J.P.Morgan Results Presentation Deck
We expect continued normalization in credit in 2023
2022 net charge-offs were at historically low levels
Net charge-offs ($B)
Wholesale
Consumer
Consumer
(excl. Card)
Wholesale
$5.6
0.4
Total Firm
5.2
Net charge-off rates (%)
2019
Card Services 3.10%
2019
0.12%
0.09%
0.60%
$2.9
0.2
1 Stylized path, not indicative of quarterly expectations
2.7
2022
2022
1.47%
0.09%
0.03%
0.27%
Historical
low
We project 30+ day delinquencies to normalize by mid-2023...
Card Services 30+ day delinquency rates
2.5%
2.0%
1.5%
12
1.0%
0.5%
3.0%
...resulting in normalized NCOs by the end of 2023
Card Services NCO rates
4.0%
2.0%
1.0%
0.0%
4Q19
FY19
3.10%
4Q19
4Q20
FY20
2.93%
4Q21
Card Services NCO rate (quarterly)
Card Services NCO rate (annual)
4Q20
FY21
1.94%
4Q21
FY22
1.47%
We expect FY2023 Card Services NCO rate of ~2.60% as credit continues to normalize throughout 2023
Pre-pandemic
"normal" levels
4Q22
Outlook ¹
4Q23
Pre-pandemic
"normal" levels
4Q22
Outlook ¹
FY23
-2.60%
4Q23
JPMORGAN CHASE & Co.View entire presentation