# EDGAR Filing Document

**Accession Number:** 0000019617
**File Stem:** 0000019617-23-000063
**Filing Date:** 2023-1
**Character Count:** 219123
**Document Hash:** 2760f6c05d072e76b0341ac59da8b861
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000019617-23-000063.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0000019617-23-000063

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230113

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN CHASE & CO
- **CENTRAL INDEX KEY:** 0000019617
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 132624428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05805
- **FILM NUMBER:** 23527118

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2122706000

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** J P MORGAN CHASE & CO
- **DATE OF NAME CHANGE:** 20010102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHASE MANHATTAN CORP /DE/
- **DATE OF NAME CHANGE:** 19960402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHEMICAL BANKING CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" ? jpm-20230113

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported): January 13, 2023** 

**JPMorgan Chase & Co.**

**(Exact name of registrant as specified in its charter)**

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **1-5805** | **13-2624428** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(State or other jurisdiction of<br>incorporation or organization)** | **(Commission File Number)** | **(I.R.S. employer<br>identification no.)** |
| **383 Madison Avenue,** | **383 Madison Avenue,** | | |
| **New York,** | **New York** | | **10179** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (212) 270-6000** 

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

☐ **Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)**

☐ **Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)**

☐ **Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))**

☐ **Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| **Common stock** | **JPM** | **The New York Stock Exchange** |
| **Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD** | **JPM PR D** | **The New York Stock Exchange** |
| **Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE** | **JPM PR C** | **The New York Stock Exchange** |
| **Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG** | **JPM PR J** | **The New York Stock Exchange** |
| **Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ** | **JPM PR K** | **The New York Stock Exchange** |
| **Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL** | **JPM PR L** | **The New York Stock Exchange** |
| **Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM** | **JPM PR M** | **The New York Stock Exchange** |
| **Alerian MLP Index ETNs due May 24, 2024** | **AMJ** | **NYSE Arca, Inc.** |
| **Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC** | **JPM/32** | **The New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition**

On January 13, 2023, JPMorgan Chase & Co. ("JPMorgan Chase" or the "Firm") reported 2022 fourth quarter net income of $11.0 billion, or $3.57 per share, compared with net income of $10.4 billion, or $3.33 per share, in the fourth quarter of 2021. A copy of the 2022 fourth quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

Each of the Exhibits provided with this Form 8-K shall be deemed to be "filed" for purposes of the Securities Exchange Act of 1934.

*This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase's actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase's Annual Report on Form 10-K for the year ended December 31, 2021, and Quarterly Report on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase's website (<u>https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings</u>) and on the Securities and Exchange Commission's website (<u>www.sec.gov</u>). JPMorgan Chase does not undertake to update any forward-looking statements.*

**Item 9.01 Financial Statements and Exhibits**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 99.1 | <u>[JPMorgan Chase & Co. Earnings Release - Fourth Quarter 2022 Results](a4q22erfexhibit991narrative.htm)</u> |
| 99.2 | <u>[JPMorgan Chase & Co. Earnings Release Financial Supplement - Fourth Quarter 2022](a4q22erfex992supplement.htm)</u> |
| 101 | Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language). |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |

---

------

<u>SIGNATURE</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

JPMorgan Chase & Co. <br> (Registrant)

---

| | |
|:---|:---|
| By: | /s/ Elena Korablina |
|  | Elena Korablina |
|  | Managing Director and Firmwide Controller |
|  | (Principal Accounting Officer) |

---

Dated: January 13, 2023

## Exhibit 99.1

Exhibit 99.1

---

| | |
|:---|:---|
| JPMorgan Chase & Co.<br>383 Madison Avenue, New York, NY 10179-0001<br>NYSE symbol: JPM<br>www.jpmorganchase.com | ![jpmclogoa18.gif](jpmclogoa18.gif) |

---

**JPMORGAN CHASE REPORTS FOURTH-QUARTER 2022 NET INCOME OF $11.0 BILLION ($3.57 PER SHARE)** 

**FULL-YEAR 2022 NET INCOME OF $37.7 BILLION ($12.09 PER SHARE)** 

**FULL-YEAR 2022 RESULTS**

---

| | | |
|:---|:---|:---|
| ***ROE 14%***<br>***ROTCE***<sup>1</sup> ***18%*** | ***CET1 Capital Ratios***<sup>2</sup><br>**Std. 13.2% \| Adv. 13.5%**<br>**Total Loss-Absorbing Capacity**<sup>2</sup> **$486B** | ***Std. RWA***<sup>2</sup> ***$1.7T*** <br>***Cash and marketable securities***<sup>3</sup> ***$1.4T*** <br>***Average loans $1.1T***  |

---

**FOURTH-QUARTER 2022 RESULTS**<sup>4</sup>

---

| | |
|:---|:---|
| **Firmwide Metrics**<br>***ROE 16%***<br>***ROTCE 20%***  | Reported revenue of $34.5 billion and managed revenue of $35.6 billion<sup>1</sup>, including a $914 million gain on the sale of Visa B shares and $874 million of net investment securities losses |
| **Firmwide Metrics**<br>***ROE 16%***<br>***ROTCE 20%***  | Credit costs of $2.3 billion included a $1.4 billion net reserve build and $887 million of net charge-offs |
| **Firmwide Metrics**<br>***ROE 16%***<br>***ROTCE 20%***  | Average loans up 6%; average deposits down 4% |
| **CCB**<br>***4Q22 ROE 35%*** <br>***2022 ROE 29%*** | Average deposits up 3%; client investment assets down 10% |
| **CCB**<br>***4Q22 ROE 35%*** <br>***2022 ROE 29%*** | Average loans up 2% YoY and up 1% QoQ; Card Services net charge-off rate of 1.62% |
| **CCB**<br>***4Q22 ROE 35%*** <br>***2022 ROE 29%*** | Debit and credit card sales volume<sup>5</sup> up 9% |
| **CCB**<br>***4Q22 ROE 35%*** <br>***2022 ROE 29%*** | Active mobile customers<sup>6</sup> up 9% |
| **CIB**<br>***4Q22 ROE 12%***<br>***2022 ROE 14%*** | #1 ranking for Global Investment Banking fees with 8.0% wallet share for the year |
| **CIB**<br>***4Q22 ROE 12%***<br>***2022 ROE 14%*** | Total Markets revenue of $5.7 billion, up 7%, with Fixed Income Markets up 12% and Equity Markets down 1% |
| **CB**<br>***4Q22 ROE 22%***<br>***2022 ROE 16%***  | Gross Investment Banking revenue of $700 million, down 52% |
| **CB**<br>***4Q22 ROE 22%***<br>***2022 ROE 16%***  | Average loans up 14% YoY and up 3% QoQ; average deposits down 14% |
| **AWM**<br>***4Q22 ROE 26%*** <br>***2022 ROE 25%*** | Assets under management (AUM) of $2.8 trillion, down 11% |
| **AWM**<br>***4Q22 ROE 26%*** <br>***2022 ROE 25%*** | Average loans up 2% YoY and down 1% QoQ; average deposits down 10% |

---

Jamie Dimon, Chairman and CEO, commented on the financial results: *"JPMorgan Chase reported strong results in the fourth quarter as we earned $11.0 billion in net income, $34.5 billion in revenue and an ROTCE of 20%, while maintaining a fortress balance sheet and making all necessary investments. This robust earnings generation combined with the execution of our capital strategy allowed us to exceed our CET1 target of 13% one quarter early, and we have the ability to resume stock buybacks this quarter, as we deem appropriate. Looking further ahead, we still await details of the Basel III finalization package, but we will manage to the new requirements as we have demonstrated in the past."*<br>Dimon continued: *"Our lines of business performed well in the quarter, and we continued to see momentum in our areas of strategic focus. In Consumer & Community Banking, debit and credit card sales were up 9%, while card loans were up 19% with total revolving balances now back to pre-pandemic levels. In the Corporate & Investment Bank, Markets revenue rose 7% as client activity remained strong in Fixed Income. Global Investment Banking fees were down significantly in a challenging environment, although we maintained our #1 ranking in 2022. Commercial Banking loans were up 14% on new loan originations and higher revolver utilization. And in Asset & Wealth Management, revenue increased 3% as higher net interest income more than offset the impact of lower market levels."*<br>Dimon added: *"The U.S. economy currently remains strong with consumers still spending excess cash and businesses healthy. However, we still do not know the ultimate effect of the headwinds coming from geopolitical tensions including the war in Ukraine, the vulnerable state of energy and food supplies, persistent inflation that is eroding purchasing power and has pushed interest rates higher, and the unprecedented quantitative tightening. We remain vigilant and are prepared for whatever happens, so we can serve our customers, clients and communities around the world across a broad range of economic environments."*<br>Dimon concluded: *"As a result of the investments we have made over the years and our dedication to clients, the Firm is in a position of strength as the market leader in U.S. retail deposits, credit cards, business banking, Payments, Markets, investment banking and multifamily lending as some examples. But we will not rest here, and we remain committed to investing in the franchise and innovating. The importance of these investments and investing through cycles was particularly evident this year, as we generated a robust ROTCE of 18% even after sharply accelerating our investments in the business. In 2022, we extended credit and raised $2.4 trillion in capital for small and large businesses, governments and U.S. consumers. Finally, I want to reiterate how proud I am of our employees and how they work to support our customers and communities and earn their trust every single day."*<br>

**SIGNIFICANT ITEMS**

■&nbsp;&nbsp;&nbsp;&nbsp;4Q22 results included:

■&nbsp;&nbsp;&nbsp;&nbsp;$914 million gain on the sale of Visa B shares in Corporate ($0.23 increase in earnings per share)

■&nbsp;&nbsp;&nbsp;&nbsp;$874 million net investment securities losses in Corporate ($0.22 decrease in earnings per share)

**CAPITAL DISTRIBUTED**

■&nbsp;&nbsp;&nbsp;&nbsp;Common dividend of $3.0 billion, or $1 per share

■&nbsp;&nbsp;&nbsp;&nbsp;Net payout LTM<sup>7,8</sup> of 37%

**FORTRESS PRINCIPLES**

■&nbsp;&nbsp;&nbsp;&nbsp;Book value per share of $90.29, up 3%; tangible book value per share<sup>1</sup> of $73.12,

up 2%

■&nbsp;&nbsp;&nbsp;&nbsp;Basel III common equity Tier 1 capital<sup>2</sup> of $219 billion and Standardized ratio<sup>2</sup> of 13.2%; Advanced ratio<sup>2</sup> of 13.5%

■&nbsp;&nbsp;&nbsp;&nbsp;Firm supplementary leverage ratio of 5.6%

**OPERATING LEVERAGE**

■&nbsp;&nbsp;&nbsp;&nbsp;4Q22 expense of $19.0 billion; reported overhead ratio of 55%; managed overhead ratio<sup>1</sup> of 53%

**SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES**

■&nbsp;&nbsp;&nbsp;&nbsp;**$2.4 trillion** of credit and capital<sup>9</sup> raised in 2022

■&nbsp;&nbsp;&nbsp;&nbsp;**$250 billion** of credit for consumers

■&nbsp;&nbsp;&nbsp;&nbsp;**$33 billion** of credit for U.S. small businesses

■&nbsp;&nbsp;&nbsp;&nbsp;**$1.1 trillion** of credit for corporations

■&nbsp;&nbsp;&nbsp;&nbsp;**$1.0 trillion** of capital raised for corporate clients and non-U.S. government

entities

■&nbsp;&nbsp;&nbsp;&nbsp;**$65 billion** of credit and capital raised for nonprofit and U.S. government

entities, including states, municipalities, hospitals and universities

---

| | |
|:---|:---|
| Investor Contact: Mikael Grubb (212) 270-2479<br>Note: Totals may not sum due to rounding <br><sup>1</sup>For notes on non-GAAP financial measures, including managed basis reporting, see page 6. <br>For additional notes see page 7. | Media Contact: Joseph Evangelisti (212) 270-7438 |

---

------

JPMorgan Chase & Co.

News Release

*In the discussion below of Firmwide results of JPMorgan Chase & Co. ("JPMorgan Chase" or the "Firm"), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm's business segments is also presented on a managed basis. For more information about managed basis, and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.*

*Comparisons noted in the sections below are for the fourth quarter of 2022 versus the prior-year fourth quarter, unless otherwise specified.*

**JPMORGAN CHASE (JPM)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Results for JPM |  |  |  | 3Q22 | 3Q22 | 4Q21 | 4Q21 |
| ($ millions, except per share data) | 4Q22 | 3Q22 | 4Q21 | $ O/(U) | O/(U) % | $ O/(U) | O/(U) % |
| Net revenue - reported | $34547 | $32716 | $29257 | $1831 | 6% | $5290 | 18% |
| Net revenue - managed | 35566 | 33491 | 30349 | 2075 | 6 | 5217 | 17 |
| Noninterest expense | 19022 | 19178 | 17888 | (156) | (1) | 1134 | 6 |
| Provision for credit losses | 2288 | 1537 | (1288) | 751 | 49 | 3576 | NM |
| Net income | $11008 | $9737 | $10399 | $1271 | 13% | $609 | 6% |
| Earnings per share - diluted | $3.57 | $3.12 | $3.33 | $0.45 | 14% | $0.24 | 7% |
| Return on common equity | 16% | 15% | 16% |  |  |  |  |
| Return on tangible common equity | 20 | 18 | 19 |  |  |  |  |

---

***Discussion of Results:***

Net income was $11.0 billion, up 6%.

Net revenue was $35.6 billion, up 17%. Net interest income (NII) was $20.3 billion, up 48%. NII excluding Markets<sup>1</sup> was $20.0 billion, up 72%, driven by higher rates. Noninterest revenue was $15.3 billion, down 8%, largely driven by lower Investment Banking fees, management and performance fees in AWM, operating lease income in Auto and net production revenue in Home Lending, largely offset by higher CIB Markets revenue.

Noninterest expense was $19.0 billion, up 6%, driven by higher structural expense, primarily compensation, and continued investments in the business, including technology and marketing, partially offset by lower legal expense.

The provision for credit losses was $2.3 billion, reflecting a net reserve build of $1.4 billion and net charge-offs of $887 million. The net reserve build in the current quarter included $1.0 billion in Consumer and $343 million in Wholesale, driven by a modest deterioration in the Firm's macroeconomic outlook, now reflecting a mild recession in the central case, as well as loan growth in Card Services, partially offset by a reduction in uncertainty as the effects of the pandemic gradually recede. Net charge-offs of $887 million were up $337 million, largely driven by Card Services. The prior year net benefit of $1.3 billion reflected a reserve release of $1.8 billion and $550 million of net charge-offs.

------

JPMorgan Chase & Co.

News Release

**CONSUMER & COMMUNITY BANKING (CCB)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Results for CCB |  |  |  | 3Q22 | 3Q22 | 4Q21 | 4Q21 |
| ($ millions) | 4Q22 | 3Q22 | 4Q21 | $ O/(U) | O/(U) % | $ O/(U) | O/(U) % |
| Net revenue | $15843 | $14331 | $12275 | $1512 | 11% | $3568 | 29% |
| &nbsp;&nbsp;Banking & Wealth Management<sup>10</sup>  | 9632 | 8010 | 6172 | 1622 | 20 | 3460 | 56 |
| &nbsp;&nbsp;&nbsp;Home Lending | 584 | 920 | 1084 | (336) | (37) | (500) | (46) |
| &nbsp;&nbsp;Card Services & Auto<sup>11</sup> | 5627 | 5401 | 5019 | 226 | 4 | 608 | 12 |
| Noninterest expense | 7981 | 8047 | 7754 | (66) | (1) | 227 | 3 |
| Provision for credit losses | 1845 | 529 | (1060) | 1316 | 249 | 2905 | NM |
| Net income | $4542 | $4334 | $4147 | $208 | 5% | $395 | 10% |

---

***Discussion of Results***<sup>12</sup>***:***

Net income was $4.5 billion, up 10%. Net revenue was $15.8 billion, up 29%.

Banking & Wealth Management net revenue was $9.6 billion, up 56%, driven by higher deposit margins. Home Lending net revenue was $584 million, down 46%, driven by lower production revenue due to lower volume and lower net interest income from tighter loan spreads. Card Services & Auto net revenue was $5.6 billion, up 12%, predominantly driven by higher Card Services net interest income on higher revolving balances, partially offset by lower auto operating lease income.

Noninterest expense was $8.0 billion, up 3%, driven by higher investments in the business and structural expense, including compensation, technology, travel services and marketing, largely offset by lower volume- and revenue-related expense, primarily auto lease depreciation.

The provision for credit losses was $1.8 billion, reflecting a $1.0 billion reserve build and net charge-offs of $845 million. The reserve build included $800 million in Card Services and $200 million in Home Lending, predominantly driven by a modest deterioration in the Firm's macroeconomic outlook, now reflecting a mild recession in the central case, as well as loan growth in Card Services, partially offset by a reduction in uncertainty as the effects of the pandemic gradually recede. Net charge-offs of $845 million were up $330 million, largely driven by Card Services. The prior year net benefit was driven by a $1.6 billion reserve release primarily in Card Services.

------

JPMorgan Chase & Co.

News Release

**CORPORATE & INVESTMENT BANK (CIB)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Results for CIB |  |  |  | 3Q22 | 3Q22 | 4Q21 | 4Q21 |
| ($ millions) | 4Q22 | 3Q22 | 4Q21 | $ O/(U) | O/(U) % | $ O/(U) | O/(U) % |
| Net revenue | $10548 | $11875 | $11534 | $(1327) | (11)% | $(986) | (9)% |
| &nbsp;&nbsp;&nbsp;Banking | 3782 | 4025 | 5270 | (243) | (6) | (1488) | (28) |
| &nbsp;&nbsp;&nbsp;Markets & Securities Services | 6766 | 7850 | 6264 | (1084) | (14) | 502 | 8 |
| Noninterest expense | 6426 | 6618 | 5827 | (192) | (3) | 599 | 10 |
| Provision for credit losses | 141 | 513 | (126) | (372) | (73) | 267 | NM |
| Net income | $3328 | $3532 | $4543 | $(204) | (6)% | $(1215) | (27)% |

---

***Discussion of Results***<sup>12</sup>***:***

Net income was $3.3 billion, down 27%, with net revenue of $10.5 billion, down 9%.

Banking revenue was $3.8 billion, down 28%. Investment Banking revenue was $1.4 billion, down 57%, driven by lower Investment Banking fees, down 58%, reflecting lower fees across products. Payments revenue was $2.1 billion, up 15%, and included the net impact of equity investments. Excluding this net impact, Payments revenue was up 56%, predominantly driven by higher rates, partially offset by lower deposit balances. Lending revenue was $323 million, up 23%, largely driven by higher net interest income on higher loan balances, partially offset by mark-to-market losses on hedges of accrual loans.

Markets & Securities Services revenue was $6.8 billion, up 8%. Markets revenue was $5.7 billion, up 7%. Fixed Income Markets revenue was $3.7 billion, up 12%, predominantly driven by higher revenue in Rates and Currencies & Emerging Markets, partially offset by lower revenue in Securitized Products. Equity Markets revenue was $1.9 billion, relatively flat against a strong fourth quarter in the prior year. Securities Services revenue was $1.2 billion, up 9%, predominantly driven by higher rates, largely offset by lower deposit balances and market levels.

Noninterest expense was $6.4 billion, up 10%, predominantly driven by higher revenue-related compensation, including timing impacts, and structural expense, partially offset by lower legal expense.

