J.P.Morgan 4Q23 Earnings Results
JPMORGAN 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
$
$
4Q23
1,635
3,725
1,926
4,077
1,697
(743)
263
1,247
696
14,523
47,384
23,333
24,051
38,574
2,762
11,847
1,208
2,409
2,606
1,298
5,118 (d)
24,486
11,326
2,019 (e)
9,307
3.04
3.04
12 %
15
0.95
17.8
63
(e)
$
3Q23
$
1,722
6,210
2,039
3,904
1,705
(669)
414
1,209
614
17,148
44,556
21,830
22,726
39,874
1,384
11,726
1,197
2,386
2,620
1,126
2,702
21,757
16,733
3,582
$ 13,151
4.33
4.33
18 %
22
1.36
21.4
55
$
2Q23
1,513
6,910
1,828
3,774
1,739
(900)
278
1,094
3,292
19,528
41,644
19,865
21,779
41,307
2,899
11,216
1,070
2,267
2,561
1,122
2,586
20,822
17,586
3,114
14,472
4.76
4.75
QUARTERLY TRENDS
20 %
25
1.51
17.7
50
(f)
(f)
$
$
$
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
16 %
20
1.16
16.8
55
4Q23 Change
3Q23
(5)%
(40)
(6)
4
(11)
(36)
3
13
(15)
6
7
6
(3)
100
1
1
1
(1)
15
89
13
(32)
(44)
(29)
(30)
(30)
4Q22
15%
(16)
16
19
8
15
168
2
(50)
1
43
81
19
12
21
JPMORGAN CHASE & CO.
18
(5)
7
(2)
19
194
29
(14)
(9)
(15)
(15)
(15)
$
$
$
2023
6,519
24,460
7,413
15,220
6,836
(3,180)
1,176
4,784
5,609
68,837
170,588
81,321
89,267
158,104
9,320
46,465
4,590
9,246
10,235
4,591
12,045
87,172
61,612
12,060
49,552
16.25
16.23
17%
21
1.30
19.6
55
(d)
(e)(f)
FULL YEAR
$
$
2022
6,686
19,912
7,098
14,096
6,581
(2,380)
1,250
4,420
4,322
61,985
92,807
26,097
66,710
128,695
6,389
41,636
4,696
9,358
10,174
3,911
6,365
76,140
46,166
8,490
37,676
12.10
12.09
14 %
18
0.98
18.4
59
2023 Change
2022
(2)%
23
4
8
4
(34)
(6)
8
30
11
84
212
34
23
46
12
(2)
(1)
1
17
89
14
33
42
32
34
34
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.
(a) Included Firmwide legal expense of $175 million, $665 million, $420 million, $176 million and $27 million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $1.4 billion and $266 million
for the full year 2023 and 2022, respectively.
(b) Ratios are based upon annualized amounts.
(c) Refer to page 29 for further discussion of ROTCE.
(d) Included a $2.9 billion special assessment from the FDIC on certain banks to recover losses to the DIF arising from the protection of uninsured depositors resulting from bank resolutions in 2023.
(e) Included an income tax benefit of $463 million and $428 million for the three months and full year ended December 31, 2023, respectively, related to the finalization of certain income tax regulations. The benefit resulted in a reduction in the Firm's effective tax rate of 4.1 percentage
points in the fourth quarter of 2023.
(f) Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain, resulting in a reduction in the Firm's effective tax rate of 3.4 percentage points in the second quarter of 2023.
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