JPMorgan Chase & Co. (JPM) 8-K Results of Operations and Financial Condition

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

JPMORGAN CHASE & CO.
TABLE OF CONTENTS
		Page(s)
Consolidated Results
Consolidated Financial Highlights		2–3
Consolidated Statements of Income		4
Consolidated Balance Sheets		5
Condensed Average Balance Sheets and Annualized Yields		6
Reconciliation from Reported to Managed Basis		7
Segment Results - Managed Basis		8
Capital and Other Selected Balance Sheet Items		9–10
Earnings Per Share and Related Information		11
Business Segment Results
Consumer & Community Banking (“CCB”)		12–15
Corporate & Investment Bank (“CIB”)		16–18
Commercial Banking (“CB”)		19–20
Asset & Wealth Management (“AWM”)		21–23
Corporate		24
Credit-Related Information		25–28
Non-GAAP Financial Measures		29
Supplemental Information on First Republic		30
Glossary of Terms and Acronyms (a)

(a)    Refer to the Glossary of Terms and Acronyms on pages 297–303 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q23 Change											2023 Change
SELECTED INCOME STATEMENT DATA	3Q23				2Q23			1Q23			4Q22			3Q22			2Q23		3Q22		2023				2022			2022
Reported Basis
Total net revenue	$	39,874			$	41,307		$	38,349		$	34,547		$	32,716		(3)	%	22	%	$	119,530			$	94,148		27	%
Total noninterest expense	21,757				20,822			20,107			19,022			19,178			4		13		62,686				57,118			10
Pre-provision profit (a)	18,117				20,485			18,242			15,525			13,538			(12)		34		56,844				37,030			54
Provision for credit losses	1,384				2,899			2,275			2,288			1,537			(52)		(10)		6,558				4,101			60
NET INCOME	13,151				14,472			12,622			11,008			9,737			(9)		35		40,245				26,668			51
Managed Basis (b)
Total net revenue	40,686				42,401			39,336			35,566			33,491			(4)		21		122,423				96,711			27
Total noninterest expense	21,757				20,822			20,107			19,022			19,178			4		13		62,686				57,118			10
Pre-provision profit (a)	18,929				21,579			19,229			16,544			14,313			(12)		32		59,737				39,593			51
Provision for credit losses	1,384				2,899			2,275			2,288			1,537			(52)		(10)		6,558				4,101			60
NET INCOME	13,151				14,472			12,622			11,008			9,737			(9)		35		40,245				26,668			51
EARNINGS PER SHARE DATA
Net income: Basic	$	4.33			$	4.76		$	4.11		$	3.58		$	3.13		(9)		38		$	13.20			$	8.53		55
Diluted	4.33				4.75			4.10			3.57			3.12			(9)		39		13.18				8.51			55
Average shares: Basic	2,927.5				2,943.8			2,968.5			2,962.9			2,961.2			(1)		(1)		2,946.6				2,966.8			(1)
Diluted	2,932.1				2,948.3			2,972.7			2,967.1			2,965.4			(1)		(1)		2,951.0				2,970.9			(1)
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	419,254			$	422,661		$	380,803		$	393,484		$	306,520		(1)		37		$	419,254			$	306,520		37
Common shares at period-end	2,891.0				2,906.1			2,922.3			2,934.3			2,933.2			(1)		(1)		2,891.0				2,933.2			(1)
Book value per share	100.30				98.11			94.34			90.29			87.00			2		15		100.30				87.00			15
Tangible book value per share (“TBVPS”) (a)	82.04				79.90			76.69			73.12			69.90			3		17		82.04				69.90			17
Cash dividends declared per share	1.05				1.00			1.00			1.00			1.00			5		5		3.05				3.00			2
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	18		%		20		%	18		%	16		%	15		%					19		%		14		%
Return on tangible common equity (“ROTCE”) (a)	22				25			23			20			18							23				17
Return on assets	1.36				1.51			1.38			1.16			1.01							1.42				0.92
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio	14.3		%	(e)	13.8		%	13.8		%	13.2		%	12.5		%					14.3		%	(e)	12.5		%
Tier 1 capital ratio	15.9			(e)	15.4			15.4			14.9			14.1							15.9			(e)	14.1
Total capital ratio	17.8			(e)	17.3			17.4			16.8			16.0							17.8			(e)	16.0
Tier 1 leverage ratio	7.1			(e)	6.9			6.9			6.6			6.2							7.1			(e)	6.2
Supplementary leverage ratio (“SLR”)	6.0			(e)	5.8			5.9			5.6			5.3							6.0			(e)	5.3

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 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 and September 30, 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 June 30, 2023, and pages 86-96 of the Firm’s 2022 Form 10-K for additional information.

(e)Estimated.

Page 2

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, headcount and where otherwise noted)
	QUARTERLY TRENDS																							NINE MONTHS ENDED SEPTEMBER 30,
																				3Q23 Change												2023 Change
	3Q23				2Q23				1Q23			4Q22				3Q22				2Q23		3Q22		2023				2022				2022
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	3,898,333			$	3,868,240			$	3,744,305		$	3,665,743			$	3,773,884			1	%	3	%	$	3,898,333			$	3,773,884			3	%
Loans:
Consumer, excluding credit card loans	408,769				408,204				311,433			311,375				313,796				—		30		408,769				313,796				30
Credit card loans	196,935				191,348				180,079			185,175				170,462				3		16		196,935				170,462				16
Wholesale loans	704,355				700,517				637,384			639,097				628,375				1		12		704,355				628,375				12
Total loans	1,310,059				1,300,069				1,128,896			1,135,647				1,112,633				1		18		1,310,059				1,112,633				18
Deposits:
U.S. offices:
Noninterest-bearing	651,240				656,778				663,772			644,902				688,292				(1)		(5)		651,240				688,292				(5)
Interest-bearing	1,295,609				1,311,893				1,290,614			1,276,346				1,304,012				(1)		(1)		1,295,609				1,304,012				(1)
Non-U.S. offices:
Noninterest-bearing	22,410				24,268				25,071			27,005				26,629				(8)		(16)		22,410				26,629				(16)
Interest-bearing	410,267				406,023				397,796			391,926				389,682				1		5		410,267				389,682				5
Total deposits	2,379,526				2,398,962				2,377,253			2,340,179				2,408,615				(1)		(1)		2,379,526				2,408,615				(1)
Long-term debt	362,793			(e)	364,078			(e)	295,489			295,865				287,473				—		26		362,793			(e)	287,473				26
Common stockholders’ equity	289,967				285,112				275,678			264,928				255,180				2		14		289,967				255,180				14
Total stockholders’ equity	317,371				312,516				303,082			292,332				288,018				2		10		317,371				288,018				10
Loans-to-deposits ratio	55		%		54		%		47		%	49		%		46		%						55		%		46		%
Headcount	308,669			(f)	300,066				296,877			293,723				288,474				3		7		308,669			(f)	288,474				7
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)	$	41			$	47			$	47		$	61			$	54			(13)		(24)
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking	$	18,362			$	17,233			$	16,456		$	15,793		(h)	$	14,281		(h)	7		29		$	52,051			$	39,021		(h)	33
Corporate & Investment Bank	11,730				12,519				13,600			10,598			(h)	11,925			(h)	(6)		(2)		37,849				37,504			(h)	1
Commercial Banking	4,031				3,988				3,511			3,404				3,048				1		32		11,530				8,129				42
Asset & Wealth Management	5,005				4,943				4,784			4,588				4,539				1		10		14,732				13,160				12
Corporate	1,558				3,718				985			1,183				(302)				(58)		NM		6,261				(1,103)				NM
TOTAL NET REVENUE	$	40,686			$	42,401			$	39,336		$	35,566			$	33,491			(4)		21		$	122,423			$	96,711			27
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	5,895			$	5,306			$	5,243		$	4,556			$	4,344			11		36		$	16,444			$	10,360			59
Corporate & Investment Bank	3,092				4,092				4,421			3,314				3,522				(24)		(12)		11,605				11,611				—
Commercial Banking	1,935				1,208				1,347			1,423				946				60		105		4,490				2,790				61
Asset & Wealth Management	1,417				1,226				1,367			1,134				1,219				16		16		4,010				3,231				24
Corporate	812				2,640				244			581				(294)				(69)		NM		3,696				(1,324)				NM
NET INCOME	$	13,151			$	14,472			$	12,622		$	11,008			$	9,737			(9)		35		$	40,245			$	26,668			51
MEMO: SELECTED FIRMWIDE METRICS
Wealth Management (c)
Client assets (in billions)	$	2,929		(g)	$	2,862		(g)	$	2,594		$	2,438			$	2,302			2		27		$	2,929		(g)	$	2,302			27
Number of client advisors	8,867				8,367				8,314			8,166				8,127				6		9		8,867				8,127				9
J.P.Morgan Payments (d)
Total net revenue	4,504				4,729				4,458			4,423				3,762				(5)		20		13,691				9,487				44
Merchant processing volume (in billions)	610.1				600.1				558.8			583.2				545.4				2		12		1,769.0				1,575.2				12
Average deposits (in billions)	702				720				707			732				748				(3)		(6)		710				794				(11)

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.

(a)Refer to Corporate & Investment Bank VaR on page 18 for further information.

(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(c)Consists of Global Private Bank in AWM and client investment assets in J.P.Morgan Wealth Management in CCB.

(d)Predominantly in CIB and CB. Total net revenue includes certain revenues that are reported as investment banking product revenue in CB, excludes the net impact of equity investments.

(e)Included a five-year $50 billion Purchase Money Note issued to the FDIC, as well as Federal Home Loan Bank (“FHLB”) advances associated with the First Republic acquisition.

(f)Includes 4,774 individuals associated with First Republic who became employees effective July 2, 2023.

(g) At September 30, 2023 and June 30, 2023, included $140.6 billion and $150.9 billion of client investment assets associated with First Republic, respectively.

(h)In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

Page 3

JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q23 Change											2023 Change
REVENUE	3Q23			2Q23				1Q23			4Q22			3Q22			2Q23		3Q22		2023				2022			2022
Investment banking fees	$	1,722		$	1,513			$	1,649		$	1,418		$	1,674		14	%	3	%	$	4,884			$	5,268		(7)	%
Principal transactions	6,210			6,910				7,615			4,434			5,383			(10)		15		20,735				15,478			34
Lending- and deposit-related fees	2,039			1,828				1,620			1,655			1,731			12		18		5,487				5,443			1
Asset management fees	3,904			3,774				3,465			3,432			3,495			3		12		11,143				10,664			4
Commissions and other fees	1,705			1,739				1,695			1,574			1,574			(2)		8		5,139				5,007			3
Investment securities losses	(669)			(900)				(868)			(874)			(959)			26		30		(2,437)				(1,506)			(62)
Mortgage fees and related income	414			278				221			98			314			49		32		913				1,152			(21)
Card income	1,209			1,094				1,234			1,226			1,086			11		11		3,537				3,194			11
Other income	614			3,292				1,007			1,392			900			(81)		(32)		4,913				2,930			68
Noninterest revenue	17,148			19,528				17,638			14,355			15,198			(12)		13		54,314				47,630			14
Interest income	44,556			41,644				37,004			33,054			25,611			7		74		123,204				59,753			106
Interest expense	21,830			19,865				16,293			12,862			8,093			10		170		57,988				13,235			338
Net interest income	22,726			21,779				20,711			20,192			17,518			4		30		65,216				46,518			40
TOTAL NET REVENUE	39,874			41,307				38,349			34,547			32,716			(3)		22		119,530				94,148			27
Provision for credit losses	1,384			2,899				2,275			2,288			1,537			(52)		(10)		6,558				4,101			60
NONINTEREST EXPENSE
Compensation expense	11,726			11,216				11,676			10,009			10,539			5		11		34,618				31,627			9
Occupancy expense	1,197			1,070				1,115			1,271			1,162			12		3		3,382				3,425			(1)
Technology, communications and equipment expense	2,386			2,267				2,184			2,256			2,366			5		1		6,837				7,102			(4)
Professional and outside services	2,620			2,561				2,448			2,652			2,481			2		6		7,629				7,522			1
Marketing	1,126			1,122				1,045			1,093			1,017			—		11		3,293				2,818			17
Other expense (a)	2,702			2,586				1,639			1,741			1,613			4		68		6,927				4,624			50
TOTAL NONINTEREST EXPENSE	21,757			20,822				20,107			19,022			19,178			4		13		62,686				57,118			10
Income before income tax expense	16,733			17,586				15,967			13,237			12,001			(5)		39		50,286				32,929			53
Income tax expense	3,582			3,114			(d)	3,345			2,229			2,264			15		58		10,041			(d)	6,261			60
NET INCOME	$	13,151		$	14,472			$	12,622		$	11,008		$	9,737		(9)		35		$	40,245			$	26,668		51
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	4.33		$	4.76			$	4.11		$	3.58		$	3.13		(9)		38		$	13.20			$	8.53		55
Diluted earnings per share	4.33			4.75				4.10			3.57			3.12			(9)		39		13.18				8.51			55
FINANCIAL RATIOS
Return on common equity (b)	18		%	20		%		18		%	16		%	15		%					19		%		14		%
Return on tangible common equity (b)(c)	22			25				23			20			18							23				17
Return on assets (b)	1.36			1.51				1.38			1.16			1.01							1.42				0.92
Effective income tax rate	21.4			17.7			(d)	20.9			16.8			18.9							20.0				19.0
Overhead ratio	55			50				52			55			59							52				61

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.

