CONSOLIDATED RESULTS OF OPERATIONS The following section provides a comparative discussion of JPMorgan Chase’s Consolidated results of operations on a reported basis for the three-year period ended December 31, 2007.
Factors that relate primarily to a single business segment are discussed in more detail within that business segment than they are in this consolidated section.
For a discussion of the Critical accounting estimates used by the Firm that affect the Consolidated results of operations, see pages 96–98 of this Annual Report.
## Table 0 ##
2007 compared with 2006 Total net revenue of $71.4 billion was up $9.4 billion, or 15%, from the prior year.
Higher Net interest income, very strong private equity gains, record Asset management, administration and commissions revenue, higher Mortgage fees and related income and record Investment banking fees contributed to the revenue growth.
These increases were offset partially by lower trading revenue.
Investment banking fees grew in 2007 to a level higher than the previous record set in 2006.
Record advisory and equity underwriting fees drove the results, partially offset by lower debt underwriting fees.
For a further discussion of Investment banking fees, which are primarily recorded in IB, see the IB segment results on pages 40–42 of this Annual Report.
Principal transactions revenue consists of trading revenue and private equity gains.
Trading revenue declined significantly from the 2006 level, primarily due to markdowns in IB of $1.4 billion (net of hedges) on subprime positions, including subprime CDOs, and $1.3 billion (net of fees) on leveraged lending funded loans and unfunded commitments.
Also in IB, markdowns in securitized products on nonsubprime mortgages and weak credit trading performance more than offset record revenue in currencies and strong revenue in both rates and equities.
Equities benefited from strong client activity and record trading results across all products.
IB’s Credit Portfolio results increased compared with the prior year, primarily driven by higher revenue from risk management activities.
The increase in private equity gains from 2006 reflected a significantly higher level of gains, the classification of certain private equity carried interest as Compensation expense and a fair value adjustment in the first quarter of 2007 on nonpublic private equity investments resulting from the adoption of SFAS 157 (“Fair Value Measurements”).
For a further discussion of Principal transactions revenue, see the IB and Corporate segment results on pages 40–42 and 59–60, respectively, and Note 6 on page 122 of this Annual Report.
Lending & deposit-related fees rose from the 2006 level, driven primarily by higher deposit-related fees and the Bank of New York transaction.
For a further discussion of Lending & deposit-related fees, which are mostly recorded in RFS, TSS and CB, see the RFS segment results on pages 43–48, the TSS segment results on pages 54–55, and the CB segment results on pages 52–53 of this Annual Report.
Asset management, administration and commissions revenue reached a level higher than the previous record set in 2006.
Increased assets under management and higher performance and placement fees in AM drove the record results.
The 18% growth in assets under management from year-end 2006 came from net asset inflows and market appreciation across all segments: Institutional, Retail, Private Bank and Private Client Services.
TSS also contributed to the rise in Asset management, administration and commissions revenue, driven by increased product usage by new and existing clients and market appreciation on assets under custody.
Finally, commissions revenue increased, due mainly to higher brokerage transaction volume (primarily included within Fixed Income and Equity Markets revenue of IB), which more than offset the sale of the insurance business by RFS in the third quarter of 2006 and a charge in the first quarter of 2007 resulting from accelerated surrenders of customer annuities.
For additional information on these fees and commissions, see the segment discussions for IB on pages 40–42, RFS on pages 43–48, TSS on pages 54–55, and AM on pages 56–58, of this Annual Report.
The favorable variance resulting from Securities gains in 2007 compared with Securities losses in 2006 was primarily driven by improvements in the results of repositioning of the Treasury investment securities portfolio.
Also contributing to the positive variance was a $234 million gain from the sale of MasterCard shares.
For a further discussion of Securities gains (losses), which are mostly recorded in the Firm’s Treasury business, see the Corporate segment discussion on pages 59–60 of this Annual Report.
Management’s discussion and analysis 112 JPMorgan Chase & Co. /2016 Annual Report debt and equity instruments are primarily funded by the Firm’s securities loaned or sold under agreements to repurchase, trading liabilities–debt and equity instruments, and a portion of the Firm’s long-term debt and stockholders’ equity.
In addition to funding securities borrowed or purchased under resale agreements and trading assets-debt and equity instruments, proceeds from the Firm’s debt and equity issuances are used to fund certain loans and other financial and non-financial assets, or may be invested in the Firm’s investment securities portfolio.
