J.P.Morgan 4Q23 Earnings Results
JPMORGAN 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 (e)
Tier 1 capital ratio (e)
Total capital ratio (e)
Tier 1 leverage ratio
Supplementary leverage ratio ("SLR")
$
$
4Q23
38,574
24,486 (f)
14,088
2,762
9,307
39,943
24,486 (f)
15,457
2,762
9,307
3.04
3.04
2,914.4
2,919.1
$ 489,320
2,876.7
104.45
86.08
1.05
12%
15
0.95
15.0 % (g)
16.6
(g)
18.4
(g)
7.2
(g)
6.1 (g)
3Q23
$ 39,874
21,757
18,117
1,384
13,151
40,686
21,757
18,929
1,384
13,151
$ 4.33
4.33
2,927.5
2,932.1
$ 419,254
2,891.0
100.30
82.04
1.05
18%
22
1.36
14.3 %
15.9
17.8
7.1
6.0
2Q23
$ 41,307
20,822
20,485
2,899
14,472
$
42,401
20,822
21,579
2,899
14,472
4.76
4.75
2,943.8
2,948.3
$ 422,661
2,906.1
98.11
79.90
1.00
QUARTERLY TRENDS
20%
25
1.51
13.8 %
15.4
17.3
6.9
5.8
1Q23
$ 38,349
20,107
18,242
2,275
12,622
$
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
16%
20
1.16
13.2 %
14.9
16.8
6.6
5.6
4Q23 Change
3Q23
(3)%
13
(22)
100
(29)
(2)
13
(18)
100
(29)
(30)
(30)
17
| G |
4Q22
JPMORGAN CHASE & CO.
12%
29
(9)
21
(15)
12
29
(7)
21
(15)
(15)
(15)
(2)
(2)
24
(2)
16
18
5
2023
$ 158,104
87,172
70,932
9,320
49,552
$
162,366
87,172
75,194
9,320
49,552
16.25
16.23
2,938.6
2,943.1
$ 489,320
2,876.7
104.45
86.08
4.10
17%
21
1.30
(f)
7.2
6.1
(f)
15.0 % (g)
16.6 (g)
18.4 (g)
(g)
(g)
FULL YEAR
2022
$ 128,695
76,140
52,555
6,389
37,676
132,277
76,140
56,137
6,389
37,676
$ 12.10
12.09
2,965.8
2,970.0
$ 393,484
2,934.3
90.29
73.12
4.00
14%
18
0.98
13.2 %
14.9
16.8
6.6
5.6
2023 Change
2022
23%
14
35
46
32
23
14
34
46
32
34
34
(1)
(1)
24
(2)
16
18
2
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.
(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 further discussion of these
measures.
(b) Refer to Reconciliation from Reported to Managed Basis on page 7 for further discussion of managed basis.
(c) Ratios are based upon annualized amounts.
(d) The capital metrics reflect the Current Expected Credit Losses ("CECL") capital transition provisions. 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 December 31, 2023, September 30, 2023,
June 30, 2023 and March 31, 2023, CET1 capital reflected the remaining $1.4 billion CECL benefit; as of December 31, 2022, CET1 capital reflected a $2.2 billion benefit. Refer to Capital Risk Management on pages 48-53 of the Firm's Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2023, and pages 86-96 of the Firm's 2022 Form 10-K for additional information.
(e) Reflect the Firm's ratios under the Basel III Standardized approach. Refer to page 9 for further information on the Firm's capital metrics.
(f) Included a $2.9 billion special assessment from the FDIC on certain banks to recover losses to the Deposit Insurance Fund ("DIF") arising from the protection of uninsured depositors resulting from bank resolutions in 2023.
(g) Estimated.
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