.6 billion, $389.8 billion and $415.6 billion, respectively. Refer to Note 1 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 for additional information on the portfolio layer method. (13) (1) 60 12 (223) (28) 6 (8) (9) (7) (8) Page 24#26JPMORGAN CHASE & CO. CREDIT-RELATED INFORMATION (in millions) CREDIT EXPOSURE Consumer, excluding credit card loans (a) Loans retained Loans held-for-sale and loans at fair value Total consumer, excluding credit card loans Credit card loans Loans retained Total credit card loans Total consumer loans Wholesale loans (b) Loans retained Loans held-for-sale and loans at fair value Total wholesale loans Total loans Derivative receivables Receivables from customers (c) Total credit-related assets Lending-related commitments Consumer, excluding credit card Credit card (d) Wholesale Total lending-related commitments Total credit exposure Memo: Total by category Consumer exposure (e) Wholesale exposure (f) Total credit exposure $ Jun 30, 2023 396,195 12,009 408,204 191,348 191,348 599,552 668,145 32,372 700,517 1,300,069 64,217 42,741 1,407,027 50,846 881,485 541,089 1,473,420 $ $ 1,531,883 1,348,564 $ 2,880,447 Mar 31, 2023 300,447 10,986 311,433 180,079 180,079 491,512 604,324 33,060 637,384 1,128,896 59,274 43,943 1,232,113 37,568 861,218 484,539 1,383,325 $ 2,880,447 (g) $ 2,615,438 $ 1,390,298 1,225,140 $ 2,615,438 $ Dec 31, 2022 300,753 10,622 311,375 185,175 185,175 496,550 603,670 35,427 639,097 1,135,647 70,880 49,257 1,255,784 33,518 821,284 471,980 (h) 1,326,782 $ 2,582,566 JPMORGAN CHASE & CO. Jun 30, 2023 Change 1,351,352 1,231,214 2,582,566 Sep 30, 2022 $ 301,403 12,393 313,796 170,462 170,462 484,258 596,208 32,167 628,375 1,112,633 92,534 54,921 1,260,088 34,868 798,855 472,950 1,306,673 $ 2,566,761 $1,317,981 1,248,780 2,566,761 $ Jun 30, 2022 302,631 14,581 317,212 165,494 165,494 482,706 584,265 37,184 621,449 1,104,155 81,317 58,349 1,243,821 40,484 774,021 487,500 1,302,005 $ 2,545,826 $ 1,297,211 1,248,615 $ 2,545,826 Mar 31, 2023 32% 9 31 6 6 22 11 (2) 10 15 8 (3) 14 35 2 12 7 10 10 10 10 Jun 30, 2022 31% (18) 29 16 16 24 14 (13) 13 18 (21) (27) 13 26 14 11 13 13 18 8 13 (a) Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate. (b) Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses. (c) Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets. (d) Also includes commercial card lending-related commitments primarily in CB and CIB. (e) Represents total consumer loans and lending-related commitments. (f) Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers. (g) Includes credit exposure associated with the First Republic acquisition consisting of $104.6 billion in the Consumer credit portfolio and $98.2 billion in the Wholesale credit portfolio. (h) Prior-period amount has been revised to conform with the current presentation. Page 25#27JPMORGAN CHASE & CO. CREDIT-RELATED INFORMATION, CONTINUED (in millions, except ratio data) NONPERFORMING ASSETS (a) Consumer nonaccrual loans Loans retained Loans held-for-sale and loans at fair value Total consumer nonaccrual loans Wholesale nonaccrual loans Loans retained Loans held-for-sale and loans at fair value Total wholesale nonaccrual loans Total nonaccrual loans (b) Derivative receivables Assets acquired in loan satisfactions Total nonperforming assets Wholesale lending-related commitments (c) Total nonperforming exposure NONACCRUAL LOAN-RELATED RATIOS Total nonaccrual loans to total loans Total consumer, excluding credit card nonaccrual loans to total consumer, excluding credit card loans Total wholesale nonaccrual loans to total wholesale loans $ $ Jun 30, 2023 3,784 481 4,265 2,593 415 3,008 7,273 286 279 7,838 332 8,170 0.56% 1.04 0.43 $ Mar 31, 2023 3,843 452 4,295 2,211 389 2,600 6,895 291 232 7,418 401 $ 7,819 0.61 % 1.38 0.41 $ Dec 31, 2022 3,874 451 4,325 1,963 432 2,395 6,720 296 231 7,247 455 $ 7,702 0.59% 1.39 0.37 JPMORGAN CHASE & CO. $ Sep 30, 2022 3,917 461 4,378 1,882 414 2,296 6,674 339 230 7,243 470 $ 7,713 0.60% 1.40 0.37 $ $ Jun 30, 2022 4,186 486 4,672 2,083 407 2,490 7,162 447 236 7,845 397 8,242 0.65 % 1.47 0.40 Jun 30, 2023 Change Mar 31, 2023 (2)% 6 (1) 17 7 16 5 (2) 20 6 (17) 4 Jun 30, 2022 (10)% (1) (9) 24 2 21 2 (36) 18 (16) (1) (a) At June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $215 million, $263 million, $302 million, $362 million and $453 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm's policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm's 2022 Form 10-K for additional information on the Firm's credit card nonaccrual and charge-off policies. (b) Generally excludes loans that were under payment deferral or other assistance, including amendments or waivers of financial covenants, in response to the COVID-19 pandemic. (c) Represents commitments that are risk rated as nonaccrual. Page 26#28JPMORGAN CHASE & CO. CREDIT-RELATED INFORMATION, CONTINUED (in millions, except ratio data) SUMMARY OF CHANGES IN THE ALLOWANCES ALLOWANCE FOR LOAN LOSSES Beginning balance Net charge-offs: Gross charge-offs Gross recoveries collected Net charge-offs Provision for loan losses Other Ending balance ALLOWANCE FOR LENDING-RELATED COMMITMENTS Beginning balance Provision for lending-related commitments Other Ending balance ALLOWANCE FOR INVESTMENT SECURITIES Total allowance for credit losses (a) NET CHARGE-OFF/(RECOVERY) RATES Consumer retained, excluding credit card loans Credit card retained loans Total consumer retained loans Wholesale retained loans Total retained loans Memo: Average retained loans Consumer retained, excluding credit card loans Credit card retained loans Total average retained consumer loans Wholesale retained loans Total average retained loans $ 20,053 $ $ $ 2Q23 $ 1,776 (365) 1,411 3,317 (b) 21 21,980 2,370 (188) (b) 4 2,186 104 $ 24,270 0.14% 2.41 0.91 0.10 0.47 $ 359,543 187,027 546,570 647,474 $1,194,044 $ $ $ $ $ 1Q23 19,139 (c) $ 1,451 (314) 1,137 2,047 4 20,053 2,382 (13) 1 2,370 90 $ 22,513 0.18% 2.07 0.89 0.06 0.43 $ 300,585 180,451 481,036 601,401 $1,082,437 $ $ $ $ 4Q22 18,185 1,210 (323) 887 2,426 2 19,726 2,551 (169) 2,382 96 $ 22,204 QUARTERLY TRENDS 0.16% 1.62 0.70 0.03 0.33 $ 301,093 177,026 478,119 599,817 $1,077,936 $ 17,750 $ $ $ $ 3Q22 $ 1,104 (377) 727 1,165 (3) 18,185 2,222 328 1 2,551 61 20,797 0.10 % 1.40 0.56 0.04 0.27 $ 301,347 168,125 469,472 590,490 $1,059,962 $ $ 2Q22 $ 17,192 1,036 (15) $ 17,750 (379) 657 1,230 2,358 (135) (1) 2,222 47 $ 20,019 0.04% 1.47 0.53 0.03 0.25 $ 299,649 158,434 458,083 577,850 $1,035,933 2Q23 Change 1Q23 5% 22 (16) 24 62 425 10 (1) NM 300 (8) 16 8 20 4 14 8 10 JPMORGAN CHASE & Co. 2Q22 17 % 71 4 115 170 NM 24 1 (39) NM (2) 121 21 20 18 19 12 15 $ 2023 $ 19,139 3,227 (679) 2,548 5,364 25 $ 21,980 $ $ 2,382 (201) 5 2,186 104 SIX MONTHS ENDED JUNE 30, $ 24,270 0.16% 2.25 0.90 0.08 0.45 $ 330,227 183,757 513,984 624,566 $1,138,550 (b) (b) $ $ $ $ $ $ 2022 16,386 2,012 (773) 1,239 2,598 5 17,750 2,261 (39) 2,222 47 20,019 0.05% 1.42 0.52 0.03 0.24 $ 297,566 153,941 451,507 568,673 $1,020,180 2023 Change 2022 17% 60 12 106 106 400 24 5 (415) NM (2) 121 21 11 19 14 10 12 (a) At June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $17 million, $20 million, $21 million, and $30 million, respectively, and at March 31, 2023, excludes an allowance for credit losses associated with certain other assets in Corporate of $241 million. (b) Includes $1.2 billion of provision for credit losses associated with the First Republic acquisition. (c) On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance eliminated the existing accounting and disclosure requirements for trouble debt restructurings ("TDRs"), including the requirement to measure the allowance using a discounted cash flow ("DCF") methodology. The Firm elected to apply its portfolio-based allowance approach to substantially all