(a)Included Firmwide legal expense of $665 million, $420 million, $176 million, $27 million and $47 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $1,261 million and $239 million for the nine months ended September 30, 2023 and September 30, 2022 respectively.

(b)Ratios are based upon annualized amounts.

(c)Refer to page 29 for further discussion of ROTCE.

(d)Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain, resulting in a reduction in the Firm’s effective tax rate of 3.4 percentage points in the second quarter of 2023.

Page 4

JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
													Sep 30, 2023
													Change
	Sep 30,			Jun 30,			Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,
	2023			2023			2023		2022		2022		2023		2022
ASSETS
Cash and due from banks	$	24,921		$	26,064		$	25,098	$	27,697	$	24,654	(4)	%	1	%
Deposits with banks	486,448			469,059			520,902		539,537		619,533		4		(21)
Federal funds sold and securities purchased under
resale agreements	350,059			325,628			317,111		315,592		301,878		8		16
Securities borrowed	188,279			163,563			195,917		185,369		193,216		15		(3)
Trading assets:
Debt and equity instruments	534,923			572,779			519,618		382,919		413,953		(7)		29
Derivative receivables	67,070			64,217			59,274		70,880		92,534		4		(28)
Available-for-sale (“AFS”) securities	197,119			203,262			197,248		205,857		188,140		(3)		5
Held-to-maturity (”HTM”) securities	388,261			408,941			412,827		425,305		430,106		(5)		(10)
Investment securities, net of allowance for credit losses	585,380			612,203			610,075		631,162		618,246		(4)		(5)
Loans	1,310,059			1,300,069			1,128,896		1,135,647		1,112,633		1		18
Less: Allowance for loan losses	21,946		(a)	21,980		(a)	20,053		19,726		18,185		—		21
Loans, net of allowance for loan losses	1,288,113			1,278,089			1,108,843		1,115,921		1,094,448		1		18
Accrued interest and accounts receivable	127,752			111,561			115,316		125,189		143,905		15		(11)
Premises and equipment	29,677			29,493			28,266		27,734		27,199		1		9
Goodwill, MSRs and other intangible assets	64,910			64,238			62,090		60,859		60,806		1		7
Other assets	150,801			151,346			181,795		182,884		183,512		—		(18)
TOTAL ASSETS	$	3,898,333		$	3,868,240		$	3,744,305	$	3,665,743	$	3,773,884	1		3
LIABILITIES
Deposits	$	2,379,526		$	2,398,962		$	2,377,253	$	2,340,179	$	2,408,615	(1)		(1)
Federal funds purchased and securities loaned or sold
under repurchase agreements	268,750			266,272			246,396		202,613		239,939		1		12
Short-term borrowings	45,470			41,022			42,241		44,027		47,866		11		(5)
Trading liabilities:
Debt and equity instruments	165,494			132,264			145,153		126,835		133,175		25		24
Derivative payables	41,963			46,545			44,711		51,141		56,703		(10)		(26)
Accounts payable and other liabilities	292,070			286,934			275,077		300,141		300,016		2		(3)
Beneficial interests issued by consolidated VIEs	24,896			19,647			14,903		12,610		12,079		27		106
Long-term debt	362,793		(b)	364,078		(b)	295,489		295,865		287,473		—		26
TOTAL LIABILITIES	3,580,962			3,555,724			3,441,223		3,373,411		3,485,866		1		3
STOCKHOLDERS’ EQUITY
Preferred stock	27,404			27,404			27,404		27,404		32,838		—		(17)
Common stock	4,105			4,105			4,105		4,105		4,105		—		—
Additional paid-in capital	89,899			89,578			89,155		89,044		88,865		—		1
Retained earnings	327,044			317,359			306,208		296,456		288,776		3		13
Accumulated other comprehensive income/(loss) (“AOCI”)	(17,104)			(14,290)			(14,418)		(17,341)		(19,134)		(20)		11
Treasury stock, at cost	(113,977)			(111,640)			(109,372)		(107,336)		(107,432)		(2)		(6)
TOTAL STOCKHOLDERS’ EQUITY	317,371			312,516			303,082		292,332		288,018		2		10
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,898,333		$	3,868,240		$	3,744,305	$	3,665,743	$	3,773,884	1		3

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.

(a)Includes an addition to the allowance for loan losses of $1.1 billion associated with the First Republic acquisition.

(b)Includes a five-year $50 billion Purchase Money Note issued to the FDIC, as well as FHLB advances associated with the First Republic acquisition.

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q23 Change										2023 Change
AVERAGE BALANCES	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23		3Q22		2023			2022			2022
ASSETS
Deposits with banks	$	456,954		$	495,018		$	505,662		$	595,631		$	652,321		(8)	%	(30)	%	$	485,700		$	696,096		(30)	%
Federal funds sold and securities purchased under resale agreements	309,848			326,563			313,187			306,173			322,053			(5)		(4)		316,520			307,478			3
Securities borrowed	188,279			191,393			192,843			192,412			204,479			(2)		(8)		190,822			209,932			(9)
Trading assets - debt instruments	383,576			391,945			357,682			302,825			283,414			(2)		35		377,829			276,464			37
Investment securities	606,593			611,552			622,050			625,388			647,165			(1)		(6)		613,342			663,622			(8)
Loans	1,306,322			1,238,237			1,129,624			1,126,002			1,112,761			5		17		1,225,375			1,091,663			12
All other interest-earning assets (a)	80,156			89,072			95,709			116,640			122,756			(10)		(35)		88,255			132,135			(33)
Total interest-earning assets	3,331,728			3,343,780			3,216,757			3,265,071			3,344,949			—		—		3,297,843			3,377,390			(2)
Trading assets - equity and other instruments	173,998			169,558			152,081			126,138			129,221			3		35		165,292			145,712			13
Trading assets - derivative receivables	66,972			63,339			64,526			78,476			83,950			6		(20)		64,955			78,650			(17)
All other noninterest-earning assets	267,079			274,711			276,613			285,586			284,127			(3)		(6)		272,766			284,904			(4)
TOTAL ASSETS	$	3,839,777		$	3,851,388		$	3,709,977		$	3,755,271		$	3,842,247		—		—		$	3,800,856		$	3,886,656		(2)
LIABILITIES
Interest-bearing deposits	$	1,694,758		$	1,715,699		$	1,670,036		$	1,695,233		$	1,728,852		(1)		(2)		$	1,693,588		$	1,766,672		(4)
Federal funds purchased and securities loaned or
sold under repurchase agreements	254,105			263,718			252,310			247,934			239,582			(4)		6		256,717			241,019			7
Short-term borrowings (b)	37,837			35,335			38,763			39,843			45,797			7		(17)		37,308			48,159			(23)
Trading liabilities - debt and all other interest-bearing liabilities (c)	288,007			293,269			277,576			256,533			278,049			(2)		4		286,324			271,891			5
Beneficial interests issued by consolidated VIEs	21,890			15,947			13,483			12,312			11,039			37		98		17,137			10,836			58
Long-term debt	315,267			294,239			249,336			246,978			253,012			7		25		286,522			251,125			14
Total interest-bearing liabilities	2,611,864			2,618,207			2,501,504			2,498,833			2,556,331			—		2		2,577,596			2,589,702			—
Noninterest-bearing deposits	660,983			671,715			650,443			684,921			716,518			(2)		(8)		661,086			730,816			(10)
Trading liabilities - equity and other instruments	29,508			28,513			29,769			35,415			36,985			3		(20)		29,262			40,415			(28)
Trading liabilities - derivative payables	46,754			46,934			49,357			56,988			56,994			—		(18)		47,672			57,523			(17)
All other noninterest-bearing liabilities	178,466			180,730			180,303			191,929			189,637			(1)		(6)		179,826			183,988			(2)
TOTAL LIABILITIES	3,527,575			3,546,099			3,411,376			3,468,086			3,556,465			(1)		(1)		3,495,442			3,602,444			(3)
Preferred stock	27,404			27,404			27,404			28,415			32,838			—		(17)		27,404			33,065			(17)
Common stockholders’ equity	284,798			277,885			271,197			258,770			252,944			2		13		278,010			251,147			11
TOTAL STOCKHOLDERS’ EQUITY	312,202			305,289			298,601			287,185			285,782			2		9		305,414			284,212			7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,839,777		$	3,851,388		$	3,709,977		$	3,755,271		$	3,842,247		—		—		$	3,800,856		$	3,886,656		(2)
AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks	4.58		%	4.20		%	3.87		%	3.14		%	1.83		%					4.21		%	0.83		%
Federal funds sold and securities purchased under resale agreements	5.06			4.63			4.06			2.95			1.74							4.58			1.02
Securities borrowed	4.39			3.91			3.61			2.84			1.50							3.97			0.55
Trading assets - debt instruments	4.32			4.12			4.15			3.75			3.36							4.20			3.01
Investment securities	3.23			3.01			2.79			2.36			1.84							3.01			1.59
Loans	6.79			6.59			6.37			5.83			5.00							6.60			4.45
All other interest-earning assets (a)	9.42			8.85			7.50			5.76			3.57							8.54			2.09
Total interest-earning assets	5.32			5.01			4.68			4.03			3.05							5.01			2.38
INTEREST-BEARING LIABILITIES
Interest-bearing deposits	2.53			2.24			1.85			1.37			0.73							2.21			0.32
Federal funds purchased and securities loaned or
sold under repurchase agreements	5.50			5.17			4.51			3.15			1.98							5.07			0.97
Short-term borrowings (b)	5.38			4.87			4.40			3.60			1.98							4.88			1.07
Trading liabilities - debt and all other interest-bearing liabilities (c)	3.39			3.25			2.88			2.38			1.49							3.18			0.84
Beneficial interests issued by consolidated VIEs	5.38			4.95			4.43			3.74			2.24							5.00			1.36
Long-term debt	5.33			5.28			5.39			4.87			3.77							5.33			2.68
Total interest-bearing liabilities	3.32			3.04			2.64			2.04			1.26							3.01			0.68
INTEREST RATE SPREAD	2.00			1.97			2.04			1.99			1.79							2.00			1.70
NET YIELD ON INTEREST-EARNING ASSETS	2.72			2.62			2.63			2.47			2.09							2.66			1.85
Memo: Net yield on interest-earning assets excluding Markets (e)	3.89			3.83			3.80			3.41			2.81							3.84			2.34

(a) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.

(b)    Includes commercial paper.

(c)    All other interest-bearing liabilities include brokerage-related customer payables.

(d)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 29 for further discussion of this measure.

Page 6

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO MANAGED BASIS
(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 29 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q23 Change										2023 Change
	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23		3Q22		2023			2022			2022
OTHER INCOME
Other income - reported	$	614		$	3,292		$	1,007		$	1,392		$	900		(81)	%	(32)	%	$	4,913		$	2,930		68	%
Fully taxable-equivalent adjustments (a)	682			990			867			898			663			(31)		3		2,539			2,250			13
Other income - managed	$	1,296		$	4,282		$	1,874		$	2,290		$	1,563		(70)		(17)		$	7,452		$	5,180		44
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	17,148		$	19,528		$	17,638		$	14,355		$	15,198		(12)		13		$	54,314		$	47,630		14
Fully taxable-equivalent adjustments	682			990			867			898			663			(31)		3		2,539			2,250			13
Total noninterest revenue - managed	$	17,830		$	20,518		$	18,505		$	15,253		$	15,861		(13)		12		$	56,853		$	49,880		14
NET INTEREST INCOME
Net interest income - reported	$	22,726		$	21,779		$	20,711		$	20,192		$	17,518		4		30		$	65,216		$	46,518		40
Fully taxable-equivalent adjustments (a)	130			104			120			121			112			25		16		354			313			13
Net interest income - managed	$	22,856		$	21,883		$	20,831		$	20,313		$	17,630		4		30		$	65,570		$	46,831		40
TOTAL NET REVENUE
Total net revenue - reported	$	39,874		$	41,307		$	38,349		$	34,547		$	32,716		(3)		22		$	119,530		$	94,148		27
Fully taxable-equivalent adjustments	812			1,094			987			1,019			775			(26)		5		2,893			2,563			13
Total net revenue - managed	$	40,686		$	42,401		$	39,336		$	35,566		$	33,491		(4)		21		$	122,423		$	96,711		27
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	18,117		$	20,485		$	18,242		$	15,525		$	13,538		(12)		34		$	56,844		$	37,030		54
Fully taxable-equivalent adjustments	812			1,094			987			1,019			775			(26)		5		2,893			2,563			13
Pre-provision profit - managed	$	18,929		$	21,579		$	19,229		$	16,544		$	14,313		(12)		32		$	59,737		$	39,593		51
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	16,733		$	17,586		$	15,967		$	13,237		$	12,001		(5)		39		$	50,286		$	32,929		53
Fully taxable-equivalent adjustments	812			1,094			987			1,019			775			(26)		5		2,893			2,563			13
Income before income tax expense - managed	$	17,545		$	18,680		$	16,954		$	14,256		$	12,776		(6)		37		$	53,179		$	35,492		50
INCOME TAX EXPENSE
Income tax expense - reported	$	3,582		$	3,114		$	3,345		$	2,229		$	2,264		15		58		$	10,041		$	6,261		60
Fully taxable-equivalent adjustments	812			1,094			987			1,019			775			(26)		5		2,893			2,563			13
Income tax expense - managed	$	4,394		$	4,208		$	4,332		$	3,248		$	3,039		4		45		$	12,934		$	8,824		47
OVERHEAD RATIO
Overhead ratio - reported	55		%	50		%	52		%	55		%	59		%					52		%	61		%
Overhead ratio - managed	53			49			51			53			57							51			59

(a)Predominantly recognized in CIB, CB and Corporate.