See the discussion below for additional information relating to Deposits, Short-term funding, and Long-term funding and issuance.
Deposits The table below summarizes, by line of business, the period-end and average deposit balances as of and for the years ended December 31, 2016 and 2015.
## Table 1 ##
A key strength of the Firm is its diversified deposit franchise, through each of its lines of business, which provides a stable source of funding and limits reliance on the wholesale funding markets.
A significant portion of the Firm’s deposits are consumer deposits, which are considered a stable source of liquidity.
Additionally, the majority of the Firm’s wholesale operating deposits are also considered to be stable sources of liquidity because they are generated from customers that maintain operating service relationships with the Firm.
The Firm’s loans-to-deposits ratio was 65% at both December 31, 2016 and 2015.
As of December 31, 2016, total deposits for the Firm were $1,375.2 billion, compared with $1,279.7 billion at December 31, 2015 (61% of total liabilities at each of December 31, 2016 and 2015).
The increase was attributable to higher consumer and wholesale deposits.
The increase in consumer deposits reflected continuing strong growth from existing and new customers, and the impact of low attrition rates.
The wholesale increase was driven by growth in operating deposits related to client activity in CIB’s Treasury Services business, and inflows in AWM primarily from business growth and the impact of new rules governing money market funds.
The Firm believes average deposit balances are generally more representative of deposit trends.
The increase in average deposits for the year ended December 31, 2016 compared with the year ended December 31, 2015, was predominantly driven by an increase in consumer deposits, partially offset by a reduction in wholesale non-operating deposits, driven by the Firm’s actions in 2015 to reduce such deposits.
For further discussions of deposit and liability balance trends, see the discussion of the Firm’s business segments results and the Consolidated Balance Sheet Analysis on pages 51–70 and pages 43– 44, respectively.
ongoing review of the business requirements and capital needs of its non-U.
S.  subsidiaries, combined with the formation of specific strategies and steps taken to fulfill these requirements and needs, the Firm has determined that the undistributed earnings of certain of its subsidiaries would be indefinitely reinvested to fund current and future growth of the related businesses.
As management does not intend to use the earnings of these subsidiaries as a source of funding for its U. S.  operations, such earnings will not be distributed to the U. S.  in the foreseeable future.
For 2016, pretax earnings of $3.8 billion were generated and will be indefinitely reinvested in these subsidiaries.
At December 31, 2016, the cumulative amount of undistributed pretax earnings in these subsidiaries were $38.4 billion.
If the Firm were to record a deferred tax liability associated with these undistributed earnings, the amount would be $8.8 billion at December 31, 2016.
These undistributed earnings are related to subsidiaries located predominantly in the U. K.  where the 2016 tax rate was 28%.
Affordable housing tax credits The Firm recognized $1.7 billion, $1.6 billion and $1.6 billion of tax credits and other tax benefits associated with investments in affordable housing projects within income tax expense for the years 2016, 2015 and 2014, respectively.
The amount of amortization of such investments reported in income tax expense under the current period presentation during these years was $1.2 billion, $1.1 billion and $1.1 billion, respectively.
The carrying value of these investments, which are reported in other assets on the Firm’s Consolidated balance sheets, was $8.8 billion and $7.7 billion at December 31, 2016 and 2015, respectively.
The amount of commitments related to these investments, which are reported in accounts payable and other liabilities on the Firm’s Consolidated balance sheets, was $2.8 billion and $2.0 billion at December 31, 2016 and 2015, respectively.
Deferred taxes Deferred income tax expense/(benefit) results from differences between assets and liabilities measured for financial reporting purposes versus income tax return purposes.
Deferred tax assets are recognized if, in management’s judgment, their realizability is determined to be more likely than not.
If a deferred tax asset is determined to be unrealizable, a valuation allowance is established.
The significant components of deferred tax assets and liabilities are reflected in the following table as of December 31, 2016 and 2015.
## Table 2 ##
JPMorgan Chase has recorded deferred tax assets of $2.2 billion at December 31, 2016, in connection with U. S.  federal and non-U.
S.  NOL carryforwards and foreign tax credit carryforwards.
At December 31, 2016, total U. S.  federal NOL carryforwards were approximately $3.8 billion and non-U.
S.  NOL carryforwards were $142 million.
If not utilized, the U. S.  federal NOL carryforwards will expire between 2025 and 2036 and the non-U.
