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1、1Q24 Financial ResultsApril 12,2024 Pretax Net incomeEPSIncrease to the FDIC special assessment in Corporate($725)($550)($0.19)1Q24 Financial highlights1See note 4 on slide 102Represents the estimated Basel III common equity Tier 1(“CET1”)capital and ratio and Total Loss-Absorbing Capacity for the c
2、urrent period.See note 1 on slide 113Standardized risk-weighted assets(“RWA”).Estimated for the current period.See note 1 on slide 114Cash and marketable securities represents HQLA and unencumbered marketable securities.Estimated for the current period.See note 2 on slide 115See note 3 on slide 106S
3、ee note 1 on slide 107On May 1,2023,JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic.All references in this presentation to“ex.FR”or“FR impact”refer to excluding or including the relevant effects of the First Republic acquisition,as well as subsequent related
4、business and activities,as applicable8Includes the net impact of employee issuances.Excludes excise tax and commissions9 Last twelve months(“LTM”)ROTCE121%CET1 capital ratios2Std.15.0%|Adv.15.3%Total Loss-Absorbing Capacity2$520BStd.RWA3$1.7TCash and marketable securities4$1.5TAverage loans$1.3TBala
5、nce sheetLoans:average loans of$1.3T up 16%YoY and flat QoQ Ex.FR7,average loans of$1.2T up 3%YoY and flat QoQDeposits:average deposits of$2.4T up 2%YoY and flat QoQ Ex.FR,average deposits of$2.3T flat YoY and QoQCET1 capital of$258B2 Standardized CET1 capital ratio of 15.0%2;Advanced CET1 capital r
6、atio of 15.3%2Capital distributedCommon dividend of$3.3B or$1.15 per share$2.0B of common stock net repurchases8Net payout LTM of 42%8,9Income statement1Q24 net income of$13.4B and EPS of$4.44 Excluding a$725mm increase to the FDIC special assessment5,1Q24 net income of$14.0B,EPS of$4.63 and ROTCE o
7、f 22%Managed revenue of$42.5B6Expense of$22.8B and managed overhead ratio of 53%6SIGNIFICANT ITEMS($MM,EXCLUDING EPS)11Q24 Reported FR impact ex.FR 4Q23 1Q23 Net interest income$23.2$1.3$21.9($1.0)$1.0 Noninterest revenue19.3 0.3 19.0 3.8 0.5 Managed revenue142.5 1.7 40.9 2.8 1.5 Expense22.8 0.8 22.
8、0(1.6)1.8 Credit costs1.9(0.0)1.9(0.7)(0.4)Net income$13.4$0.7$12.8$4.1$0.1 Net income applicable to common stockholders$12.9$0.7$12.3$4.1$0.1 EPS diluted$4.44$0.23$4.21$1.39$0.11 ROE217%1%17%11%18%ROTCE2,321 1 20 14 23 Overhead ratio managed1,253(0)54 62 51 Memo:NII excluding Markets4$23.0$1.3$21.7
9、($0.5)$0.7 NIR excluding Markets411.5 0.3 11.2 1.2 1.2 Markets revenue8.0-8.0 2.2(0.4)Managed revenue142.5 1.7 40.9 2.8 1.5 Adjusted expense5$22.8$0.8$22.0($1.4)$2.1 Adjusted overhead ratio1,2,554%(0)%54%62%51%ex.FR$O/(U)1Q24 Financial results11Q24 Tax rateEffective rate:22.4%Managed rate:25.1%1,6No
10、te:Totals may not sum due to rounding1See note 1 on slide 102 Actual numbers for all periods,not over/(under)3See note 4 on slide 104See note 2 on slide 105See note 5 on slide 106Reflects fully taxable-equivalent(“FTE”)adjustments of$614mm in 1Q24$B1Q24 4Q23 1Q23 Net charge-offs$2.0$2.2$1.1 Reserve
11、build/(release)(0.1)0.6 1.1 Credit costs$1.9$2.8$2.3$B,EXCEPT PER SHARE DATA1Q24ROE O/H ratio CCB35%53%CIB18%53%CB24%38%AWM33%68%2Fortress balance sheetNote:Totals may not sum due to rounding1Estimated for the current period.See note 1 on slide 112Estimated for the current period.Represents the supp
