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1、4Q24Financial ResultsJanuary 15,2025AgendaPage1 14Q24 and FY24 Financial Results4Q24 and FY24 Financial Results1 12Financial Outlook93Notes124Q24 Financial highlights1See note 3 on slide 122Represents the estimated Basel III common equity Tier 1(“CET1”)capital and ratio and Total Loss-Absorbing Capa
2、city for the current period.See note 1 on slide 133Standardized risk-weighted assets(“RWA”).Estimated for the current period.See note 1 on slide 134Cash and marketable securities represents HQLA and unencumbered marketable securities.Estimated for the current period.See note 2 on slide 135See note 1
3、 on slide 126Includes the net impact of employee issuances.Excludes excise tax and commissions7Last twelve months(“LTM”)CET1 capital ratios2Std.15.7%15.7%|Adv.15.8%15.8%Total Loss-Absorbing Capacity2$547B$547BStd.RWA3$1.8T$1.8TCash and marketable securities4$1.4T$1.4TAverage loans$1.3T$1.3TBalance s
4、heetBalance sheetLoans:average loans of$1.3T up 2%YoY and 1%QoQDeposits:average deposits of$2.4T up 2%YoY and 1%QoQCET1 capital of$276B2 Standardized CET1 capital ratio of 15.7%2;Advanced CET1 capital ratio of 15.8%2Capital distributedCapital distributedCommon dividend of$3.5B or$1.25 per share$4.0B
5、 of common stock net repurchases6Net payout LTM of 54%6,7Income statementIncome statement4Q24 net income of$14.0B and EPS of$4.81Managed revenue of$43.7B5Expense of$22.8B and managed overhead ratio of 52%5ROTCE121%21%14Q24 3Q24 4Q23 4Q24 3Q24 4Q23 Net interest income$23.5($0.1)($0.7)Noninterest reve
6、nue20.3 0.5 4.5 Managed revenueManaged revenue1 143.7 0.4 3.8 43.7 0.4 3.8 Expense22.8 0.2(1.7)Credit costs2.6(0.5)(0.1)Net income$14.0$1.1$4.7 Expense22.8 0.2(1.7)Credit costs2.6(0.5)(0.1)Net income$14.0$1.1$4.7 Net income applicable to common stockholders$13.7$1.1$4.8 EPS diluted$4.81$0.44$1.77 RO
7、E217%16%12%ROTCE2,321 19 15 Overhead ratio managed1,252 52 61 Memo:NII excluding Markets4$23.0($0.4)($0.5)NIR excluding Markets4,513.7 1.0 3.1 Markets revenue57.0(0.1)1.2 Managed revenueManaged revenue1 143.7 0.4 3.8 43.7 0.4 3.8 Adjusted expense6$22.5$0.2($1.8)Adjusted overhead ratio1,2,652%51%61%$
8、O/(U)$O/(U)4Q24 Financial results14Q24 Tax rateEffective rate:19.4%Managed rate:23.7%1,7Note:Totals may not sum due to rounding1See note 1 on slide 122 Actual numbers for all periods,not over/(under)3See note 3 on slide 124See note 2 on slide 125Includes the markets-related revenues of the former Co
9、mmercial Banking business segment.Prior-period amounts have been revised to conform with the current presentation6See note 5 on slide 127Reflects fully taxable-equivalent(“FTE”)adjustments of$970mm in 4Q24$B,EXCEPT PER SHARE DATA$B,EXCEPT PER SHARE DATA4Q24ROE O/H ratioCCB32%53%CIB19%50%AWM38%65%$B4
10、Q24 3Q24 4Q23 Net charge-offs$2.4$2.1$2.2 Reserve build/(release)0.3 1.0 0.6 Credit costs$2.6$3.1$2.8 Credit costs$2.6$3.1$2.8 2$O/(U)FY2024FY2023FY2023$O/(U)FY2024FY2023FY2023 Net interest income$93.1$89.7$3.3 Noninterest revenue87.5 72.6 14.9 Managed revenueManaged revenue1 1180.6 162.4 18.2 180.6
11、 162.4 18.2 ExpenseExpense91.8 87.2 4.6 91.8 87.2 4.6 Credit costsCredit costs10.7 9.3 1.4 10.7 9.3 1.4 Net incomeNet income2 2$58.5$49.6$8.9$58.5$49.6$8.9 Net income applicable to common stockholders$56.9$47.8$9.1 EPS diluted2$19.75$16.23$3.52 ROE318%17%ROTCE3,422 21 Overhead ratio managed1,351 54
12、Memo:NII excluding Markets5$92.4$90.0$2.4 NIR excluding Markets5,658.2 44.4 13.8 Markets revenue630.0 28.0 2.0 Managed revenueManaged revenue1 1180.6 162.4 18.2 180.6 162.4 18.2 Adjusted expense7$91.1$85.7$5.3 Adjusted overhead ratio1,3,750%53%FY24 Financial results1,2FY24 Tax rateEffective rate:22.
