J.P.Morgan 4Q23 Earnings Results
JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)
Net charge-offs/(recoveries)
Banking & Wealth Management
Home Lending
Card Services
Auto
Total net charge-offs/(recoveries)
Net charge-off/(recovery) rate
Banking & Wealth Management (c)
Home Lending
Card Services
Auto
Total net charge-off/(recovery) rate
30+ day delinquency rate
Home Lending (d)(e)
Card Services
Auto
90+ day delinquency rate - Card Services
Allowance for loan losses
Banking & Wealth Management
Home Lending
Card Services
Auto
Total allowance for loan losses
$
$
$
$
4Q23
3,740
81
6
1,426
125
1,638
1.05 %
0.01
2.79
0.65
1.15
0.66 %
2.14
1.19
1.05
685
578 (f)
12,453
742
14,458
$
$
$
3Q23
3,690
88
(16)
1,227
100
1,399
1.14 %
(0.02)
2.49
0.53
0.99
0.59%
1.94
1.13
0.94
686
573 (f)
11,901
742
13,902
$
$
$
2Q23
QUARTERLY TRENDS
3,823
92
(28)
1,124
63
1,251
1.20 %
(0.05)
2.41
0.36
0.98
0.58 %
1.70
0.92
0.84
731
777 (f)
11,600
717
13,825
$
$
$
1Q23
3,835
79
(18)
922
69
1,052
1.12 %
(0.04)
2.07
0.41
0.96
0.81 %
1.68
0.90
0.83
720
427
$
$
$
11,400
716
13,263 (g) $
4Q22
3,899
95
(33)
725
58
845
1.28 %
(0.08)
1.62
0.34
0.75
0.83 %
1.45
1.01
0.68
722
867
11,200
715
13,504
4Q23 Change
3Q23
1%
(8)
NM
16
25
17
JPMORGAN CHASE & CO.
| ܝ ܗ | ܟ
4Q22
(4)%
(15)
NM
97
116
94
(5)
(33)
11
4
7
$
$
$
$
2023
3,740
340
(56)
4,699
357
5,340
1.13 %
(0.02)
2.45
0.49
1.02
0.66 %
2.14
1.19
1.05
685
578 (f)
12,453
742
14,458
FULL YEAR
$
$
$
2022
3,899
370
(229)
2,403
144
2,688
1.17 %
(0.14)
1.47
0.21
0.62
0.83 %
1.45
1.01
0.68
722
867
11,200
715
$ 13,504
2023 Change
2022
(4)%
(8)
76
96
148
99
(5)
(33)
11
4
7
(a) At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $123 million, $123 million, $139 million, $164 million and
$187 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm's policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b) Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic.
(c) At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, included $94 million, $129 million, $163 million, $205 million and $350 million of loans, respectively, under the PPP. Given that PPP loans are guaranteed by the SBA, the
Firm does not expect to realize material credit losses on these loans. Refer to pages 108-109 of the Firm's 2022 Form 10-K for further information on the PPP.
(d) At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $29 million, $89 million, $177 million, $353 million and
$449 million in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.
(e) At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $176 million, $175 million, $195 million, $219 million and $258 million,
respectively. These amounts have been excluded based upon the government guarantee.
(f) At December 31, 2023, September 30, 2023, and June 30, 2023, included $396 million, $396 million, and $377 million allowance, respectively, associated with First Republic.
(g) On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance resulted in a net decrease in the allowance for loan losses of $591 million, driven by residential real estate and
credit card. Refer to Credit-related information on pages 27-28, and Note 1 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 for further information.
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