The provision for credit losses was $141 million, reflecting a net reserve build, driven by a modest deterioration in the Firm's macroeconomic outlook, partially offset by net portfolio activity.

**COMMERCIAL BANKING (CB)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Results for CB |  |  |  | 3Q22 | 3Q22 | 4Q21 | 4Q21 |
| ($ millions) | 4Q22 | 3Q22 | 4Q21 | $ O/(U) | O/(U) % | $ O/(U) | O/(U) % |
| Net revenue | $3404 | $3048 | $2612 | $356 | 12% | $792 | 30% |
| Noninterest expense | 1254 | 1180 | 1059 | 74 | 6 | 195 | 18 |
| Provision for credit losses | 284 | 618 | (89) | (334) | (54) | 373 | NM |
| Net income | $1423 | $946 | $1234 | $477 | 50% | $189 | 15% |

---

***Discussion of Results***<sup>12</sup>***:***

Net income was $1.4 billion, up 15%.

Net revenue was $3.4 billion, up 30%, driven by higher deposit margins, partially offset by lower investment banking revenue and deposit-related fees.

Noninterest expense was $1.3 billion, up 18%, predominantly driven by higher volume- and revenue-related expense and structural expense.

The provision for credit losses was $284 million, reflecting a net reserve build, driven by a modest deterioration in the Firm's macroeconomic outlook.

------

JPMorgan Chase & Co.

News Release

**ASSET & WEALTH MANAGEMENT (AWM)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Results for AWM |  |  |  | 3Q22 | 3Q22 | 4Q21 | 4Q21 |
| ($ millions) | 4Q22 | 3Q22 | 4Q21 | $ O/(U) | O/(U) % | $ O/(U) | O/(U) % |
| Net revenue | $4588 | $4539 | $4473 | $49 | 1% | $115 | 3% |
| Noninterest expense | 3022 | 3028 | 2997 | (6) |  | 25 | 1 |
| Provision for credit losses | 32 | (102) | (36) | 134 | NM | 68 | NM |
| Net income | $1134 | $1219 | $1125 | $(85) | (7)% | $9 | 1% |

---

***Discussion of Results***<sup>12</sup>***:*** &nbsp;&nbsp;&nbsp;&nbsp;

Net income was $1.1 billion, up 1%.

Net revenue was $4.6 billion, up 3%, driven by higher deposit margins on lower balances, predominantly offset by lower management, performance and placement fees linked to this year's market declines, and lower investment valuation gains compared to the prior year.

Noninterest expense was $3.0 billion, up 1%, reflecting higher investments in the business and structural expense, predominantly offset by lower volume- and revenue-related expense.

The provision for credit losses was $32 million, driven by a net reserve build.

Assets under management were $2.8 trillion, down 11%, driven by lower market levels and net outflows from liquidity products, partially offset by continued net inflows into long term products.

**CORPORATE**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Results for Corporate |  |  |  | 3Q22 | 3Q22 | 4Q21 | 4Q21 |
| ($ millions) | 4Q22 | 3Q22 | 4Q21 | $ O/(U) | O/(U) % | $ O/(U) | O/(U) % |
| Net revenue | $1183 | $(302) | $(545) | $1485 | NM | $1728 | NM |
| Noninterest expense | 339 | 305 | 251 | 34 | 11 | 88 | 35 |
| Provision for credit losses | (14) | (21) | 23 | 7 | 33 | (37) | NM |
| Net income/(loss) | $581 | $(294) | $(650) | $875 | NM | $1231 | NM |

---

***Discussion of Results***<sup>12</sup>***:***

Net income was $581 million, compared with a net loss of $650 million in the prior year.

Net revenue was $1.2 billion compared with a net loss of $545 million in the prior year. Net interest income was $1.3 billion compared with a loss of $681 million in the prior year, due to the impact of higher rates. The current quarter included a $914 million gain on the sale of 3 million of the Firm's 40 million Visa Class B common shares. Visa Class B common shares are subject to certain transfer restrictions and are convertible into Visa Class A common shares at a specified conversion rate upon resolution of pending interchange litigation. In conjunction with the sale, the Firm entered into a derivative instrument with the purchaser of the shares, under which the Firm retained the litigation risk associated with the shares sold. The current quarter also included $874 million of net investment securities losses, compared with $52 million of net investment securities gains in the prior year. Investment securities losses reflected net losses on sales of U.S. Treasuries and mortgage-backed securities.

Noninterest expense was $339 million, up $88 million.

------

JPMorgan Chase & Co.

News Release

**1. Notes on non-GAAP financial measures:**

a.The Firm prepares its Consolidated Financial Statements in accordance with 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 the U.S. GAAP financial statements of other companies. 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 a fully taxable-equivalent 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. For a reconciliation of the Firm's results from a reported to managed basis, refer to page 7 of the Earnings Release Financial Supplement.

b.Tangible common equity ("TCE"), return on tangible common equity ("ROTCE") and tangible book value per share ("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 mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders' equity to TCE, refer to page 10 of the Earnings Release Financial Supplement. 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. Book value per share was $90.29, $87.00 and $88.07 at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm's use of equity.

c.In addition to reviewing net interest income ("NII") 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). Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, 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 a reconciliation of NII and NIR from reported to excluding Markets, refer to page 29 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to page 70 of the Firm's 2021 Form 10-K.

------

JPMorgan Chase & Co.

News Release

 **Additional notes:**

2. Estimated. Reflects the Current Expected Credit Losses ("CECL") capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of December 31, 2022, CET1 capital and Total Loss-Absorbing Capacity reflected the remaining $2.2 billion CECL benefit. Refer to Capital Risk Management on pages 45-50 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 and on pages 86-96 of the Firm's 2021 Form 10-K for additional information.

3. Estimated. Cash and marketable securities, includes the Firm's average eligible high-quality liquid assets ("HQLA"), other end-of-period HQLA-eligible securities which are included as part of the excess liquidity at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates and thus excluded from the Firm's liquidity coverage ratio ("LCR") under the LCR rule, and other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 51-56 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 and on pages 97-104 of the Firm's 2021 Form 10-K for additional information.

4. Percentage comparisons noted in the bullet points are for the fourth quarter of 2022 versus the prior-year fourth quarter, unless otherwise specified.

5. Excludes Commercial Card.

6. Users of all mobile platforms who have logged in within the past 90 days.

7. Last twelve months ("LTM").

8. Includes the net impact of employee issuances.

9. Credit provided to clients represents new and renewed credit, including loans and lending-related commitments.

10. In the fourth quarter of 2022, Consumer & Business Banking was renamed Banking & Wealth Management.

11. In the fourth quarter of 2022, Card & Auto was renamed Card Services & Auto.

12. In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior period amounts have been revised to conform with the current presentation.

------

JPMorgan Chase & Co.

News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $292.3 billion in stockholders' equity as of December 31, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers predominantly in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, January 13, 2023, at 8:30 a.m. (EST) to present fourth-quarter and full-year 2022 financial results. The general public can access the call by dialing (888) 324-3618 in the U.S. and Canada, or (312) 470-7119 for international callers; use passcode 1364784#. Please dial in 15 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm's website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.

A replay of the conference call will be available beginning at approximately 11:00 a.m. (EST) on January 13, 2023 through 11:59 p.m. (EST) on January 27, 2023 by telephone at (866) 405-7294 (U.S. and Canada) or (203) 369-0606 (international); use passcode 12876#. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

*This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.'s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.'s Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.'s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission's website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.*

## Exhibit 99.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Exhibit 99.2

![image2a.gif](image2a.gif)

**EARNINGS RELEASE FINANCIAL SUPPLEMENT**

**FOURTH QUARTER 2022**

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---

| | |
|:---|:---|
| **JPMORGAN CHASE & CO.** | ![image2a.gif](image2a.gif) |
| **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 |
| Glossary of Terms and Acronyms (a) |  |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Refer to the Glossary of Terms and Acronyms on pages 305–311 of JPMorgan Chase & Co.'s (the "Firm's") Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Form 10-K") and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 184-189 and pages 190-192 respectively, of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022. <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except per share and ratio data)** | **(in millions, except per share and ratio data)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  |  | **2022 Change** |
| **<u>SELECTED INCOME STATEMENT DATA</u>** | **4Q22** |  | **3Q22** | **2Q22** | **1Q22** | **4Q21** | **3Q22** | **4Q21** | **2022** |  | **2021** | **2021** |
| **Reported Basis** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total net revenue | $34547 |  | $32716 | $30715 | $30717 | $29257 | 6% | 18% | $128695 |  | $121649 | 6% |
| Total noninterest expense | 19022 |  | 19178 | 18749 | 19191 | 17888 | (1) | 6 | 76140 |  | 71343 | 7 |
| Pre-provision profit (a) | 15525 |  | 13538 | 11966 | 11526 | 11369 | 15 | 37 | 52555 |  | 50306 | 4 |
| Provision for credit losses | 2288 |  | 1537 | 1101 | 1463 | (1288) | 49 | NM | 6389 |  | (9256) | NM |
| &nbsp;&nbsp;&nbsp;**NET INCOME** | 11008 |  | 9737 | 8649 | 8282 | 10399 | 13 | 6 | 37676 |  | 48334 | (22) |
| **Managed Basis (b)** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total net revenue | 35566 |  | 33491 | 31630 | 31590 | 30349 | 6 | 17 | 132277 |  | 125304 | 6 |
| Total noninterest expense | 19022 |  | 19178 | 18749 | 19191 | 17888 | (1) | 6 | 76140 |  | 71343 | 7 |
| Pre-provision profit (a) | 16544 |  | 14313 | 12881 | 12399 | 12461 | 16 | 33 | 56137 |  | 53961 | 4 |
| Provision for credit losses | 2288 |  | 1537 | 1101 | 1463 | (1288) | 49 | NM | 6389 |  | (9256) | NM |
| &nbsp;&nbsp;&nbsp;**NET INCOME** | 11008 |  | 9737 | 8649 | 8282 | 10399 | 13 | 6 | 37676 |  | 48334 | (22) |
| **<u>EARNINGS PER SHARE DATA</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income: Basic | $3.58 |  | $3.13 | $2.77 | $2.64 | $3.33 | 14 | 8 | $12.10 |  | $15.39 | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 3.57 |  | 3.12 | 2.76 | 2.63 | 3.33 | 14 | 7 | 12.09 |  | 15.36 | (21) |
| Average shares: Basic | 2962.9 |  | 2961.2 | 2962.2 | 2977.0 | 2977.3 |  |  | 2965.8 |  | 3021.5 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 2967.1 |  | 2965.4 | 2966.3 | 2981.0 | 2981.8 |  |  | 2970.0 |  | 3026.6 | (2) |
| **<u>MARKET AND PER COMMON SHARE DATA</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Market capitalization | $393484 |  | $306520 | $330237 | $400379 | $466206 | 28 | (16) | $393484 |  | $466206 | (16) |
| Common shares at period-end | 2934.3 |  | 2933.2 | 2932.6 | 2937.1 | 2944.1 |  |  | 2934.3 |  | 2944.1 |  |
| Book value per share | 90.29 |  | 87.00 | 86.38 | 86.16 | 88.07 | 4 | 3 | 90.29 |  | 88.07 | 3 |
| Tangible book value per share ("TBVPS") (a) | 73.12 |  | 69.90 | 69.53 | 69.58 | 71.53 | 5 | 2 | 73.12 |  | 71.53 | 2 |
| Cash dividends declared per share | 1.00 |  | 1.00 | 1.00 | 1.00 | 1.00 |  |  | 4.00 |  | 3.80 | 5 |
| **<u>FINANCIAL RATIOS (c)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Return on common equity ("ROE") | 16% |  | 15% | 13% | 13% | 16% |  |  | 14% |  | 19% |  |
| Return on tangible common equity ("ROTCE") (a) | 20 |  | 18 | 17 | 16 | 19 |  |  | 18 |  | 23 |  |
| Return on assets | 1.16 |  | 1.01 | 0.89 | 0.86 | 1.08 |  |  | 0.98 |  | 1.30 |  |
| **<u>CAPITAL RATIOS (d)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Common equity Tier 1 ("CET1") capital ratio | 13.2% | (e) | 12.5% | 12.2% | 11.9% | 13.1% |  |  | 13.2% | (e) | 13.1% |  |
| Tier 1 capital ratio | 14.8 | (e) | 14.1 | 14.1 | 13.7 | 15.0 |  |  | 14.8 | (e) | 15.0 |  |
| Total capital ratio | 16.8 | (e) | 16.0 | 15.7 | 15.4 | 16.8 |  |  | 16.8 | (e) | 16.8 |  |
| Tier 1 leverage ratio | 6.6 | (e) | 6.2 | 6.2 | 6.2 | 6.5 |  |  | 6.6 | (e) | 6.5 |  |
| Supplementary leverage ratio ("SLR") | 5.6 | (e) | 5.3 | 5.3 | 5.2 | 5.4 |  |  | 5.6 | (e) | 5.4 |  |

---

(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 9–10 for a reconciliation of common stockholders' equity to TCE. Refer to page 29 for a further discussion of these measures.

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

(c)Quarterly 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 recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. For the period ended December 31, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion. Refer to Capital Risk Management on pages 45-50 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, and pages 86-96 of the Firm's 2021 Form 10-K for additional information.

(e)Estimated.

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---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED** | **CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED** |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratios, headcount and where otherwise noted)** | **(in millions, except ratios, headcount and where otherwise noted)** |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  |  | **2022 Change** |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** |  | **3Q22** | **4Q21** | **2022** | **2021** |  | **2021** |
| **<u>SELECTED BALANCE SHEET DATA (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $3665743 | $3773884 | $3841314 | $3954687 | $3743567 |  | (3)% | (2)% | $3665743 | $3743567 |  | (2)% |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer, excluding credit card loans | 311375 | 313796 | 317212 | 312489 | 323306 |  | (1) | (4) | 311375 | 323306 |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card loans | 185175 | 170462 | 165494 | 152283 | 154296 |  | 9 | 20 | 185175 | 154296 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale loans | 639097 | 628375 | 621449 | 608513 | 600112 |  | 2 | 6 | 639097 | 600112 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Loans** | **1135647** | **1112633** | **1104155** | **1073285** | **1077714** |  | 2 | 5 | **1135647** | **1077714** |  | 5 |
| Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. offices: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | 644902 | 688292 | 714478 | 721401 | 711525 | (f) | (6) | (9) | 644902 | 711525 | (f) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 1276346 | 1304012 | 1343802 | 1412589 | 1359932 | (f) | (2) | (6) | 1276346 | 1359932 | (f) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. offices: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | 27005 | 26629 | 26983 | 27542 | 26229 |  | 1 | 3 | 27005 | 26229 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 391926 | 389682 | 386281 | 399675 | 364617 |  | 1 | 7 | 391926 | 364617 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total deposits** | **2340179** | **2408615** | **2471544** | **2561207** | **2462303** |  | (3) | (5) | **2340179** | **2462303** |  | (5) |
| Long-term debt | 295865 | 287473 | 288212 | 293239 | 301005 |  | 3 | (2) | 295865 | 301005 |  | (2) |
| Common stockholders' equity | 264928 | 255180 | 253305 | 253061 | 259289 |  | 4 | 2 | 264928 | 259289 |  | 2 |
| Total stockholders' equity | 292332 | 288018 | 286143 | 285899 | 294127 |  | 1 | (1) | 292332 | 294127 |  | (1) |
| Loans-to-deposits ratio | 49% | 46% | 45% | 42% | 44% |  |  |  | 49% | 44% |  |  |
| **Headcount** | 293723 | 288474 | 278494 | 273948 | 271025 |  | 2 | 8 | 293723 | 271025 |  | 8 |
| **<u>95% CONFIDENCE LEVEL - TOTAL VaR</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Average VaR (a) | $61 | $54 | $54 | $63 | $37 |  | 13 | 65 |  |  |  |  |
| **<u>LINE OF BUSINESS NET REVENUE (b)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $15843 | $14331 | $12614 | $12229 | $12275 |  | 11 | 29 | $55017 | $50073 |  | 10 |
| Corporate & Investment Bank | 10548 | 11875 | 11947 | 13529 | 11534 |  | (11) | (9) | 47899 | 51749 |  | (7) |
| Commercial Banking | 3404 | 3048 | 2683 | 2398 | 2612 |  | 12 | 30 | 11533 | 10008 |  | 15 |
| Asset & Wealth Management | 4588 | 4539 | 4306 | 4315 | 4473 |  | 1 | 3 | 17748 | 16957 |  | 5 |
| Corporate | 1183 | (302) | 80 | (881) | (545) |  | NM | NM | 80 | (3483) |  | NM |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | $**35566** | $**33491** | $**31630** | $**31590** | $**30349** |  | 6 | 17 | $**132277** | $**125304** |  | 6 |
| **<u>LINE OF BUSINESS NET INCOME/(LOSS)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking (c) | $4542 | $4334 | $3100 | $2895 | $4147 |  | 5 | 10 | $14871 | $20930 |  | (29) |
| Corporate & Investment Bank (c) | 3328 | 3532 | 3725 | 4385 | 4543 |  | (6) | (27) | 14970 | 21134 |  | (29) |
| Commercial Banking (c) | 1423 | 946 | 994 | 850 | 1234 |  | 50 | 15 | 4213 | 5246 |  | (20) |
| Asset & Wealth Management (c) | 1134 | 1219 | 1004 | 1008 | 1125 |  | (7) | 1 | 4365 | 4737 |  | (8) |
| Corporate (c) | 581 | (294) | (174) | (856) | (650) |  | NM | NM | (743) | (3713) |  | 80 |
| &nbsp;&nbsp;&nbsp;**NET INCOME** | $**11008** | $**9737** | $**8649** | $**8282** | $**10399** |  | 13 | 6 | $**37676** | $**48334** |  | (22) |
| **MEMO: SELECTED FIRMWIDE METRICS** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Wealth Management (d)** |  |  |  |  |  |  |  |  |  |  |  |  |
| Client assets (in billions) | $2438 | $2302 | $2177 | $2389 | $2456 |  | 6 | (1) | $2438 | $2456 |  | (1) |
| Number of client advisors | 8166 | 8127 | 7756 | 7614 | 7463 |  |  | 9 | 8166 | 7463 |  | 9 |
| **J.P.Morgan Payments (e)** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total net revenue | 4423 | 3762 | 3130 | 2595 | 2579 |  | 18 | 72 | 13909 | 9861 |  | 41 |
| Merchant processing volume (in billions) | 583.2 | 545.4 | 539.6 | 490.2 | 514.9 |  | 7 | 13 | 2158.4 | 1886.7 |  | 14 |
| Average deposits (in billions) | 732 | 748 | 816 | 821 | 832 |  | (2) | (12) | 779 | 800 |  | (3) |

---

(a)Refer to Corporate & Investment Bank VaR on page 17 for a further information.

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

(c)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

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

(e)Predominantly in CIB and CB.

