JPMORGAN CHASE & CO
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 14, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Three-Year Summary of Consolidated Financial Highlights
Financial
THREE-YEAR SUMMARY OF CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
| As of or for the year ended December 31,(in millions, except per share, ratio, employee data and where otherwise noted) | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Selected income statement data | |||
| Total net revenue | $177,556(e) | $158,104 | $128,695 |
| Total noninterest expense | 91,797(e) | 87,172 | 76,140 |
| Pre-provision profit(a) | 85,759 | 70,932 | 52,555 |
| Provision for credit losses | 10,678 | 9,320 | 6,389 |
| Income before income tax expense | 75,081 | 61,612 | 46,166 |
| Income tax expense | 16,610 | 12,060 | 8,490 |
| Net income | $58,471 | $49,552 | $37,676 |
| Earnings per share data | |||
| Net income: Basic | $19.79 | $16.25 | $12.10 |
| Diluted | 19.75 | 16.23 | 12.09 |
| Average shares: Basic | 2,873.9 | 2,938.6 | 2,965.8 |
| Diluted | 2,879.0 | 2,943.1 | 2,970.0 |
| Market and per common share data | |||
| Market capitalization | 670,618 | 489,320 | 393,484 |
| Common shares at period-end | 2,797.6 | 2,876.6 | 2,934.2 |
| Book value per share | 116.07 | 104.45 | 90.29 |
| Tangible book value per share (“TBVPS”)(a) | 97.30 | 86.08 | 73.12 |
| Cash dividends declared per share | 4.80 | 4.10 | 4.00 |
| Selected ratios and metrics | |||
| Return on common equity (“ROE”) | 18% | 17% | 14% |
| Return on tangible common equity (“ROTCE”)(a) | 22 | 21 | 18 |
| Return on assets (“ROA”) | 1.43 | 1.30 | 0.98 |
| Overhead ratio | 52 | 55 | 59 |
| Loans-to-deposits ratio | 56 | 55 | 49 |
| Firm Liquidity coverage ratio (“LCR”) (average)(b) | 113 | 113 | 112 |
| JPMorgan Chase Bank, N.A. LCR (average)(b) | 124 | 129 | 151 |
| Common equity Tier 1 (“CET1”) capital ratio(c)(d) | 15.7 | 15.0 | 13.2 |
| Tier 1 capital ratio(c)(d) | 16.8 | 16.6 | 14.9 |
| Total capital ratio(c)(d) | 18.5 | 18.5 | 16.8 |
| Tier 1 leverage ratio(b)(c) | 7.2 | 7.2 | 6.6 |
| Supplementary leverage ratio (“SLR”)(b)(c) | 6.1 | 6.1 | 5.6 |
| Selected balance sheet data (period-end) | |||
| Trading assets | $637,784 | $540,607 | $453,799 |
| Investment securities, net of allowance for credit losses | 681,320 | 571,552 | 631,162 |
| Loans | 1,347,988 | 1,323,706 | 1,135,647 |
| Total assets | 4,002,814 | 3,875,393 | 3,665,743 |
| Deposits | 2,406,032 | 2,400,688 | 2,340,179 |
| Long-term debt | 401,418 | 391,825 | 295,865 |
| Common stockholders’ equity | 324,708 | 300,474 | 264,928 |
| Total stockholders’ equity | 344,758 | 327,878 | 292,332 |
| Employees | 317,233 | 309,926 | 293,723 |
| Credit quality metrics | |||
| Allowances for credit losses | $26,866 | $24,765 | $22,204 |
| Allowance for loan losses to total retained loans | 1.87% | 1.75% | 1.81% |
| Nonperforming assets | $9,300 | $7,597 | $7,247 |
| Net charge-offs | 8,638 | 6,209 | 2,853 |
| Net charge-off rate | 0.68% | 0.52% | 0.27% |
(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 67–69 for a discussion of these measures.
(b)For the years ended December 31, 2024, 2023 and 2022, the percentage represents average ratios for the three months ended December 31, 2024, 2023 and 2022.
(c)The ratios reflect the Current Expected Credit Losses (“CECL”) capital transition provisions. Refer to Note 27 for additional information.
(d)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 97–107 for additional information.
(e)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, both recorded in the second quarter of 2024. Refer to Executive Overview on pages 54–58, and Notes 2 and 6 for additional information on the exchange offer for Visa Class B-1 common stock.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.