Page 7

JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS																NINE MONTHS ENDED SEPTEMBER 30,
													3Q23 Change									2023 Change
	3Q23		2Q23		1Q23		4Q22			3Q22			2Q23		3Q22		2023		2022			2022
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	18,362	$	17,233	$	16,456	$	15,793	(a)	$	14,281	(a)	7	%	29	%	$	52,051	$	39,021	(a)	33	%
Corporate & Investment Bank	11,730		12,519		13,600		10,598		(a)	11,925		(a)	(6)		(2)		37,849		37,504		(a)	1
Commercial Banking	4,031		3,988		3,511		3,404			3,048			1		32		11,530		8,129			42
Asset & Wealth Management	5,005		4,943		4,784		4,588			4,539			1		10		14,732		13,160			12
Corporate	1,558		3,718		985		1,183			(302)			(58)		NM		6,261		(1,103)			NM
TOTAL NET REVENUE	$	40,686	$	42,401	$	39,336	$	35,566		$	33,491		(4)		21		$	122,423	$	96,711		27
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	9,105	$	8,313	$	8,065	$	7,912	(a)	$	7,983	(a)	10		14		$	25,483	$	23,296	(a)	9
Corporate & Investment Bank	7,443		6,894		7,483		6,495		(a)	6,682		(a)	8		11		21,820		20,855		(a)	5
Commercial Banking	1,375		1,300		1,308		1,254			1,180			6		17		3,983		3,465			15
Asset & Wealth Management	3,138		3,163		3,091		3,022			3,028			(1)		4		9,392		8,807			7
Corporate	696		1,152		160		339			305			(40)		128		2,008		695			189
TOTAL NONINTEREST EXPENSE	$	21,757	$	20,822	$	20,107	$	19,022		$	19,178		4		13		$	62,686	$	57,118		10
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	9,257	$	8,920	$	8,391	$	7,881		$	6,298		4		47		$	26,568	$	15,725		69
Corporate & Investment Bank	4,287		5,625		6,117		4,103			5,243			(24)		(18)		16,029		16,649			(4)
Commercial Banking	2,656		2,688		2,203		2,150			1,868			(1)		42		7,547		4,664			62
Asset & Wealth Management	1,867		1,780		1,693		1,566			1,511			5		24		5,340		4,353			23
Corporate	862		2,566		825		844			(607)			(66)		NM		4,253		(1,798)			NM
PRE-PROVISION PROFIT	$	18,929	$	21,579	$	19,229	$	16,544		$	14,313		(12)		32		$	59,737	$	39,593		51
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	1,446	$	1,862	$	1,402	$	1,845		$	529		(22)		173		$	4,710	$	1,968		139
Corporate & Investment Bank	(185)		38		58		141			513			NM		NM		(89)		1,017			NM
Commercial Banking	90		1,097		417		284			618			(92)		(85)		1,604		984			63
Asset & Wealth Management	(13)		145		28		32			(102)			NM		87		160		96			67
Corporate	46		(243)		370		(14)			(21)			NM		NM		173		36			381
PROVISION FOR CREDIT LOSSES	$	1,384	$	2,899	$	2,275	$	2,288		$	1,537		(52)		(10)		$	6,558	$	4,101		60
NET INCOME/(LOSS)
Consumer & Community Banking	$	5,895	$	5,306	$	5,243	$	4,556		$	4,344		11		36		$	16,444	$	10,360		59
Corporate & Investment Bank	3,092		4,092		4,421		3,314			3,522			(24)		(12)		11,605		11,611			—
Commercial Banking	1,935		1,208		1,347		1,423			946			60		105		4,490		2,790			61
Asset & Wealth Management	1,417		1,226		1,367		1,134			1,219			16		16		4,010		3,231			24
Corporate	812		2,640		244		581			(294)			(69)		NM		3,696		(1,324)			NM
TOTAL NET INCOME	$	13,151	$	14,472	$	12,622	$	11,008		$	9,737		(9)		35		$	40,245	$	26,668		51

(a) In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

Page 8

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																		Sep 30, 2023
																		Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,				Jun 30,				Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,							2023 Change
	2023				2023				2023			2022			2022			2023		2022		2023			2022		2022
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	241,825		(c)	$	235,827			$	227,144		$	218,934		$	209,661		3	%	15	%
Tier 1 capital	268,573			(c)	262,585				253,837			245,631			236,363			2		14
Total capital	300,855			(c)	295,281				286,398			277,769			268,076			2		12
Risk-weighted assets	1,693,420			(c)	1,706,927				1,647,363			1,653,538			1,678,498			(1)		1
CET1 capital ratio	14.3		%	(c)	13.8		%		13.8		%	13.2		%	12.5		%
Tier 1 capital ratio	15.9			(c)	15.4				15.4			14.9			14.1
Total capital ratio	17.8			(c)	17.3				17.4			16.8			16.0
Advanced
CET1 capital	$	241,825		(c)	$	235,827			$	227,144		$	218,934		$	209,661		3		15
Tier 1 capital	268,573			(c)	262,585				253,837			245,631			236,363			2		14
Total capital	287,548			(c)	281,953				273,122			264,583			256,157			2		12
Risk-weighted assets	1,671,770			(c)	1,694,714				1,633,774			1,609,773			1,609,968			(1)		4
CET1 capital ratio	14.5		%	(c)	13.9		%		13.9		%	13.6		%	13.0		%
Tier 1 capital ratio	16.1			(c)	15.5				15.5			15.3			14.7
Total capital ratio	17.2			(c)	16.6				16.7			16.4			15.9
Leverage-based capital metrics
Adjusted average assets (b)	$	3,785,634		(c)	$	3,796,579			$	3,656,598		$	3,703,873		$	3,791,804		—		—
Tier 1 leverage ratio	7.1		%	(c)	6.9		%		6.9		%	6.6		%	6.2		%
Total leverage exposure	$	4,498,879		(c)	$	4,492,761			$	4,327,863		$	4,367,092		$	4,460,636		—		1
SLR	6.0		%	(c)	5.8		%		5.9		%	5.6		%	5.3		%
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC	$	496,174		(c)	$	493,760			$	488,245		$	486,044		$	473,241		—		5
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance	$	235,827			$	227,144			$	218,934		$	209,661		$	207,436		4		14		$	218,934		$	213,942	2	%
Net income applicable to common equity	12,765				14,099				12,266			10,652			9,305			(9)		37		39,130			25,429		54
Dividends declared on common stock	(3,080)				(2,948)				(2,963)			(2,972)			(2,974)			(4)		(4)		(8,991)			(8,921)		(1)
Net purchase of treasury stock	(2,337)				(2,268)				(2,036)			96			58			(3)		NM		(6,641)			(2,017)		(229)
Changes in additional paid-in capital	321				423				111			179			251			(24)		28		855			450		90
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities	(1,950)				757				2,212			1,865			(2,145)			NM		9		1,019			(13,629)		NM
Translation adjustments, net of hedges	(340)				70				197			711			(581)			NM		41		(73)			(1,322)		94
Fair value hedges	(5)				11				(21)			(101)			38			NM		NM		(15)			199		NM
Defined benefit pension and other postretirement employee benefit plans	(21)				(6)				(55)			(324)			(1,004)			(250)		98		(82)			(917)		91
Changes related to other CET1 capital adjustments	645			(c)	(1,455)				(1,501)			(833)			(723)			NM		NM		(2,311)		(c)	(3,553)		35
Change in Standardized/Advanced CET1 capital	5,998			(c)	8,683				8,210			9,273			2,225			(31)		170		22,891		(c)	(4,281)		NM
Standardized/Advanced CET1 capital, ending balance	$	241,825		(c)	$	235,827			$	227,144		$	218,934		$	209,661		3		15		$	241,825	(c)	$	209,661	15

(a)The capital metrics reflect the 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 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 and September 30, 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 June 30, 2023 and pages 86-96 of the Firm’s 2022 Form 10-K for additional information.

(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.

(c)Estimated.

Page 9

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
												Sep 30, 2023
												Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,		Jun 30,		Mar 31,			Dec 31,		Sep 30,		Jun 30,		Sep 30,						2023 Change
	2023		2023		2023			2022		2022		2023		2022		2023		2022		2022
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity	$	289,967	$	285,112	$	275,678		$	264,928	$	255,180	2	%	14	%
Less: Goodwill	52,492		52,380		52,144			51,662		51,461		—		2
Less: Other intangible assets	3,309		3,629		2,191			1,224		1,205		(9)		175
Add: Certain deferred tax liabilities (b)	3,025		3,097		2,754			2,510		2,509		(2)		21
Total tangible common equity	$	237,191	$	232,200	$	224,097		$	214,552	$	205,023	2		16
TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity	$	284,798	$	277,885	$	271,197		$	258,770	$	252,944	2		13		$	278,010	$	251,147	11	%
Less: Goodwill	52,427		52,342		51,716			51,586		51,323		—		2		52,164		50,739		3
Less: Other intangible assets	3,511		2,191		1,296			1,217		1,208		60		191		2,342		1,076		118
Add: Certain deferred tax liabilities (b)	3,080		2,902		2,549			2,508		2,512		6		23		2,846		2,504		14
Total tangible common equity	$	231,940	$	226,254	$	220,734		$	208,475	$	202,925	3		14		$	226,350	$	201,836	12
INTANGIBLE ASSETS (period-end)
Goodwill	$	52,492	$	52,380	$	52,144		$	51,662	$	51,461	—		2
Mortgage servicing rights	9,109		8,229		7,755			7,973		8,140		11		12
Other intangible assets	3,309		3,629		2,191			1,224		1,205		(9)		175
Total intangible assets	$	64,910	$	64,238	$	62,090		$	60,859	$	60,806	1		7

(a)Refer to page 29 for further discussion of TCE.

(b)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

Page 10

JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q23 Change										2023 Change
	3Q23				2Q23			1Q23			4Q22			3Q22			2Q23		3Q22		2023			2022			2022
EARNINGS PER SHARE
Basic earnings per share
Net income	$	13,151			$	14,472		$	12,622		$	11,008		$	9,737		(9)	%	35	%	$	40,245		$	26,668		51	%
Less: Preferred stock dividends	386				373			356			356			432			3		(11)		1,115			1,239			(10)
Net income applicable to common equity	12,765				14,099			12,266			10,652			9,305			(9)		37		39,130			25,429			54
Less: Dividends and undistributed earnings allocated to
participating securities	80				88			73			54			50			(9)		60		241			134			80
Net income applicable to common stockholders	$	12,685			$	14,011		$	12,193		$	10,598		$	9,255		(9)		37		$	38,889		$	25,295		54
Total weighted-average basic shares outstanding	2,927.5				2,943.8			2,968.5			2,962.9			2,961.2			(1)		(1)		2,946.6			2,966.8			(1)
Net income per share	$	4.33			$	4.76		$	4.11		$	3.58		$	3.13		(9)		38		$	13.20		$	8.53		55
Diluted earnings per share
Net income applicable to common stockholders	$	12,685			$	14,011		$	12,193		$	10,598		$	9,255		(9)		37		$	38,889		$	25,295		54
Total weighted-average basic shares outstanding	2,927.5				2,943.8			2,968.5			2,962.9			2,961.2			(1)		(1)		2,946.6			2,966.8			(1)
Add: Dilutive impact of unvested performance share units     (“PSUs”), nondividend-earning restricted stock units     (“RSUs”) and stock appreciation rights (“SARs”)	4.6				4.5			4.2			4.2			4.2			2		10		4.4			4.1			7
Total weighted-average diluted shares outstanding	2,932.1				2,948.3			2,972.7			2,967.1			2,965.4			(1)		(1)		2,951.0			2,970.9			(1)
Net income per share	$	4.33			$	4.75		$	4.10		$	3.57		$	3.12		(9)		39		$	13.18		$	8.51		55
COMMON DIVIDENDS
Cash dividends declared per share	$	1.05		(c)	$	1.00		$	1.00		$	1.00		$	1.00		5		5		$	3.05		$	3.00		2
Dividend payout ratio	24		%		21		%	24		%	28		%	32		%					23		%	35		%
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	15.6				16.7			22.0			—			—			(7)		NM		54.3			23.1			135
Average price paid per share of common stock	$	151.46			$	137.20		$	133.67		$	—		$	—		10		NM		$	139.87		$	135.20		3
Aggregate repurchases of common stock	2,364				2,293			2,940			—			—			3		NM		7,597			3,122			143
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	0.6				0.5			10.0			1.2			0.6			20		—		11.1			12.1			(8)
Net impact of employee issuances on stockholders’ equity (b)	$	368			$	467		$	1,028		$	273		$	304		(21)		21		$	1,863		$	1,545		21

(a)The Firm is authorized to purchase up to $30 billion of common shares under its current repurchase program. In the second half of 2022, as a result of the expected increases in regulatory capital requirements, the Firm temporarily suspended share repurchases. In the first quarter of 2023, the Firm resumed repurchasing shares under its common share repurchase program.