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

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CONSOLIDATED STATEMENTS OF INCOME** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except per share and ratio data)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  | **2022 Change** |
| **<u>REVENUE</u>** | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** | **3Q22** | **4Q21** | **2022** | **2021** | **2021** |
| Investment banking fees | $1418 | $1674 | $1586 | $2008 | $3494 | (15)% | (59)% | $6686 | $13216 | (49)% |
| Principal transactions | 4434 | 5383 | 4990 | 5105 | 2182 | (18) | 103 | 19912 | 16304 | 22 |
| Lending- and deposit-related fees | 1655 | 1731 | 1873 | 1839 | 1784 | (4) | (7) | 7098 | 7032 | 1 |
| Asset management, administration and commissions | 5006 | 5069 | 5240 | 5362 | 5549 | (1) | (10) | 20677 | 21029 | (2) |
| Investment securities gains/(losses) | (874) | (959) | (153) | (394) | 52 | 9 | NM | (2380) | (345) | NM |
| Mortgage fees and related income | 98 | 314 | 378 | 460 | 315 | (69) | (69) | 1250 | 2170 | (42) |
| Card income | 1226 | 1086 | 1133 | 975 | 1100 | 13 | 11 | 4420 | 5102 | (13) |
| Other income | 1392 | 900 | 540 | 1490 | 1180 | 55 | 18 | 4322 | 4830 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Noninterest revenue** | **14355** | **15198** | **15587** | **16845** | **15656** | (6) | (8) | **61985** | **69338** | (11) |
| Interest income | 33054 | 25611 | 18646 | 15496 | 15019 | 29 | 120 | 92807 | 57864 | 60 |
| Interest expense | 12862 | 8093 | 3518 | 1624 | 1418 | 59 | NM | 26097 | 5553 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net interest income** | **20192** | **17518** | **15128** | **13872** | **13601** | 15 | 48 | **66710** | **52311** | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | **34547** | **32716** | **30715** | **30717** | **29257** | 6 | 18 | **128695** | **121649** | 6 |
| Provision for credit losses | 2288 | 1537 | 1101 | 1463 | (1288) | 49 | NM | 6389 | (9256) | NM |
| **<u>NONINTEREST EXPENSE</u>** |  |  |  |  |  |  |  |  |  |  |
| Compensation expense | 10009 | 10539 | 10301 | 10787 | 9065 | (5) | 10 | 41636 | 38567 | 8 |
| Occupancy expense | 1271 | 1162 | 1129 | 1134 | 1202 | 9 | 6 | 4696 | 4516 | 4 |
| Technology, communications and equipment expense | 2256 | 2366 | 2376 | 2360 | 2461 | (5) | (8) | 9358 | 9941 | (6) |
| Professional and outside services | 2652 | 2481 | 2469 | 2572 | 2703 | 7 | (2) | 10174 | 9814 | 4 |
| Marketing | 1093 | 1017 | 881 | 920 | 947 | 7 | 15 | 3911 | 3036 | 29 |
| Other expense (a) | 1741 | 1613 | 1593 | 1418 | 1510 | 8 | 15 | 6365 | 5469 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NONINTEREST EXPENSE** | **19022** | **19178** | **18749** | **19191** | **17888** | (1) | 6 | **76140** | **71343** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income before income tax expense** | **13237** | **12001** | **10865** | **10063** | **12657** | 10 | 5 | **46166** | **59562** | (22) |
| Income tax expense | 2229 | 2264 | 2216 | 1781 | 2258 | (2) | (1) | 8490 | 11228 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INCOME** | $**11008** | $**9737** | $**8649** | $**8282** | $**10399** | 13 | 6 | $**37676** | $**48334** | (22) |
| **<u>NET INCOME PER COMMON SHARE DATA</u>** |  |  |  |  |  |  |  |  |  |  |
| Basic earnings per share | $3.58 | $3.13 | $2.77 | $2.64 | $3.33 | 14 | 8 | $12.10 | $15.39 | (21) |
| Diluted earnings per share | 3.57 | 3.12 | 2.76 | 2.63 | 3.33 | 14 | 7 | 12.09 | 15.36 | (21) |
| **<u>FINANCIAL RATIOS</u>** |  |  |  |  |  |  |  |  |  |  |
| Return on common equity (b) | 16% | 15% | 13% | 13% | 16% |  |  | 14% | 19% |  |
| Return on tangible common equity (b)(c) | 20 | 18 | 17 | 16 | 19 |  |  | 18 | 23 |  |
| Return on assets (b) | 1.16 | 1.01 | 0.89 | 0.86 | 1.08 |  |  | 0.98 | 1.30 |  |
| Effective income tax rate | 16.8 | 18.9 | 20.4 | 17.7 | 17.8 |  |  | 18.4 | 18.9 |  |
| Overhead ratio | 55 | 59 | 61 | 62 | 61 |  |  | 59 | 59 |  |

---

(a)Included Firmwide legal expense of $27 million, $47 million, $73 million, $119 million and $137 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $266 million and $426 million for the full year 2022 and 2021, respectively.

(b)Quarterly ratios are based upon annualized amounts.

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

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CONSOLIDATED BALANCE SHEETS** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  |  |  |  |  |  | **Dec 31, 2022** | **Dec 31, 2022** |
|  |  |  |  |  |  | **Change** | **Change** |
|  | **Dec 31,** | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Dec 31,** | **Sep 30,** | **Dec 31,** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** |
| **<u>ASSETS</u>** |  |  |  |  |  |  |  |
| Cash and due from banks | $27697 | $24654 | $27215 | $26165 | $26438 | 12% | 5% |
| Deposits with banks | 539537 | 619533 | 642045 | 728367 | 714396 | (13) | (24) |
| Federal funds sold and securities purchased under |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;resale agreements | 315592 | 301878 | 322156 | 301875 | 261698 | 5 | 21 |
| Securities borrowed | 185369 | 193216 | 202393 | 224852 | 206071 | (4) | (10) |
| Trading assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and equity instruments | 382919 | 413953 | 384260 | 437892 | 376494 | (7) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative receivables | 70880 | 92534 | 81317 | 73636 | 57081 | (23) | 24 |
| Available-for-sale ("AFS") securities | 205857 | 188140 | 222069 | 312875 | 308525 | 9 | (33) |
| Held-to-maturity ("HTM") securities | 425305 | 430106 | 441649 | 366585 | 363707 | (1) | 17 |
| &nbsp;&nbsp;&nbsp;**Investment securities, net of allowance for credit losses** | 631162 | 618246 | 663718 | 679460 | 672232 | 2 | (6) |
| Loans | 1135647 | 1112633 | 1104155 | 1073285 | 1077714 | 2 | 5 |
| Less: Allowance for loan losses | 19726 | 18185 | 17750 | 17192 | 16386 | 8 | 20 |
| &nbsp;&nbsp;&nbsp;**Loans, net of allowance for loan losses** | 1115921 | 1094448 | 1086405 | 1056093 | 1061328 | 2 | 5 |
| Accrued interest and accounts receivable | 125189 | 143905 | 145442 | 152207 | 102570 | (13) | 22 |
| Premises and equipment | 27734 | 27199 | 26770 | 26916 | 27070 | 2 | 2 |
| Goodwill, MSRs and other intangible assets | 60859 | 60806 | 59360 | 58485 | 56691 |  | 7 |
| Other assets | 182884 | 183512 | 200233 | 188739 | 181498 |  | 1 |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $**3665743** | $**3773884** | $**3841314** | $**3954687** | $**3743567** | (3) | (2) |
| **<u>LIABILITIES</u>** |  |  |  |  |  |  |  |
| Deposits | $2340179 | $2408615 | $2471544 | $2561207 | $2462303 | (3) | (5) |
| Federal funds purchased and securities loaned or sold |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;under repurchase agreements | 202613 | 239939 | 222719 | 223858 | 194340 | (16) | 4 |
| Short-term borrowings | 44027 | 47866 | 58422 | 57586 | 53594 | (8) | (18) |
| Trading liabilities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and equity instruments | 126835 | 133175 | 137891 | 144280 | 114577 | (5) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative payables | 51141 | 56703 | 52417 | 57803 | 50116 | (10) | 2 |
| Accounts payable and other liabilities | 300141 | 300016 | 313326 | 320671 | 262755 |  | 14 |
| Beneficial interests issued by consolidated VIEs | 12610 | 12079 | 10640 | 10144 | 10750 | 4 | 17 |
| Long-term debt | 295865 | 287473 | 288212 | 293239 | 301005 | 3 | (2) |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | **3373411** | **3485866** | **3555171** | **3668788** | **3449440** | (3) | (2) |
| **<u>STOCKHOLDERS' EQUITY</u>** |  |  |  |  |  |  |  |
| Preferred stock | 27404 | 32838 | 32838 | 32838 | 34838 | (17) | (21) |
| Common stock | 4105 | 4105 | 4105 | 4105 | 4105 |  |  |
| Additional paid-in capital | 89044 | 88865 | 88614 | 88260 | 88415 |  | 1 |
| Retained earnings | 296456 | 288776 | 282445 | 277177 | 272268 | 3 | 9 |
| Accumulated other comprehensive income/(loss) ("AOCI") | (17341) | (19134) | (14369) | (9567) | (84) | 9 | NM |
| Treasury stock, at cost | (107336) | (107432) | (107490) | (106914) | (105415) |  | (2) |
| &nbsp;&nbsp;&nbsp;**TOTAL STOCKHOLDERS' EQUITY** | **292332** | **288018** | **286143** | **285899** | **294127** | 1 | (1) |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $**3665743** | $**3773884** | $**3841314** | $**3954687** | $**3743567** | (3) | (2) |

---

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS** | **CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS** | **CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS** | **CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS** |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except rates)** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  |  |  | **2022 Change** |
| **<u>AVERAGE BALANCES</u>** | **4Q22** |  | **3Q22** |  | **2Q22** |  | **1Q22** |  | **4Q21** |  | **3Q22** | **4Q21** | **2022** |  | **2021** |  | **2021** |
| **ASSETS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deposits with banks | $595631 |  | $652321 |  | $694644 |  | $742311 |  | $767713 |  | (9)% | (22)% | $670773 |  | $719772 |  | (7)% |
| Federal funds sold and securities purchased under resale agreements | 306173 |  | 322053 |  | 305132 |  | 294951 |  | 268953 |  | (5) | 14 | 307150 |  | 269231 |  | 14 |
| Securities borrowed | 192412 |  | 204479 |  | 207437 |  | 218030 |  | 207059 |  | (6) | (7) | 205516 |  | 190655 |  | 8 |
| Trading assets - debt instruments | 302825 |  | 283414 |  | 273736 |  | 272116 |  | 260555 |  | 7 | 16 | 283108 |  | 283829 |  |  |
| Investment securities | 625388 |  | 647165 |  | 672799 |  | 671165 |  | 642675 |  | (3) | (3) | 653985 |  | 593977 |  | 10 |
| Loans | 1126002 |  | 1112761 |  | 1093106 |  | 1068637 |  | 1060254 |  | 1 | 6 | 1100318 |  | 1035399 |  | 6 |
| All other interest-earning assets (a) | 116640 |  | 122756 |  | 139040 |  | 134741 |  | 130646 |  | (5) | (11) | 128229 |  | 123079 |  | 4 |
| &nbsp;&nbsp;&nbsp;**Total interest-earning assets** | **3265071** |  | **3344949** |  | **3385894** |  | **3401951** |  | **3337855** |  | (2) | (2) | **3349079** |  | **3215942** |  | 4 |
| Trading assets - equity and other instruments | 126138 |  | 129221 |  | 151309 |  | 156908 |  | 150770 |  | (2) | (16) | 140778 |  | 172822 |  | (19) |
| Trading assets - derivative receivables | 78476 |  | 83950 |  | 84483 |  | 67334 |  | 66024 |  | (7) | 19 | 78606 |  | 69101 |  | 14 |
| All other noninterest-earning assets | 285586 |  | 284127 |  | 289957 |  | 280595 |  | 277006 |  | 1 | 3 | 285077 |  | 267337 |  | 7 |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $**3755271** |  | $**3842247** |  | $**3911643** |  | $**3906788** |  | $**3831655** |  | (2) | (2) | $**3853540** |  | $**3725202** |  | 3 |
| **LIABILITIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits | $1695233 |  | $1728852 |  | $1790421 |  | $1781320 |  | $1731609 | (g) | (2) | (2) | $1748666 |  | $1672669 | (g) | 5 |
| Federal funds purchased and securities loaned or |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under repurchase agreements | 247934 |  | 239582 |  | 233376 |  | 250215 |  | 234504 |  | 3 | 6 | 242762 |  | 259302 |  | (6) |
| Short-term borrowings (b) | 39843 |  | 45797 |  | 50833 |  | 47871 |  | 46456 |  | (13) | (14) | 46063 |  | 44618 |  | 3 |
| Trading liabilities - debt and all other interest-bearing liabilities (c) | 256533 |  | 278049 |  | 274435 |  | 263025 |  | 246675 |  | (8) | 4 | 268019 |  | 241431 |  | 11 |
| Beneficial interests issued by consolidated VIEs | 12312 |  | 11039 |  | 10577 |  | 10891 |  | 11906 |  | 12 | 3 | 11208 |  | 14595 |  | (23) |
| Long-term debt | 246978 |  | 253012 |  | 246195 |  | 254180 |  | 255710 |  | (2) | (3) | 250080 |  | 250378 |  |  |
| &nbsp;&nbsp;&nbsp;**Total interest-bearing liabilities** | **2498833** |  | **2556331** |  | **2605837** |  | **2607502** |  | **2526860** |  | (2) | (1) | **2566798** |  | **2482993** |  | 3 |
| Noninterest-bearing deposits | 684921 |  | 716518 |  | 741891 |  | 734233 |  | 736203 | (g) | (4) | (7) | 719249 |  | 674485 | (g) | 7 |
| Trading liabilities - equity and other instruments | 35415 |  | 36985 |  | 40937 |  | 43394 |  | 40645 |  | (4) | (13) | 39155 |  | 36656 |  | 7 |
| Trading liabilities - derivative payables | 56988 |  | 56994 |  | 61026 |  | 54522 |  | 55063 |  |  | 3 | 57388 |  | 60318 |  | (5) |
| All other noninterest-bearing liabilities | 191929 |  | 189637 |  | 181128 |  | 181105 |  | 184241 |  | 1 | 4 | 185989 |  | 186755 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | **3468086** |  | **3556465** |  | **3630819** |  | **3620756** |  | **3543012** |  | (2) | (2) | **3568579** |  | **3441207** |  | 4 |
| Preferred stock | 28415 |  | 32838 |  | 32838 |  | 33526 |  | 34838 |  | (13) | (18) | 31893 |  | 33027 |  | (3) |
| Common stockholders' equity | 258770 |  | 252944 |  | 247986 |  | 252506 |  | 253805 |  | 2 | 2 | 253068 |  | 250968 |  | 1 |
| &nbsp;&nbsp;&nbsp;**TOTAL STOCKHOLDERS' EQUITY** | **287185** |  | **285782** |  | **280824** |  | **286032** |  | **288643** |  |  | (1) | **284961** |  | **283995** |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $**3755271** |  | $**3842247** |  | $**3911643** |  | $**3906788** |  | $**3831655** |  | (2) | (2) | $**3853540** |  | $**3725202** |  | 3 |
| **<u>AVERAGE RATES (d)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **INTEREST-EARNING ASSETS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deposits with banks | 3.14 | % | 1.83 | % | 0.62 | % | 0.13 | % | 0.09 | % |  |  | 1.35 | % | 0.07 | % |  |
| Federal funds sold and securities purchased under resale agreements | 2.95 |  | 1.74 |  | 0.71 |  | 0.55 |  | 0.47 |  |  |  | 1.51 |  | 0.36 |  |  |
| Securities borrowed (e) | 2.84 |  | 1.50 |  | 0.33 |  | (0.16) |  | (0.28) |  |  |  | 1.09 |  | (0.20) |  |  |
| Trading assets - debt instruments | 3.75 |  | 3.36 |  | 3.02 |  | 2.65 |  | 2.52 |  |  |  | 3.21 |  | 2.42 |  |  |
| Investment securities | 2.36 |  | 1.84 |  | 1.55 |  | 1.38 |  | 1.26 |  |  |  | 1.77 |  | 1.31 |  |  |
| Loans | 5.83 |  | 5.00 |  | 4.28 |  | 4.05 |  | 4.04 |  |  |  | 4.81 |  | 4.02 |  |  |
| All other interest-earning assets (a) | 5.76 |  | 3.57 |  | 1.85 |  | 0.97 |  | 0.87 |  |  |  | 2.93 |  | 0.73 |  |  |
| **Total interest-earning assets** | **4.03** |  | **3.05** |  | **2.22** |  | **1.86** |  | **1.80** |  |  |  | **2.78** |  | **1.81** |  |  |
| **INTEREST-BEARING LIABILITIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits | 1.37 |  | 0.73 |  | 0.20 |  | 0.04 |  | 0.03 |  |  |  | 0.58 |  | 0.03 |  |  |
| Federal funds purchased and securities loaned or |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under repurchase agreements | 3.33 |  | 2.10 |  | 0.80 |  | 0.19 |  | 0.13 |  |  |  | 1.62 |  | 0.11 |  |  |
| Short-term borrowings (b) | 2.47 |  | 1.35 |  | 0.73 |  | 0.32 |  | 0.26 |  |  |  | 1.16 |  | 0.28 |  |  |
| Trading liabilities - debt and all other interest-bearing liabilities (c)(e) | 2.38 |  | 1.49 |  | 0.69 |  | 0.30 |  | 0.20 |  |  |  | 1.21 |  | 0.11 |  |  |
| Beneficial interests issued by consolidated VIEs | 3.74 |  | 2.24 |  | 1.11 |  | 0.69 |  | 0.56 |  |  |  | 2.02 |  | 0.57 |  |  |
| Long-term debt | 4.87 |  | 3.77 |  | 2.54 |  | 1.72 |  | 1.61 |  |  |  | 3.23 |  | 1.71 |  |  |
| &nbsp;&nbsp;&nbsp;**Total interest-bearing liabilities** | **2.04** |  | **1.26** |  | **0.54** |  | **0.25** |  | **0.22** |  |  |  | **1.02** |  | **0.22** |  |  |
| **INTEREST RATE SPREAD** | **1.99** |  | **1.79** |  | **1.68** |  | **1.61** |  | **1.58** |  |  |  | **1.76** |  | **1.59** |  |  |
| **NET YIELD ON INTEREST-EARNING ASSETS** | **2.47** |  | **2.09** |  | **1.80** |  | **1.67** |  | **1.63** |  |  |  | **2.00** |  | **1.64** |  |  |
| **Memo: Net yield on interest-earning assets excluding Markets (f)** | **3.41** |  | **2.81** |  | **2.26** |  | **1.95** |  | **1.90** |  |  |  | **2.60** |  | **1.91** |  |  |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Includes commercial paper.

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

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

(e)&nbsp;&nbsp;&nbsp;&nbsp;Negative interest and rates reflect the net impact of interest earned offset by fees paid on client-driven prime brokerage securities borrowed transactions.

