JPMORGAN CHASE & CO
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Part I – Financial information
Consolidated financial highlights (unaudited)
| As of or for the period ended, (in millions, except per share, ratio, employee data and where otherwise noted) | Nine months ended Sep 30, | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 3Q24 · 2Q24 · 1Q24 · 4Q23 · 3Q23 · 2024 · 2023 | |||||||||
| Selected income statement data | |||||||||
| Total net revenue | $42,654 | $50,200(f) | $41,934 | $38,574 | $39,874 | $134,788 | $119,530 | ||
| Total noninterest expense | 22,565 | 23,713(f) | 22,757 | 24,486 | 21,757 | 69,035(f) | 62,686 | ||
| Pre-provision profit(a) | 20,089 | 26,487 | 19,177 | 14,088 | 18,117 | 65,753 | 56,844 | ||
| Provision for credit losses | 3,111 | 3,052 | 1,884 | 2,762 | 1,384 | 8,047 | 6,558 | ||
| Income before income tax expense | 16,978 | 23,435 | 17,293 | 11,326 | 16,733 | 57,706 | 50,286 | ||
| Income tax expense | 4,080 | 5,286 | 3,874 | 2,019 | 3,582 | 13,240 | 10,041 | ||
| Net income | $12,898 | $18,149 | $13,419 | $9,307 | $13,151 | $44,466 | $40,245 | ||
| Earnings per share data | |||||||||
| Net income: Basic | $4.38 | $6.13 | $4.45 | $3.04 | $4.33 | $14.97 | $13.20 | ||
| Diluted | 4.37 | 6.12 | 4.44 | 3.04 | 4.33 | 14.94 | 13.18 | ||
| Average shares: Basic | 2,860.6 | 2,889.8 | 2,908.3 | 2,914.4 | 2,927.5 | 2,886.2 | 2,946.6 | ||
| Diluted | 2,865.9 | 2,894.9 | 2,912.8 | 2,919.1 | 2,932.1 | 2,891.2 | 2,951.0 | ||
| Market and per common share data | |||||||||
| Market capitalization | 593,643 | 575,463 | 575,195 | 489,320 | 419,254 | 593,643 | 419,254 | ||
| Common shares at period-end | 2,815.3 | 2,845.1 | 2,871.6 | 2,876.6 | 2,891.0 | 2,815.3 | 2,891.0 | ||
| Book value per share | 115.15 | 111.29 | 106.81 | 104.45 | 100.30 | 115.15 | 100.30 | ||
| Tangible book value per share (“TBVPS”)(a) | 96.42 | 92.77 | 88.43 | 86.08 | 82.04 | 96.42 | 82.04 | ||
| Cash dividends declared per share | 1.25 | 1.15 | 1.15 | 1.05 | 1.05 | 3.55 | 3.05 | ||
| Selected ratios and metrics | |||||||||
| Return on common equity (“ROE”)(b) | 16 | % | 23% | 17% | 12% | 18% | 19 | % | 19% |
| Return on tangible common equity (“ROTCE”)(a)(b) | 19 | 28 | 21 | 15 | 22 | 23 | 23 | ||
| Return on assets(b) | 1.23 | 1.79 | 1.36 | 0.95 | 1.36 | 1.46 | 1.42 | ||
| Overhead ratio | 53 | 47 | 54 | 63 | 55 | 51 | 52 | ||
| Loans-to-deposits ratio | 55 | 55 | 54 | 55 | 55 | 55 | 55 | ||
| Firm Liquidity coverage ratio (“LCR”) (average)(c) | 114 | 112 | 112 | 113 | 112 | 114 | 112 | ||
| JPMorgan Chase Bank, N.A. LCR (average)(c) | 121 | 125 | 129 | 129 | 123 | 121 | 123 | ||
| Common equity Tier 1 (“CET1”) capital ratio(d)(e) | 15.3 | 15.3 | 15.0 | 15.0 | 14.3 | 15.3 | 14.3 | ||
| Tier 1 capital ratio(d)(e) | 16.4 | 16.7 | 16.4 | 16.6 | 15.9 | 16.4 | 15.9 | ||
| Total capital ratio(d)(e) | 18.2 | 18.5 | 18.2 | 18.5 | 17.8 | 18.2 | 17.8 | ||
| Tier 1 leverage ratio(d) | 7.1 | 7.2 | 7.2 | 7.2 | 7.1 | 7.1 | 7.1 | ||
| Supplementary leverage ratio (“SLR”)(d) | 6.0 | 6.1 | 6.1 | 6.1 | 6.0 | 6.0 | 6.0 | ||
| Selected balance sheet data (period-end) | |||||||||
| Trading assets | $787,489 | $733,882 | $754,409 | $540,607 | $601,993 | $787,489 | $601,993 | ||
| Investment securities, net of allowance for credit losses | 634,502 | 589,998 | 570,679 | 571,552 | 585,380 | 634,502 | 585,380 | ||
| Loans | 1,340,011 | 1,320,700 | 1,309,616 | 1,323,706 | 1,310,059 | 1,340,011 | 1,310,059 | ||
| Total assets | 4,210,048 | 4,143,003 | 4,090,727 | 3,875,393 | 3,898,333 | 4,210,048 | 3,898,333 | ||
| Deposits | 2,430,772 | 2,396,530 | 2,428,409 | 2,400,688 | 2,379,526 | 2,430,772 | 2,379,526 | ||
| Long-term debt | 410,157 | 394,028 | 395,872 | 391,825 | 362,793 | 410,157 | 362,793 | ||
| Common stockholders’ equity | 324,186 | 316,652 | 306,737 | 300,474 | 289,967 | 324,186 | 289,967 | ||
| Total stockholders’ equity | 345,836 | 340,552 | 336,637 | 327,878 | 317,371 | 345,836 | 317,371 | ||
| Employees | 316,043 | 313,206 | 311,921 | 309,926 | 308,669 | 316,043 | 308,669 | ||
| Credit quality metrics | |||||||||
| Allowances for credit losses | $26,543 | $25,514 | $24,695 | $24,765 | $24,155 | $26,543 | $24,155 | ||
| Allowance for loan losses to total retained loans | 1.86 | % | 1.81% | 1.77% | 1.75% | 1.73% | 1.86 | % | 1.73% |
| Nonperforming assets | $8,628 | $8,423 | $8,265 | $7,597 | $8,131 | $8,628 | $8,131 | ||
| Net charge-offs | 2,087 | 2,231 | 1,956 | 2,164 | 1,497 | 6,274 | 4,045 | ||
| Net charge-off rate | 0.65 | % | 0.71% | 0.62% | 0.68% | 0.47% | 0.66 | % | 0.46% |
(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 Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of these measures.
(b)Ratios are based upon annualized amounts.
(c)For the nine months ended September 30, 2024 and 2023, the percentage represents average ratios for the three months ended September 30, 2024 and 2023.
(d)The ratios reflect the Current Expected Credit Losses (“CECL”) capital transition provisions. Refer to Note 21 of this Form 10-Q and Note 27 of JPMorgan Chase’s 2023 Form 10-K for additional information.
(e)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 44-49 for additional information.
(f)Total net revenue included a $7.9 billion net gain related to Visa shares, and total noninterest expense included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation. Refer to Consolidated Results of Operations on pages 9–14 of this Form 10-Q, and Notes 2 and 5 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for additional information on the exchange offer for Visa Class B-1 common stock.
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