12、lementary leverage ratio(“SLR”)3Estimated for the current period.Liquidity Coverage Ratio(“LCR”)represents the average LCR for the Firm and JPMorgan Chase Bank,N.A.(“Bank”).See note 2 on slide 114See note 3 on slide 115See note 4 on slide 106Reflects Net Income Applicable to Common Equity7Excludes A
13、OCI on cash flow hedges and DVA related to structured notes8Includes net share repurchases and common dividends9Primarily CET1 capital deductions,including the impact of CECL10Includes Loans and Commitments 1Q24 4Q23 1Q23 Risk-based capital metrics1CET1 capital$258$251$227 CET1 capital ratio Standar
14、dized15.0%15.0%13.8%CET1 capital ratio Advanced15.3 15.0 13.9 Basel III Standardized RWA$1,716$1,672$1,647 Leverage-based capital metric2Firm SLR6.1%6.1%5.9%Liquidity metrics3Firm LCR112%113%114%Bank LCR129 129 140 Total excess HQLA$307$309$368 HQLA and unencumbered marketable securities1,496 1,447
15、1,459 Balance sheet metricsTotal assets(EOP)$4,091$3,875$3,744 Deposits(average)2,375 2,372 2,320 Tangible book value per share588.43 86.08 76.69 4$B,EXCEPT PER SHARE DATASTANDARDIZED CET1 RATIO(%)1STANDARDIZED RISK-WEIGHTED ASSETS($B)11,672 1,716(9)7 45 4Q23LendingMarket RiskCredit Riskex.Lending1Q
16、241015.0%15.0%(0 bps)(32 bps)(39 bps)(3 bps)78 bps4Q23NetincomeAOCICapitalDistributionsRWAOther1Q2467893Consumer&Community Banking1KEY DRIVERS/STATISTICS($B)DETAIL BY BUSINESSFINANCIAL PERFORMANCE(ex.FR)SELECTED INCOME STATEMENT DATA($MM)KEY DRIVERS/STATISTICS($B)2Note:Totals may not sum due to roun
17、ding1See note 1 on slide 10For additional footnotes see slide 12CCBCIBCBAWMCorp.1Q24ex.FR$O/(U)Reported FR impact ex.FR 4Q23 1Q23 Revenue$17,653$1,031$16,622($384)$166 Banking&Wealth Management10,324 639 9,685(447)(356)Home Lending1,186 392 794(20)74 Card Services&Auto6,143-6,143 84 448 Expense9,297
18、 518 8,779 42 714 Credit costs1,913(9)1,922(252)520 Net charge-offs(NCOs)1,879 2 1,877 241 825 Change in allowance34(11)45(493)(305)Net income$4,831$395$4,436$11($807)1Q24ex.FRReported FR impact ex.FR 4Q23 1Q23 Average equity$54.5$3.5$51.0$52.0$52.0 ROE35%1%34%33%40%Overhead ratio53 0 53 51 49 Avera
19、ge loans$571.1$94.2$476.9$476.7$449.8 Average deposits1,079.2 40.6 1,038.7 1,049.6 1,113.0 Active mobile customers(mm)354.7 n.a.54.7 53.8 50.9 Debit&credit card sales volume4$420.7$0.5$420.2$440.5$387.3 Net income of$4.4B,down 15%YoYRevenue of$16.6B,up 1%YoY,largely driven by higher net interest inc
20、omeExpense of$8.8B,up 9%YoY,largely driven by higher compensation,primarily for bankers and advisors as well as technology,in addition to continued investments in marketingCredit costs of$1.9BNCOs of$1.9B,up$825mm YoY,predominantly driven by continued normalization in Card ServicesNet reserve build
21、of$45mm,driven by a net build of$153mm in Card Services,largely offset by a net release of$100mm in Home LendingEx.FR:Average loans up 6%YoY and flat QoQAverage deposits down 7%YoY and 1%QoQ EOP deposits down 7%YoY and up 1%QoQActive mobile customers up 7%YoYDebit&credit card sales volume up 9%YoYCl
22、ient investment assets up 25%YoY and 7%QoQ1Q24ex.FRReported FR impact ex.FR 4Q23 1Q23 Banking&Wealth ManagementBusiness Banking average loans$19.4-$19.4$19.5$19.9 Business Banking loan originations1.1-1.1 1.1 1.0 Client investment assets(EOP)1,010.3 146.6 863.7 806.5 690.8 Deposit margin2.71%0.03%2.