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

(g)&nbsp;&nbsp;&nbsp;&nbsp;Prior-period amounts have been revised to conform with the current presentation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **JPMORGAN CHASE & CO.** | ![image2a.gif](image2a.gif) |
| **RECONCILIATION FROM REPORTED TO MANAGED BASIS** | ![image2a.gif](image2a.gif) |
| **(in millions, except ratios)** | ![image2a.gif](image2a.gif) |

---

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** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
| | | | | | | | | | | | **4Q22 Change** | **4Q22 Change** | | | | | **2022 Change** |
| |<br>**4Q22** | |<br>**3Q22** | |<br>**2Q22** | |<br>**1Q22** | |<br>**4Q21** | | **3Q22** | **4Q21** | **2022** | | **2021** | | **2021** |
| **<u>OTHER INCOME</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Other income - reported** | $1392 |  | $900 |  | $540 |  | $1490 |  | $1180 |  | 55% | 18% | $4322 |  | $4830 |  | (11)% |
| Fully taxable-equivalent adjustments (a) | 898 |  | 663 |  | 812 |  | 775 |  | 984 |  | 35 | (9) | 3148 |  | 3225 |  | (2) |
| **Other income - managed** | $**2290** |  | $**1563** |  | $**1352** |  | $**2265** |  | $**2164** |  | 47 | 6 | $**7470** |  | $**8055** |  | (7) |
| **<u>TOTAL NONINTEREST REVENUE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Total noninterest revenue - reported** | $14355 |  | $15198 |  | $15587 |  | $16845 |  | $15656 |  | (6) | (8) | $61985 |  | $69338 |  | (11) |
| Fully taxable-equivalent adjustments | 898 |  | 663 |  | 812 |  | 775 |  | 984 |  | 35 | (9) | 3148 |  | 3225 |  | (2) |
| **Total noninterest revenue - managed** | $**15253** |  | $**15861** |  | $**16399** |  | $**17620** |  | $**16640** |  | (4) | (8) | $**65133** |  | $**72563** |  | (10) |
| **<u>NET INTEREST INCOME</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Net interest income - reported** | $20192 |  | $17518 |  | $15128 |  | $13872 |  | $13601 |  | 15 | 48 | $66710 |  | $52311 |  | 28 |
| Fully taxable-equivalent adjustments (a) | 121 |  | 112 |  | 103 |  | 98 |  | 108 |  | 8 | 12 | 434 |  | 430 |  | 1 |
| **Net interest income - managed** | $**20313** |  | $**17630** |  | $**15231** |  | $**13970** |  | $**13709** |  | 15 | 48 | $**67144** |  | $**52741** |  | 27 |
| **<u>TOTAL NET REVENUE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Total net revenue - reported** | $34547 |  | $32716 |  | $30715 |  | $30717 |  | $29257 |  | 6 | 18 | $128695 |  | $121649 |  | 6 |
| Fully taxable-equivalent adjustments | 1019 |  | 775 |  | 915 |  | 873 |  | 1092 |  | 31 | (7) | 3582 |  | 3655 |  | (2) |
| **Total net revenue - managed** | $**35566** |  | $**33491** |  | $**31630** |  | $**31590** |  | $**30349** |  | 6 | 17 | $**132277** |  | $**125304** |  | 6 |
| **<u>PRE-PROVISION PROFIT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Pre-provision profit - reported** | $15525 |  | $13538 |  | $11966 |  | $11526 |  | $11369 |  | 15 | 37 | $52555 |  | $50306 |  | 4 |
| Fully taxable-equivalent adjustments | 1019 |  | 775 |  | 915 |  | 873 |  | 1092 |  | 31 | (7) | 3582 |  | 3655 |  | (2) |
| **Pre-provision profit - managed** | $**16544** |  | $**14313** |  | $**12881** |  | $**12399** |  | $**12461** |  | 16 | 33 | $**56137** |  | $**53961** |  | 4 |
| **<u>INCOME BEFORE INCOME TAX EXPENSE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Income before income tax expense - reported** | $13237 |  | $12001 |  | $10865 |  | $10063 |  | $12657 |  | 10 | 5 | $46166 |  | $59562 |  | (22) |
| Fully taxable-equivalent adjustments | 1019 |  | 775 |  | 915 |  | 873 |  | 1092 |  | 31 | (7) | 3582 |  | 3655 |  | (2) |
| **Income before income tax expense - managed** | $**14256** |  | $**12776** |  | $**11780** |  | $**10936** |  | $**13749** |  | 12 | 4 | $**49748** |  | $**63217** |  | (21) |
| **<u>INCOME TAX EXPENSE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Income tax expense - reported** | $2229 |  | $2264 |  | $2216 |  | $1781 |  | $2258 |  | (2) | (1) | $8490 |  | $11228 |  | (24) |
| Fully taxable-equivalent adjustments | 1019 |  | 775 |  | 915 |  | 873 |  | 1092 |  | 31 | (7) | 3582 |  | 3655 |  | (2) |
| **Income tax expense - managed** | $**3248** |  | $**3039** |  | $**3131** |  | $**2654** |  | $**3350** |  | 7 | (3) | $**12072** |  | $**14883** |  | (19) |
| **<u>OVERHEAD RATIO</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Overhead ratio - reported** | **55** | % | **59** | % | **61** | % | **62** | % | **61** | % |  |  | **59** | % | **59** | % |  |
| **Overhead ratio - managed** | **53** |  | **57** |  | **59** |  | **61** |  | **59** |  |  |  | **58** |  | **57** |  |  |

---

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

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---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **SEGMENT RESULTS - MANAGED BASIS** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions)** | **(in millions)** |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  | **2022 Change** |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** |  | **3Q22** | **4Q21** | **2022** | **2021** | **2021** |
| **<u>TOTAL NET REVENUE (fully taxable-equivalent ("FTE"))</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $15843 | $14331 | $12614 | $12229 | $12275 |  | 11% | 29% | $55017 | $50073 | 10% |
| Corporate & Investment Bank | 10548 | 11875 | 11947 | 13529 | 11534 |  | (11) | (9) | 47899 | 51749 | (7) |
| Commercial Banking | 3404 | 3048 | 2683 | 2398 | 2612 |  | 12 | 30 | 11533 | 10008 | 15 |
| Asset & Wealth Management | 4588 | 4539 | 4306 | 4315 | 4473 |  | 1 | 3 | 17748 | 16957 | 5 |
| Corporate | 1183 | (302) | 80 | (881) | (545) |  | NM | NM | 80 | (3483) | NM |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | $**35566** | $**33491** | $**31630** | $**31590** | $**30349** |  | 6 | 17 | $**132277** | $**125304** | 6 |
| **<u>TOTAL NONINTEREST EXPENSE</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $7981 | $8047 | $7723 | $7720 | $7754 |  | (1) | 3 | $31471 | $29256 | 8 |
| Corporate & Investment Bank | 6426 | 6618 | 6745 | 7298 | 5827 |  | (3) | 10 | 27087 | 25325 | 7 |
| Commercial Banking | 1254 | 1180 | 1156 | 1129 | 1059 |  | 6 | 18 | 4719 | 4041 | 17 |
| Asset & Wealth Management | 3022 | 3028 | 2919 | 2860 | 2997 |  |  | 1 | 11829 | 10919 | 8 |
| Corporate | 339 | 305 | 206 | 184 | 251 |  | 11 | 35 | 1034 | 1802 | (43) |
| &nbsp;&nbsp;&nbsp;**TOTAL NONINTEREST EXPENSE** | $**19022** | $**19178** | $**18749** | $**19191** | $**17888** |  | (1) | 6 | $**76140** | $**71343** | 7 |
| **<u>PRE-PROVISION PROFIT/(LOSS)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $7862 | $6284 | $4891 | $4509 | $4521 |  | 25 | 74 | $23546 | $20817 | 13 |
| Corporate & Investment Bank | 4122 | 5257 | 5202 | 6231 | 5707 |  | (22) | (28) | 20812 | 26424 | (21) |
| Commercial Banking | 2150 | 1868 | 1527 | 1269 | 1553 |  | 15 | 38 | 6814 | 5967 | 14 |
| Asset & Wealth Management | 1566 | 1511 | 1387 | 1455 | 1476 |  | 4 | 6 | 5919 | 6038 | (2) |
| Corporate | 844 | (607) | (126) | (1065) | (796) |  | NM | NM | (954) | (5285) | 82 |
| &nbsp;&nbsp;&nbsp;**PRE-PROVISION PROFIT** | $**16544** | $**14313** | $**12881** | $**12399** | $**12461** |  | 16 | 33 | $**56137** | $**53961** | 4 |
| **<u>PROVISION FOR CREDIT LOSSES</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $1845 | $529 | $761 | $678 | $(1060) |  | 249 | NM | $3813 | $(6989) | NM |
| Corporate & Investment Bank | 141 | 513 | 59 | 445 | (126) |  | (73) | NM | 1158 | (1174) | NM |
| Commercial Banking | 284 | 618 | 209 | 157 | (89) |  | (54) | NM | 1268 | (947) | NM |
| Asset & Wealth Management | 32 | (102) | 44 | 154 | (36) |  | NM | NM | 128 | (227) | NM |
| Corporate | (14) | (21) | 28 | 29 | 23 |  | 33 | NM | 22 | 81 | (73) |
| &nbsp;&nbsp;&nbsp;**PROVISION FOR CREDIT LOSSES** | $**2288** | $**1537** | $**1101** | $**1463** | $**(1288)** |  | 49 | NM | $**6389** | $**(9256)** | NM |
| **<u>NET INCOME/(LOSS)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $4542 | $4334 | $3100 | $2895 | $4147 | (a) | 5 | 10 | $14871 | $20930 | (29) |
| Corporate & Investment Bank | 3328 | 3532 | 3725 | 4385 | 4543 | (a) | (6) | (27) | 14970 | 21134 | (29) |
| Commercial Banking | 1423 | 946 | 994 | 850 | 1234 | (a) | 50 | 15 | 4213 | 5246 | (20) |
| Asset & Wealth Management | 1134 | 1219 | 1004 | 1008 | 1125 | (a) | (7) | 1 | 4365 | 4737 | (8) |
| Corporate | 581 | (294) | (174) | (856) | (650) | (a) | NM | NM | (743) | (3713) | 80 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET INCOME** | $**11008** | $**9737** | $**8649** | $**8282** | $**10399** |  | 13 | 6 | $**37676** | $**48334** | (22) |

---

(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** | **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS** | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio data)** | **(in millions, except ratio data)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  |  |  |  |  |  |  | **Dec 31, 2022** | **Dec 31, 2022** |  |  |  |  |
|  |  |  |  |  |  |  | **Change** | **Change** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  | **Dec 31,** |  | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Dec 31,** | **Sep 30,** | **Dec 31,** |  |  |  | **2022 Change** |
|  | **2022** |  | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** | **2022** |  | **2021** | **2021** |
| **<u>CAPITAL (a)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Risk-based capital metrics** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Standardized** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CET1 capital | $218936 | (c) | $209661 | $207436 | $207903 | $213942 | 4% | 2% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital | 245630 | (c) | 236363 | 239705 | 240076 | 246162 | 4 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital | 277767 | (c) | 268076 | 268339 | 269536 | 274900 | 4 | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk-weighted assets | 1657870 | (c) | 1678498 | 1704893 | 1750678 | 1638900 | (1) | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CET1 capital ratio | 13.2% | (c) | 12.5% | 12.2% | 11.9% | 13.1% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital ratio | 14.8 | (c) | 14.1 | 14.1 | 13.7 | 15.0 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital ratio | 16.8 | (c) | 16.0 | 15.7 | 15.4 | 16.8 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Advanced** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CET1 capital | $218936 | (c) | $209661 | $207436 | $207903 | $213942 | 4 | 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital | 245630 | (c) | 236363 | 239705 | 240076 | 246162 | 4 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital | 264614 | (c) | 256157 | 257329 | 258989 | 265796 | 3 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk-weighted assets | 1616713 | (c) | 1609968 | 1613210 | 1643453 | 1547920 |  | 4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CET1 capital ratio | 13.5% | (c) | 13.0% | 12.9% | 12.7% | 13.8% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital ratio | 15.2 | (c) | 14.7 | 14.9 | 14.6 | 15.9 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital ratio | 16.4 | (c) | 15.9 | 16.0 | 15.8 | 17.2 |  |  |  |  |  |  |
| **Leverage-based capital metrics** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted average assets (b) | $3703871 | (c) | $3791804 | $3861979 | $3857783 | $3782035 | (2) | (2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 leverage ratio | 6.6% | (c) | 6.2% | 6.2% | 6.2% | 6.5% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total leverage exposure | $4367136 | (c) | $4460636 | $4563099 | $4586537 | $4571789 | (2) | (4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SLR | 5.6% | (c) | 5.3% | 5.3% | 5.2% | 5.4% |  |  |  |  |  |  |
| **MEMO: CET1 CAPITAL ROLLFORWARD** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Standardized/Advanced CET1 capital, beginning balance | $209661 |  | $207436 | $207903 | $213942 | $209917 | 1 |  | $213942 |  | $205078 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to common equity | 10652 |  | 9305 | 8239 | 7885 | 9973 | 14 | 7 | 36081 |  | 46734 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared on common stock | (2972) |  | (2974) | (2971) | (2976) | (2981) |  |  | (11893) |  | (11456) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net purchase of treasury stock | 96 |  | 58 | (576) | (1499) | (1917) | 66 | NM | (1921) |  | (17231) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in additional paid-in capital | 179 |  | 251 | 354 | (155) | 58 | (29) | 209 | 629 |  | 21 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes related to AOCI applicable to capital: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains/(losses) on investment securities | 1865 |  | (2145) | (4031) | (7453) | (1441) | NM | NM | (11764) |  | (5540) | (112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation adjustments, net of hedges | 711 |  | (581) | (679) | (62) | (88) | NM | NM | (611) |  | (461) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value hedges | (101) |  | 38 | 51 | 110 | 23 | NM | NM | 98 |  | (19) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit pension and other postretirement employee benefit plans | (324) |  | (1004) | 20 | 67 | 839 | 68 | NM | (1241) |  | 922 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes related to other CET1 capital adjustments | (831) | (c) | (723) | (874) | (1956) | (441) | (15) | (88) | (4384) | (c) | (4106) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Standardized/Advanced CET1 capital | 9275 | (c) | 2225 | (467) | (6039) | 4025 | 317 | 130 | 4994 | (c) | 8864 | (44) |
| &nbsp;&nbsp;&nbsp;**Standardized/Advanced CET1 capital, ending balance** | $218936 | (c) | $209661 | $207436 | $207903 | $213942 | 4 | 2 | $218936 | (c) | $213942 | 2 |

---

(a)The capital metrics reflect the CECL capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. For the period ended December 31, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion. Refer to Capital Risk Management on pages 45-50 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, and pages 86-96 of the Firm's 2021 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.

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** | **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED** | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio data)** | **(in millions, except ratio data)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  |  |  |  |  |  | **Dec 31, 2022** | **Dec 31, 2022** |  |  |  |
|  |  |  |  |  |  | **Change** | **Change** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  | **Dec 31,** | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Dec 31,** | **Sep 30,** | **Dec 31,** |  |  | **2022 Change** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2021** |
| **<u>TANGIBLE COMMON EQUITY (period-end) (a)</u>** |  |  |  |  |  |  |  |  |  |  |
| Common stockholders' equity | $264928 | $255180 | $253305 | $253061 | $259289 | 4 | 2 |  |  |  |
| Less: Goodwill | 51662 | 51461 | 50697 | 50298 | 50315 |  | 3 |  |  |  |
| Less: Other intangible assets | 1224 | 1205 | 1224 | 893 | 882 | 2 | 39 |  |  |  |
| Add: Certain deferred tax liabilities (b) | 2510 | 2509 | 2509 | 2496 | 2499 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total tangible common equity** | $**214552** | $**205023** | $**203893** | $**204366** | $**210591** | 5 | 2 |  |  |  |
| **<u>TANGIBLE COMMON EQUITY (average) (a)</u>** |  |  |  |  |  |  |  |  |  |  |
| Common stockholders' equity | $258770 | $252944 | $247986 | $252506 | $253805 | 2 | 2 | $253068 | $250968 | 1% |
| Less: Goodwill | 51586 | 51323 | 50575 | 50307 | 50362 | 1 | 2 | 50952 | 49584 | 3 |
| Less: Other intangible assets | 1217 | 1208 | 1119 | 896 | 896 | 1 | 36 | 1112 | 876 | 27 |
| Add: Certain deferred tax liabilities (b) | 2508 | 2512 | 2503 | 2498 | 2502 |  |  | 2505 | 2474 | 1 |
| &nbsp;&nbsp;&nbsp;**Total tangible common equity** | $**208475** | $**202925** | $**198795** | $**203801** | $**205049** | 3 | 2 | $**203509** | $**202982** |  |
| **<u>INTANGIBLE ASSETS (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |
| Goodwill | $51662 | $51461 | $50697 | $50298 | $50315 |  | 3 |  |  |  |
| Mortgage servicing rights | 7973 | 8140 | 7439 | 7294 | 5494 | (2) | 45 |  |  |  |
| Other intangible assets | 1224 | 1205 | 1224 | 893 | 882 | 2 | 39 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total intangible assets** | $**60859** | $**60806** | $**59360** | $**58485** | $**56691** |  | 7 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(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.

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **EARNINGS PER SHARE AND RELATED INFORMATION** | **EARNINGS PER SHARE AND RELATED INFORMATION** | **EARNINGS PER SHARE AND RELATED INFORMATION** | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except per share and ratio data)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  | **2022 Change** |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** | **3Q22** | **4Q21** | **2022** | **2021** | **2021** |
| **<u>EARNINGS PER SHARE</u>** |  |  |  |  |  |  |  |  |  |  |
| **Basic earnings per share** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $11008 | $9737 | $8649 | $8282 | $10399 | 13% | 6% | $37676 | $48334 | (22)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 356 | 432 | 410 | 397 | 426 | (18) | (16) | 1595 | 1600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income applicable to common equity** | **10652** | **9305** | **8239** | **7885** | **9973** | 14 | 7 | **36081** | **46734** | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Dividends and undistributed earnings allocated to |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;participating securities | 54 | 50 | 44 | 40 | 46 | 8 | 17 | 189 | 231 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income applicable to common stockholders** | $**10598** | $**9255** | $**8195** | $**7845** | $**9927** | 15 | 7 | $**35892** | $**46503** | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total weighted-average basic shares outstanding | 2962.9 | 2961.2 | 2962.2 | 2977.0 | 2977.3 |  |  | 2965.8 | 3021.5 | (2) |
| &nbsp;&nbsp;&nbsp;**Net income per share** | $**3.58** | $**3.13** | $**2.77** | $**2.64** | $**3.33** | 14 | 8 | $**12.10** | $**15.39** | (21) |
| **Diluted earnings per share** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net income applicable to common stockholders** | $10598 | $9255 | $8195 | $7845 | $9927 | 15 | 7 | $35892 | $46503 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total weighted-average basic shares outstanding | 2962.9 | 2961.2 | 2962.2 | 2977.0 | 2977.3 |  |  | 2965.8 | 3021.5 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Dilutive impact of stock appreciation rights ("SARs") and<br>&nbsp;&nbsp;&nbsp;&nbsp;employee stock options, unvested performance share units<br>&nbsp;&nbsp;&nbsp;&nbsp;("PSUs") and nondividend-earning restricted stock units<br>&nbsp;&nbsp;&nbsp;&nbsp;("RSUs") | 4.2 | 4.2 | 4.1 | 4.0 | 4.5 |  | (7) | 4.2 | 5.1 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total weighted-average diluted shares outstanding** | **2967.1** | **2965.4** | **2966.3** | **2981.0** | **2981.8** |  |  | **2970.0** | **3026.6** | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income per share** | $**3.57** | $**3.12** | $**2.76** | $**2.63** | $**3.33** | 14 | 7 | $**12.09** | $**15.36** | (21) |
| **<u>COMMON DIVIDENDS</u>** |  |  |  |  |  |  |  |  |  |  |
| Cash dividends declared per share | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |  |  | $4.00 | $3.80 | 5 |
| Dividend payout ratio | 28% | 32% | 36% | 38% | 30% |  |  | 33% | 25% |  |
| **<u>COMMON SHARE REPURCHASE PROGRAM (a)</u>** |  |  |  |  |  |  |  |  |  |  |
| Total shares of common stock repurchased |  |  | 5.0 | 18.1 | 12.1 |  | NM | 23.1 | 119.7 | (81) |
| Average price paid per share of common stock | $— | $— | $124.88 | $138.04 | $165.47 |  | NM | $135.20 | $154.08 | (12) |
| Aggregate repurchases of common stock |  |  | 622 | 2500 | 2008 |  | NM | 3122 | 18448 | (83) |
| **<u>EMPLOYEE ISSUANCE</u>** |  |  |  |  |  |  |  |  |  |  |
| Shares issued from treasury stock related to employee |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;stock-based compensation awards and employee stock |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;purchase plans | 1.2 | 0.6 | 0.5 | 11.0 | 1.1 | 100 | 9 | 13.3 | 14.5 | (8) |
| Net impact of employee issuances on stockholders' equity (b) | $273 | $304 | $398 | $843 | $147 | (10) | 86 | $1818 | $1361 | 34 |

---

(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.