its non-collateral dependent modified loans to troubled borrowers, resulting in a net decrease in the beginning balance of the allowance for loan losses of $587 million, predominantly driven by residential real estate and credit card. Refer to Note 1 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 for further information. Page 27#29JPMORGAN CHASE & CO. CREDIT-RELATED INFORMATION, CONTINUED (in millions, except ratio data) ALLOWANCE COMPONENTS AND RATIOS ALLOWANCE FOR LOAN LOSSES Consumer, excluding credit card Asset-specific (a) Portfolio-based Total consumer, excluding credit card Credit card Asset-specific (a) Portfolio-based Total credit card Total consumer Wholesale Asset-specific (a) Portfolio-based Total wholesale Total allowance for loan losses Allowance for lending-related commitments Allowance for investment securities Total allowance for credit losses CREDIT RATIOS Consumer, excluding credit card allowance, to total consumer, excluding credit card retained loans Credit card allowance to total credit card retained loans Wholesale allowance to total wholesale retained loans Wholesale allowance to total wholesale retained loans, excluding trade finance and conduits (b) Total allowance to total retained loans Consumer, excluding credit card allowance, to consumer, excluding credit card retained nonaccrual loans (c) Total allowance, excluding credit card allowance, to retained nonaccrual loans, excluding credit card nonaccrual loans (c) Wholesale allowance to wholesale retained nonaccrual loans Total allowance to total retained nonaccrual loans $ Jun 30, 2023 (971) 3,019 2,048 11,600 11,600 13,648 478 7,854 8,332 (d) 21,980 2,186 104 24,270 0.52 % 6.06 1.25 1.36 1.75 54 (d) 163 321 345 $ Mar 31, 2023 (1,030) 2,696 1,666 11,400 11,400 13,066 437 6,550 6,987 20,053 2,370 90 $ 22,513 0.55 % 6.33 1.16 1.26 1.85 43 143 316 331 $ Dec 31, 2022 (624) 2,664 2,040 223 10,977 11,200 13,240 467 6,019 6,486 19,726 2,382 96 $ 22,204 0.68 % 6.05 1.07 1.17 1.81 53 146 330 338 JPMORGAN CHASE & CO. (e) $ (e) Sep 30, 2022 (702) 2,521 1,819 218 10,182 10,400 12,219 450 5,516 5,966 18,185 2,551 61 $ 20,797 0.60 % 6.10 1.00 1.08 1.70 4465 134 317 314 $ $ Jun 30, 2022 (676) 2,605 1,929 227 10,173 10,400 12,329 332 5,089 5,421 17,750 2,222 47 20,019 0.64 % 6.28 0.93 0.99 1.69 46 117 260 283 Jun 30, 2023 Change Mar 31, 2023 6% 12 23 | N24 9 20 19 10 (8) 16 8 Jun 30, 2022 (44)% ²+2= $***^¯Ñ NM (a) On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance under which it elected to change from an asset-specific allowance approach to its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except collateral-dependent loans and nonaccrual risk-rated loans, for which the asset-specific allowance approach will continue to apply. (b) Management uses allowance for loan losses to period-end loans retained, excluding CIB's trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio. (c) Refer to footnote (a) on page 26 for information on the Firm's nonaccrual policy for credit card loans. (d) Includes $377 million and $695 million of Consumer and Wholesale portfolio-based allowance, respectively, associated with the First Republic acquisition. (e) Prior-period amounts have been revised to conform with the current presentation. Page 28#30JPMORGAN CHASE & CO. NON-GAAP FINANCIAL MEASURES JPMORGAN CHASE & CO. Non-GAAP Financial Measures (a) In addition to analyzing the Firm's results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a "managed" basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm's definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business. (b) Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. (c) TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm's common stockholders' equity (i.e., total stockholders' equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm's net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm's TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm's use of equity. (d) The ratio of the wholesale and CIB's allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB's trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio. (e) In addition to reviewing net interest income ("NII"), net yield, and noninterest revenue ("NIR") on a managed basis, management also reviews these metrics excluding CIB Markets ("Markets", which is composed of Fixed Income Markets and Equity Markets), as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm's lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk- managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to page 70 of the Firm's 2022 Form 10-K. QUARTERLY TRENDS (in millions, except rates) Net interest income - reported Fully taxable-equivalent adjustments Net interest income - managed basis (a) Less: Markets net interest income Net interest income excluding Markets (a) Average interest-earning assets Less: Average Markets interest-earning assets Average interest-earning assets excluding Markets Net yield on average interest-earning assets - managed basis Net yield on average Markets interest-earning assets Net yield on average interest-earning assets excluding Markets Noninterest revenue - reported Fully taxable-equivalent adjustments Noninterest revenue - managed basis Less: Markets noninterest revenue Noninterest revenue excluding Markets Memo: Markets total net revenue 2Q23 $ 21,779 104 $21,883 (487) $22,370 $3,343,780 1,003,877 $2,339,903 2.62 % (0.19) 3.83 $ 19,528 990 $ 20,518 7,505 $ 13,013 $ 7,018 $ 20,711 120 $ 20,831 (105) $ 20,936 1Q23 $3,216,757 982,572 $2,234,185 $ 17,638 867 $ 2.63 % (0.04) 3.80 $ 18,505 8,487 10,018 $ 8,382 (a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable. $ 20,192 121 $ 20,313 315 19,998 $ 4Q22 $3,265,071 939,420 $2,325,651 $ 14,355 898 $ 2.47% 0.13 3.41 $ 15,253 5,355 9,898 $ 5,670 $ 17,518 112 17,630 707 $ 16,923 $ $3,344,949 952,488 $2,392,461 3Q22 $ $ 15,198 663 15,861 6,064 9,797 $ $ 2.09 % 0.29 2.81 6,771 $ 15,128 103 $ $ 2Q22 $3,385,894 957,304 $2,428,590 $ 15,231 1,549 13,682 $ $ 15,587 812 $ 16,399 6,241 10,158 1.80 % 0.65 2.26 7,790 2Q23 Change 1Q23 5% (13) 5 (364) 7 4 2 5 11 14 11 (12) 30 (16) 2Q22 44 % 1 44 NM 63 (1) 5 (4) 25 22 25 20 28 (10) $ $ 42,490 224 42,714 (592) 43,306 $ 2023 $3,280,619 993,283 $2,287,336 $ $ 37,166 1,857 $ 39,023 15,992 $ 23,031 SIX MONTHS ENDED JUNE 30, 2.63 % (0.12) 3.82 15,400 $ 29,000 201 $ 29,201 3,767 25,434 $ 2022 $3,393,879 960,556 $2,433,323 $ 32,432 1,587 34,019 12,776 $ 21,243 $ 1.74% 0.79 2.11 $ 16,543 2023 Change 2022 47% 11 46 NM 70 Page 29 (3) 3 (6) 15 17 15 25 8 (7)#31JPMORGAN CHASE & CO. SUPPLEMENTAL INFORMATION RELATED TO THE FIRST REPUBLIC ACQUISITION (in millions) SELECTED INCOME STATEMENT DATA REVENUE Asset management fees All other income Noninterest revenue Net interest income TOTAL NET REVENUE Provision for credit losses Noninterest expense NET INCOME SELECTED BALANCE SHEET DATA (period-end) Loans Deposits $ $ CCB 107 105 212 619 831 408 37 293 94,721 68,351 $ $ THREE AND SIX MONTHS ENDED JUNE 30, 2023 CB 178 178 608 (327) JPMORGAN CHASE & Co. 39,500 $ $ AWM 174 174 129 303 146 119 13,696 $ $ CORP 2,762 (a) 2,762 (29) 2,733 562 2,301 $ $ Total 107 3,041 3,148 897 4,045 1,162 599 2,386 147,917 (b) 68,351 (a) On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the "First Republic acquisition") from the Federal Deposit Insurance Corporation ("FDIC") resulting in an estimated bargain purchase gain of $2.7 billion recorded in other income. The bargain purchase gain generally represents the excess of the estimated fair value of the net assets acquired over the purchase price. This estimate is preliminary and subject to change for up to one year from the acquisition date, as permitted by U.S. GAAP, and as the settlement with the FDIC is finalized. (b) Excludes $1.9 billion of loans transferred to the CIB. Page 30