13、1%Managed rate:25.2%1,8Note:Totals may not sum due to rounding1See note 1 on slide 122FY24 results include the impact of significant items.Excluding these items results in reported net income of$54.0B and EPS of$18.22.See note 4 on slide 12 for additional information3 Actual numbers for all periods,
14、not over/(under)4See note 3 on slide 125See note 2 on slide 126Includes the markets-related revenues of the former Commercial Banking business segment.Prior-period amounts have been revised to conform with the current presentation7See note 5 on slide 128Reflects fully taxable-equivalent(“FTE”)adjust
15、ments of$3.0B in 2024$B,EXCEPT PER SHARE DATA$B,EXCEPT PER SHARE DATA$BFY2024 FY2023 Net charge-offs$8.6$6.2 Reserve build/(release)2.0 3.1 Credit costs$10.7$9.3 Credit costs$10.7$9.3 FY2024ROE O/H ratioCCB32%53%CIB18%50%AWM34%67%3Fortress balance sheet$B,EXCEPT PER SHARE DATA$B,EXCEPT PER SHARE DAT
16、ASTANDARDIZED RISKSTANDARDIZED RISK-WEIGHTED ASSETS($B)WEIGHTED ASSETS($B)1 1Note:Totals may not sum due to rounding1Estimated for the current period.See note 1 on slide 132Estimated for the current period.Represents the supplementary leverage ratio(“SLR”)3Estimated for the current period.Liquidity
17、Coverage Ratio(“LCR”)represents the average LCR for the Firm and JPMorgan ChaseBank,N.A.(“Bank”).See note 2 on slide 134See note 3 on slide 125Reflects Net Income Applicable to Common Equity6Includes net share repurchases and common dividends7Excludes AOCI on cash flow hedges and DVA related to stru
18、ctured notes8Primarily CET1 capital deductions9Includes Loans and Commitments 4Q24 3Q24 4Q23 4Q24 3Q24 4Q23 Risk-based capital metricsRisk-based capital metrics1 1CET1 capital$276$273$251 CET1 capital ratio Standardized15.7%15.3%15.0%CET1 capital ratio Advanced15.8 15.5 15.0 Basel III Standardized R
19、WA$1,759$1,783$1,672 Leverage-based capital metricLeverage-based capital metric2 2Firm SLR6.1%6.0%6.1%Liquidity metricsLiquidity metrics3 3Firm LCR113%114%113%Bank LCR124 121 129 Total excess HQLA$291$272$309 HQLA and unencumbered marketable securities1,428 1,477 1,447 Balance sheet metricsBalance s
20、heet metricsTotal assets(EOP)$4,003$4,210$3,875 Deposits(average)2,417 2,383 2,372 Tangible book value per share497.30 96.42 86.08 415.3%15.3%15.7%15.7%(42 bps)(42 bps)(20 bps)(20 bps)(0 bps)(0 bps)77 bps77 bps21 bps21 bps3Q24NetincomeCapitalDistributionsRWAAOCIOther4Q2456781,783 1,783(5)(5)(8)(8)(1
21、0)(10)3Q24LendingMarket RiskCredit Riskex.Lending4Q241,7591,7599STANDARDIZED CET1 RATIOSTANDARDIZED CET1 RATIO1 1Consumer&Community Banking1CIBAWMCorp.CCBAverage loans up 1%YoY and QoQAverage deposits down 4%YoY and flat QoQEOP deposits down 3%YoY and flat QoQActive mobile customers up 7%YoYDebit&cr
22、edit card sales volume up 8%YoYClient investment assets up 14%YoY and 2%QoQKEY DRIVERS/STATISTICS($B)KEY DRIVERS/STATISTICS($B)DETAIL BY BUSINESSDETAIL BY BUSINESSFINANCIAL PERFORMANCEFINANCIAL PERFORMANCESELECTED INCOME STATEMENT DATA($MM)SELECTED INCOME STATEMENT DATA($MM)KEY DRIVERS/STATISTICS($B
23、)KEY DRIVERS/STATISTICS($B)3 3Net income of$4.5B,down 6%YoYNet income of$4.5B,down 6%YoYRevenueRevenue of$18.4B,up 1%YoY,driven by higher noninterest revenue predominantly in Card Services&Auto and Home Lending,partially offset by lower net interest incomeExpenseExpense of$9.7B,up 4%YoY,predominantl