(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 employee stock options and SARs.

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---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CONSUMER & COMMUNITY BANKING** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio data)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  |  |  | **2022 Change** |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** |  | **3Q22** | **4Q21** | **2022** |  | **2021** |  | **2021** |
| **<u>INCOME STATEMENT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **REVENUE** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lending- and deposit-related fees | $834 | $822 | $855 | $805 | $753 |  | 1% | 11% | $3316 |  | $3034 |  | 9% |
| Asset management, administration and commissions | 939 | 939 | 947 | 929 | 950 |  |  | (1) | 3754 |  | 3514 |  | 7 |
| Mortgage fees and related income | 90 | 313 | 377 | 456 | 312 |  | (71) | (71) | 1236 |  | 2159 |  | (43) |
| Card income | 746 | 665 | 678 | 590 | 675 |  | 12 | 11 | 2679 |  | 3563 |  | (25) |
| All other income (a) | 910 | 1023 | 1049 | 1122 | 1144 |  | (11) | (20) | 4104 |  | 5016 |  | (18) |
| &nbsp;&nbsp;&nbsp;**Noninterest revenue** | **3519** | **3762** | **3906** | **3902** | **3834** |  | (6) | (8) | **15089** |  | **17286** |  | (13) |
| Net interest income | 12324 | 10569 | 8708 | 8327 | 8441 |  | 17 | 46 | 39928 |  | 32787 |  | 22 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | **15843** | **14331** | **12614** | **12229** | **12275** |  | 11 | 29 | **55017** |  | **50073** |  | 10 |
| Provision for credit losses | 1845 | 529 | 761 | 678 | (1060) |  | 249 | NM | 3813 |  | (6989) |  | NM |
| **NONINTEREST EXPENSE** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Compensation expense | 3339 | 3345 | 3237 | 3171 | 3177 |  |  | 5 | 13092 |  | 12142 |  | 8 |
| Noncompensation expense (b) | 4642 | 4702 | 4486 | 4549 | 4577 |  | (1) | 1 | 18379 |  | 17114 |  | 7 |
| &nbsp;&nbsp;&nbsp;**TOTAL NONINTEREST EXPENSE** | **7981** | **8047** | **7723** | **7720** | **7754** |  | (1) | 3 | **31471** |  | **29256** |  | 8 |
| **Income before income tax expense** | **6017** | **5755** | **4130** | **3831** | **5581** |  | 5 | 8 | **19733** |  | **27806** |  | (29) |
| Income tax expense | 1475 | 1421 | 1030 | 936 | 1434 | (f) | 4 | 3 | 4862 |  | 6876 |  | (29) |
| &nbsp;&nbsp;&nbsp;**NET INCOME** | $**4542** | $**4334** | $**3100** | $**2895** | $**4147** | (f) | 5 | 10 | $**14871** |  | $**20930** |  | (29) |
| **<u>REVENUE BY LINE OF BUSINESS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Banking & Wealth Management (c) | $9632 | $8010 | $6558 | $6062 | $6172 |  | 20 | 56 | $30262 |  | $23980 |  | 26 |
| Home Lending | 584 | 920 | 1001 | 1169 | 1084 |  | (37) | (46) | 3674 |  | 5291 |  | (31) |
| Card Services & Auto (d) | 5627 | 5401 | 5055 | 4998 | 5019 |  | 4 | 12 | 21081 |  | 20802 |  | 1 |
| **<u>MORTGAGE FEES AND RELATED INCOME DETAILS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Production revenue | 43 | 93 | 150 | 211 | 327 |  | (54) | (87) | 497 |  | 2215 |  | (78) |
| Net mortgage servicing revenue (e) | 47 | 220 | 227 | 245 | (15) |  | (79) | NM | 739 |  | (56) |  | NM |
| **Mortgage fees and related income** | $**90** | $**313** | $**377** | $**456** | $**312** |  | (71) | (71) | $**1236** |  | $**2159** |  | (43) |
| **<u>FINANCIAL RATIOS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ROE | 35% | 33% | 24% | 23% | 32% | (f) |  |  | 29 | % | 41 | % |  |
| Overhead ratio | 50 | 56 | 61 | 63 | 63 |  |  |  | 57 |  | 58 |  |  |

---

(a)Included operating lease income of $777 million, $854 million, $929 million, $1.0 billion and $1.1 billion for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $3.6 billion and $4.8 billion for the full year 2022 and 2021, respectively.

(b)Included depreciation expense on leased assets of $463 million, $605 million, $652 million, $694 million and $767 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $2.4 billion and $3.3 billion for the full year 2022 and 2021, respectively.

(c)In the fourth quarter of 2022, Consumer & Business Banking was renamed Banking & Wealth Management.

(d)In the fourth quarter of 2022, Card & Auto was renamed Card Services & Auto.

(e)Included MSR risk management results of $(98) million, $54 million, $28 million, $109 million and $(162) million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $93 million and $(525) million for the full year 2022 and 2021, respectively.

(f)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CONSUMER & COMMUNITY BANKING** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except headcount data)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  | **2022 Change** |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** | **3Q22** | **4Q21** | **2022** | **2021** | **2021** |
| **<u>SELECTED BALANCE SHEET DATA (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |
| Total assets | $514085 | $500752 | $500219 | $486183 | $500370 | 3% | 3% | $514085 | $500370 | 3% |
| Loans: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Wealth Management (a) | 29008 | 30230 | 31494 | 32772 | 35095 | (4) | (17) | 29008 | 35095 | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending (b) | 172554 | 174618 | 176939 | 172025 | 180529 | (1) | (4) | 172554 | 180529 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 185175 | 170462 | 165494 | 152283 | 154296 | 9 | 20 | 185175 | 154296 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 68191 | 67201 | 67842 | 69251 | 69138 | 1 | (1) | 68191 | 69138 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | **454928** | **442511** | **441769** | **426331** | **439058** | 3 | 4 | **454928** | **439058** | 4 |
| Deposits | 1131611 | 1173241 | 1178825 | 1189308 | 1148110 | (4) | (1) | 1131611 | 1148110 | (1) |
| Equity | 50000 | 50000 | 50000 | 50000 | 50000 |  |  | 50000 | 50000 |  |
| **<u>SELECTED BALANCE SHEET DATA (average)</u>** |  |  |  |  |  |  |  |  |  |  |
| Total assets | $504859 | $498858 | $496177 | $488967 | $497675 | 1 | 1 | $497263 | $489771 | 2 |
| Loans: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Wealth Management | 29412 | 30788 | 32294 | 33742 | 37299 | (4) | (21) | 31545 | 44906 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending (c) | 174487 | 176852 | 177330 | 176488 | 183343 | (1) | (5) | 176285 | 181049 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 177026 | 168125 | 158434 | 149398 | 148471 | 5 | 19 | 163335 | 140405 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 67623 | 66979 | 68569 | 69250 | 68549 | 1 | (1) | 68098 | 67624 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | **448548** | **442744** | **436627** | **428878** | **437662** | 1 | 2 | **439263** | **433984** | 1 |
| Deposits | 1142523 | 1174227 | 1180453 | 1153513 | 1114329 | (3) | 3 | 1162680 | 1054956 | 10 |
| Equity | 50000 | 50000 | 50000 | 50000 | 50000 |  |  | 50000 | 50000 |  |
| **Headcount** | 135347 | 133803 | 130907 | 129268 | 128863 | 1 | 5 | 135347 | 128863 | 5 |

---

(a)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021 included $350 million, $791 million, $1.5 billion, $2.9 billion and $5.4 billion of loans, respectively, in Business Banking under the Paycheck Protection Program ("PPP"). Refer to page 109 of the Firm's 2021 Form 10-K for further information on the PPP.

(b)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, Home Lending loans held-for-sale and loans at fair value were $3.0 billion, $4.1 billion, $5.2 billion, $5.8 billion and $14.9 billion, respectively.

(c)Average Home Lending loans held-for sale and loans at fair value were $4.5 billion, $5.9 billion, $8.1 billion, $10.8 billion and $17.8 billion for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $7.3 billion and $15.4 billion for the full year 2022 and 2021, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CONSUMER & COMMUNITY BANKING** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio data)** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  |  |  | **2022 Change** |
|  | **4Q22** |  | **3Q22** |  | **2Q22** |  | **1Q22** |  | **4Q21** |  | **3Q22** | **4Q21** | **2022** |  | **2021** |  | **2021** |
| **<u>CREDIT DATA AND QUALITY STATISTICS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Nonaccrual loans (a)(b)(c) | $3899 |  | $3936 |  | $4217 |  | $4531 |  | $4875 |  | (1)% | (20)% | $3899 |  | $4875 |  | (20)% |
| Net charge-offs/(recoveries) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Wealth Management | 95 |  | 105 |  | 81 |  | 89 |  | 86 |  | (10) | 10 | 370 |  | 289 |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending | (33) |  | (59) |  | (68) |  | (69) |  | (71) |  | 44 | 54 | (229) |  | (275) |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 725 |  | 592 |  | 580 |  | 506 |  | 479 |  | 22 | 51 | 2403 |  | 2712 |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 58 |  | 41 |  | 18 |  | 27 |  | 21 |  | 41 | 176 | 144 |  | 35 |  | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net charge-offs/(recoveries)** | $**845** |  | $**679** |  | $**611** |  | $**553** |  | $**515** |  | 24 | 64 | $**2688** |  | $**2761** |  | (3) |
| Net charge-off/(recovery) rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Wealth Management (d) | 1.28 | % | 1.35 | % | 1.01 | % | 1.07 | % | 0.91 | % |  |  | 1.17 | % | 0.64 | % |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending | (0.08) |  | (0.14) |  | (0.16) |  | (0.17) |  | (0.17) |  |  |  | (0.14) |  | (0.17) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 1.62 |  | 1.40 |  | 1.47 |  | 1.37 |  | 1.28 |  |  |  | 1.47 |  | 1.94 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 0.34 |  | 0.24 |  | 0.11 |  | 0.16 |  | 0.12 |  |  |  | 0.21 |  | 0.05 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net charge-off/(recovery) rate** | **0.75** |  | **0.62** |  | **0.57** |  | **0.54** |  | **0.49** |  |  |  | **0.62** |  | **0.66** |  |  |
| 30+ day delinquency rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending (e)(f) | 0.83 | % | 0.78 | % | 0.85 | % | 1.03 | % | 1.25 | % |  |  | 0.83 | % | 1.25 | % |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 1.45 |  | 1.23 |  | 1.05 |  | 1.09 |  | 1.04 |  |  |  | 1.45 |  | 1.04 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 1.01 |  | 0.75 |  | 0.69 |  | 0.57 |  | 0.64 |  |  |  | 1.01 |  | 0.64 |  |  |
| 90+ day delinquency rate - Card Services | 0.68 |  | 0.57 |  | 0.51 |  | 0.54 |  | 0.50 |  |  |  | 0.68 |  | 0.50 |  |  |
| Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Wealth Management | $722 |  | $722 |  | $697 |  | $697 |  | $697 |  |  | 4 | $722 |  | $697 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending | 867 |  | 667 |  | 785 |  | 785 |  | 660 |  | 30 | 31 | 867 |  | 660 |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 11200 |  | 10400 |  | 10400 |  | 10250 |  | 10250 |  | 8 | 9 | 11200 |  | 10250 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 715 |  | 715 |  | 740 |  | 738 |  | 733 |  |  | (2) | 715 |  | 733 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total allowance for loan losses** | $**13504** |  | $**12504** |  | $**12622** |  | $**12470** |  | $**12340** |  | 8 | 9 | $**13504** |  | $**12340** |  | 9 |

---

(a)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $187 million, $219 million, $257 million, $315 million and $342 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)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, nonaccrual loans excluded $101 million, $57 million, $86 million, $179 million and $506 million of PPP loans 90 or more days past due and guaranteed by the SBA, respectively.

(c)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent at time of exit.

(d)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021 included $350 million, $791 million, $1.5 billion, $2.9 billion and $5.4 billion 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 page 109 of the Firm's 2021 Form 10-K for further information on the PPP.

(e)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $449 million, $454 million, $513 million, $728 million and $1.1 billion in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

(f)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $258 million, $284 million, $315 million, $370 million and $405 million, respectively. These amounts have been excluded based upon the government guarantee.

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---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CONSUMER & COMMUNITY BANKING** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio data and where otherwise noted)** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  |  |  | **2022 Change** |
|  | **4Q22** |  | **3Q22** |  | **2Q22** |  | **1Q22** |  | **4Q21** |  | **3Q22** | **4Q21** | **2022** |  | **2021** |  | **2021** |
| **<u>BUSINESS METRICS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Number of:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Branches | 4787 |  | 4802 |  | 4822 |  | 4810 |  | 4790 |  | —% | —% | 4787 |  | 4790 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Active digital customers (in thousands) (a) | 63136 |  | 61985 |  | 60735 |  | 60286 |  | 58857 |  | 2 | 7 | 63136 |  | 58857 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Active mobile customers (in thousands) (b) | 49710 |  | 48904 |  | 47436 |  | 46527 |  | 45452 |  | 2 | 9 | 49710 |  | 45452 |  | 9 |
| Debit and credit card sales volume (in billions) | $411.1 |  | $395.8 |  | $397.0 |  | $351.5 |  | $376.2 |  | 4 | 9 | $1555.4 |  | $1360.7 |  | 14 |
| Total payments transaction volume (in trillions) (c) | 1.4 |  | 1.4 |  | 1.5 |  | 1.3 |  | 1.4 |  |  |  | 5.6 |  | 5.0 |  | 12 |
| **Banking & Wealth Management** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Average deposits | $1126420 |  | $1156933 |  | $1163423 |  | $1136115 |  | $1094442 |  | (3) | 3 | $1145727 |  | $1035379 |  | 11 |
| Deposit margin | 2.48 | % | 1.83 | % | 1.31 | % | 1.22 | % | 1.22 | % |  |  | 1.71 | % | 1.27 | % |  |
| Business Banking average loans | $20467 |  | $21263 |  | $22769 |  | $24816 |  | $28919 |  | (4) | (29) | $22314 |  | $37548 |  | (41) |
| Business Banking origination volume | 1081 |  | 977 |  | 1196 |  | 1028 |  | 866 |  | 11 | 25 | 4282 |  | 13916 | (g) | (69) |
| Client investment assets (d) | 647120 |  | 615048 |  | 628479 |  | 696316 |  | 718051 |  | 5 | (10) | 647120 |  | 718051 |  | (10) |
| Number of client advisors | 5029 |  | 5017 |  | 4890 |  | 4816 |  | 4725 |  |  | 6 | 5029 |  | 4725 |  | 6 |
| **Home Lending (in billions)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage origination volume by channel |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail | $4.6 |  | $7.8 |  | $11.0 |  | $15.1 |  | $22.4 |  | (41) | (79) | $38.5 |  | $91.8 |  | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Correspondent | 2.1 |  | 4.3 |  | 10.9 |  | 9.6 |  | 19.8 |  | (51) | (89) | 26.9 |  | 70.9 |  | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total mortgage origination volume (e)** | $**6.7** |  | $**12.1** |  | $**21.9** |  | $**24.7** |  | $**42.2** |  | (45) | (84) | $**65.4** |  | $**162.7** |  | (60) |
| Third-party mortgage loans serviced (period-end) | 584.3 |  | 586.7 |  | 575.6 |  | 575.4 |  | 519.2 | (f) |  | 13 | 584.3 |  | 519.2 | (f) | 13 |
| MSR carrying value (period-end) | 8.0 |  | 8.1 |  | 7.4 |  | 7.3 |  | 5.5 |  | (1) | 45 | 8.0 |  | 5.5 |  | 45 |
| **Card Services** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sales volume, excluding Commercial Card (in billions) | $284.8 |  | $272.3 |  | $271.2 |  | $236.4 |  | $254.1 |  | 5 | 12 | 1064.7 |  | 893.5 |  | 19 |
| Net revenue rate | 10.06 | % | 9.92 | % | 9.59 | % | 9.87 | % | 9.61 | % |  |  | 9.87 | % | 10.51 | % |  |
| Net yield on average loans | 9.78 |  | 9.81 |  | 9.50 |  | 9.99 |  | 9.67 |  |  |  | 9.77 |  | 9.88 |  |  |
| **Auto** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Loan and lease origination volume (in billions) | $7.5 |  | $7.5 |  | $7.0 |  | $8.4 |  | $8.5 |  |  | (12) | $30.4 |  | $43.6 |  | (30) |
| Average auto operating lease assets | 12333 |  | 13466 |  | 14866 |  | 16423 |  | 17629 |  | (8) | (30) | 14259 |  | 19064 |  | (25) |

---

(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 ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person, cash 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 20-22 for additional information.

(e)Firmwide mortgage origination volume was $8.5 billion, $15.2 billion, $27.9 billion, $30.2 billion and $48.2 billion for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $81.8 billion and $182.4 billion for the full year 2022 and 2021, respectively.

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

(g)Included $10.6 billion of origination volume under the PPP for the full year 2021. The program ended on May 31, 2021 for new applications.

