J.P.Morgan 4Q23 Earnings Results
JPMORGAN 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
$
$
$
$
$
$
4Q23
324 (e) $
191
391
906
3,110 (e)
4,016
366
733
662
1,395
2,255
602
1,653
924
1,898
1,164
939
15
4,016
(e)
1,629 (e) $
2,045
298
44
4,016
21 %
35
(e)
$
(f)
$
$
(f) $
3Q23
410
198
364
972
3,059
4,031
90 (e)
2,566
631
1,935
730 (e)
645
1,375
1,662
2,045
290
34
4,031
821
(e) $
1,876
1,208
921
26
4,031
(e)
25 %
34
(e)
$
(f)
$
$
$
(f) $
2Q23
QUARTERLY TRENDS
249
201
385
835
3,153
3,988
1,097
656
644
1,300
1,591
383
1,208
273
47
3,988
767
1,480 (e) $
2,188
1,916
1,229
806
37
$ 3,988
(e)
16%
33
(e)
$
(f)
$
(f) $
1Q23
227
173
381
781
2,730
3,511
417
641
667
1,308
1,222
1,972
306
11
$ 3,511
1,786
439
1,347
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
1,185
1,937
248
34
$ 3,404
1,866
443
1,423
700
1,619
1,109
666
10
3,404
22%
37
4Q23 Change
3Q23
(21)%
(4)
7
(7)
2
307
-w1
(12)
(5)
(15)
(2)
3
29
13
1
(4)
2
(42)
JPMORGAN CHASE & Co.
4Q22
33 %
12
24
24
16
18
29
21
2
11
21
36
16
37
6
20
29
18
32
17
5
41
50
18
$
$
$
$
$
$
2023
1,210 (e) $
763
1,521
3,494
12,052 (e)
15,546
1,970 (e)
2,760 (e)
2,618
5,378
8,198
2,055
6,143
3,393
FULL YEAR
5,993 (e) $
8,250
1,167
136
15,546
7,371 (f)
4,777
3,308 (f)
90
15,546
20 %
35
$
$
$
$
$
2022
1,243
685
1,408
3,336
8,197
11,533
1,268
2,296
2,423
4,719
5,546
1,333
4,213
4,524
5,691
1,064
254
11,533
2,978
5,134
3,918
2,461
20
11,533
16 %
41
2023 Change
2022
(3)%
11 %
8
5
47
35
55
20
8
14
48
54
46
32
45
10
(46)
35
14
44
22
34
350
35
(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 $108 million, $103 million, $89 million, $82 million and $100 million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $382 million and $322 million for the full year 2023 and
2022, respectively.
(b) In the third quarter of 2023, certain revenue from CIB Markets products was reclassified from payments to investment banking. Prior-period amounts have been revised to conform with the current presentation.
(c) Includes CB's share of revenue from Investment Banking and Markets' 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 between CB and 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.
(e) Includes First Republic. Refer to page 30 for additional information.
(f) Middle Market Banking and Commercial Real Estate Banking included $75 million and $284 million, respectively, for the three months ended December 31, 2023, $93 million and $273 million, respectively, for the three months ended September 30, 2023, $48 million and $130
million, respectively, for the three months ended June 30, 2023, and $216 million and $687 million, respectively, for the full year 2023, associated with First Republic.
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