(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of SARs.

(c)On September 19, 2023, the Board of Directors declared a quarterly common stock dividend of $1.05 per share.

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JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																							NINE MONTHS ENDED SEPTEMBER 30,
																				3Q23 Change										2023 Change
	3Q23				2Q23				1Q23			4Q22				3Q22				2Q23		3Q22		2023			2022			2022
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	836			$	841			$	823		$	834			$	822			(1)	%	2	%	$	2,500		$	2,482		1	%
Asset management fees	891			(d)	816			(d)	676			662				662				9		35		2,383		(d)	2,072			15
Mortgage fees and related income	417				274				223			90				313				52		33		914			1,146			(20)
Card income	626				483				739			694			(f)	613			(f)	30		2		1,848			1,775		(f)	4
All other income (a)	1,212			(d)	1,129			(d)	1,162			1,189			(f)	1,302			(f)	7		(7)		3,503		(d)	3,942		(f)	(11)
Noninterest revenue	3,982				3,543				3,623			3,469				3,712				12		7		11,148			11,417			(2)
Net interest income	14,380			(d)	13,690			(d)	12,833			12,324				10,569				5		36		40,903		(d)	27,604			48
TOTAL NET REVENUE	18,362				17,233				16,456			15,793				14,281				7		29		52,051			39,021			33
Provision for credit losses	1,446			(d)	1,862			(d)	1,402			1,845				529				(22)		173		4,710		(d)	1,968			139
NONINTEREST EXPENSE
Compensation expense	3,975				3,628				3,545			3,339				3,345				10		19		11,148			9,753			14
Noncompensation expense (b)	5,130				4,685				4,520			4,573			(f)	4,638			(f)	9		11		14,335			13,543		(f)	6
TOTAL NONINTEREST EXPENSE	9,105			(d)	8,313			(d)	8,065			7,912				7,983				10		14		25,483		(d)	23,296			9
Income before income tax expense	7,811				7,058				6,989			6,036				5,769				11		35		21,858			13,757			59
Income tax expense	1,916				1,752				1,746			1,480			(f)	1,425			(f)	9		34		5,414			3,397		(f)	59
NET INCOME	$	5,895			$	5,306			$	5,243		$	4,556			$	4,344			11		36		$	16,444		$	10,360		59
REVENUE BY LINE OF BUSINESS
Banking & Wealth Management	$	11,345		(e)	$	10,936		(e)	$	10,041		$	9,582		(f)	$	7,960		(f)	4		43		$	32,322	(e)	$	20,477	(f)	58
Home Lending	1,252			(e)	1,007			(e)	720			584				920				24		36		2,979		(e)	3,090			(4)
Card Services & Auto	5,765				5,290				5,695			5,627				5,401				9		7		16,750			15,454			8
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	162				102				75			43				93				59		74		339			454			(25)
Net mortgage servicing revenue (c)	255				172				148			47				220				48		16		575			692			(17)
Mortgage fees and related income	$	417			$	274			$	223		$	90			$	313			52		33		$	914		$	1,146		(20)
FINANCIAL RATIOS
ROE	41		%		38		%		40		%	35		%		34		%	(f)					40		%	27		%
Overhead ratio	50				48				49			50				56								49			60

(a)Primarily includes operating lease income and commissions and other fees. For the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, operating lease income was $685 million, $704 million, $741 million, $777 million and $854 million, respectively, and $2.1 billion and $2.8 billion for the nine months ended September 30, 2023 and 2022 , respectively.

(b)Included depreciation expense on leased assets of $458 million, $445 million, $407 million, $463 million and $605 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $1.3 billion and $2.0 billion for the nine months ended September 30, 2023 and 2022, respectively.

(c)Included MSR risk management results of $111 million, $25 million, $(12) million, $(98) million and $54 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $124 million and $191 million for the nine months ended September 30, 2023 and 2022 , respectively.

(d)Includes First Republic. Refer to page 30 for additional information.

(e)Banking & Wealth Management and Home Lending included revenue associated with First Republic of $1.0 billion and $351 million, respectively, for the three months ended September 30, 2023, $596 million and $235 million, respectively, for the three months ended June 30, 2023, and $1.6 billion and $586 million, respectively, for the nine months ended September 30, 2023.

(f)In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

Page 12

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
	QUARTERLY TRENDS																NINE MONTHS ENDED SEPTEMBER 30,
													3Q23 Change									2023 Change
	3Q23			2Q23			1Q23		4Q22		3Q22		2Q23		3Q22		2023			2022		2022
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	626,196		$	620,193		$	506,382	$	514,085	$	500,752	1	%	25	%	$	626,196		$	500,752	25	%
Loans:
Banking & Wealth Management (a)	30,574		(d)	30,959		(d)	28,038		29,008		30,230		(1)		1		30,574		(d)	30,230		1
Home Lending (b)	261,858		(d)	262,432		(d)	172,058		172,554		174,618		—		50		261,858		(d)	174,618		50
Card Services	196,955			191,353			180,079		185,175		170,462		3		16		196,955			170,462		16
Auto	74,831			73,587			69,556		68,191		67,201		2		11		74,831			67,201		11
Total loans	564,218			558,331			449,731		454,928		442,511		1		28		564,218			442,511		28
Deposits	1,136,884		(e)	1,173,514		(e)	1,147,474		1,131,611		1,173,241		(3)		(3)		1,136,884		(e)	1,173,241		(3)
Equity	55,500			55,500			52,000		50,000		50,000		—		11		55,500			50,000		11
SELECTED BALANCE SHEET DATA (average)
Total assets	$	622,760		$	576,417		$	506,775	$	504,859	$	498,858	8		25		$	569,076		$	494,704	15
Loans:
Banking & Wealth Management	30,686		(f)	30,628		(f)	28,504		29,412		30,788		—		—		29,947		(f)	32,264		(7)
Home Lending (c)	264,041		(f)	229,569		(f)	172,124		174,487		176,852		15		49		222,248		(f)	176,891		26
Card Services	195,245			187,028			180,451		177,026		168,125		4		16		187,629			158,721		18
Auto	74,358			71,083			68,744		67,623		66,979		5		11		71,416			68,258		5
Total loans	564,330			518,308			449,823		448,548		442,744		9		27		511,240			436,134		17
Deposits	1,143,539		(g)	1,157,309		(g)	1,112,967		1,142,523		1,174,227		(1)		(3)		1,138,050		(g)	1,169,474		(3)
Equity	55,500			54,346			52,000		50,000		50,000		2		11		53,962			50,000		8
Headcount	141,125			137,087			135,983		135,347		133,803		3		5		141,125			133,803		5

(a)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 included $129 million, $163 million, $205 million, $350 million and $791 million of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to pages 108-109 of the Firm’s 2022 Form 10-K for further information on the PPP.

(b)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, Home Lending loans held-for-sale and loans at fair value were $4.1 billion, $3.9 billion, $4.2 billion, $3.0 billion and $4.1 billion, respectively.

(c)Average Home Lending loans held-for sale and loans at fair value were $5.7 billion, $5.3 billion, $3.5 billion, $4.5 billion and $5.9 billion for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $4.8 billion and $8.3 billion for the nine months ended September 30, 2023 and 2022, respectively.

(d)At September 30, 2023, included $3.1 billion and $91.2 billion for Banking & Wealth Management and Home Lending, respectively, and $3.4 billion and $91.3 billion at June 30, 2023, respectively, associated with First Republic.

(e)Includes First Republic. Refer to page 30 for additional information.

(f)Average Banking & Wealth Management and Home Lending loans associated with First Republic were $3.2 billion and $91.1 billion, respectively, for the three months ended September 30, 2023, $2.7 billion and $57.2 billion, respectively, for the three months ended June 30, 2023, and $2.0 billion and $49.8 billion, respectively, for the nine months ended September 30, 2023.

(g)Average deposits associated with First Republic were $66.7 billion and $47.2 billion for the three months ended September 30, 2023 and June 30, 2023, respectively, and $38.2 billion for the nine months ended September 30, 2023.

Page 13

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q23 Change										2023 Change
	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23		3Q22		2023			2022			2022
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)	$	3,690		$	3,823		$	3,835		$	3,899		$	3,936		(3)	%	(6)	%	$	3,690		$	3,936		(6)	%
Net charge-offs/(recoveries)
Banking & Wealth Management	88			92			79			95			105			(4)		(16)		259			275			(6)
Home Lending	(16)			(28)			(18)			(33)			(59)			43		73		(62)			(196)			68
Card Services	1,227			1,124			922			725			592			9		107		3,273			1,678			95
Auto	100			63			69			58			41			59		144		232			86			170
Total net charge-offs/(recoveries)	$	1,399		$	1,251		$	1,052		$	845		$	679		12		106		$	3,702		$	1,843		101
Net charge-off/(recovery) rate
Banking & Wealth Management (c)	1.14		%	1.20		%	1.12		%	1.28		%	1.35		%					1.16		%	1.14		%
Home Lending	(0.02)			(0.05)			(0.04)			(0.08)			(0.14)							(0.04)			(0.16)
Card Services	2.49			2.41			2.07			1.62			1.40							2.33			1.41
Auto	0.53			0.36			0.41			0.34			0.24							0.43			0.17
Total net charge-off/(recovery) rate	0.99			0.98			0.96			0.75			0.62							0.98			0.58
30+ day delinquency rate
Home Lending (d)(e)	0.59		%	0.58		%	0.81		%	0.83		%	0.78		%					0.59		%	0.78		%
Card Services	1.94			1.70			1.68			1.45			1.23							1.94			1.23
Auto	1.13			0.92			0.90			1.01			0.75							1.13			0.75
90+ day delinquency rate - Card Services	0.94			0.84			0.83			0.68			0.57							0.94			0.57
Allowance for loan losses
Banking & Wealth Management	$	686		$	731		$	720		$	722		$	722		(6)		(5)		$	686		$	722		(5)
Home Lending	573		(f)	777		(f)	427			867			667			(26)		(14)		573		(f)	667			(14)
Card Services	11,901			11,600			11,400			11,200			10,400			3		14		11,901			10,400			14
Auto	742			717			716			715			715			4		4		742			715			4
Total allowance for loan losses	$	13,902		$	13,825		$	13,263	(g)	$	13,504		$	12,504		1		11		$	13,902		$	12,504		11

(a)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $123 million, $139 million, $164 million, $187 million and $219 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 September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 included $129 million, $163 million, $205 million, $350 million and $791 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 September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $89 million, $177 million, $353 million, $449 million and $454 million in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

(e)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $175 million, $195 million, $219 million, $258 million and $284 million, respectively. These amounts have been excluded based upon the government guarantee.

(f)At September 30, 2023 and June 30, 2023, included $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.