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---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CORPORATE & INVESTMENT BANK** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio data)** |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  | **2022 Change** |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** |  | **3Q22** | **4Q21** | **2022** | **2021** | **2021** |
| **<u>INCOME STATEMENT</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **REVENUE** |  |  |  |  |  |  |  |  |  |  |  |
| Investment banking fees | $1467 | $1762 | $1650 | $2050 | $3502 |  | (17)% | (58)% | $6929 | $13359 | (48)% |
| Principal transactions | 4397 | 5258 | 5048 | 5223 | 2116 |  | (16) | 108 | 19926 | 15764 | 26 |
| Lending- and deposit-related fees | 548 | 589 | 641 | 641 | 654 |  | (7) | (16) | 2419 | 2514 | (4) |
| Asset management, administration and commissions | 1198 | 1198 | 1330 | 1339 | 1252 |  |  | (4) | 5065 | 5024 | 1 |
| All other income | 452 | 424 | 80 | 704 | 624 |  | 7 | (28) | 1660 | 1548 | 7 |
| &nbsp;&nbsp;&nbsp;**Noninterest revenue** | **8062** | **9231** | **8749** | **9957** | **8148** |  | (13) | (1) | **35999** | **38209** | (6) |
| Net interest income | 2486 | 2644 | 3198 | 3572 | 3386 |  | (6) | (27) | 11900 | 13540 | (12) |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE (a)** | **10548** | **11875** | **11947** | **13529** | **11534** |  | (11) | (9) | **47899** | **51749** | (7) |
| Provision for credit losses | 141 | 513 | 59 | 445 | (126) |  | (73) | NM | 1158 | (1174) | NM |
| **NONINTEREST EXPENSE** |  |  |  |  |  |  |  |  |  |  |  |
| Compensation expense | 3091 | 3311 | 3510 | 4006 | 2358 |  | (7) | 31 | 13918 | 13096 | 6 |
| Noncompensation expense | 3335 | 3307 | 3235 | 3292 | 3469 |  | 1 | (4) | 13169 | 12229 | 8 |
| &nbsp;&nbsp;&nbsp;**TOTAL NONINTEREST EXPENSE** | **6426** | **6618** | **6745** | **7298** | **5827** |  | (3) | 10 | **27087** | **25325** | 7 |
| **Income before income tax expense** | **3981** | **4744** | **5143** | **5786** | **5833** |  | (16) | (32) | **19654** | **27598** | (29) |
| Income tax expense | 653 | 1212 | 1418 | 1401 | 1290 | (c) | (46) | (49) | 4684 | 6464 | (28) |
| **NET INCOME** | $**3328** | $**3532** | $**3725** | $**4385** | $**4543** | (c) | (6) | (27) | $**14970** | $**21134** | (29) |
| **<u>FINANCIAL RATIOS</u>** |  |  |  |  |  |  |  |  |  |  |  |
| ROE | 12% | 13% | 14% | 17% | 21% | (c) |  |  | 14% | 25% |  |
| Overhead ratio | 61 | 56 | 56 | 54 | 51 |  |  |  | 57 | 49 |  |
| Compensation expense as percentage of total net revenue | 29 | 28 | 29 | 30 | 20 |  |  |  | 29 | 25 |  |
| **<u>REVENUE BY BUSINESS</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Investment Banking | $1389 | $1713 | $1351 | $2057 | $3206 |  | (19) | (57) | $6510 | $12506 | (48) |
| Payments | 2070 | 1989 | 1463 | 1854 | 1801 |  | 4 | 15 | 7376 | 6270 | 18 |
| Lending | 323 | 323 | 410 | 321 | 263 |  |  | 23 | 1377 | 1001 | 38 |
| &nbsp;&nbsp;&nbsp;**Total Banking** | **3782** | **4025** | **3224** | **4232** | **5270** |  | (6) | (28) | **15263** | **19777** | (23) |
| Fixed Income Markets | 3739 | 4469 | 4711 | 5698 | 3334 |  | (16) | 12 | 18617 | 16865 | 10 |
| Equity Markets | 1931 | 2302 | 3079 | 3055 | 1954 |  | (16) | (1) | 10367 | 10529 | (2) |
| Securities Services | 1159 | 1110 | 1151 | 1068 | 1064 |  | 4 | 9 | 4488 | 4328 | 4 |
| Credit Adjustments & Other (b) | (63) | (31) | (218) | (524) | (88) |  | (103) | 28 | (836) | 250 | NM |
| &nbsp;&nbsp;&nbsp;**Total Markets & Securities Services** | **6766** | **7850** | **8723** | **9297** | **6264** |  | (14) | 8 | **32636** | **31972** | 2 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | $**10548** | $**11875** | $**11947** | $**13529** | $**11534** |  | (11) | (9) | $**47899** | $**51749** | (7) |

---

(a)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 $854 million, $626 million, $772 million, $737 million and $923 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $3.0 billion for both the full year 2022 and 2021.

(b)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.

(c)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CORPORATE & INVESTMENT BANK** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio and headcount data)** |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  | **2022 Change** |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** | **3Q22** | **4Q21** | **2022** | **2021** | **2021** |
| **<u>SELECTED BALANCE SHEET DATA (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |
| Total assets | $1334296 | $1384618 | $1403558 | $1460463 | $1259896 | (4)% | 6% | $1334296 | $1259896 | 6% |
| Loans: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained (a) | 187642 | 180604 | 171219 | 167791 | 159786 | 4 | 17 | 187642 | 159786 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value (b) | 42304 | 40357 | 46032 | 47260 | 50386 | 5 | (16) | 42304 | 50386 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | **229946** | **220961** | **217251** | **215051** | **210172** | 4 | 9 | **229946** | **210172** | 9 |
| Equity | 103000 | 103000 | 103000 | 103000 | 83000 |  | 24 | 103000 | 83000 | 24 |
| **<u>SELECTED BALANCE SHEET DATA (average)</u>** |  |  |  |  |  |  |  |  |  |  |
| Total assets | $1384255 | $1403247 | $1429953 | $1407835 | $1341267 | (1) | 3 | $1406250 | $1334518 | 5 |
| Trading assets - debt and equity instruments | 406692 | 386895 | 411079 | 419346 | 407656 | 5 |  | 405916 | 448099 | (9) |
| Trading assets - derivative receivables | 77669 | 83084 | 83582 | 66692 | 65365 | (7) | 19 | 77802 | 68203 | 14 |
| Loans: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained (a) | 182873 | 176469 | 169909 | 160976 | 153595 | 4 | 19 | 172627 | 145137 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value (b) | 42895 | 45150 | 48048 | 51398 | 52429 | (5) | (18) | 46846 | 51072 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | **225768** | **221619** | **217957** | **212374** | **206024** | 2 | 10 | **219473** | **196209** | 12 |
| Equity | 103000 | 103000 | 103000 | 103000 | 83000 |  | 24 | 103000 | 83000 | 24 |
| **Headcount** | 73452 | 71797 | 69447 | 68292 | 67546 | 2 | 9 | 73452 | 67546 | 9 |
| **<u>CREDIT DATA AND QUALITY STATISTICS</u>** |  |  |  |  |  |  |  |  |  |  |
| Net charge-offs/(recoveries) | $7 | $17 | $38 | $20 | $23 | (59) | (70) | $82 | $6 | NM |
| Nonperforming assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans retained (c) | 718 | 583 | 697 | 871 | 584 | 23 | 23 | 718 | 584 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans held-for-sale and loans at fair value (d) | 848 | 824 | 840 | 949 | 844 | 3 |  | 848 | 844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total nonaccrual loans** | **1566** | **1407** | **1537** | **1820** | **1428** | 11 | 10 | **1566** | **1428** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative receivables | 296 | 339 | 447 | 597 | 316 | (13) | (6) | 296 | 316 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets acquired in loan satisfactions | 87 | 85 | 84 | 91 | 91 | 2 | (4) | 87 | 91 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total nonperforming assets** | **1949** | **1831** | **2068** | **2508** | **1835** | 6 | 6 | **1949** | **1835** | 6 |
| Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | 2292 | 2032 | 1809 | 1687 | 1348 | 13 | 70 | 2292 | 1348 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for lending-related commitments | 1448 | 1582 | 1358 | 1459 | 1372 | (8) | 6 | 1448 | 1372 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total allowance for credit losses** | **3740** | **3614** | **3167** | **3146** | **2720** | 3 | 38 | **3740** | **2720** | 38 |
| Net charge-off/(recovery) rate (a)(e) | 0.02% | 0.04% | 0.09% | 0.05% | 0.06% |  |  | 0.05% | —% |  |
| Allowance for loan losses to period-end loans retained (a) | 1.22 | 1.13 | 1.06 | 1.01 | 0.84 |  |  | 1.22 | 0.84 |  |
| Allowance for loan losses to period-end loans retained, |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;excluding trade finance and conduits (f) | 1.67 | 1.49 | 1.38 | 1.31 | 1.12 |  |  | 1.67 | 1.12 |  |
| Allowance for loan losses to nonaccrual loans retained (a)(c) | 319 | 349 | 260 | 194 | 231 |  |  | 319 | 231 |  |
| Nonaccrual loans to total period-end loans | 0.68 | 0.64 | 0.71 | 0.85 | 0.68 |  |  | 0.68 | 0.68 |  |

---

(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 $104 million, $111 million, $130 million, $226 million and $58 million were held against these nonaccrual loans at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

(d)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $115 million, $143 million, $196 million, $283 million and $281 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CORPORATE & INVESTMENT BANK** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except where otherwise noted)** |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  | **2022 Change** |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** | **3Q22** | **4Q21** | **2022** | **2021** | **2021** |
| **<u>BUSINESS METRICS</u>** |  |  |  |  |  |  |  |  |  |  |
| Advisory | $738 | $848 | $664 | $801 | $1557 | (13)% | (53)% | $3051 | $4381 | (30)% |
| Equity underwriting | 250 | 290 | 245 | 249 | 802 | (14) | (69) | 1034 | 3953 | (74) |
| Debt underwriting | 479 | 624 | 741 | 1000 | 1143 | (23) | (58) | 2844 | 5025 | (43) |
| &nbsp;&nbsp;&nbsp;**Total investment banking fees** | $**1467** | $**1762** | $**1650** | $**2050** | $**3502** | (17) | (58) | $**6929** | $**13359** | (48) |
| Client deposits and other third-party liabilities (average) (a) | 649694 | 669215 | 722388 | 709121 | 717496 | (3) | (9) | 687391 | 714910 | (4) |
| Merchant processing volume (in billions) (b) | 583.2 | 545.4 | 539.6 | 490.2 | 514.9 | 7 | 13 | 2158.4 | 1886.7 | 14 |
| Assets under custody ("AUC") (period-end) (in billions) | $28635 | $27157 | $28579 | $31571 | $33221 | 5 | (14) | $28635 | $33221 | (14) |
| **<u>95% Confidence Level - Total CIB VaR (average)</u>** |  |  |  |  |  |  |  |  |  |  |
| **CIB trading VaR by risk type: (c)** |  |  |  |  |  |  |  |  |  |  |
| Fixed income | $66 | $64 | $60 | $47 | $39 | 3 | 69 |  |  |  |
| Foreign exchange | 11 | 9 | 8 | 4 | 4 | 22 | 175 |  |  |  |
| Equities | 13 | 11 | 11 | 12 | 12 | 18 | 8 |  |  |  |
| Commodities and other | 18 | 14 | 14 | 15 | 12 | 29 | 50 |  |  |  |
| Diversification benefit to CIB trading VaR (d) | (50) | (47) | (43) | (33) | (31) | (6) | (61) |  |  |  |
| &nbsp;&nbsp;&nbsp;**CIB trading VaR (c)** | **58** | **51** | **50** | **45** | **36** | 14 | 61 |  |  |  |
| Credit Portfolio VaR (e) | 10 | 10 | 17 | 29 | 5 |  | 100 |  |  |  |
| Diversification benefit to CIB VaR (d) | (8) | (8) | (15) | (10) | (4) |  | (100) |  |  |  |
| &nbsp;&nbsp;&nbsp;**CIB VaR** | $**60** | $**53** | $**52** | $**64** | $**37** | 13 | 62 |  |  |  |

---

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

(b)Represents total merchant processing volume across CIB, CCB and CB.

(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 135–137 of the Firm's 2021 Form 10-K, and pages 77–79 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **COMMERCIAL BANKING** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio data)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  |  |  | **2022 Change** |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** |  | **3Q22** | **4Q21** | **2022** |  | **2021** |  | **2021** |
| **<u>INCOME STATEMENT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **REVENUE** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lending- and deposit-related fees | $243 | $288 | $348 | $364 | $356 |  | (16)% | (32)% | $1243 |  | $1392 |  | (11)% |
| All other income | 486 | 548 | 556 | 503 | 718 |  | (11) | (32) | 2093 |  | 2537 |  | (18) |
| &nbsp;&nbsp;&nbsp;**Noninterest revenue** | **729** | **836** | **904** | **867** | **1074** |  | (13) | (32) | **3336** |  | **3929** |  | (15) |
| Net interest income | 2675 | 2212 | 1779 | 1531 | 1538 |  | 21 | 74 | 8197 |  | 6079 |  | 35 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE (a)** | **3404** | **3048** | **2683** | **2398** | **2612** |  | 12 | 30 | **11533** |  | **10008** |  | 15 |
| Provision for credit losses | 284 | 618 | 209 | 157 | (89) |  | (54) | NM | 1268 |  | (947) |  | NM |
| **NONINTEREST EXPENSE** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Compensation expense | 607 | 577 | 559 | 553 | 496 |  | 5 | 22 | 2296 |  | 1973 |  | 16 |
| Noncompensation expense | 647 | 603 | 597 | 576 | 563 |  | 7 | 15 | 2423 |  | 2068 |  | 17 |
| &nbsp;&nbsp;&nbsp;**TOTAL NONINTEREST EXPENSE** | **1254** | **1180** | **1156** | **1129** | **1059** |  | 6 | 18 | **4719** |  | **4041** |  | 17 |
| **Income before income tax expense** | **1866** | **1250** | **1318** | **1112** | **1642** |  | 49 | 14 | **5546** |  | **6914** |  | (20) |
| Income tax expense | 443 | 304 | 324 | 262 | 408 | (e) | 46 | 9 | 1333 |  | 1668 |  | (20) |
| &nbsp;&nbsp;**NET INCOME**  | $**1423** | $**946** | $**994** | $**850** | $**1234** | (e) | 50 | 15 | $**4213** |  | $**5246** |  | (20) |
| **<u>REVENUE BY PRODUCT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lending | $1185 | $1176 | $1058 | $1105 | $1151 |  | 1 | 3 | $4524 |  | $4629 |  | (2) |
| Payments (b) | 1989 | 1618 | 1253 | 1022 | 989 |  | 23 | 101 | 5882 |  | 3791 |  | 55 |
| Investment banking (b)(c) | 196 | 224 | 234 | 219 | 435 |  | (13) | (55) | 873 |  | 1473 |  | (41) |
| Other | 34 | 30 | 138 | 52 | 37 |  | 13 | (8) | 254 |  | 115 |  | 121 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE (a)** | $**3404** | $**3048** | $**2683** | $**2398** | $**2612** |  | 12 | 30 | $**11533** |  | $**10008** |  | 15 |
| Investment banking revenue, gross (d) | $700 | $761 | $788 | $729 | $1456 |  | (8) | (52) | $2978 |  | $5092 |  | (42) |
| **<u>REVENUE BY CLIENT SEGMENT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Middle Market Banking | $1619 | $1366 | $1169 | $980 | $1062 |  | 19 | 52 | $5134 |  | $4004 |  | 28 |
| Corporate Client Banking | 1109 | 1052 | 927 | 830 | 928 |  | 5 | 20 | 3918 |  | 3508 |  | 12 |
| Commercial Real Estate Banking | 666 | 624 | 590 | 581 | 614 |  | 7 | 8 | 2461 |  | 2419 |  | 2 |
| Other | 10 | 6 | (3) | 7 | 8 |  | 67 | 25 | 20 |  | 77 |  | (74) |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE (a)** | $**3404** | $**3048** | $**2683** | $**2398** | $**2612** |  | 12 | 30 | $**11533** |  | $**10008** |  | 15 |
| **<u>FINANCIAL RATIOS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ROE | 22% | 14% | 15% | 13% | 19% | (e) |  |  | 16 | % | 21 | % |  |
| Overhead ratio | 37 | 39 | 43 | 47 | 41 |  |  |  | 41 |  | 40 |  |  |

---

(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 $100 million, $80 million, $73 million, $69 million and $99 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $322 million and $330 million for the full year 2022 and 2021, respectively.

(b)In the fourth quarter of 2022, certain revenue from CIB Markets products was reclassified from investment banking to payments. Prior-period amounts have been revised to conform with the current presentation.

(c)Includes CB's share of revenue from investment banking products sold to CB clients through the CIB.

(d)Includes gross revenues earned by the Firm, for investment banking and payments products sold to CB clients, that are subject to a revenue sharing arrangement with the CIB. Refer to page 61 of the Firm's 2021 Form 10-K for discussion of revenue sharing.

(e)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

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---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **COMMERCIAL BANKING** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except headcount and ratio data)** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  |  |  | **2022 Change** |
|  | **4Q22** |  | **3Q22** |  | **2Q22** |  | **1Q22** |  | **4Q21** |  | **3Q22** | **4Q21** | **2022** |  | **2021** |  | **2021** |
| **<u>SELECTED BALANCE SHEET DATA (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $257106 |  | $247485 |  | $242456 |  | $235127 |  | $230776 |  | 4% | 11% | $257106 |  | $230776 |  | 11% |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | 233879 |  | 231829 |  | 223541 |  | 213073 |  | 206220 |  | 1 | 13 | 233879 |  | 206220 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value | 707 |  | 137 |  | 566 |  | 1743 |  | 2223 |  | 416 | (68) | 707 |  | 2223 |  | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | $**234586** |  | $**231966** |  | $**224107** |  | $**214816** |  | $**208443** |  | 1 | 13 | $**234586** |  | $**208443** |  | 13 |
| Equity | 25000 |  | 25000 |  | 25000 |  | 25000 |  | 24000 |  |  | 4 | 25000 |  | 24000 |  | 4 |
| **Period-end loans by client segment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Middle Market Banking (a) | $72625 |  | $71707 |  | $68535 |  | $64306 |  | $61159 |  | 1 | 19 | $72625 |  | $61159 |  | 19 |
| Corporate Client Banking | 53840 |  | 52940 |  | 49503 |  | 46720 |  | 45315 |  | 2 | 19 | 53840 |  | 45315 |  | 19 |
| Commercial Real Estate Banking | 107999 |  | 107241 |  | 105982 |  | 103685 |  | 101751 |  | 1 | 6 | 107999 |  | 101751 |  | 6 |
| Other | 122 |  | 78 |  | 87 |  | 105 |  | 218 |  | 56 | (44) | 122 |  | 218 |  | (44) |
| &nbsp;&nbsp;&nbsp;**Total loans (a)** | $**234586** |  | $**231966** |  | $**224107** |  | $**214816** |  | $**208443** |  | 1 | 13 | $**234586** |  | $**208443** |  | 13 |
| **<u>SELECTED BALANCE SHEET DATA (average)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $253007 |  | $246318 |  | $239381 |  | $233474 |  | $227308 |  | 3 | 11 | $243108 |  | $225548 |  | 8 |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | 234654 |  | 227539 |  | 218478 |  | 208540 |  | 201676 |  | 3 | 16 | 222388 |  | 201920 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value | 673 |  | 1589 |  | 1004 |  | 2147 |  | 3958 |  | (58) | (83) | 1350 |  | 3122 |  | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | $**235327** |  | $**229128** |  | $**219482** |  | $**210687** |  | $**205634** |  | 3 | 14 | $**223738** |  | $**205042** |  | 9 |
| Client deposits and other third-party liabilities | 278924 |  | 281336 |  | 300425 |  | 316921 |  | 323821 |  | (1) | (14) | 294261 |  | 301502 |  | (2) |
| Equity | 25000 |  | 25000 |  | 25000 |  | 25000 |  | 24000 |  |  | 4 | 25000 |  | 24000 |  | 4 |
| **Average loans by client segment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Middle Market Banking | $72109 |  | $70002 |  | $66640 |  | $62437 |  | $59784 |  | 3 | 21 | $67830 |  | $60128 |  | 13 |
| Corporate Client Banking | 55137 |  | 52432 |  | 47832 |  | 45595 |  | 44976 |  | 5 | 23 | 50281 |  | 44361 |  | 13 |
| Commercial Real Estate Banking | 107831 |  | 106546 |  | 104890 |  | 102498 |  | 100682 |  | 1 | 7 | 105459 |  | 100331 |  | 5 |
| Other | 250 |  | 148 |  | 120 |  | 157 |  | 192 |  | 69 | 30 | 168 |  | 222 |  | (24) |
| &nbsp;&nbsp;&nbsp;**Total loans** | $**235327** |  | $**229128** |  | $**219482** |  | $**210687** |  | $**205634** |  | 3 | 14 | $**223738** |  | $**205042** |  | 9 |
| **Headcount** | 14687 |  | 14299 |  | 13811 |  | 13220 |  | 12902 |  | 3 | 14 | 14687 |  | 12902 |  | 14 |
| **<u>CREDIT DATA AND QUALITY STATISTICS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net charge-offs/(recoveries) | $35 |  | $42 |  | $1 |  | $6 |  | $8 |  | (17) | 338 | $84 |  | $71 |  | 18 |
| **Nonperforming assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans retained (b)(c) | 766 |  | 836 |  | 761 |  | 751 |  | 740 |  | (8) | 4 | 766 |  | 740 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans held-for-sale and loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total nonaccrual loans** | **766** |  | **836** |  | **761** |  | **751** |  | **740** |  | (8) | 4 | **766** |  | **740** |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets acquired in loan satisfactions |  |  | 7 |  | 8 |  | 17 |  | 17 |  | NM | NM |  |  | 17 |  | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total nonperforming assets** | **766** |  | **843** |  | **769** |  | **768** |  | **757** |  | (9) | 1 | **766** |  | **757** |  | 1 |
| Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | 3324 |  | 3050 |  | 2602 |  | 2357 |  | 2219 |  | 9 | 50 | 3324 |  | 2219 |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for lending-related commitments | 830 |  | 864 |  | 725 |  | 762 |  | 749 |  | (4) | 11 | 830 |  | 749 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total allowance for credit losses** | **4154** |  | **3914** |  | **3327** |  | **3119** |  | **2968** |  | 6 | 40 | **4154** |  | **2968** |  | 40 |
| Net charge-off/(recovery) rate (d) | 0.06 | % | 0.07 | % |  | % | 0.01 | % | 0.02 | % |  |  | 0.04 | % | 0.04 | % |  |
| Allowance for loan losses to period-end loans retained | 1.42 |  | 1.32 |  | 1.16 |  | 1.11 |  | 1.08 |  |  |  | 1.42 |  | 1.08 |  |  |
| Allowance for loan losses to nonaccrual loans retained (b) | 434 |  | 365 |  | 342 |  | 314 |  | 300 |  |  |  | 434 |  | 300 |  |  |
| Nonaccrual loans to period-end total loans | 0.33 |  | 0.36 |  | 0.34 |  | 0.35 |  | 0.36 |  |  |  | 0.33 |  | 0.36 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, total loans included $132 million, $205 million, $335 million, $640 million, and $1.2 billion of loans, respectively, under the PPP, of which $123 million, $187 million, $306 million, $604 million, and $1.1 billion, were in Middle Market Banking. Refer to page 109 of the Firm's 2021 Form 10-K for further information on the PPP.