24、y driven by higher compensation for advisors and bankers,as well as higher technology expenseCredit costs Credit costs of$2.6BNCOs of$2.1B,up$428mm YoY,driven by Card Services,primarily due to the seasoning of vintages originated in recent years and balance growthNet reserve build of$557mm was predo
25、minantly in Card Services,driven by growth in revolving balances,partially offset by changes in certain macroeconomic variables 1See note 1 on slide 122See note 3 on slide 13For additional footnotes see slide 14$O/(U)$O/(U)4Q24 3Q24 4Q23 4Q24 3Q24 4Q23 RevenueRevenue2 2$18,362$571$265$18,362$571$265
26、 Banking&Wealth Management10,154 64(723)Home Lending1,297 2 136 Card Services&Auto6,911 505 852 Expense9,728 142 392 Credit costs2,623(172)434 Expense9,728 142 392 Credit costs2,623(172)434 Net charge-offs(NCOs)2,066 147 428 Change in allowance557(319)6 Net income$4,516$470($272)Net income$4,516$470
27、($272)4Q24 3Q24 4Q23 Average equity$54.5$54.5$55.5 ROE32%29%33%Overhead ratio53 54 52 Average loans$577.6$572.5$571.2 Average deposits1,050.6 1,053.7 1,092.4 Active mobile customers(mm)457.8 57.0 53.8 Debit&credit card sales volume5$477.6$453.4$441.0 54Q24 3Q24 4Q23 4Q24 3Q24 4Q23 Banking&Wealth Man
28、agementBanking&Wealth ManagementBusiness Banking average loans$19.5$19.5$19.5 Business Banking loan originations1.0 1.1 1.1 Client investment assets(EOP)1,087.6 1,067.9 951.1 Deposit margin2.61%2.60%2.82%Home LendingHome LendingAverage loans$247.4$250.6$261.4 Loan originations612.1 11.4 7.2 Third-pa
29、rty mortgage loans serviced(EOP)648.0 656.1 631.2 Net charge-off/(recovery)rate(0.02)%(0.07)%0.01%Card Services&AutoCard Services&AutoCard Services average loans$224.3$217.3$202.7 Auto average loans and leased assets85.3 84.9 86.8 Auto loan and lease originations10.6 10.0 9.9 Card Services net charg
30、e-off rate3.30%3.24%2.79%Card Services net revenue rate10.47 9.91 9.82 Card Services sales volume5$335.1$316.6$307.2 REVENUE BY CLIENT COVERAGE SEGMENT($MM)REVENUE BY CLIENT COVERAGE SEGMENT($MM)KEY DRIVERS/STATISTICS($B)KEY DRIVERS/STATISTICS($B)4 4Commercial&Investment Bank1,21 See note 1 on slide
31、 12;For additional footnotes see slide 14CCBCIBAWMCorp.SELECTED INCOME STATEMENT DATA($MM)SELECTED INCOME STATEMENT DATA($MM)$O/(U)$O/(U)4Q24 3Q24 4Q23 4Q24 3Q24 4Q23 Revenue$17,598$583$2,624 Revenue$17,598$583$2,624 Investment Banking revenue2,602 248 819 Payments4,703 333 247 Lending1,916 22 153 O
32、ther47 19 11 Total Banking&Payments9,268 622 1,230 Total Banking&Payments9,268 622 1,230 Fixed Income Markets5,006 355 837 Equity Markets2,043(458)365 Securities Services1,314(12)123 Credit Adjustments&Other(33)76 69 Total Markets&Securities Services8,330(39)1,394 Expense8,712(39)543 Credit costs61(
33、255)(515)Net income$6,636$945$2,459 Total Markets&Securities Services8,330(39)1,394 Expense8,712(39)543 Credit costs61(255)(515)Net income$6,636$945$2,459 334Q24 3Q24 4Q23 4Q24 3Q24 4Q23 Average equity$132.0$132.0$138.0 ROE19%17%11%Overhead ratio50 51 55 IB fees($mm)$2,479$2,267$1,667 Average Bankin