Page 14

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q23 Change										2023 Change
	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23		3Q22		2023			2022			2022
BUSINESS METRICS
Number of:
Branches	4,863			4,874			4,784			4,787			4,802			—	%	1	%	4,863			4,802			1	%
Active digital customers (in thousands) (a)	66,765		(f)	65,559		(f)	64,998			63,136			61,985			2		8		66,765		(f)	61,985			8
Active mobile customers (in thousands) (b)	53,221		(f)	51,963		(f)	50,933			49,710			48,904			2		9		53,221		(f)	48,904			9
Debit and credit card sales volume (in billions)	$	426.3		$	424.0		$	387.3		$	411.1		$	395.8		1		8		$	1,237.6		$	1,144.3		8
Total payments transaction volume (in trillions) (c)	1.5		(f)	1.5		(f)	1.4			1.4			1.4			—		7		4.4		(f)	4.2			5
Banking & Wealth Management
Average deposits	$	1,127,807	(g)	$	1,142,755	(g)	$	1,098,494		$	1,126,420		$	1,156,933		(1)		(3)		$	1,123,126	(g)	$	1,152,233		(3)
Deposit margin	2.92		%	2.83		%	2.78		%	2.48		%	1.83		%					2.84		%	1.46		%
Business Banking average loans	$	19,520		$	19,628		$	19,884		$	20,467		$	21,263		(1)		(8)		$	19,676		$	22,936		(14)
Business Banking origination volume	1,321			1,275			1,027			1,081			977			4		35		3,623			3,201			13
Client investment assets (d)	882,253			892,897			690,819			647,120			615,048			(1)		43		882,253			615,048			43
Number of client advisors	5,424			5,153			5,125			5,029			5,017			5		8		5,424			5,017			8
Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	6.8	(h)	$	7.3	(h)	$	3.6		$	4.6		$	7.8		(7)		(13)		$	17.7	(h)	$	33.9		(48)
Correspondent	4.2			3.9			2.1			2.1			4.3			8		(2)		10.2			24.8			(59)
Total mortgage origination volume (e)	$	11.0		$	11.2		$	5.7		$	6.7		$	12.1		(2)		(9)		$	27.9		$	58.7		(52)
Third-party mortgage loans serviced (period-end)	637.8			604.5			575.9			584.3			586.7			6		9		637.8			586.7			9
MSR carrying value (period-end)	9.1			8.2			7.7			8.0			8.1			11		12		9.1			8.1			12
Card Services
Sales volume, excluding commercial card (in billions)	$	296.2		$	294.0		$	266.2		$	284.8		$	272.3		1		9		856.4			779.9			10
Net revenue rate	9.60		%	9.11		%	10.38		%	10.06		%	9.92		%					9.69		%	9.79		%
Net yield on average loans	9.54			9.31			9.89			9.78			9.81							9.58			9.76
Auto
Loan and lease origination volume (in billions)	$	10.2		$	12.0		$	9.2		$	7.5		$	7.5		(15)		36		$	31.4		$	22.9		37
Average auto operating lease assets	10,701			11,015			11,538			12,333			13,466			(3)		(21)		11,081			14,908			(26)

(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.

(b)Users of all mobile platforms who have logged in within the past 90 days.

(c)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.

(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 21-23 for additional information. At September 30, 2023 and June 30, 2023, included $140.6 billion and $150.9 billion of client investment assets associated with First Republic, respectively.

(e)Firmwide mortgage origination volume was $13.0 billion, $13.0 billion, $6.8 billion, $8.5 billion and $15.2 billion for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $32.8 billion and $73.3 billion for the nine months ended September 30, 2023 and 2022, respectively.

(f)Excludes First Republic.

(g)Included $66.7 billion and $47.2 billion for the three months ended September 30, 2023 and June 30, 2023, respectively, and $38.2 billion for the nine months ended September 30, 2023, associated with First Republic.

(h)Included $730 million and $1.1 billion for the three months ended September 30, 2023 and June 30, 2023, respectively, and $1.9 billion for the nine months ended September 30, 2023, associated with First Republic.

Page 15

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q23 Change											2023 Change
	3Q23			2Q23			1Q23			4Q22				3Q22				2Q23		3Q22		2023			2022				2022
INCOME STATEMENT
REVENUE
Investment banking fees (a)	$	1,717		$	1,557		$	1,654		$	1,467			$	1,762			10	%	(3)	%	$	4,928		$	5,462			(10)	%
Principal transactions	5,918			6,697			7,408			4,397				5,258				(12)		13		20,023			15,529				29
Lending- and deposit-related fees	556			533			539			548				589				4		(6)		1,628			1,871				(13)
Commissions and other fees	1,174			1,219			1,234			1,200				1,198				(4)		(2)		3,627			3,858				(6)
Card income	374			400			315			353			(d)	293			(d)	(7)		28		1,089			896			(d)	22
All other income	131			396			373			147			(d)	181			(d)	(67)		(28)		900			474			(d)	90
Noninterest revenue	9,870			10,802			11,523			8,112				9,281				(9)		6		32,195			28,090				15
Net interest income	1,860			1,717			2,077			2,486				2,644				8		(30)		5,654			9,414				(40)
TOTAL NET REVENUE (b)	11,730			12,519			13,600			10,598				11,925				(6)		(2)		37,849			37,504				1
Provision for credit losses	(185)			38			58			141				513				NM		NM		(89)			1,017				NM
NONINTEREST EXPENSE
Compensation expense	3,425			3,461			4,085			3,091				3,311				(1)		3		10,971			10,827				1
Noncompensation expense	4,018			3,433			3,398			3,404			(d)	3,371			(d)	17		19		10,849			10,028			(d)	8
TOTAL NONINTEREST EXPENSE	7,443			6,894			7,483			6,495				6,682				8		11		21,820			20,855				5
Income before income tax expense	4,472			5,587			6,059			3,962				4,730				(20)		(5)		16,118			15,632				3
Income tax expense	1,380			1,495			1,638			648			(d)	1,208			(d)	(8)		14		4,513			4,021			(d)	12
NET INCOME	$	3,092		$	4,092		$	4,421		$	3,314			$	3,522			(24)		(12)		$	11,605		$	11,611			—
FINANCIAL RATIOS
ROE	11		%	15		%	16		%	12		%		13		%						14		%	14		%
Overhead ratio	63			55			55			61				56								58			56			(d)
Compensation expense as percentage of total net revenue	29			28			30			29				28								29			29
REVENUE BY BUSINESS
Investment Banking	$	1,613		$	1,494		$	1,560		$	1,389			$	1,713			8		(6)		$	4,667		$	5,121			(9)
Payments	2,094			2,451			2,396			2,120			(d)	2,039			(d)	(15)		3		6,941			5,459			(d)	27
Lending	291			299			267			323				323				(3)		(10)		857			1,054				(19)
Total Banking	3,998			4,244			4,223			3,832				4,075				(6)		(2)		12,465			11,634				7
Fixed Income Markets	4,514			4,567			5,699			3,739				4,469				(1)		1		14,780			14,878				(1)
Equity Markets	2,067			2,451			2,683			1,931				2,302				(16)		(10)		7,201			8,436				(15)
Securities Services	1,212			1,221			1,148			1,159				1,110				(1)		9		3,581			3,329				8
Credit Adjustments & Other (c)	(61)			36			(153)			(63)				(31)				NM		(97)		(178)			(773)				77
Total Markets & Securities Services	7,732			8,275			9,377			6,766				7,850				(7)		(2)		25,384			25,870				(2)
TOTAL NET REVENUE	$	11,730		$	12,519		$	13,600		$	10,598			$	11,925			(6)		(2)		$	37,849		$	37,504			1

(a)Includes CB's share of revenue from investment banking products sold to CB clients through the CIB that is subject to a revenue sharing arrangement which is reported as a reduction in All other income.

(b)Includes tax-equivalent adjustments, predominantly due to income tax credits and other tax benefits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; and tax-exempt income from municipal bonds of $643 million, $953 million, $839 million, $854 million and $626 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $2.4 billion and $2.1 billion for the nine months ended September 30, 2023 and 2022, respectively.

(c)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

(d)In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

Page 16

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q23 Change										2023 Change
	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23		3Q22		2023			2022			2022
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,446,231		$	1,432,054		$	1,436,237		$	1,334,296		$	1,384,618		1	%	4	%	$	1,446,231		$	1,384,618		4	%
Loans:
Loans retained (a)	194,255			194,450			187,133			187,642			180,604			—		8		194,255			180,604			8
Loans held-for-sale and loans at fair value (b)	39,069			38,959			38,335			42,304			40,357			—		(3)		39,069			40,357			(3)
Total loans	233,324			233,409			225,468			229,946			220,961			—		6		233,324			220,961			6
Equity	108,000			108,000			108,000			103,000			103,000			—		5		108,000			103,000			5
SELECTED BALANCE SHEET DATA (average)
Total assets	$	1,423,182		$	1,461,857		$	1,429,662		$	1,384,255		$	1,403,247		(3)		1		$	1,438,210		$	1,413,662		2
Trading assets - debt and equity instruments	522,845			533,082			488,767			406,692			386,895			(2)		35		515,023			405,655			27
Trading assets - derivative receivables	65,774			63,094			64,016			77,669			83,084			4		(21)		64,301			77,846			(17)
Loans:
Loans retained (a)	193,683			189,153			185,572			182,873			176,469			2		10		189,499			169,175			12
Loans held-for-sale and loans at fair value (b)	39,227			38,132			42,569			42,895			45,150			3		(13)		39,964			48,176			(17)
Total loans	232,910			227,285			228,141			225,768			221,619			2		5		229,463			217,351			6
Deposits	726,617			722,818			699,586			707,541			721,690			1		1		716,439			750,538			(5)
Equity	108,000			108,000			108,000			103,000			103,000			—		5		108,000			103,000			5
Headcount	74,900			74,822			74,352			73,452			71,797			—		4		74,900			71,797			4
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	45		$	56		$	50		$	7		$	17		(20)		165		$	151		$	75		101
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)	978			924			832			718			583			6		68		978			583			68
Nonaccrual loans held-for-sale and loans at fair value (d)	801			818			808			848			824			(2)		(3)		801			824			(3)
Total nonaccrual loans	1,779			1,742			1,640			1,566			1,407			2		26		1,779			1,407			26
Derivative receivables	293			286			291			296			339			2		(14)		293			339			(14)
Assets acquired in loan satisfactions	126			133			86			87			85			(5)		48		126			85			48
Total nonperforming assets	2,198			2,161			2,017			1,949			1,831			2		20		2,198			1,831			20
Allowance for credit losses:
Allowance for loan losses	2,414			2,531			2,454			2,292			2,032			(5)		19		2,414			2,032			19
Allowance for lending-related commitments	1,095			1,207			1,301			1,448			1,582			(9)		(31)		1,095			1,582			(31)
Total allowance for credit losses	3,509			3,738			3,755			3,740			3,614			(6)		(3)		3,509			3,614			(3)
Net charge-off/(recovery) rate (a)(e)	0.09		%	0.12		%	0.11		%	0.02		%	0.04		%					0.11		%	0.06		%
Allowance for loan losses to period-end loans retained (a)	1.24			1.30			1.31			1.22			1.13							1.24			1.13
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)	1.74			1.86			1.81			1.67			1.49							1.74			1.49
Allowance for loan losses to nonaccrual loans retained (a)(c)	247			274			295			319			349							247			349
Nonaccrual loans to total period-end loans	0.76			0.75			0.73			0.68			0.64							0.76			0.64

(a)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

(b)Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization.

(c)Allowance for loan losses of $182 million, $145 million, $153 million, $104 million and $111 million were held against these nonaccrual loans at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

(d)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $65 million, $76 million, $99 million, $115 million and $143 million, respectively. These amounts have been excluded based upon the government guarantee.

(e)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(f)Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

Page 17

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS														NINE MONTHS ENDED SEPTEMBER 30,
											3Q23 Change								2023 Change
	3Q23		2Q23		1Q23		4Q22		3Q22		2Q23		3Q22		2023		2022		2022
BUSINESS METRICS
Advisory	$	767	$	540	$	756	$	738	$	848	42	%	(10)	%	$	2,063	$	2,313	(11)	%
Equity underwriting	274		318		235		250		290		(14)		(6)		827		784		5
Debt underwriting	676		699		663		479		624		(3)		8		2,038		2,365		(14)
Total investment banking fees	$	1,717	$	1,557	$	1,654	$	1,467	$	1,762	10		(3)		$	4,928	$	5,462	(10)
Client deposits and other third-party liabilities (average) (a)	638,119		647,479		633,729		649,694		669,215		(1)		(5)		639,792		700,095		(9)
Merchant processing volume (in billions) (b)	610.1		600.1		558.8		583.2		545.4		2		12		1,769.0		1,575.2		12
Assets under custody (“AUC”) (period-end) (in billions)	$	29,725	$	30,424	$	29,725	$	28,635	$	27,157	(2)		9		$	29,725	$	27,157	9
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income	$	49	$	57	$	56	$	66	$	64	(14)		(23)
Foreign exchange	17		12		10		11		9		42		89
Equities	7		8		7		13		11		(13)		(36)
Commodities and other	10		12		15		18		14		(17)		(29)
Diversification benefit to CIB trading VaR (d)	(48)		(48)		(44)		(50)		(47)		—		(2)
CIB trading VaR (c)	35		41		44		58		51		(15)		(31)
Credit Portfolio VaR (e)	15		14		11		10		10		7		50
Diversification benefit to CIB VaR (d)	(12)		(11)		(10)		(8)		(8)		(9)		(50)
CIB VaR	$	38	$	44	$	45	$	60	$	53	(14)		(28)

(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.

(b)Represents Firmwide merchant processing volume.