(b)Allowance for loan losses of $153 million, $150 million, $74 million, $104 million and $124 million was held against nonaccrual loans retained at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

(c)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, and December 31, 2021, nonaccrual loans excluded PPP loans 90 or more days past due and insured by the SBA of $18 million, $27 million, $32 million, $50 million and $114 million, respectively. These amounts have been excluded based upon the SBA guarantee.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **ASSET & WEALTH MANAGEMENT** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio and headcount data)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  |  |  | **2022 Change** |
|  | **4Q22** |  | **3Q22** |  | **2Q22** |  | **1Q22** |  | **4Q21** |  | **3Q22** | **4Q21** | **2022** |  | **2021** |  | **2021** |
| **<u>INCOME STATEMENT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **REVENUE** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset management, administration and commissions | $2976 |  | $3044 |  | $3037 |  | $3115 |  | $3330 |  | (2)% | (11)% | $12172 |  | $12333 |  | (1)% |
| All other income | 82 |  | 82 |  | 47 |  | 124 |  | 118 |  |  | (31) | 335 |  | 738 |  | (55) |
| &nbsp;&nbsp;&nbsp;**Noninterest revenue** | **3058** |  | **3126** |  | **3084** |  | **3239** |  | **3448** |  | (2) | (11) | **12507** |  | **13071** |  | (4) |
| Net interest income | 1530 |  | 1413 |  | 1222 |  | 1076 |  | 1025 |  | 8 | 49 | 5241 |  | 3886 |  | 35 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | **4588** |  | **4539** |  | **4306** |  | **4315** |  | **4473** |  | 1 | 3 | **17748** |  | **16957** |  | 5 |
| Provision for credit losses | 32 |  | (102) |  | 44 |  | 154 |  | (36) |  | NM | NM | 128 |  | (227) |  | NM |
| **NONINTEREST EXPENSE** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Compensation expense | 1649 |  | 1649 |  | 1508 |  | 1530 |  | 1560 |  |  | 6 | 6336 |  | 5692 |  | 11 |
| Noncompensation expense | 1373 |  | 1379 |  | 1411 |  | 1330 |  | 1437 |  |  | (4) | 5493 |  | 5227 |  | 5 |
| &nbsp;&nbsp;&nbsp;**TOTAL NONINTEREST EXPENSE** | **3022** |  | **3028** |  | **2919** |  | **2860** |  | **2997** |  |  | 1 | **11829** |  | **10919** |  | 8 |
| **Income before income tax expense** | **1534** |  | **1613** |  | **1343** |  | **1301** |  | **1512** |  | (5) | 1 | **5791** |  | **6265** |  | (8) |
| Income tax expense | 400 |  | 394 |  | 339 |  | 293 |  | 387 | (a) | 2 | 3 | 1426 |  | 1528 |  | (7) |
| &nbsp;&nbsp;&nbsp;**NET INCOME** | $**1134** |  | $**1219** |  | $**1004** |  | $**1008** |  | $**1125** | (a) | (7) | 1 | $**4365** |  | $**4737** |  | (8) |
| **<u>REVENUE BY LINE OF BUSINESS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset Management | $2158 |  | $2209 |  | $2137 |  | $2314 |  | $2488 |  | (2) | (13) | $8818 |  | $9246 |  | (5) |
| Global Private Bank | 2430 |  | 2330 |  | 2169 |  | 2001 |  | 1985 |  | 4 | 22 | 8930 |  | 7711 |  | 16 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | $**4588** |  | $**4539** |  | $**4306** |  | $**4315** |  | $**4473** |  | 1 | 3 | $**17748** |  | $**16957** |  | 5 |
| **<u>FINANCIAL RATIOS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ROE | 26 | % | 28 | % | 23 | % | 23 | % | 31 | % (a) |  |  | 25 | % | 33 | % |  |
| Overhead ratio | 66 |  | 67 |  | 68 |  | 66 |  | 67 |  |  |  | 67 |  | 64 |  |  |
| Pretax margin ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Management | 27 |  | 31 |  | 29 |  | 33 |  | 32 |  |  |  | 30 |  | 35 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Private Bank | 39 |  | 40 |  | 33 |  | 27 |  | 36 |  |  |  | 35 |  | 39 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset & Wealth Management | 33 |  | 36 |  | 31 |  | 30 |  | 34 |  |  |  | 33 |  | 37 |  |  |
| **Headcount** | 26041 |  | 25769 |  | 23981 |  | 23366 |  | 22762 |  | 1 | 14 | 26041 |  | 22762 |  | 14 |
| Number of Global Private Bank client advisors | 3137 |  | 3110 |  | 2866 |  | 2798 |  | 2738 |  | 1 | 15 | 3137 |  | 2738 |  | 15 |

---

(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

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---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **ASSET & WEALTH MANAGEMENT** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio data)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  |  |  | **2022 Change** |
|  | **4Q22** |  | **3Q22** |  | **2Q22** |  | **1Q22** |  | **4Q21** |  | **3Q22** | **4Q21** | **2022** |  | **2021** |  | **2021** |
| **<u>SELECTED BALANCE SHEET DATA (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $232037 |  | $232303 |  | $235553 |  | $233070 |  | $234425 |  | —% | (1)% | $232037 |  | $234425 |  | -1% |
| Loans | 214006 |  | 214989 |  | 218841 |  | 215130 |  | 218271 |  |  | (2) | 214006 |  | 218271 |  | (2) |
| Deposits | 233130 |  | 242315 |  | 257437 |  | 287293 |  | 282052 |  | (4) | (17) | 233130 |  | 282052 |  | (17) |
| Equity | 17000 |  | 17000 |  | 17000 |  | 17000 |  | 14000 |  |  | 21 | 17000 |  | 14000 |  | 21 |
| **<u>SELECTED BALANCE SHEET DATA (average)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $230149 |  | $232748 |  | $234565 |  | $232310 |  | $227597 |  | (1) | 1 | $232438 |  | $217187 |  | 7 |
| Loans | 214150 |  | 216714 |  | 216846 |  | 214611 |  | 209169 |  | (1) | 2 | 215582 |  | 198487 |  | 9 |
| Deposits | 236965 |  | 253026 |  | 268861 |  | 287756 |  | 264580 |  | (6) | (10) | 261489 |  | 230296 |  | 14 |
| Equity | 17000 |  | 17000 |  | 17000 |  | 17000 |  | 14000 |  |  | 21 | 17000 |  | 14000 |  | 21 |
| **<u>CREDIT DATA AND QUALITY STATISTICS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net charge-offs/(recoveries) | $(2) |  | $(13) |  | $9 |  | $(1) |  | $4 |  | 85 | NM | $(7) |  | $26 |  | NM |
| Nonaccrual loans | 459 |  | 467 |  | 620 |  | 626 |  | 708 |  | (2) | (35) | 459 |  | 708 |  | (35) |
| Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | 494 |  | 461 |  | 547 |  | 516 |  | 365 |  | 7 | 35 | 494 |  | 365 |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for lending-related commitments | 20 |  | 21 |  | 22 |  | 19 |  | 18 |  | (5) | 11 | 20 |  | 18 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total allowance for credit losses** | **514** |  | **482** |  | **569** |  | **535** |  | **383** |  | 7 | 34 | **514** |  | **383** |  | 34 |
| Net charge-off/(recovery) rate |  | % | (0.02) | % | 0.02 | % |  | % | 0.01 | % |  |  |  | % | 0.01 | % |  |
| Allowance for loan losses to period-end loans | 0.23 |  | 0.21 |  | 0.25 |  | 0.24 |  | 0.17 |  |  |  | 0.23 |  | 0.17 |  |  |
| Allowance for loan losses to nonaccrual loans | 108 |  | 99 |  | 88 |  | 82 |  | 52 |  |  |  | 108 |  | 52 |  |  |
| Nonaccrual loans to period-end loans | 0.21 |  | 0.22 |  | 0.28 |  | 0.29 |  | 0.32 |  |  |  | 0.21 |  | 0.32 |  |  |

---

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **ASSET & WEALTH MANAGEMENT** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in billions)** |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | **Dec 31, 2022** | **Dec 31, 2022** |  |  |  |
|  |  |  |  |  |  | **Change** | **Change** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  | **Dec 31,** | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Dec 31,** | **Sep 30,** | **Dec 31,** |  |  | **2022 Change** |
| **<u>CLIENT ASSETS</u>** | **2022** | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2021** |
| **Assets by asset class** |  |  |  |  |  |  |  |  |  |  |
| Liquidity | $654 | $615 | $654 | $657 | $708 | 6% | (8)% | $654 | $708 | (8)% |
| Fixed income | 638 | 612 | 624 | 657 | 693 | 4 | (8) | 638 | 693 | (8) |
| Equity | 670 | 609 | 641 | 739 | 779 | 10 | (14) | 670 | 779 | (14) |
| Multi-asset | 603 | 577 | 615 | 699 | 732 | 5 | (18) | 603 | 732 | (18) |
| Alternatives | 201 | 203 | 209 | 208 | 201 | (1) |  | 201 | 201 |  |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS UNDER MANAGEMENT** | **2766** | **2616** | **2743** | **2960** | **3113** | 6 | (11) | **2766** | **3113** | (11) |
| Custody/brokerage/administration/deposits | 1282 | 1207 | 1055 | 1156 | 1182 | 6 | 8 | 1282 | 1182 | 8 |
| &nbsp;&nbsp;&nbsp;**TOTAL CLIENT ASSETS (a)** | $**4048** | $**3823** | $**3798** | $**4116** | $**4295** | 6 | (6) | $**4048** | $**4295** | (6) |
| **Assets by client segment** |  |  |  |  |  |  |  |  |  |  |
| Private Banking | $751 | $698 | $712 | $777 | $805 | 8 | (7) | $751 | $805 | (7) |
| Global Institutional | 1252 | 1209 | 1294 | 1355 | 1430 | 4 | (12) | 1252 | 1430 | (12) |
| Global Funds | 763 | 709 | 737 | 828 | 878 | 8 | (13) | 763 | 878 | (13) |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS UNDER MANAGEMENT** | $**2766** | $**2616** | $**2743** | $**2960** | $**3113** | 6 | (11) | $**2766** | $**3113** | (11) |
| Private Banking | $1964 | $1848 | $1715 | $1880 | $1931 | 6 | 2 | $1964 | $1931 | 2 |
| Global Institutional | 1314 | 1261 | 1339 | 1402 | 1479 | 4 | (11) | 1314 | 1479 | (11) |
| Global Funds | 770 | 714 | 744 | 834 | 885 | 8 | (13) | 770 | 885 | (13) |
| &nbsp;&nbsp;&nbsp;**TOTAL CLIENT ASSETS (a)** | $**4048** | $**3823** | $**3798** | $**4116** | $**4295** | 6 | (6) | $**4048** | $**4295** | (6) |
| **Assets under management rollforward** |  |  |  |  |  |  |  |  |  |  |
| Beginning balance | $2616 | $2743 | $2960 | $3113 | $2996 |  |  | $3113 | $2716 |  |
| Net asset flows: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity | 33 | (36) |  | (52) | 20 |  |  | (55) | 68 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income | 8 | 9 | (1) | (3) |  |  |  | 13 | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity | 9 | 6 | 9 | 11 | 18 |  |  | 35 | 85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-asset | (7) | (5) | (3) | 6 | 6 |  |  | (9) | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternatives |  | 2 | 1 | 5 | 10 |  |  | 8 | 26 |  |
| Market/performance/other impacts | 107 | (103) | (223) | (120) | 63 |  |  | (339) | 165 |  |
| &nbsp;&nbsp;&nbsp;**Ending balance** | $**2766** | $**2616** | $**2743** | $**2960** | $**3113** |  |  | $**2766** | $**3113** |  |
| **Client assets rollforward** |  |  |  |  |  |  |  |  |  |  |
| Beginning balance | $3823 | $3798 | $4116 | $4295 | $4096 |  |  | $4295 | $3652 |  |
| Net asset flows | 70 | (15) | (1) | (5) | 109 |  |  | 49 | 389 |  |
| Market/performance/other impacts | 155 | 40 | (317) | (174) | 90 |  |  | (296) | 254 |  |
| &nbsp;&nbsp;&nbsp;**Ending balance** | $**4048** | $**3823** | $**3798** | $**4116** | $**4295** |  |  | $**4048** | $**4295** |  |

---

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

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---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CORPORATE** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except headcount data)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  |  | **2022 Change** |
|  | **4Q22** |  | **3Q22** |  | **2Q22** |  | **1Q22** | **4Q21** |  | **3Q22** | **4Q21** | **2022** |  | **2021** | **2021** |
| **<u>INCOME STATEMENT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **REVENUE** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Principal transactions | $(7) |  | $(76) |  | $17 |  | $(161) | $26 |  | 91% | NM | $(227) |  | $187 | NM |
| Investment securities gains/(losses) | (874) |  | (959) |  | (153) |  | (394) | 52 |  | 9 | NM | (2380) |  | (345) | NM |
| All other income | 766 | (d) | (59) |  | (108) |  | 210 | 58 |  | NM | NM | 809 |  | 226 | 258% |
| &nbsp;&nbsp;&nbsp;**Noninterest revenue** | **(115)** |  | **(1094)** |  | **(244)** |  | **(345)** | **136** |  | 89 | NM | **(1798)** |  | **68** | NM |
| Net interest income | 1298 |  | 792 |  | 324 |  | (536) | (681) |  | 64 | NM | 1878 |  | (3551) | NM |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE (a)** | **1183** |  | **(302)** |  | **80** |  | **(881)** | **(545)** |  | NM | NM | **80** |  | **(3483)** | NM |
| Provision for credit losses | (14) |  | (21) |  | 28 |  | 29 | 23 |  | 33 | NM | 22 |  | 81 | (73) |
| **NONINTEREST EXPENSE** | **339** |  | **305** |  | **206** |  | **184** | **251** |  | 11 | 35 | **1034** |  | **1802** | (43) |
| **Income/(loss) before income tax expense/(benefit)** | **858** |  | **(586)** |  | **(154)** |  | **(1094)** | **(819)** |  | NM | NM | **(976)** |  | **(5366)** | 82 |
| Income tax expense/(benefit) | 277 |  | (292) |  | 20 |  | (238) | (169) | (e) | NM | NM | (233) |  | (1653) | 86 |
| &nbsp;&nbsp;**NET INCOME/(LOSS)**  | $**581** |  | $**(294)** |  | $**(174)** |  | $**(856)** | $**(650)** | (e) | NM | NM | $**(743)** |  | $**(3713)** | 80 |
| **MEMO:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **TOTAL NET REVENUE** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Treasury and Chief Investment Office ("CIO")  | 603 |  | (180) |  | 82 |  | (944) | (480) |  | NM | NM | (439) |  | (3464) | 87 |
| Other Corporate | 580 |  | (122) |  | (2) |  | 63 | (65) |  | NM | NM | 519 |  | (19) | NM |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | $**1183** |  | $**(302)** |  | $**80** |  | $**(881)** | $**(545)** |  | NM | NM | $**80** |  | $**(3483)** | NM |
| **NET INCOME/(LOSS)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Treasury and CIO | 531 |  | (68) |  | 88 |  | (748) | (428) |  | NM | NM | (197) |  | (3057) | 94 |
| Other Corporate | 50 |  | (226) |  | (262) |  | (108) | (222) | (e) | NM | NM | (546) |  | (656) | 17 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET INCOME/(LOSS)** | $**581** |  | $**(294)** |  | $**(174)** |  | $**(856)** | $**(650)** | (e) | NM | NM | $**(743)** |  | $**(3713)** | 80 |
| **<u>SELECTED BALANCE SHEET DATA (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $1328219 |  | $1408726 |  | $1459528 |  | $1539844 | $1518100 |  | (6) | (13) | $1328219 |  | $1518100 | (13) |
| Loans | 2181 |  | 2206 |  | 2187 |  | 1957 | 1770 |  | (1) | 23 | 2181 |  | 1770 | 23 |
| Deposits | 14203 | (f) | 14449 | (f) | 13191 | (f) | 1434 | 396 |  | (2) | NM | 14203 | (f) | 396 | NM |
| **Headcount** | 44196 |  | 42806 |  | 40348 |  | 39802 | 38952 |  | 3 | 13 | 44196 |  | 38952 | 13 |
| **<u>SUPPLEMENTAL INFORMATION</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **TREASURY and CIO** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment securities gains/(losses) | $(874) |  | $(959) |  | $(153) |  | $(394) | $52 |  | 9 | NM | $(2380) |  | $(345) | NM |
| Available-for-sale securities (average) | 195788 |  | 209008 |  | 252121 |  | 304314 | 290590 |  | (6) | (33) | 239924 |  | 306827 | (22) |
| Held-to-maturity securities (average) (b) | 427802 |  | 436302 |  | 418843 |  | 364814 | 349989 |  | (2) | 22 | 412180 |  | 285086 | 45 |
| Investment securities portfolio (average) | $**623590** |  | $**645310** |  | $**670964** |  | $**669128** | $**640579** |  | (3) | (3) | $**652104** |  | $**591913** | 10 |
| Available-for-sale securities (period-end) | 203981 |  | 186441 |  | 220213 |  | 310909 | 306352 |  | 9 | (33) | 203981 |  | 306352 | (33) |
| Held-to-maturity securities (period-end) (b) | 425305 |  | 430106 |  | 441649 |  | 366585 | 363707 |  | (1) | 17 | 425305 |  | 363707 | 17 |
| Investment securities portfolio, net of allowance for credit losses (period-end) (c) | $**629286** |  | $**616547** |  | $**661862** |  | $**677494** | $**670059** |  | 2 | (6) | $**629286** |  | $**670059** | (6) |

---

(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $58 million, $59 million, $60 million, $58 million and $60 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $235 million and $257 million for the full year 2022 and 2021, respectively.