34、g&Payments loans 345.0 348.4 352.8 Average client deposits1,011.6 966.0 928.6 Assets under custody($T)35.3 35.8 32.4 Net charge-off/(recovery)rate0.25%0.13%0.21%566Net income of$6.6B,up 59%YoY;revenue of$17.6B,up 18%YoY Net income of$6.6B,up 59%YoY;revenue of$17.6B,up 18%YoY Banking&Payments revenue
35、Banking&Payments revenueIB revenue of$2.6B,up 46%YoY,driven by higher fees across all productsPayments revenue of$4.7B,up 6%YoY Excluding the net impact of equity investments,revenue was up 3%,driven by higher deposit balances and fee growth,largely offset by deposit margin compressionLending revenu
36、e of$1.9B,up 9%YoY,predominantly driven by lower losses on hedges of the retained lending portfolioMarkets&Securities Services revenueMarkets&Securities Services revenueMarkets revenue of$7.0B,up 21%YoY Fixed Income Markets revenue of$5.0B,up 20%YoY,largely driven by higher revenue in Credit and Cur
37、rencies&Emerging Markets Equity Markets revenue of$2.0B,up 22%YoY,predominantly driven by higher client activity in Derivatives and CashSecurities Services revenue of$1.3B,up 10%YoY,driven by fee growth on higher client activity and market levels,as well as higher deposit balancesExpenseExpense of$8
38、.7B,up 7%YoY,predominantly driven by higher brokerage,technology and legal expenseCredit costs Credit costs of$61mm,driven by net downgrade activity and the net impact of charge-offs,largely offset by a reserve release due to an update to loss assumptions on certain loans in MarketsNCOs of$300mm and
39、 net reserve release of$239mm$O/(U)4Q24 3Q24 4Q23$O/(U)4Q24 3Q24 4Q23 Banking&Payments revenueBanking&Payments revenue7 7$9,268$622$1,230$9,268$622$1,230 Global Corporate&Investment Banking6,449 310 1,034 Commercial Banking2,899 8(50)Middle Market Banking1,965 34(45)Commercial Real Estate Banking934
40、(26)(5)Other(80)304 246 FINANCIAL PERFORMANCEFINANCIAL PERFORMANCESELECTED INCOME STATEMENT DATA($MM)SELECTED INCOME STATEMENT DATA($MM)Asset&Wealth Management1CCBCIBAWMCorp.KEY DRIVERS/STATISTICS($B)KEY DRIVERS/STATISTICS($B)2 2Net income of$1.5B,up 25%YoY Revenue of$5.8B,up 13%YoY,predominantly dr
41、iven by growth in management fees on higher average market levels and strong net inflows,as well as higher performance feesExpense of$3.8B,up 11%YoY,predominantly driven by higher compensation,including revenue-related compensation and continued growth in private banking advisor teams,as well as hig
42、her distribution feesAUM of$4.0T and client assets of$5.9T were each up 18%YoY,driven by continued net inflows and higher market levelsFor the quarter,AUM had long-term net inflows of$76B and liquidity net inflows of$94BAverage loans of$234B,up 3%YoY and up 2%QoQAverage deposits of$249B,up 10%YoY an
43、d up 5%QoQ1 See note 1 on slide 122 Actual numbers for all periods,not over/(under)$O/(U)$O/(U)4Q24 3Q24 4Q23 4Q24 3Q24 4Q23 Revenue$5,778$339$683 Revenue$5,778$339$683 Asset Management2,887 362 484 Global Private Bank2,891(23)199 Expense3,772 133 384 Credit costs(35)(39)(34)Net income$1,517$166$300
44、 Expense3,772 133 384 Credit costs(35)(39)(34)Net income$1,517$166$300 4Q24 3Q24 4Q23 4Q24 3Q24 4Q23 Average equity$15.5$15.5$17.0 ROE38%34%28%Pretax margin35 33 34 Assets under management(AUM)$4,045$3,904$3,422 Client assets5,932 5,721 5,012 Average loans233.8 229.3 227.0 Average deposits248.8 236.