(c)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 133–135 of the Firm’s 2022 Form 10-K for further information, and pages 84–86 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023 for further information.

(d)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.

(e)Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In the first quarter of 2022, in line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.

Page 18

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q23 Change										2023 Change
	3Q23				2Q23				1Q23			4Q22			3Q22			2Q23		3Q22		2023			2022			2022
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	410		(e)	$	249			$	227		$	243		$	288		65	%	42	%	$	886	(e)	$	1,000		(11)	%
Card income	198				201				173			171			177			(1)		12		572			514			11	%
All other income	364				385				381			315			371			(5)		(2)		1,130			1,093			3
Noninterest revenue	972				835				781			729			836			16		16		2,588			2,607			(1)
Net interest income	3,059			(e)	3,153			(e)	2,730			2,675			2,212			(3)		38		8,942		(e)	5,522			62
TOTAL NET REVENUE (a)	4,031				3,988				3,511			3,404			3,048			1		32		11,530			8,129			42
Provision for credit losses	90			(e)	1,097			(e)	417			284			618			(92)		(85)		1,604		(e)	984			63
NONINTEREST EXPENSE
Compensation expense	730			(e)	656				641			607			577			11		27		2,027		(e)	1,689			20
Noncompensation expense	645				644				667			647			603			—		7		1,956			1,776			10
TOTAL NONINTEREST EXPENSE	1,375				1,300				1,308			1,254			1,180			6		17		3,983			3,465			15
Income before income tax expense	2,566				1,591				1,786			1,866			1,250			61		105		5,943			3,680			61
Income tax expense	631				383				439			443			304			65		108		1,453			890			63
NET INCOME	$	1,935			$	1,208			$	1,347		$	1,423		$	946		60		105		$	4,490		$	2,790		61
REVENUE BY PRODUCT
Lending	$	1,662		(e)	$	1,480		(e)	$	1,222		$	1,185		$	1,176		12		41		$	4,364	(e)	$	3,339		31
Payments (b)	2,045				2,188				1,972			1,937			1,568			(7)		30		6,205			3,754			65
Investment banking (b)(c)	290				273				306			248			274			6		6		869			816			6
Other	34				47				11			34			30			(28)		13		92			220			(58)
TOTAL NET REVENUE (a)	$	4,031			$	3,988			$	3,511		$	3,404		$	3,048		1		32		$	11,530		$	8,129		42
Investment Banking and Markets revenue, gross (d)	$	821			$	767			$	881		$	700		$	761		7		8		$	2,469		$	2,278		8
REVENUE BY CLIENT SEGMENT
Middle Market Banking	$	1,876		(f)	$	1,916		(f)	$	1,681		$	1,619		$	1,366		(2)		37		$	5,473	(f)	$	3,515		56
Corporate Client Banking	1,208				1,229				1,176			1,109			1,052			(2)		15		3,613			2,809			29
Commercial Real Estate Banking	921			(f)	806			(f)	642			666			624			14		48		2,369		(f)	1,795			32
Other	26				37				12			10			6			(30)		333		75			10			NM
TOTAL NET REVENUE (a)	$	4,031			$	3,988			$	3,511		$	3,404		$	3,048		1		32		$	11,530		$	8,129		42
FINANCIAL RATIOS
ROE	25		%		16		%		18		%	22		%	14		%					20		%	14		%
Overhead ratio	34				33				37			37			39							35			43

(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 $103 million, $89 million, $82 million, $100 million and $80 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $274 million and $222 million for the nine months ended September 30, 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 30for additional information.

(f)Middle Market Banking and Commercial Real Estate Banking included $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 $141 million and $403 million, respectively, for the nine months ended September 30, 2023, associated with First Republic.

Page 19

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q23 Change										2023 Change
	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23		3Q22		2023			2022			2022
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	300,367		$	305,280		$	261,181		$	257,106		$	247,485		(2)	%	21	%	$	300,367		$	247,485		21	%
Loans:
Loans retained	281,389		(d)	282,124		(d)	238,752			233,879			231,829			—		21		281,389		(d)	231,829			21
Loans held-for-sale and loans at fair value	915			1,540			1,538			707			137			(41)		NM		915			137			NM
Total loans	$	282,304		$	283,664		$	240,290		$	234,586		$	231,966		—		22		$	282,304		$	231,966		22
Equity	30,000			30,000			28,500			25,000			25,000			—		20		30,000			25,000			20
Period-end loans by client segment
Middle Market Banking (a)	$	78,955	(e)	$	79,885	(e)	$	73,329		$	72,625		$	71,707		(1)		10		$	78,955	(e)	$	71,707		10
Corporate Client Banking	59,645			60,511			58,256			53,840			52,940			(1)		13		59,645			52,940			13
Commercial Real Estate Banking	143,413		(e)	142,897		(e)	108,582			107,999			107,241			—		34		143,413		(e)	107,241			34
Other	291			371			123			122			78			(22)		272		291			78			272
Total loans (a)	$	282,304		$	283,664		$	240,290		$	234,586		$	231,966		—		22		$	282,304		$	231,966		22
SELECTED BALANCE SHEET DATA (average)
Total assets	$	301,964		$	290,875		$	255,468		$	253,007		$	246,318		4		23		$	282,939		$	239,772		18
Loans:
Loans retained	281,602		(f)	270,091		(f)	236,808			234,654			227,539			4		24		262,998		(f)	218,255			21
Loans held-for-sale and loans at fair value	1,378			726			1,155			673			1,589			90		(13)		1,087			1,578			(31)
Total loans	$	282,980		$	270,817		$	237,963		$	235,327		$	229,128		4		24		$	264,085		$	219,833		20
Deposits	262,148			275,196			265,943			278,876			281,276			(5)		(7)		267,748			299,337			(11)
Equity	30,000			29,505			28,500			25,000			25,000			2		20		29,341			25,000			17
Average loans by client segment
Middle Market Banking	$	78,774	(g)	$	78,037	(g)	$	73,030		$	72,109		$	70,002		1		13		$	76,635	(g)	$	66,387		15
Corporate Client Banking	60,816			59,159			56,581			55,137			52,432			3		16		58,868			48,645			21
Commercial Real Estate Banking	142,955		(g)	133,394		(g)	108,143			107,831			106,546			7		34		128,292		(g)	104,659			23
Other	435			227			209			250			148			92		194		290			142			104
Total loans	$	282,980		$	270,817		$	237,963		$	235,327		$	229,128		4		24		$	264,085		$	219,833		20
Headcount	17,281			15,991			15,026			14,687			14,299			8		21		17,281			14,299			21
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	53		$	100		$	37		$	35		$	42		(47)		26		$	190		$	49		288
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)	889			1,068			918			766			836			(17)		6		889			836			6
Nonaccrual loans held-for-sale and loans
at fair value	24			—			—			—			—			NM		NM		24			—			NM
Total nonaccrual loans	913			1,068			918			766			836			(15)		9		913			836			9
Assets acquired in loan satisfactions	47			—			—			—			7			NM		NM		47			7			NM
Total nonperforming assets	960			1,068			918			766			843			(10)		14		960			843			14
Allowance for credit losses:
Allowance for loan losses	4,721			4,729			3,566			3,324			3,050			—		55		4,721			3,050			55
Allowance for lending-related commitments	845			801			966			830			864			5		(2)		845			864			(2)
Total allowance for credit losses	5,566		(h)	5,530		(h)	4,532			4,154			3,914			1		42		5,566		(h)	3,914			42
Net charge-off/(recovery) rate (c)	0.07		%	0.15		%	0.06		%	0.06		%	0.07		%					0.10		%	0.03		%
Allowance for loan losses to period-end loans retained	1.68			1.68			1.49			1.42			1.32							1.68			1.32
Allowance for loan losses to nonaccrual loans retained (b)	531			443			388			434			365							531			365
Nonaccrual loans to period-end total loans	0.32			0.38			0.38			0.33			0.36							0.32			0.36

(a)As of September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, total loans included $48 million, $65 million, $88 million, $132 million, and $205 million of loans, respectively, under the PPP, of which $43 million, $60 million, $80 million, $123 million, and $187 million, were in Middle Market Banking, respectively. Refer to pages 108-109 of the Firm’s 2022 Form 10-K for further information on the PPP.

(b)Allowance for loan losses of $164 million, $205 million, $170 million, $153 million and $150 million was held against nonaccrual loans retained at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(d)Includes First Republic. Refer to page 30for additional information.

(e)As of September 30, 2023, included $6.1 billion and $32.7 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, and as of June 30, 2023, included $6.2 billion and $33.3 billion, respectively, associated with First Republic.

(f)Average loans retained associated with First Republic were $39.0 billion and $28.6 billion for the three months ended September 30, 2023 and June 30, 2023, respectively, and $22.7 billion for the nine months ended September 30, 2023.

(g)Average Middle Market Banking and Commercial Real Estate Banking loans associated with First Republic were $6.2 billion and $32.8 billion respectively, for the three months ended September 30, 2023, $4.4 billion and $24.2 billion, respectively, for the three months ended June 30, 2023, and $3.5 billion and $19.1 billion, respectively, for the nine months ended September 30, 2023.

(h)As of September 30, 2023 and June 30, 2023, included $630 million and $608 million allowance, respectively, for First Republic.

Page 20

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q23 Change										2023 Change
	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23		3Q22		2023			2022			2022
INCOME STATEMENT
REVENUE
Asset management fees	$	2,988		$	2,930		$	2,761		$	2,742		$	2,803		2	%	7	%	$	8,679		$	8,499		2	%
Commissions and other fees	177			196			181			234			241			(10)		(27)		554			697			(21)
All other income	266		(a)	232		(a)	391			82			82			15		224		889		(a)	253			251
Noninterest revenue	3,431			3,358			3,333			3,058			3,126			2		10		10,122			9,449			7
Net interest income	1,574		(a)	1,585		(a)	1,451			1,530			1,413			(1)		11		4,610		(a)	3,711			24
TOTAL NET REVENUE	5,005			4,943			4,784			4,588			4,539			1		10		14,732			13,160			12
Provision for credit losses	(13)		(a)	145		(a)	28			32			(102)			NM		87		160		(a)	96			67
NONINTEREST EXPENSE
Compensation expense	1,777			1,746			1,735			1,649			1,649			2		8		5,258			4,687			12
Noncompensation expense	1,361			1,417			1,356			1,373			1,379			(4)		(1)		4,134			4,120			—
TOTAL NONINTEREST EXPENSE	3,138		(a)	3,163			3,091			3,022			3,028			(1)		4		9,392			8,807			7
Income before income tax expense	1,880			1,635			1,665			1,534			1,613			15		17		5,180			4,257			22
Income tax expense	463			409			298			400			394			13		18		1,170			1,026			14
NET INCOME	$	1,417		$	1,226		$	1,367		$	1,134		$	1,219		16		16		$	4,010		$	3,231		24
REVENUE BY LINE OF BUSINESS
Asset Management	$	2,164		$	2,128		$	2,434		$	2,158		$	2,209		2		(2)		$	6,726		$	6,660		1
Global Private Bank	2,841		(a)	2,815		(a)	2,350			2,430			2,330			1		22		8,006		(a)	6,500			23
TOTAL NET REVENUE	$	5,005		$	4,943		$	4,784		$	4,588		$	4,539		1		10		$	14,732		$	13,160		12
FINANCIAL RATIOS
ROE	32		%	29		%	34		%	26		%	28		%					32		%	25		%
Overhead ratio	63			64			65			66			67							64			67
Pretax margin ratio:
Asset Management	29			27			37			27			31							31			31
Global Private Bank	44			37			33			39			40							38			34
Asset & Wealth Management	38			33			35			33			36							35			32
Headcount	28,083			26,931			26,773			26,041			25,769			4		9		28,083			25,769			9
Number of Global Private Bank client advisors	3,443			3,214			3,189			3,137			3,110			7		11		3,443			3,110			11

(a) Includes First Republic. Refer to page 30 for additional information.

Page 21

Page 22

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q23 Change										2023 Change
	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23		3Q22		2023			2022			2022
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	249,866		$	247,118		$	232,516		$	232,037		$	232,303		1	%	8	%	$	249,866		$	232,303		8	%
Loans	228,114		(a)	222,493		(a)	211,140			214,006			214,989			3		6		228,114		(a)	214,989			6
Deposits	215,152			199,763			225,831			233,130			242,315			8		(11)		215,152			242,315			(11)
Equity	17,000			17,000			16,000			17,000			17,000			—		—		17,000			17,000			—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	245,616		$	238,987		$	228,823		$	230,149		$	232,748		3		6		$	237,870		$	233,209		2
Loans	223,760		(b)	219,469		(b)	211,469			214,150			216,714			2		3		218,278		(b)	216,065			1
Deposits	201,975			211,872			224,354			236,965			253,026			(5)		(20)		212,652			269,754			(21)
Equity	17,000			16,670			16,000			17,000			17,000			2		—		16,560			17,000			(3)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	1		$	2		$	(2)		$	(2)		$	(13)		(50)		NM		$	1		$	(5)		NM
Nonaccrual loans	621			615			477			459			467			1		33		621			467			33
Allowance for credit losses:
Allowance for loan losses	642			649			526			494			461			(1)		39		642			461			39
Allowance for lending-related commitments	32			39			19			20			21			(18)		52		32			21			52
Total allowance for credit losses	674		(c)	688		(c)	545			514			482			(2)		40		674		(c)	482			40
Net charge-off/(recovery) rate	—		%	—		%	—		%	—		%	(0.02)		%					—		%	—		%
Allowance for loan losses to period-end loans	0.28			0.29			0.25			0.23			0.21							0.28			0.21
Allowance for loan losses to nonaccrual loans	103			106			110			108			99							103			99
Nonaccrual loans to period-end loans	0.27			0.28			0.23			0.21			0.22							0.27			0.22

(a)Includes First Republic. Refer to page 30 for additional information.