23、67%2.79%2.78%Home LendingAverage loans$257.9$90.2$167.7$170.3$172.1 Loan originations56.6 0.3 6.3 6.8 5.7 Third-party mortgage loans serviced(EOP)626.2 2.8 623.4 628.3 575.9 Net charge-off/(recovery)rate(0.01)%0.01%(0.02)%0.01%(0.04)%Card Services&AutoCard Services average loans$204.7-$204.7$202.7$1
24、80.5 Auto average loans and leased assets87.7-87.7 86.8 80.3 Auto loan and lease originations8.9-8.9 9.9 9.2 Card Services net charge-off rate3.32%-3.32%2.79%2.07%Card Services net revenue rate10.09-10.09 9.82 10.38 Card Services sales volume4$291.0-$291.0$307.2$266.2 41Q24 4Q23 1Q23 Equity$102.0$10
25、8.0$108.0 ROE18%9%16%Overhead ratio53 62 55 Comp/revenue30 31 30 IB fees($mm)$2,001$1,654$1,654 Average loans235.2 233.3 228.1 Average client deposits3665.9 660.8 633.7 Merchant processing volume4604 639 559 Assets under custody($T)34.0 32.4 29.7 Net charge-off/(recovery)rate50.00%0.25%0.11%Average
26、VaR($mm)$41$32$45$O/(U)1Q24 4Q23 1Q23 Revenue$13,633$2,675$33 Investment Banking revenue1,986 410 426 Payments2,367 35(29)Lending130(20)(137)Total Banking4,483 425 260 Fixed Income Markets5,297 1,264(402)Equity Markets2,685 907 2 Securities Services1,183(8)35 Credit Adjustments&Other(15)87 138 Total
27、 Markets&Securities Services9,150 2,250(227)Expense7,218 444(265)Credit costs32(178)(26)Net income$4,753$2,229$332 Corporate&Investment Bank1KEY DRIVERS/STATISTICS($B)2Net income of$4.8B,up 8%YoY;revenue of$13.6B,flat YoYBanking revenueIB revenue of$2.0B,up 27%YoY IB fees up 21%YoY,driven by higher
28、debt and equity underwriting fees,partially offset by lower advisory fees Payments revenue of$2.4B,down 1%YoY,driven by deposit margin compression and higher deposit-related client credits,largely offset by fee growth and higher deposit balancesLending revenue of$130mm,down 51%YoY,predominantly driv
29、en by mark-to-market losses on hedges of the retained lending portfolioMarkets&Securities Services revenueMarkets revenue of$8.0B,down 5%YoY Fixed Income Markets revenue of$5.3B,down 7%YoY,driven by lower activity in Rates and Commodities compared with a strong prior year,partially offset by higher
30、revenue in Securitized Products Equity Markets revenue of$2.7B,flat YoYSecurities Services revenue of$1.2B,up 3%YoYExpense of$7.2B,down 4%YoY,predominantly driven by lower legal expense1See note 1 on slide 10For additional footnotes see slide 12SELECTED INCOME STATEMENT DATA($MM)FINANCIAL PERFORMANC
31、ECCBCIBCBAWMCorp.51Q24 ex.FR Reported FR impact ex.FR 4Q23 1Q23 Average equity$30.0$1.5$28.5$28.5$28.5 ROE24%2%22%20%18%Overhead ratio38(3)41 37 37 Payments revenue($mm)$2,014$76$1,938$1,980$1,972 Investment Banking and Markets revenue,gross($mm)4913-913 924 881 Average loans279.5 38.6 241.0 242.0 2
32、38.0 Average client deposits265.7 7.1 258.6 262.1 265.9 Allowance for loan losses5.0 0.7 4.3 4.3 3.6 Nonaccrual loans1.2 0.2 1.0 0.7 0.9 Net charge-off/(recovery)rate50.10%(0.01)%0.11%0.21%0.06%ALL/loans51.78 0.00 1.78 1.81 1.49 63Commercial Banking1KEY DRIVERS/STATISTICS($B)2Net income of$1.6B,up 2
33、1%YoYRevenue of$3.6B,up 3%YoY,driven by higher noninterest revenueInvestment Banking and Markets revenue,gross of$913mm,up 4%YoY,with increased IB fees largely offset by lower markets revenue compared to a strong prior-year quarterPayments revenue of$1.9B,down 2%YoY,driven by lower deposit margins a