45、5 226.6 7FINANCIAL PERFORMANCEFINANCIAL PERFORMANCECorporate11 See note 1 on slide 122 See note 3 on slide 13CCBCIBAWMCorp.Revenue of$2.0B,up$223mm YoYNet interest income of$2.0B,down$415mm YoY,driven by lower rates,largely offset by the impact of balance sheet actions,primarily securities reinvestm
46、entNoninterest revenue was a net loss of$30mm,compared with a net loss of$668mm in the prior year,driven by lower net investment securities lossesExpense of$550mm,down$3.0B YoY,predominantly driven by the absence of the$2.9B FDIC special assessment in the prior yearSELECTED INCOME STATEMENT DATA($MM
47、)SELECTED INCOME STATEMENT DATA($MM)$O/(U)$O/(U)4Q24 3Q24 4Q23 4Q24 3Q24 4Q23 Revenue$2,000($1,070)$223 Revenue$2,000($1,070)$223 Net interest income2,030(885)(415)Noninterest revenue(30)(185)638 Expense550(39)(3,043)Credit costs(18)(14)(16)Net income/(loss)$1,336($474)$2,211 Expense550(39)(3,043)Cr
48、edit costs(18)(14)(16)Net income/(loss)$1,336($474)$2,211 28FINANCIAL PERFORMANCEFINANCIAL PERFORMANCEAgendaPage14Q24 and FY24 Financial Results12 2Financial OutlookFinancial Outlook9 93Notes12$89($3)$120242025 outlookWe expect$90B in NII ex.Markets for 2025,as balance sheet growth partially offsets
49、 lower rates1 See note 2 on slide 122Outlook is based on implied rate curve as of January 10,20253Federal Funds target upper bound(“FFTUB”)4Interest on reserve balances(“IORB”)Rates/marginsRates/margins2 21 rate cut 1 rate cut(4.25%FFTUB3at YE)Average IORB4declines 94bps YoY Deposit margin compressi
50、on2Q:$232Q:$233Q:$233Q:$234Q:$234Q:$23$92$92$90$90Balance sheet growth/mixBalance sheet growth/mixCard revolve growth Card revolve growth and modestly higher modestly higher deposit balancesdeposit balancesNET INTEREST INCOME EX.MARKETSNET INTEREST INCOME EX.MARKETS1 1($B)($B)Q1Q2Q3Q41Q:$231Q:$23Low
51、er ratesOffset by growthMarkets NII:$1BFirmwide NII:$93BFirmwide NII:$93BMarkets NII:$4BFirmwide NII:$94BFirmwide NII:$94BCARD SERVICES AVERAGE CARD SERVICES AVERAGE BALANCE($B)BALANCE($B)AVERAGE DEPOSITS($B)AVERAGE DEPOSITS($B)$148$148$177$177$203$203$224$224 1,100 1,200 1,300 1,400 1,500 1,600 1,7
52、00 1,800 1,9000501001502002504Q214Q224Q234Q24Total O/STotal O/SRevolving Revolving balancesbalancesFirmwideFirmwideBWMBWM$1,094$1,126$1,078$1,035$2,468$2,468$2,380$2,380$2,372$2,372$2,417$2,4174Q214Q224Q234Q24Increase driven by lower funding costs,largely revenue neutral9$0.0$0.5$1.0$1.5$2.0$2.5Mark
53、etingTechnologyBankers,Advisors,Branchesand S&GOVolume-andrevenue-related$38$41$35$38$14$15$2$2 20242025 outlookOur 2025 expense outlook is$95B$95$95ADJUSTED EXPENSEADJUSTED EXPENSE1 1($B)($B)CCBCCBCIBCIBAWMAWMCorp.Corp.$91.1$91.1FDIC SA and Foundation contribution22025 YoY expense drivers 2025 YoY
54、expense drivers(ex.FDIC SA and Foundation contribution)Note:Totals may not sum due to rounding1See note 5 on slide 122$725mm increase to the FDIC special assessment in 1Q24 and$1.0B donation of Visa shares to pre-fund contributions to the Firms Foundation in 2Q24Volume-and revenue-related10Bankers,A
55、dvisors,Branches and Intl ConsumerVolumeVolume-and revenueand revenue-relatedrelatedAuto lease growthCapital markets growth/activityBankers,Advisors,Branches and Bankers,Advisors,Branches and International Consumer InitiativesInternational Consumer InitiativesWe continue to invest in further busines
56、s growthTechnologyTechnologyBusiness growth(volumes)and investmentsPublic cloud,data centersCyberMarketingMarketingDrives demand for card products and strong customer engagementInflation-related growth of$2B across the expense baseOutlook11 See notes 1,2 and 5 on slide 12Expect FY2025 net interest i