(b)Included $13.0 billion and $9.7 billion for the three months ended September 30, 2023 and June 30, 2023, respectively, and $7.6 billion for the nine months ended September 30, 2023, associated with First Republic.

(c)At September 30, 2023 and June 30, 2023, included $115 million and $146 million allowance, respectively, associated with First Republic.

Page 23

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
											Sep 30, 2023
											Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,						2023 Change
CLIENT ASSETS	2023		2023		2023		2022		2022		2023		2022		2023		2022		2022
Assets by asset class
Liquidity	$	867	$	826	$	761	$	654	$	615	5	%	41	%	$	867	$	615	41	%
Fixed income	707		718		682		638		612		(2)		16		707		612		16
Equity	780		792		733		670		609		(2)		28		780		609		28
Multi-asset	626		647		627		603		577		(3)		8		626		577		8
Alternatives	206		205		203		201		203		—		1		206		203		1
TOTAL ASSETS UNDER MANAGEMENT	3,186		3,188		3,006		2,766		2,616		—		22		3,186		2,616		22
Custody/brokerage/administration/deposits	1,458		1,370		1,341		1,282		1,207		6		21		1,458		1,207		21
TOTAL CLIENT ASSETS (a)	$	4,644	$	4,558	$	4,347	$	4,048	$	3,823	2		21		$	4,644	$	3,823	21
Assets by client segment
Private Banking	$	888	$	881	$	826	$	751	$	698	1		27		$	888	$	698	27
Global Institutional	1,424		1,423		1,347		1,252		1,209		—		18		1,424		1,209		18
Global Funds	874		884		833		763		709		(1)		23		874		709		23
TOTAL ASSETS UNDER MANAGEMENT	$	3,186	$	3,188	$	3,006	$	2,766	$	2,616	—		22		$	3,186	$	2,616	22
Private Banking	$	2,249	$	2,170	$	2,090	$	1,964	$	1,848	4		22		$	2,249	$	1,848	22
Global Institutional	1,514		1,497		1,417		1,314		1,261		1		20		1,514		1,261		20
Global Funds	881		891		840		770		714		(1)		23		881		714		23
TOTAL CLIENT ASSETS (a)	$	4,644	$	4,558	$	4,347	$	4,048	$	3,823	2		21		$	4,644	$	3,823	21
Assets under management rollforward
Beginning balance	$	3,188	$	3,006	$	2,766	$	2,616	$	2,743					$	2,766	$	3,113
Net asset flows:
Liquidity	40		60		93		33		(36)						193		(88)
Fixed income	1		37		26		8		9						64		5
Equity	16		20		22		9		6						58		26
Multi-asset	1		3		(2)		(7)		(5)						2		(2)
Alternatives	2		1		1		—		2						4		8
Market/performance/other impacts	(62)		61		100		107		(103)						99		(446)
Ending balance	$	3,186	$	3,188	$	3,006	$	2,766	$	2,616					$	3,186	$	2,616
Client assets rollforward
Beginning balance	$	4,558	$	4,347	$	4,048	$	3,823	$	3,798					$	4,048	$	4,295
Net asset flows	132		112		152		70		(15)						396		(21)
Market/performance/other impacts	(46)		99		147		155		40						200		(451)
Ending balance	$	4,644	$	4,558	$	4,347	$	4,048	$	3,823					$	4,644	$	3,823

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

Page 24

JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
	QUARTERLY TRENDS																	NINE MONTHS ENDED SEPTEMBER 30,
														3Q23 Change									2023 Change
	3Q23			2Q23			1Q23		4Q22			3Q22		2Q23		3Q22		2023			2022		2022
INCOME STATEMENT
REVENUE
Principal transactions	$	128		$	113		$	82	$	(7)		$	(76)	13	%	NM		$	323		$	(220)	NM
Investment securities losses	(669)			(900)			(868)		(874)			(959)		26		30	%	(2,437)			(1,506)		(62)	%
All other income	116		(e)	2,767		(e)	31		766		(h)	(59)		(96)		NM		2,914		(e)	43		NM
Noninterest revenue	(425)			1,980			(755)		(115)			(1,094)		NM		61		800			(1,683)		NM
Net interest income	1,983		(e)	1,738		(e)	1,740		1,298			792		14		150		5,461		(e)	580		NM
TOTAL NET REVENUE (a)	1,558			3,718			985		1,183			(302)		(58)		NM		6,261			(1,103)		NM
Provision for credit losses	46			(243)			370		(14)			(21)		NM		NM		173			36		381
NONINTEREST EXPENSE	696		(e)	1,152		(e)	160		339			305		(40)		128		2,008		(e)	695		189
Income/(loss) before income tax expense/(benefit)	816			2,809			455		858			(586)		(71)		NM		4,080			(1,834)		NM
Income tax expense/(benefit)	4			169		(g)	211		277			(292)		(98)		NM		384		(g)	(510)		NM
NET INCOME/(LOSS)	$	812		$	2,640		$	244	$	581		$	(294)	(69)		NM		$	3,696		$	(1,324)	NM
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	1,640			1,261			1,106		603			(180)		30		NM		4,007			(1,042)		NM
Other Corporate	(82)		(e)	2,457		(e)	(121)		580			(122)		NM		33		2,254		(e)	(61)		NM
TOTAL NET REVENUE	$	1,558		$	3,718		$	985	$	1,183		$	(302)	(58)		NM		$	6,261		$	(1,103)	NM
NET INCOME/(LOSS)
Treasury and CIO	1,129			1,057			624		531			(68)		7		NM		2,810			(728)		NM
Other Corporate	(317)		(e)	1,583		(e)	(380)		50			(226)		NM		(40)		886		(e)	(596)		NM
TOTAL NET INCOME/(LOSS)	$	812		$	2,640		$	244	$	581		$	(294)	(69)		NM		$	3,696		$	(1,324)	NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,275,673		$	1,263,595		$	1,307,989	$	1,328,219		$	1,408,726	1		(9)		$	1,275,673		$	1,408,726	(9)
Loans	2,099			2,172			2,267		2,181			2,206		(3)		(5)		2,099			2,206		(5)
Deposits (b)	20,363			21,083			19,458		14,203			14,449		(3)		41		20,363			14,449		41
Headcount	47,280			45,235			44,743		44,196			42,806		5		10		47,280			42,806		10
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses	$	(669)		$	(900)		$	(868)	$	(874)		$	(959)	26		30		$	(2,437)		$	(1,506)	(62)
Available-for-sale securities (average)	201,875			198,620			202,776		195,788			209,008		2		(3)		201,087			254,798		(21)
Held-to-maturity securities (average) (c)	402,816			410,594			417,350		427,802			436,302		(2)		(8)		410,200			406,915		1
Investment securities portfolio (average)	$	604,691		$	609,214		$	620,126	$	623,590		$	645,310	(1)		(6)		$	611,287		$	661,713	(8)
Available-for-sale securities (period-end)	195,200		(f)	201,211		(f)	195,228		203,981			186,441		(3)		5		195,200		(f)	186,441		5
Held-to-maturity securities (period-end) (c)	388,261			408,941			412,827		425,305			430,106		(5)		(10)		388,261			430,106		(10)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	583,461		$	610,152		$	608,055	$	629,286		$	616,547	(4)		(5)		$	583,461		$	616,547	(5)

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $57 million, $45 million, $56 million, $58 million and $59 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $158 million and $177 million for the nine months ended September 30, 2023 and 2022 respectively.

(b)Predominantly relates to the Firm's international consumer initiatives.

(c)In January 2023, upon adoption of the Derivatives and Hedging: Fair Value Hedging - Portfolio Layer Method accounting guidance, the Firm elected to transfer $7.1 billion of HTM securities to AFS. The transferred securities were placed in a closed AFS securities portfolio as part of a portfolio layer method hedge. During 2022, the Firm transferred $78.3 billion of investment securities from AFS to HTM for capital management purposes. At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, the estimated fair value of the HTM securities portfolio was $348.7 billion, $375.3 billion, $382.0 billion, $388.6 billion and $389.8 billion, respectively. Refer to Note 1 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023for additional information on the portfolio layer method.

(d)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, the allowance for credit losses on investment securities was $87 million, $74 million, $61 million, $67 million and $52 million, respectively.

(e)Includes First Republic. Refer to page 30 for additional information.

(f)At September 30, 2023 and June 30, 2023, included AFS securities of $22.9 billion and $25.8 billion, respectively, associated with First Republic.

(g)Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain.

(h)Included a $914 million gain on sale of Visa B shares.

Page 25

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
														Sep 30, 2023
														Change
	Sep 30,			Jun 30,			Mar 31,		Dec 31,			Sep 30,		Jun 30,		Sep 30,
	2023			2023			2023		2022			2022		2023		2022
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	397,054		$	396,195		$	300,447	$	300,753		$	301,403	—	%	32	%
Loans held-for-sale and loans at fair value	11,715			12,009			10,986		10,622			12,393		(2)		(5)
Total consumer, excluding credit card loans	408,769			408,204			311,433		311,375			313,796		—		30
Credit card loans
Loans retained	196,935			191,348			180,079		185,175			170,462		3		16
Total credit card loans	196,935			191,348			180,079		185,175			170,462		3		16
Total consumer loans	605,704			599,552			491,512		496,550			484,258		1		25
Wholesale loans (b)
Loans retained	671,952			668,145			604,324		603,670			596,208		1		13
Loans held-for-sale and loans at fair value	32,403			32,372			33,060		35,427			32,167		—		1
Total wholesale loans	704,355			700,517			637,384		639,097			628,375		1		12
Total loans	1,310,059			1,300,069			1,128,896		1,135,647			1,112,633		1		18
Derivative receivables	67,070			64,217			59,274		70,880			92,534		4		(28)
Receivables from customers (c)	43,376			42,741			43,943		49,257			54,921		1		(21)
Total credit-related assets	1,420,505			1,407,027			1,232,113		1,255,784			1,260,088		1		13
Lending-related commitments
Consumer, excluding credit card	48,313			50,846			37,568		33,518			34,868		(5)		39
Credit card (d)	898,903			881,485			861,218		821,284			798,855		2		13
Wholesale	531,568			541,089			484,539		471,980		(h)	472,950		(2)		12
Total lending-related commitments	1,478,784			1,473,420			1,383,325		1,326,782			1,306,673		—		13
Total credit exposure	$	2,899,289	(g)	$	2,880,447	(g)	$	2,615,438	$	2,582,566		$	2,566,761	1		13
Memo: Total by category
Consumer exposure (e)	$	1,552,920		$	1,531,883		$	1,390,298	$	1,351,352		$	1,317,981	1		18
Wholesale exposure (f)	1,346,369			1,348,564			1,225,140		1,231,214			1,248,780		—		8
Total credit exposure	$	2,899,289		$	2,880,447		$	2,615,438	$	2,582,566		$	2,566,761	1		13

(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.

(b)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.

(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(d)Also includes commercial card lending-related commitments primarily in CB and CIB.

(e)Represents total consumer loans and lending-related commitments.

(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.

(g)As of September 30, 2023 and June 30, 2023, includes credit exposure associated with First Republic consisting of $103.3 billion and $104.6 billion in the Consumer credit portfolio, respectively, and $95.2 billion and $98.2 billion in the Wholesale credit portfolio, respectively.

(h)Prior-period amount has been revised to conform with the current presentation.

