J.P.Morgan 4Q23 Earnings Results
JPMORGAN 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
$
$
$
4Q23
1,654
3,648
585
1,194
361
678
8,120
2,838
10,958
210
3,374
3,400
6,774
3,974
1,450
2,524
9%
62
31
1,576
2,332
150
4,058
4,033
1,778
1,191
(102)
6,900
10,958
$
3Q23
$
1,717
5,918
556
1,174
374
131
9,870
1,860
11,730
(185)
3,425
4,018
7,443
4,472
1,380
$ 3,092
11 %
63
29
1,613
2,094
291
3,998
4,514
2,067
1,212
(61)
7,732
$ 11,730
$
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
QUARTERLY TRENDS
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
3,962
648
$ 3,314
3,091
3,404 (d)
6,495
12 %
61
29
1,389
2,120
323
3,832
3,739
1,931
1,159
(63)
(d)
(d)
6,766
$ 10,598
(d)
(d)
4Q23 Change
3Q23
(4)%
(38)
5
2
(3)
418
(18)
53
(7)
NM
(1)
(15)
(9)
(11)
5
(18)
(2)
11
(48)
2
(11)
(14)
(2)
(67)
(11)
(7)
JPMORGAN CHASE & CO.
4Q22
13%
(17)
7
(1)
2
361
WE |
14
3
49
。 | + |
9
4
124
(24)
13
10
(54)
6
8
(8)
3
(62)
2
3
$
$
2023
$
6,582
23,671
2,213
4,821
1,450
1,578
40,315
8,492
48,807
121
20,092
5,963
$ 14,129
14,345
14,249
28,594
13 %
59
29
6,243
9,273
1,007
16,523
18,813
8,979
4,772
(280)
32,284
48,807
FULL YEAR
$
$
2022
6,929
19,926
2,419
5,058
1,249
621
36,202
11,900
48,102
1,158
13,918
13,432 (d)
27,350
19,594
4,669
14,925
14%
57
29
6,510
7,579
1,377
15,466
18,617
10,367
4,488
(836)
(d)
(d)
32,636
$ 48,102
(d)
(d)
2023 Change
2022
(5)%
19
(9)
(5)
16
154
11
(29)
1
(90)
3
6
5
3
28
(5)
(4)
22
(27)
7
1
(13)
6
67
(1)
1
(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 $1.2 billion, $643 million, $953 million, $839 million and $854 million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $3.6 billion and $3.0 billion for the full year 2023 and
2022, respectively.
(c) Consists primarily of centrally managed credit valuation adjustments ("CVA"), funding valuation adjustments ("FVA") on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions
revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
(d) In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current
presentation.
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