34、nd balances,largely offset by fee growth net of higher deposit-related client creditsExpense of$1.5B,up 13%YoY,predominantly driven by higher compensation,reflecting an increase in employees including front office and technology investments,as well as higher volume-related expenseCredit costs were a
35、 net benefit of$35mmNet reserve release of$101mm,reflected a reserve build associated with net downgrade activity,primarily in Real Estate,which was more than offset by updates to certain macroeconomic variables and the impact of net lending activityNCOs of$66mm Average loans of$241B,up 1%YoY and fl
36、at QoQC&I7down 1%YoY and down 1%QoQCRE7up 3%YoY and flat QoQAverage deposits of$259B,down 3%YoY,primarily driven by lower non-operating depositsDown 1%QoQ,reflecting seasonally lower balancesNote:Totals may not sum due to rounding1See note 1 on slide 10For additional footnotes see slide 12FINANCIAL
37、PERFORMANCE(ex.FR)SELECTED INCOME STATEMENT DATA($MM)CCBCIBCBAWMCorp.1Q24ex.FR$O/(U)Reported FR impact ex.FR 4Q23 1Q23 Revenue$3,951$352$3,599($56)$88 Middle Market Banking1,832 72 1,760(63)79 Corporate Client Banking1,194 2 1,192 30 16 Commercial Real Estate Banking909 278 631(24)(11)Other16-16 1 4
38、 Expense1,506 28 1,478 110 170 Credit costs(31)4(35)(304)(452)Net income$1,869$243$1,626$153$279 6Asset&Wealth Management1KEY DRIVERS/STATISTICS($B)2Net income of$1.0B,down 26%YoY Revenue of$4.7B,down 1%YoY,reflecting net investment valuation gains in the prior year,primarily a gain of$339mm associa
39、ted with closing the J.P.Morgan Asset Management China acquisitionExcluding valuation gains,up 5%YoY,driven by higher management fees on strong net inflows and higher average market levels,partially offset by lower net interest income due to deposit margin compressionExpense of$3.4B,up 11%YoY,largel
40、y driven by higher compensation,including revenue-related compensation,continued growth in private banking advisor teams and the impact of the J.P.Morgan Asset Management China acquisition,as well as higher distribution feesAUM of$3.6T was up 19%YoY and client assets of$5.2T were up 20%YoY,each driv
41、en by higher market levels and continued net inflowsFor the quarter,AUM had long-term net inflows of$34BAverage loans of$213B,up 1%YoY and down 1%QoQAverage deposits of$215B,down 4%YoY and flat QoQNote:Totals may not sum due to rounding1See note 1 on slide 102Actual numbers for all periods,not over/
42、(under)SELECTED INCOME STATEMENT DATA($MM)FINANCIAL PERFORMANCE(ex.FR)CCBCIBCBAWMCorp.1Q24 ex.FR Reported FR impact ex.FR 4Q23 1Q23 Average equity$15.5$1.0$14.5$16.0$16.0 ROE33%5%27%22%34%Pretax margin33 5 28 28 35 Assets under management(AUM)$3,564-$3,564$3,422$3,006 Client assets5,219 15 5,204 5,0
43、00 4,347 Average loans223.4 10.7 212.7 215.3 211.5 Average deposits227.7 12.6 215.1 215.4 224.4 1Q24Reported FR impact ex.FR 4Q23 1Q23 Revenue$5,109$367$4,742$79($42)Asset Management2,326-2,326(77)(108)Global Private Bank2,783 367 2,416 156 66 Expense3,460 33 3,427 72 336 Credit costs(57)(26)(31)(17
44、)(59)Net income$1,290$272$1,018$93($349)ex.FR$O/(U)7Corporate1FINANCIAL PERFORMANCE(ex.FR)SELECTED INCOME STATEMENT DATA($MM)Revenue was$2.3B,up$1.3B YoYNet interest income was$2.5B,up$737mm YoY,driven by the impact of balance sheet mix and higher ratesNoninterest revenue was a net loss of$188mm,com
45、pared with a net loss of$755mm in the prior year The current quarter included$366mm of net investment securities losses,compared with$868mm of net securities losses in the prior yearExpense of$1.0B,up$889mm YoY,predominantly driven by an increase to the FDIC special assessmentNote:Totals may not sum