Page 26

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Sep 30, 2023
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2023			2023			2023			2022			2022			2023		2022
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained	$	3,766		$	3,784		$	3,843		$	3,874		$	3,917		—	%	(4)	%
Loans held-for-sale and loans at fair value	408			481			452			451			461			(15)		(11)
Total consumer nonaccrual loans	4,174			4,265			4,295			4,325			4,378			(2)		(5)
Wholesale nonaccrual loans
Loans retained	2,907			2,593			2,211			1,963			1,882			12		54
Loans held-for-sale and loans at fair value	439			415			389			432			414			6		6
Total wholesale nonaccrual loans	3,346			3,008			2,600			2,395			2,296			11		46
Total nonaccrual loans (b)	7,520			7,273			6,895			6,720			6,674			3		13
Derivative receivables	293			286			291			296			339			2		(14)
Assets acquired in loan satisfactions	318			279			232			231			230			14		38
Total nonperforming assets	8,131			7,838			7,418			7,247			7,243			4		12
Wholesale lending-related commitments (c)	387			332			401			455			470			17		(18)
Total nonperforming exposure	$	8,518		$	8,170		$	7,819		$	7,702		$	7,713		4		10
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.57		%	0.56		%	0.61		%	0.59		%	0.60		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.02			1.04			1.38			1.39			1.40
Total wholesale nonaccrual loans to total
wholesale loans	0.48			0.43			0.41			0.37			0.37

(a)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $188 million, $215 million, $263 million, $302 million and $362 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. Refer to Note 12 of the Firm’s 2022 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

(b)Generally excludes loans that were under payment deferral or other assistance, including amendments or waivers of financial covenants, in response to the COVID-19 pandemic.

(c)Represents commitments that are risk rated as nonaccrual.

Page 27

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q23 Change											2023 Change
	3Q23			2Q23				1Q23				4Q22			3Q22			2Q23		3Q22		2023				2022			2022
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	21,980		$	20,053			$	19,139		(c)	$	18,185		$	17,750		10	%	24	%	$	19,139			$	16,386		17	%
Net charge-offs:
Gross charge-offs	1,869			1,776				1,451				1,210			1,104			5		69		5,096				3,116			64
Gross recoveries collected	(372)			(365)				(314)				(323)			(377)			(2)		1		(1,051)				(1,150)			9
Net charge-offs	1,497			1,411				1,137				887			727			6		106		4,045				1,966			106
Provision for loan losses	1,479			3,317			(b)	2,047				2,426			1,165			(55)		27		6,843			(b)	3,763			82
Other	(16)			21				4				2			(3)			NM		(433)		9				2			350
Ending balance	$	21,946		$	21,980			$	20,053			$	19,726		$	18,185		—		21		$	21,946			$	18,185		21
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,186		$	2,370			$	2,382			$	2,551		$	2,222		(8)		(2)		$	2,382			$	2,261		5
Provision for lending-related commitments	(107)			(188)			(b)	(13)				(169)			328			43		NM		(308)			(b)	289			NM
Other	(4)			4				1				—			1			NM		NM		1				1			—
Ending balance	$	2,075		$	2,186			$	2,370			$	2,382		$	2,551		(5)		(19)		$	2,075			$	2,551		(19)
ALLOWANCE FOR INVESTMENT SECURITIES	$	117		$	104			$	90			$	96		$	61		13		92		$	117			$	61		92
Total allowance for credit losses (a)	$	24,138		$	24,270			$	22,513			$	22,204		$	20,797		(1)		16		$	24,138			$	20,797		16
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.17		%	0.14		%		0.18		%		0.16		%	0.10		%					0.16		%		0.07		%
Credit card retained loans	2.49			2.41				2.07				1.62			1.40							2.33				1.41
Total consumer retained loans	0.93			0.91				0.89				0.70			0.56							0.91				0.53
Wholesale retained loans	0.06			0.10				0.06				0.03			0.04							0.07				0.03
Total retained loans	0.47			0.47				0.43				0.33			0.27							0.46				0.25
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	396,788		$	359,543			$	300,585			$	301,093		$	301,347		10		32		$	352,670			$	298,840		18
Credit card retained loans	195,232			187,027				180,451				177,026			168,125			4		16		187,624				158,721			18
Total average retained consumer loans	592,020			546,570				481,036				478,119			469,472			8		26		540,294				457,561			18
Wholesale retained loans	667,825			647,474				601,401				599,817			590,490			3		13		639,125				576,025			11
Total average retained loans	$	1,259,845		$	1,194,044			$	1,082,437			$	1,077,936		$	1,059,962		6		19		$	1,179,419			$	1,033,586		14

(a)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $17 million, $18 million, $20 million, $21 million and $30 million, respectively, and at March 31, 2023, excludes an allowance for credit losses associated with certain other assets in Corporate of $241 million.

(b)Included $1.2 billion of provision for credit losses associated with First Republic.

(c)On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance eliminated the existing accounting and disclosure requirements for trouble debt restructurings (“TDRs”), including the requirement to measure the allowance using a discounted cash flow (“DCF”) methodology. The Firm elected to apply its portfolio-based allowance approach to substantially all its non-collateral dependent modified loans to troubled borrowers, resulting in a net decrease in the beginning balance of the allowance for loan losses of $587 million, predominantly driven by residential real estate and credit card. Refer to Note 1 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 for further information.

Page 28

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																			Sep 30, 2023
																			Change
	Sep 30,				Jun 30,				Mar 31,			Dec 31,				Sep 30,			Jun 30,		Sep 30,
	2023				2023				2023			2022				2022			2023		2022
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	(942)			$	(971)			$	(1,030)		$	(624)		(e)	$	(702)		3	%	(34)	%
Portfolio-based	2,796				3,019				2,696			2,664			(e)	2,521			(7)		11
Total consumer, excluding credit card	1,854			(d)	2,048			(d)	1,666			2,040				1,819			(9)		2
Credit card
Asset-specific (a)	—				—				—			223				218			—		NM
Portfolio-based	11,900				11,600				11,400			10,977				10,182			3		17
Total credit card	11,900				11,600				11,400			11,200				10,400			3		14
Total consumer	13,754				13,648				13,066			13,240				12,219			1		13
Wholesale
Asset-specific (a)	732				478				437			467				450			53		63
Portfolio-based	7,460				7,854				6,550			6,019				5,516			(5)		35
Total wholesale	8,192			(d)	8,332			(d)	6,987			6,486				5,966			(2)		37
Total allowance for loan losses	21,946				21,980				20,053			19,726				18,185			—		21
Allowance for lending-related commitments	2,075				2,186				2,370			2,382				2,551			(5)		(19)
Allowance for investment securities	117				104				90			96				61			13		92
Total allowance for credit losses	$	24,138			$	24,270			$	22,513		$	22,204			$	20,797		(1)		16
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.47		%		0.52		%		0.55		%	0.68		%		0.60		%
Credit card allowance to total credit card retained loans	6.04				6.06				6.33			6.05				6.10
Wholesale allowance to total wholesale retained loans	1.22				1.25				1.16			1.07				1.00
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (b)	1.33				1.36				1.26			1.17				1.08
Total allowance to total retained loans	1.73				1.75				1.85			1.81				1.70
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)	49				54				43			53				46
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (c)	151				163				143			146				134
Wholesale allowance to wholesale retained nonaccrual loans	282				321				316			330				317
Total allowance to total retained nonaccrual loans	329				345				331			338				314

(a)On January 1, 2023, the Firm adopted the Financial Instruments – Credit Losses: Troubled Debt Restructurings accounting guidance under which it elected to change from an asset-specific allowance approach to its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except collateral-dependent loans and nonaccrual risk-rated loans, for which the asset-specific allowance approach will continue to apply.

(b)Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(c)Refer to footnote (a) on page 26 for information on the Firm’s nonaccrual policy for credit card loans.

(d)At September 30, 2023 and June 30, 2023, included $396 million and $667 million and $377 million and $695 million of Consumer and Wholesale, respectively, associated with First Republic.

(e)Prior-period amounts have been revised to conform with the current presentation.

Page 29

JPMORGAN CHASE & CO.
NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

(d)The ratio of the wholesale and CIB’s allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.

(e)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets (“Markets”, which is composed of Fixed Income Markets and Equity Markets), as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income.These metrics, which excludeMarkets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to page 70 of the Firm’s 2022 Form 10-K.

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q23 Change										2023 Change
(in millions, except rates)	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23		3Q22		2023			2022			2022
Net interest income - reported	$	22,726		$	21,779		$	20,711		$	20,192		$	17,518		4	%	30	%	$	65,216		$	46,518		40	%
Fully taxable-equivalent adjustments	130			104			120			121			112			25		16		354			313			13
Net interest income - managed basis (a)	$	22,856		$	21,883		$	20,831		$	20,313		$	17,630		4		30		$	65,570		$	46,831		40
Less: Markets net interest income	(317)			(487)			(105)			315			707			35		NM		(909)			4,474			NM
Net interest income excluding Markets (a)	$	23,173		$	22,370		$	20,936		$	19,998		$	16,923		4		37		$	66,479		$	42,357		57
Average interest-earning assets	$	3,331,728		$	3,343,780		$	3,216,757		$	3,265,071		$	3,344,949		—		—		$	3,297,843		$	3,377,390		(2)
Less: AverageMarkets interest-earning assets	970,789			1,003,877			982,572			939,420			952,488			(3)		2		985,703			957,837			3
Average interest-earning assets excluding Markets	$	2,360,939		$	2,339,903		$	2,234,185		$	2,325,651		$	2,392,461		1		(1)		$	2,312,140		$	2,419,553		(4)
Net yield on average interest-earning assets - managed basis	2.72		%	2.62		%	2.63		%	2.47		%	2.09		%					2.66		%	1.85		%
Net yield on averageMarkets interest-earning assets	(0.13)			(0.19)			(0.04)			0.13			0.29							(0.12)			0.62
Net yield on average interest-earning assets excluding Markets	3.89			3.83			3.80			3.41			2.81							3.84			2.34
Noninterest revenue - reported	$	17,148		$	19,528		$	17,638		$	14,355		$	15,198		(12)		13		$	54,314		$	47,630		14
Fully taxable-equivalent adjustments	682			990			867			898			663			(31)		3		2,539			2,250			13
Noninterest revenue - managed basis	$	17,830		$	20,518		$	18,505		$	15,253		$	15,861		(13)		12		$	56,853		$	49,880		14
Less: Markets noninterest revenue	6,898			7,505			8,487			5,355			6,064			(8)		14		22,890			18,840			21
Noninterest revenue excluding Markets	$	10,932		$	13,013		$	10,018		$	9,898		$	9,797		(16)		12		$	33,963		$	31,040		9
Memo: Markets total net revenue	$	6,581		$	7,018		$	8,382		$	5,670		$	6,771		(6)		(3)		$	21,981		$	23,314		(6)

(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.

Page 30

JPMORGAN CHASE & CO.
SUPPLEMENTAL INFORMATION ON FIRST REPUBLIC
(in millions)
	THREE MONTHS ENDED SEPTEMBER 30, 2023									THREE MONTHS ENDED JUNE 30, 2023												NINE MONTHS ENDED SEPTEMBER 30, 2023
	CCB		CB		AWM		CORP			Total			CCB		CB		AWM		CORP			Total			CCB		CB		AWM		CORP			Total
SELECTED INCOME STATEMENT DATA
REVENUE
Asset management fees	$	142	$	—	$	—	$	—		$	142		$	107	$	—	$	—	$	—		$	107		$	249	$	—	$	—	$	—		$	249
All other income	191		144		203		81		(a)	619			105		—		174		2,762		(a)	3,041			296		144		377		2,843		(a)	3,660
Noninterest revenue	333		144		203		81			761			212		—		174		2,762			3,148			545		144		377		2,843			3,909
Net interest income	1,022		222		233		(3)			1,474			619		178		129		(29)			897			1,641		400		362		(32)			2,371
TOTAL NET REVENUE	1,355		366		436		78			2,235			831		178		303		2,733			4,045			2,186		544		739		2,811			6,280
Provision for credit losses	(2)		26		(31)		—			(7)			408		608		146		—			1,162			406		634		115		—			1,155
Noninterest expense	583		18		17		240			858			37		—		—		562			599			620		18		17		802			1,457
NET INCOME	589		245		342		(99)			1,077			293		(327)		119		2,301			2,386			882		(82)		461		2,202			3,463
SELECTED BALANCE SHEET DATA (period-end)
Loans	$	94,333	$	38,729	$	12,026	$	—		$	145,088	(b)	$	94,721	$	39,500	$	13,696	$	—		$	147,917	(b)	$	94,333	$	38,729	$	12,026	$	—		$	145,088	(b)
Deposits	63,945		—		—		—			63,945			68,351		—		—		—			68,351			63,945		—		—		—			63,945

All references to “excludes First Republic”, “includes First Republic” or “associated with First Republic” refer to the effects of the First Republic acquisition, as well as subsequent related business and activities, as applicable.

(a)On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC, resulting in a preliminary estimated bargain purchase gain of $2.7 billion recorded in other income. The bargain purchase gain generally represents the excess of the estimated fair value of the net assets acquired over the purchase price and is subject to change for up to one year from the acquisition date, as permitted by U.S. GAAP, and as the settlement with the FDIC is finalized. For the three months ended September 30, 2023, measurement period adjustments of $100 million were recorded, resulting in an estimated bargain purchase gain of $2.8 billion for the nine months ended September 30, 2023.

(b)Excludes $1.9 billion of loans transferred to the CIB as part of the First Republic acquisition.