57、ncome of$94B$94B,market dependentExpect FY2025 net interest income excluding Markets of$90B$90B,market dependentExpect FY2025 Card Services NCO rate of3.6%3.6%3FIRMWIDEFIRMWIDEExpect FY2025 adjusted expense of$95B$95B,market dependent Adjusted expense excludes Firmwide legal expense2111AgendaPage14Q
58、24 and FY24 Financial Results12Financial Outlook93 3NotesNotes1212Notes on non-GAAP financial measures1.In addition to analyzing the Firms 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
59、 financial measures.The Firm also reviews the results of the lines of business on a managed basis.The Firms 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 as a whole and for each of t
60、he reportable business segments and Corporate 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 man
61、agement 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 asa whole or
62、by each of the lines of business and Corporate.For a reconciliation of the Firms results from a reported to managed basis,refer to page 7 of the Earnings Release Financial Supplement2.In addition to reviewing net interest income(“NII”)and noninterest revenue(“NIR”)on a managed basis,management also
63、reviews these metrics excluding 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 revi
64、ews these metrics to assess the performance of the Firms 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 of
65、fsets 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 t
66、he revenue trends of the Firm.For a reconciliation of NII and NIR from reported to excluding Markets,refer to page 28 of the Earnings Release Financial Supplement.For additional information on Markets revenue,refer to page 75 of the Firms 2023 Form 10-K3.Tangible common equity(“TCE”),return on tangi
67、ble common equity(“ROTCE”)and tangible book value per share(“TBVPS”),are each non-GAAP financial measures.TCE represents the Firms common stockholders equity(i.e.,total stockholders equity less preferred stock)less goodwill and identifiable intangible assets(other than mortgage servicing rights),net
68、 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 Firms net income applicable to common equity as a percentage of average TCE.TBVPS represents the Firms TCE at period-end d
69、ivided by common shares at period-end.Book value per share was$116.07,$115.15,and$104.45 at December 31,2024,September 30,2024,and December 31,2023,respectively.TCE,ROTCE and TBVPS are utilized by the Firm,as well as investors and analysts,in assessing the Firms use of equity4.Full-year 2024 results
70、 included the impact of significant items.These items collectively refer to a$7.9B net gain related to Visa shares,a$1.0B donation of Visa shares to pre-fund contributions to the Firms Foundation,$546mm of net investment securities losses and a$725mm increase to the estimated FDIC special assessment
71、,all of which were previously disclosed in the first and second quarters of 2024.Full-year 2024 revenue,net income,earnings per share and ROTCE excluding significant items are non-GAAP financial measures.Excluding these items resulted in a decrease of$7.3B to reported revenue from$177.6B to$170.2B,a
72、 decrease of$7.3B to managed revenue from$180.6B to$173.3B,a decrease of$4.5B(after tax)to reported net income from$58.5B to$54.0B,a decrease of$1.53 per share to reported EPS from$19.75 to$18.22 and a decrease of 2ppts to reported ROTCE from 22%to 20%.Management believes these measures provide usef
73、ul information to investors and analysts in assessing the Firms results5.Adjusted expense and adjusted overhead ratio are each non-GAAP financial measures.Adjusted expense represents noninterest expense excluding Firmwide legal expense of$236mm,$259mm,and$175mm for the three months ended December 31