S.  NOL carryforwards will expire in 2017.
Foreign tax credit carryforwards were $776 million and will expire between 2022 and 2026.
The valuation allowance at December 31, 2016, was due to losses associated with non-U.
S.  subsidiaries.

<table><tr><td>Year ended December 31, (in millions)</td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>Investment banking fees</td><td>$6,635</td><td>$5,520</td><td>$4,088</td></tr><tr><td>Principal transactions</td><td>9,015</td><td>10,778</td><td>8,072</td></tr><tr><td>Lending & deposit-related fees</td><td>3,938</td><td>3,468</td><td>3,389</td></tr><tr><td>Asset management, administration and commissions</td><td>14,356</td><td>11,855</td><td>9,988</td></tr><tr><td>Securities gains (losses)</td><td>164</td><td>-543</td><td>-1,336</td></tr><tr><td>Mortgage fees and related income</td><td>2,118</td><td>591</td><td>1,054</td></tr><tr><td>Credit card income</td><td>6,911</td><td>6,913</td><td>6,754</td></tr><tr><td>Other income</td><td>1,829</td><td>2,175</td><td>2,684</td></tr><tr><td>Noninterest revenue</td><td>44,966</td><td>40,757</td><td>34,693</td></tr><tr><td>Net interest income</td><td>26,406</td><td>21,242</td><td>19,555</td></tr><tr><td>Total net revenue</td><td>$71,372</td><td>$61,999</td><td>$54,248</td></tr></table>
<table><tr><td colspan="2">Deposits</td><td></td><td colspan="2" rowspan="2"Year ended December 31, Average></td></tr><tr><td>As of or for the year ended December 31,</td><td></td><td></td></tr><tr><td>(in millions)</td><td>2016</td><td>2015</td><td>2016</td><td>2015</td></tr><tr><td>Consumer & Community Banking</td><td>$618,337</td><td>$557,645</td><td>$586,637</td><td>$530,938</td></tr><tr><td>Corporate & Investment Bank</td><td>412,434</td><td>395,228</td><td>409,680</td><td>414,064</td></tr><tr><td>Commercial Banking</td><td>179,532</td><td>172,470</td><td>172,835</td><td>184,132</td></tr><tr><td>Asset & Wealth Management</td><td>161,577</td><td>146,766</td><td>153,334</td><td>149,525</td></tr><tr><td>Corporate</td><td>3,299</td><td>7,606</td><td>5,482</td><td>17,129</td></tr><tr><td>Total Firm</td><td>$1,375,179</td><td>$1,279,715</td><td>$1,327,968</td><td>$1,295,788</td></tr></table>
<table><tr><td>December 31, (in millions)</td><td>2016</td><td>2015</td></tr><tr><td>Deferred tax assets</td><td></td><td></td></tr><tr><td>Allowance for loan losses</td><td>$5,534</td><td>$5,343</td></tr><tr><td>Employee benefits</td><td>2,911</td><td>2,972</td></tr><tr><td>Accrued expenses and other</td><td>6,831</td><td>7,299</td></tr><tr><td>Non-U.S. operations</td><td>5,368</td><td>5,365</td></tr><tr><td>Tax attribute carryforwards</td><td>2,155</td><td>2,602</td></tr><tr><td>Gross deferred tax assets</td><td>22,799</td><td>23,581</td></tr><tr><td>Valuation allowance</td><td>-785</td><td>-735</td></tr><tr><td>Deferred tax assets, net of valuation allowance</td><td>$22,014</td><td>$22,846</td></tr><tr><td>Deferred tax liabilities</td><td></td><td></td></tr><tr><td>Depreciation and amortization</td><td>$3,294</td><td>$3,167</td></tr><tr><td>Mortgage servicing rights, net of hedges</td><td>4,807</td><td>4,968</td></tr><tr><td>Leasing transactions</td><td>4,053</td><td>3,042</td></tr><tr><td>Non-U.S. operations</td><td>4,572</td><td>4,285</td></tr><tr><td>Other, net</td><td>5,493</td><td>4,419</td></tr><tr><td>Gross deferred tax liabilities</td><td>22,219</td><td>19,881</td></tr><tr><td>Net deferred tax (liabilities)/assets</td><td>$-205</td><td>$2,965</td></tr></table>

Question: what was the percentage change in investment banking fees from 2005 to 2006?
Answer: 0.35029