(b)During 2022 and 2021, the Firm transferred $78.3 billion and $104.5 billion of investment securities, respectively, from AFS to HTM for capital management purposes.

(c)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, the allowance for credit losses on investment securities was $67 million, $52 million, $47 million, $41 million and $42 million, respectively.

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

(e)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

(f)Predominantly relates to international consumer growth initiatives.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CREDIT-RELATED INFORMATION** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  |  |  |  |  |  |  | **Dec 31, 2022** | **Dec 31, 2022** |
|  |  |  |  |  |  |  | **Change** | **Change** |
|  | **Dec 31,** | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Dec 31,** |  | **Sep 30,** | **Dec 31,** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** |  | **2022** | **2021** |
| **<u>CREDIT EXPOSURE</u>** |  |  |  |  |  |  |  |  |
| **Consumer, excluding credit card loans (a)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | $300753 | $301403 | $302631 | $296161 | $295556 |  | —% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value | 10622 | 12393 | 14581 | 16328 | 27750 |  | (14) | (62) |
| **Total consumer, excluding credit card loans** | **311375** | **313796** | **317212** | **312489** | **323306** |  | (1) | (4) |
| **Credit card loans** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | 185175 | 170462 | 165494 | 152283 | 154296 |  | 9 | 20 |
| **Total credit card loans** | **185175** | **170462** | **165494** | **152283** | **154296** |  | 9 | 20 |
| **Total consumer loans** | **496550** | **484258** | **482706** | **464772** | **477602** |  | 3 | 4 |
| **Wholesale loans (b)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | 603670 | 596208 | 584265 | 569953 | 560354 |  | 1 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value | 35427 | 32167 | 37184 | 38560 | 39758 |  | 10 | (11) |
| **Total wholesale loans** | **639097** | **628375** | **621449** | **608513** | **600112** |  | 2 | 6 |
| **Total loans** | **1135647** | **1112633** | **1104155** | **1073285** | **1077714** |  | 2 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative receivables | 70880 | 92534 | 81317 | 73636 | 57081 |  | (23) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables from customers (c) | 49257 | 54921 | 58349 | 68473 | 59645 |  | (10) | (17) |
| **Total credit-related assets** | **1255784** | **1260088** | **1243821** | **1215394** | **1194440** |  |  | 5 |
| **Lending-related commitments** |  |  |  |  |  |  |  |  |
| Consumer, excluding credit card | 33518 | 34868 | 40484 | 47103 | 45334 |  | (4) | (26) |
| Credit card (d) | 821284 | 798855 | 774021 | 757283 | 730534 |  | 3 | 12 |
| Wholesale | 472264 | 472950 | 487500 | 497232 | 486445 | (g) |  | (3) |
| **Total lending-related commitments** | **1327066** | **1306673** | **1302005** | **1301618** | **1262313** |  | 2 | 5 |
| **Total credit exposure** | $**2582850** | $**2566761** | $**2545826** | $**2517012** | $**2456753** |  | 1 | 5 |
| **Memo: Total by category** |  |  |  |  |  |  |  |  |
| Consumer exposure (e) | $1351352 | $1317981 | $1297211 | $1269158 | $1253470 |  | 3 | 8 |
| Wholesale exposure (f) | 1231498 | 1248780 | 1248615 | 1247854 | 1203283 |  | (1) | 2 |
| **Total credit exposure** | $**2582850** | $**2566761** | $**2545826** | $**2517012** | $**2456753** |  | 1 | 5 |

---

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CREDIT-RELATED INFORMATION, CONTINUED** | **CREDIT-RELATED INFORMATION, CONTINUED** |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio data)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  |  |  |  |  |  | **Dec 31, 2022** | **Dec 31, 2022** |
|  |  |  |  |  |  | **Change** | **Change** |
|  | **Dec 31,** | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Dec 31,** | **Sep 30,** | **Dec 31,** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** |
| **<u>NONPERFORMING ASSETS (a)(b)</u>** |  |  |  |  |  |  |  |
| **Consumer nonaccrual loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | $3874 | $3917 | $4186 | $4485 | $4878 | (1)% | (21)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value | 451 | 461 | 486 | 525 | 472 | (2) | (4) |
| **Total consumer nonaccrual loans** | **4325** | **4378** | **4672** | **5010** | **5350** | (1) | (19) |
| **Wholesale nonaccrual loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | 1963 | 1882 | 2083 | 2289 | 2054 | 4 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value | 432 | 414 | 407 | 459 | 391 | 4 | 10 |
| **Total wholesale nonaccrual loans** | **2395** | **2296** | **2490** | **2748** | **2445** | 4 | (2) |
| **Total nonaccrual loans (c)** | **6720** | **6674** | **7162** | **7758** | **7795** | 1 | (14) |
| Derivative receivables | 296 | 339 | 447 | 597 | 316 | (13) | (6) |
| Assets acquired in loan satisfactions | 231 | 230 | 236 | 250 | 235 |  | (2) |
| **Total nonperforming assets** | **7247** | **7243** | **7845** | **8605** | **8346** |  | (13) |
| Wholesale lending-related commitments (d) | 455 | 470 | 397 | 767 | 764 | (3) | (40) |
| **Total nonperforming exposure** | $**7702** | $**7713** | $**8242** | $**9372** | $**9110** |  | (15) |
| **<u>NONACCRUAL LOAN-RELATED RATIOS</u>** | **<u>NONACCRUAL LOAN-RELATED RATIOS</u>** | **<u>NONACCRUAL LOAN-RELATED RATIOS</u>** |  |  |  |  |  |
| Total nonaccrual loans to total loans | 0.59% | 0.60% | 0.65% | 0.72% | 0.72% |  |  |
| Total consumer, excluding credit card nonaccrual loans to |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;total consumer, excluding credit card loans | 1.39 | 1.40 | 1.47 | 1.60 | 1.65 |  |  |
| Total wholesale nonaccrual loans to total |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;wholesale loans | 0.37 | 0.37 | 0.40 | 0.45 | 0.41 |  |  |

---

(a)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $302 million, $362 million, $453 million, $598 million and $623 million, respectively; and (2) real estate owned ("REO") insured by U.S. government agencies of $10 million, $9 million, $8 million, $6 million and $5 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)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, nonperforming assets excluded PPP loans 90 or more days past due and insured by the SBA of $119 million, $85 million, $119 million, $236 million and $633 million respectively. These amounts have been excluded based upon the SBA guarantee.

(c)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.

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CREDIT-RELATED INFORMATION, CONTINUED** | **CREDIT-RELATED INFORMATION, CONTINUED** |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio data)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
|  |  |  |  |  |  | **4Q22 Change** | **4Q22 Change** |  |  | **2022 Change** |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** | **3Q22** | **4Q21** | **2022** | **2021** | **2021** |
| **<u>SUMMARY OF CHANGES IN THE ALLOWANCES</u>** |  |  |  |  |  |  |  |  |  |  |
| **ALLOWANCE FOR LOAN LOSSES** |  |  |  |  |  |  |  |  |  |  |
| Beginning balance | $18185 | $17750 | $17192 | $16386 | $18150 | 2% | —% | $16386 | $28328 | (42)% |
| Net charge-offs: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs | 1210 | 1104 | 1036 | 976 | 968 | 10 | 25 | 4326 | 4564 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries collected | (323) | (377) | (379) | (394) | (418) | 14 | 23 | (1473) | (1699) | 13 |
| Net charge-offs | 887 | 727 | 657 | 582 | 550 | 22 | 61 | 2853 | 2865 |  |
| Provision for loan losses | 2426 | 1165 | 1230 | 1368 | (1214) | 108 | NM | 6189 | (9071) | NM |
| Other | 2 | (3) | (15) | 20 |  | NM | NM | 4 | (6) | NM |
| **Ending balance** | $**19726** | $**18185** | $**17750** | $**17192** | $**16386** | 8 | 20 | $**19726** | $**16386** | 20 |
| **ALLOWANCE FOR LENDING-RELATED COMMITMENTS** |  |  |  |  |  |  |  |  |  |  |
| Beginning balance | $2551 | $2222 | $2358 | $2261 | $2305 | 15 | 11 | $2261 | $2409 | (6) |
| Provision for lending-related commitments | (169) | 328 | (135) | 96 | (43) | NM | (293) | 120 | (149) | NM |
| Other |  | 1 | (1) | 1 | (1) | NM | NM | 1 | 1 |  |
| **Ending balance** | $**2382** | $**2551** | $**2222** | $**2358** | $**2261** | (7) | 5 | $**2382** | $**2261** | 5 |
| **ALLOWANCE FOR INVESTMENT SECURITIES** | $**96** | $**61** | $**47** | $**41** | $**42** | 57 | 129 | $**96** | $**42** | 129 |
| **Total allowance for credit losses (a)** | $**22204** | $**20797** | $**20019** | $**19591** | $**18689** | 7 | 19 | $**22204** | $**18689** | 19 |
| **<u>NET CHARGE-OFF/(RECOVERY) RATES</u>** |  |  |  |  |  |  |  |  |  |  |
| Consumer retained, excluding credit card loans | 0.16% | 0.10% | 0.04% | 0.06% | 0.04% |  |  | 0.09% | —% |  |
| Credit card retained loans | 1.62 | 1.40 | 1.47 | 1.37 | 1.28 |  |  | 1.47 | 1.94 |  |
| Total consumer retained loans | 0.70 | 0.56 | 0.53 | 0.50 | 0.45 |  |  | 0.58 | 0.62 |  |
| Wholesale retained loans | 0.03 | 0.04 | 0.03 | 0.02 | 0.03 |  |  | 0.03 | 0.03 |  |
| **Total retained loans** | **0.33** | **0.27** | **0.25** | **0.24** | **0.22** |  |  | **0.27** | **0.30** |  |
| **<u>Memo: Average retained loans</u>** |  |  |  |  |  |  |  |  |  |  |
| Consumer retained, excluding credit card loans | $301093 | $301347 | $299649 | $295460 | $296423 |  | 2 | $299409 | $298814 |  |
| Credit card retained loans | 177026 | 168125 | 158434 | 149398 | 148471 | 5 | 19 | 163335 | 139900 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total average retained consumer loans | 478119 | 469472 | 458083 | 444858 | 444894 | 2 | 7 | 462744 | 438714 | 5 |
| Wholesale retained loans | 599817 | 590490 | 577850 | 559395 | 541183 | 2 | 11 | 582021 | 526557 | 11 |
| &nbsp;&nbsp;&nbsp;**Total average retained loans** | $**1077936** | $**1059962** | $**1035933** | $**1004253** | $**986077** | 2 | 9 | $**1044765** | $**965271** | 8 |

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(a)At December 31, 2022, September 30, 2022 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $21 million and $30 million, respectively.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **CREDIT-RELATED INFORMATION, CONTINUED** | **CREDIT-RELATED INFORMATION, CONTINUED** |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
| **(in millions, except ratio data)** |  |  | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) | ![image2a.gif](image2a.gif) |
|  |  |  |  |  |  | **Dec 31, 2022** | **Dec 31, 2022** |
|  |  |  |  |  |  | **Change** | **Change** |
|  | **Dec 31,** | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Dec 31,** | **Sep 30,** | **Dec 31,** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** |
| **<u>ALLOWANCE COMPONENTS AND RATIOS</u>** |  |  |  |  |  |  |  |
| **ALLOWANCE FOR LOAN LOSSES** |  |  |  |  |  |  |  |
| **Consumer, excluding credit card** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-specific (a) | $(674) | $(702) | $(676) | $(644) | $(665) | 4% | (1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio-based | 2714 | 2521 | 2605 | 2538 | 2430 | 8 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consumer, excluding credit card** | **2040** | **1819** | **1929** | **1894** | **1765** | 12 | 16 |
| **Credit card** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-specific (b) | 223 | 218 | 227 | 262 | 313 | 2 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio-based | 10977 | 10182 | 10173 | 9988 | 9937 | 8 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total credit card** | **11200** | **10400** | **10400** | **10250** | **10250** | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consumer** | **13240** | **12219** | **12329** | **12144** | **12015** | 8 | 10 |
| **Wholesale** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-specific (c) | 467 | 450 | 332 | 485 | 263 | 4 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio-based | 6019 | 5516 | 5089 | 4563 | 4108 | 9 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total wholesale** | **6486** | **5966** | **5421** | **5048** | **4371** | 9 | 48 |
| **Total allowance for loan losses** | **19726** | **18185** | **17750** | **17192** | **16386** | 8 | 20 |
| Allowance for lending-related commitments | 2382 | 2551 | 2222 | 2358 | 2261 | (7) | 5 |
| Allowance for investment securities | 96 | 61 | 47 | 41 | 42 | 57 | 129 |
| **Total allowance for credit losses** | $**22204** | $**20797** | $**20019** | $**19591** | $**18689** | 7 | 19 |
| **<u>CREDIT RATIOS</u>** |  |  |  |  |  |  |  |
| Consumer, excluding credit card allowance, to total |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;consumer, excluding credit card retained loans | 0.68% | 0.60% | 0.64% | 0.64% | 0.60% |  |  |
| Credit card allowance to total credit card retained loans | 6.05 | 6.10 | 6.28 | 6.73 | 6.64 |  |  |
| Wholesale allowance to total wholesale retained loans | 1.07 | 1.00 | 0.93 | 0.89 | 0.78 |  |  |
| Wholesale allowance to total wholesale retained loans, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;excluding trade finance and conduits (d) | 1.17 | 1.08 | 0.99 | 0.95 | 0.84 |  |  |
| **Total allowance to total retained loans** | **1.81** | **1.70** | **1.69** | **1.69** | **1.62** |  |  |
| Consumer, excluding credit card allowance, to consumer, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;excluding credit card retained nonaccrual loans (e) | 53 | 46 | 46 | 42 | 36 |  |  |
| Total allowance, excluding credit card allowance, to retained |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; nonaccrual loans, excluding credit card nonaccrual loans (e) | 146 | 134 | 117 | 102 | 89 |  |  |
| Wholesale allowance to wholesale retained nonaccrual loans | 330 | 317 | 260 | 221 | 213 |  |  |
| **Total allowance to total retained nonaccrual loans** | **338** | **314** | **283** | **254** | **236** |  |  |

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(a)Includes collateral-dependent loans, including those considered troubled debt restructurings ("TDRs") and those for which foreclosure is deemed probable, modified PCD loans, and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR.

(b)The asset-specific credit card allowance for loan losses relates to loans that have been modified or are reasonably expected to be modified in a TDR; the Firm calculates this allowance based on the loans' original contractual interest rates and does not consider any incremental penalty rates.

(c)Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified or are reasonably expected to be modified in a TDR.

(d)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.

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

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| | |
|:---|:---|
| **JPMORGAN CHASE & CO.** | ![image2a.gif](image2a.gif) |
| **NON-GAAP FINANCIAL MEASURES** | ![image2a.gif](image2a.gif) |
| | ![image2a.gif](image2a.gif) |

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**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 exclude Markets, 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 2021 Form 10-K.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **FULL YEAR** | **FULL YEAR** | **FULL YEAR** |
| | | | | | | **4Q22 Change** | **4Q22 Change** | | | **2022 Change** |
| (in millions, except rates) | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** | **3Q22** | **4Q21** | **2022** | **2021** | **2021** |
| Net interest income - reported | $20192 | $17518 | $15128 | $13872 | $13601 | 15% | 48% | $66710 | $52311 | 28% |
| Fully taxable-equivalent adjustments | 121 | 112 | 103 | 98 | 108 | 8 | 12 | 434 | 430 | 1 |
| Net interest income - managed basis (a) | $20313 | $17630 | $15231 | $13970 | $13709 | 15 | 48 | $67144 | $52741 | 27 |
| Less: Markets net interest income | 315 | 707 | 1549 | 2218 | 2066 | (55) | (85) | 4789 | 8243 | (42) |
| **Net interest income excluding Markets (a)** | $**19998** | $**16923** | $**13682** | $**11752** | $**11643** | 18 | 72 | $**62355** | $**44498** | 40 |
| Average interest-earning assets | $3265071 | $3344949 | $3385894 | $3401951 | $3337855 | (2) | (2) | $3349079 | $3215942 | 4 |
| Less: Average Markets interest-earning assets | 939420 | 952488 | 957304 | 963845 | 908093 | (1) | 3 | 953195 | 888238 | 7 |
| **Average interest-earning assets excluding Markets** | $**2325651** | $**2392461** | $**2428590** | $**2438106** | $**2429762** | (3) | (4) | $**2395884** | $**2327704** | 3 |
| Net yield on average interest-earning assets - managed basis | 2.47% | 2.09% | 1.80% | 1.67% | 1.63% |  |  | 2.00% | 1.64% |  |
| Net yield on average Markets interest-earning assets | 0.13 | 0.29 | 0.65 | 0.93 | 0.90 |  |  | 0.50 | 0.93 |  |
| **Net yield on average interest-earning assets excluding Markets** | **3.41** | **2.81** | **2.26** | **1.95** | **1.90** |  |  | **2.60** | **1.91** |  |
| Noninterest revenue - reported | $14355 | $15198 | $15587 | $16845 | $15656 | (6) | (8) | $61985 | $69338 | (11) |
| Fully taxable-equivalent adjustments | 898 | 663 | 812 | 775 | 984 | 35 | (9) | 3148 | 3225 | (2) |
| Noninterest revenue - managed basis | $15253 | $15861 | $16399 | $17620 | $16640 | (4) | (8) | $65133 | $72563 | (10) |
| Less: Markets noninterest revenue | 5355 | 6064 | 6241 | 6535 | 3222 | (12) | 66 | 24195 | 19151 | 26 |
| **Noninterest revenue excluding Markets** | $**9898** | $**9797** | $**10158** | $**11085** | $**13418** | 1 | (26) | $**40938** | $**53412** | (23) |
| **Memo: Markets total net revenue** | $**5670** | $**6771** | $**7790** | $**8753** | $**5288** | (16) | 7 | $**28984** | $**27394** | 6 |

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