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 .

(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

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. .

Question: Analyse this data from a financial earnings document. what was non-interest expense as a percentage of revenue in 2003?
Choices:
0.02318
-0.65215
0.65215
1
65.2153
Correct choice index: 2