46、 due to rounding1See note 1 on slide 10CCBCIBCBAWMCorp.1Q24Reported FR impact ex.FR 4Q23 1Q23 Revenue$2,202($87)$2,289$509$1,304 Net interest income2,477 0 2,477 9 737 Noninterest revenue(275)(87)(188)499 567 Expense1,276 227 1,049(2,313)889 Credit costs27-27 29(343)Net income/(loss)$676($242)$918$1
47、,607$674 ex.FR$O/(U)8Outlook11See notes 1,2 and 5 on slide 10Expect FY2024 net interest income of$90B,market dependentExpect FY2024 net interest income excluding Markets of$89B,market dependent1Expect FY2024 Card Services NCO rate of 3.50%3FIRMWIDEExpect FY2024 adjusted expense of$91B,market depende
48、nt Adjusted expense includes the increase to the FDIC special assessment in 1Q2429Notes 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 resu
49、lts are non-GAAP 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 and each of
50、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 as
51、sess 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
52、 of business.For a reconciliation of the Firms results from a reported to managed basis,refer to page 7 of the Earnings Release Financial Supplement.There are no reclassifications associated with FR managed revenue2.In addition to reviewing net interest income(“NII”)and noninterest revenue(“NIR”)on
53、a managed basis,management also reviews these metrics excluding Markets,which is composed of CIBs 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-GA
54、AP financial measures.Management reviews 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 perfo
55、rmance 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 w
56、ith 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 75 of the Firms 2023 Form 10-K3.First-qu
57、arter 2024 net income,earnings per share and ROTCE excluding the$725mm increase to the estimated FDIC special assessment are non-GAAP financial measures.Excluding this item resulted in an increase of$550mm(after tax)to reported net income from$13.4B to$14.0B;an increase of$0.19 per share to reported
58、 EPS from$4.44 to$4.63;and an increase of 1%to ROTCE from 21%to 22%.Management believes these measures provide useful information to investors and analysts in assessing the Firms results4.Tangible common equity(“TCE”),return on tangible common equity(“ROTCE”)and tangible book value per share(“TBVPS”
59、),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 of related deferred tax liabilities.For a reconciliation from comm
60、on 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.ROTCE ex.FR uses the same average TCE.TBVPS represents the Firms TCE at period-end divided by common shares at pe
61、riod-end.Book value per share was$106.81,$104.45 and$94.34 atMarch 31,2024,December 31,2023 and March 31,2023,respectively.TCE,ROTCE and TBVPS are utilized by the Firm,as well as investors and analysts,in assessing the Firms use of equity5.Adjusted expense and adjusted overhead ratio are each non-GA
62、AP financial measures.Adjusted expense represents noninterest expense excluding Firmwide legal expense of($72mm),$175mm and$176mm for the three months ended March 31,2024,December 31,2023 and March 31,2023,respectively.There was no legal expense excluded from FR adjusted expense for the three months
63、 ended March 31,2024 and December 31,2023.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 of these items on reported results and provides an alternate presentation of the
