{"pre_text": ["management 2019s discussion and analysis j.p .", "morgan chase & co .", "22 j.p .", "morgan chase & co .", "/ 2003 annual report overview j.p .", "morgan chase & co .", "is a leading global finan- cial services firm with assets of $ 771 billion and operations in more than 50 countries .", "the firm serves more than 30 million consumers nationwide through its retail businesses , and many of the world's most prominent corporate , institutional and government clients through its global whole- sale businesses .", "total noninterest expense was $ 21.7 billion , down 5% ( 5 % ) from the prior year .", "in 2002 , the firm recorded $ 1.3 billion of charges , princi- pally for enron-related surety litigation and the establishment of lit- igation reserves ; and $ 1.2 billion for merger and restructuring costs related to programs announced prior to january 1 , 2002 .", "excluding these costs , expenses rose by 7% ( 7 % ) in 2003 , reflecting higher per- formance-related incentives ; increased costs related to stock-based compensation and pension and other postretirement expenses ; and higher occupancy expenses .", "the firm began expensing stock options in 2003 .", "restructuring costs associated with initiatives announced after january 1 , 2002 , were recorded in their relevant expense categories and totaled $ 630 million in 2003 , down 29% ( 29 % ) from 2002 .", "the 2003 provision for credit losses of $ 1.5 billion was down $ 2.8 billion , or 64% ( 64 % ) , from 2002 .", "the provision was lower than total net charge-offs of $ 2.3 billion , reflecting significant improvement in the quality of the commercial loan portfolio .", "commercial nonperforming assets and criticized exposure levels declined 42% ( 42 % ) and 47% ( 47 % ) , respectively , from december 31 , 2002 .", "consumer credit quality remained stable .", "earnings per diluted share ( 201ceps 201d ) for the year were $ 3.24 , an increase of 305% ( 305 % ) over the eps of $ 0.80 reported in 2002 .", "results in 2002 were provided on both a reported basis and an operating basis , which excluded merger and restructuring costs and special items .", "operating eps in 2002 was $ 1.66 .", "see page 28 of this annual report for a reconciliation between reported and operating eps .", "summary of segment results the firm 2019s wholesale businesses are known globally as 201cjpmorgan , 201d and its national consumer and middle market busi- nesses are known as 201cchase . 201d the wholesale businesses com- prise four segments : the investment bank ( 201cib 201d ) , treasury & securities services ( 201ctss 201d ) , investment management & private banking ( 201cimpb 201d ) and jpmorgan partners ( 201cjpmp 201d ) .", "ib provides a full range of investment banking and commercial banking products and services , including advising on corporate strategy and structure , capital raising , risk management , and market-making in cash securities and derivative instruments in all major capital markets .", "the three businesses within tss provide debt servicing , securities custody and related functions , and treasury and cash management services to corporations , financial institutions and governments .", "the impb business provides invest- ment management services to institutional investors , high net worth individuals and retail customers and also provides person- alized advice and solutions to wealthy individuals and families .", "jpmp , the firm 2019s private equity business , provides equity and mez- zanine capital financing to private companies .", "the firm 2019s national consumer and middle market businesses , which provide lending and full-service banking to consumers and small and middle mar- ket businesses , comprise chase financial services ( 201ccfs 201d ) .", "financial performance of jpmorgan chase as of or for the year ended december 31 ."], "post_text": ["in 2003 , global growth strengthened relative to the prior two years .", "the u.s .", "economy improved significantly , supported by diminishing geopolitical uncertainties , new tax relief , strong profit growth , low interest rates and a rising stock market .", "productivity at u.s .", "businesses continued to grow at an extraor- dinary pace , as a result of ongoing investment in information technologies .", "profit margins rose to levels not seen in a long time .", "new hiring remained tepid , but signs of an improving job market emerged late in the year .", "inflation fell to the lowest level in more than 40 years , and the board of governors of the federal reserve system ( the 201cfederal reserve board 201d ) declared that its long-run goal of price stability had been achieved .", "against this backdrop , j.p .", "morgan chase & co .", "( 201cjpmorgan chase 201d or the 201cfirm 201d ) reported 2003 net income of $ 6.7 bil- lion , compared with net income of $ 1.7 billion in 2002 .", "all five of the firm 2019s lines of business benefited from the improved eco- nomic conditions , with each reporting increased revenue over 2002 .", "in particular , the low 2013interest rate environment drove robust fixed income markets and an unprecedented mortgage refinancing boom , resulting in record earnings in the investment bank and chase financial services .", "total revenue for 2003 was $ 33.3 billion , up 12% ( 12 % ) from 2002 .", "the investment bank 2019s revenue increased by approximately $ 1.9 billion from 2002 , and chase financial services 2019 revenue was $ 14.6 billion in 2003 , another record year. ."], "table": [["( in millions except per share and ratio data )", "2003", "2002", "change"], ["revenue", "$ 33256", "$ 29614", "12% ( 12 % )"], ["noninterest expense", "21688", "22764", "-5 ( 5 )"], ["provision for credit losses", "1540", "4331", "-64 ( 64 )"], ["net income", "6719", "1663", "304"], ["net income per share 2013 diluted", "3.24", "0.80", "305"], ["average common equity", "42988", "41368", "4"], ["return on average common equity ( 201croce 201d )", "16% ( 16 % )", "4% ( 4 % )", "1200bp"], ["tier 1 capital ratio", "8.5% ( 8.5 % )", "8.2% ( 8.2 % )", "30bp"], ["total capital ratio", "11.8", "12.0", "-20 ( 20 )"], ["tier 1 leverage ratio", "5.6", "5.1", "50"]], "table_ori": [["(in millions, except per share and ratio data)", "2003", "2002", "Change"], ["Revenue", "$33,256", "$29,614", "12%"], ["Noninterest expense", "21,688", "22,764", "(5)"], ["Provision for credit losses", "1,540", "4,331", "(64)"], ["Net income", "6,719", "1,663", "304"], ["Net income per share – diluted", "3.24", "0.80", "305"], ["Average common equity", "42,988", "41,368", "4"], ["Return on average common equity (“ROCE”)", "16%", "4%", "1,200bp"], ["Tier 1 capital ratio", "8.5%", "8.2%", "30bp"], ["Total capital ratio", "11.8", "12.0", "(20)"], ["Tier 1 leverage ratio", "5.6", "5.1", "50"]]}

Question: what was non-interest expense as a percentage of revenue in 2003?
Evidence:
table_1: ( in millions except per share and ratio data ) the revenue of 2003 is $ 33256 ; the revenue of 2002 is $ 29614 ; the revenue of change is 12% ( 12 % ) ;
table_2: ( in millions except per share and ratio data ) the noninterest expense of 2003 is 21688 ; the noninterest expense of 2002 is 22764 ; the noninterest expense of change is -5 ( 5 ) ;
Program: divide(21688, 33256)
Answer:
str_answer: 65%
exe_answer: 0.65215