74、,2024,September 30,2024,and December 31,2023,respectively;and$740mm and$1.4B for the full year 2024 and 2023,respectively.The adjusted overhead ratio measures the Firms adjusted expense as a percentage of managed net revenue.Management believes this information helps investors understand the effect
75、of these items on reported results and provides analternate presentation of the Firms performance12Additional notes1.Reflects the Current Expected Credit Losses(CECL)capital transition provisions.As of December 31,2024and September 30,2024,CET1 capital and Total Loss-Absorbing Capacity reflected the
76、 remaining$720mm CECL benefit;as of December 31,2023,CET1 capital reflected a$1.4B benefit.Refer to Note 21 of the Firms Quarterly Report on Form 10-Q for the quarterly period ended September 30,2024and Note 27 of the Firms 2023 Form 10-K for additional information2.Total excess high-quality liquid
77、assets(“HQLA”)represent the average eligible unencumbered liquid assets that are in excess of what is required to meet the estimated Firm and Bank total net cash outflows over a prospective 30 calendar-day period of significant stress under the LCR rule.HQLA and unencumbered marketable securities,in
78、cludes end-of-period HQLA,excluding regulatory prescribed haircuts under the LCR rule where applicable,for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank,N.A.,which are not transferable to non-bank affiliates and thus excluded fr
79、om the Firms LCR.Also includes 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 50-57 of the Firms Q
80、uarterly Report on Form 10-Q for the quarterly period ended September 30,2024and pages 102-109 of the Firms 2023 Form 10-K for additional information3.During the fourth quarter of 2024,the Firm made a change to its funds transfer pricing with respect to consumer deposits,resulting in an increase in
81、the funding benefit reflected within CCB net interest income which is fully offset within Corporate net interest income13Additional notes on slides 5-6Slide 5 Slide 5 Consumer&Community BankingConsumer&Community Banking3.Actual numbers for all periods,not over/(under)4.Users of all mobile platforms
82、who have logged in within the past 90 days5.Excludes Commercial Card6.Firmwide mortgage origination volume was$14.2B,$13.3B,and$8.6B for the three months ended December 31,2024,September 30,2024,and December 31,2023,respectivelySlide 6 Slide 6 Commercial&Investment BankCommercial&Investment Bank2.Ef
83、fective in the second quarter of 2024,the Firm reorganized its reportable business segments by combining the former Corporate&Investment Bank and Commercial Banking business segments to form one segment,the Commercial&Investment Bank(CIB)3.In the fourth quarter of 2024,certain net funding costs that
84、 were previously allocated to Fixed Income Markets were reclassified to Equity Markets.Prior-period amounts have been revised to conform with the current presentation4.Actual numbers for all periods,not over/(under)5.Client deposits and other third-party liabilities(“client deposits”)pertain to the
85、Payments and Securities Services businesses6.Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery)rate7.Refer to page 28 of the Firms Quarterly Report on Form 10-Q for the quarterly period ended September 30,2024 for a description of each of the cli
86、ent coverage segments14Forward-looking statementsThis presentation 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 si
87、gnificant 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
88、 on Form 10-K for the year ended December 31,2023 and Quarterly Report on Form 10-Q for the quarter ended September 30,2024,which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase&Co.s website(https:/jpmorganchaseco.gcs- on the Securities and Exchange Commissions website(www.sec.gov).JPMorgan Chase&Co.does not undertake to update any forward-looking statements.15