64、 Firms performance10Additional notes1.Reflects the Current Expected Credit Losses(CECL)capital transition provisions.As of March 31,2024,CET1 capital and Total Loss-Absorbing Capacity reflected the final remaining$720mm CECL benefit;as of December 31,2023 and March 31,2023,CET1 capital reflected a$1
65、.4B benefit.Refer to Note 27 of the Firms 2023 Form 10-K for additional information2.Total excess high-quality liquid 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 pros
66、pective 30 calendar-day period of significant stress under the LCR rule.HQLA and unencumbered marketable securities,includes 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 t
67、he excess liquidity at JPMorgan Chase Bank,N.A.,which are not transferable to non-bank affiliates and thus excluded from 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 Bank
68、s and the discount window at the Federal Reserve Bank.Refer to Liquidity Risk Management on pages 102-109 of the Firms 2023 Form 10-K for additional information3.The 1Q23 prior-period amount has been revised to conform with the current presentation,which uses end-of-period HQLA and end-of-period une
69、ncumbered marketable securities.Previous presentations used average Firm HQLA(consistent with the LCR metric)and end-of-period unencumbered marketable securities11Additional notes on slides 4-6Slide 4 Consumer&Community Banking2.Actual numbers for all periods,not over/(under)3.Users of all JPMorgan
70、Chase mobile platforms who have logged in within the past 90 days.Excludes First Republic4.Excludes Commercial Card5.Firmwide mortgage origination volume was$7.6B,$8.6B and$6.8B for the three months ended March 31,2024,December 31,2023 and March 31,2023,respectivelySlide 5 Corporate&Investment Bank2
71、.Actual numbers for all periods,not over/(under)3.Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses 4.Represents Firmwide merchant processing volume5.Loans held-for-sale and loans at fair value were excluded when calculating the net charge-o
72、ff/(recovery)rateSlide 6 Commercial Banking2.Actual numbers for all periods,not over/(under)3.In the third quarter of 2023,certain revenue from CIB Markets products was reclassified from payments to investment banking.Prior-period amounts have been revised to conform with the current presentation4.I
73、ncludes gross revenues earned by the Firm that are subject to a revenue sharing arrangement between CB and the CIB for Investment Banking and Markets products sold to CB clients.This includes revenues related to fixed income and equity markets products.Refer to page 65 of the Firms 2023 Form 10-K fo
74、r discussion of revenue sharing 5.Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery)rate and loan loss coverage ratio 6.The FR impact to the net charge-off rate is negative due to the addition of FR loans to the overall denominator7.Commercial an
75、d Industrial(“C&I”)and Commercial Real Estate(“CRE”)groupings for CB are generally based on client segments and do not align with regulatory definitions12Forward-looking statementsThis presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act
76、 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 re
77、sults 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 31,2023,which has been filed with the Securities and Exchange Commission and is 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.13