J.P.Morgan Results Presentation Deck
We expect ~$88B in NII ex. Markets for 2024, as loan growth partially
offsets lower rates
NET INTEREST INCOME ($B)
NII ex. Markets ¹
$90
4Q23: $24
3Q23: $23
2Q23: $22
1Q23: $21
2023
Markets NII
4Q
run rate
Note: Charts are not to scale; totals may not sum due to rounding
1 See note 2 on slide 13
$97
4Q23 annualized
2 Outlook is based on implied rate curve as of January 11, 2024
3 Federal Funds target upper bound (FFTUB)
JPMORGAN CHASE & CO.
$94
($8)
Rate / reprice²
Assumes 6 rate cuts
in 2024 (4.0%
FFTUB3 at YE)
Deposit reprice and
internal migration
- FFTUB
- Cost of deposits
0.25%
0.02%
4.50%
Rate/reprice
0.97%
$21
¹22
Q4 Q1 Q2 Q3 Q4 Q1
$1.5
Balance sheet growth / mix
Loan growth including
continued growth in credit
card revolving balances
Modest deposit attrition
5.50%
2.01%
¹23
Q2 Q3 Q4
Balance sheet growth/mix
-$90
NII ex.
Markets ¹:
-$88
Sequential decline
Q1 Q2 Q3 Q4
2024 outlook
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