JPMorgan Chase : 4Q22 Earnings Presentation

4Q22 Financial Results

January 13, 2023

Agenda

		Page
1	4Q22 and FY2022 Financial Results	1
2	Financial Outlook	10
3	Notes	14

4Q22 Financial highlights

ROTCE1

20%

Income statement

Balance sheet

Capital distributed

CET1 capital ratios2	Std. RWA3 $1.7T
Std. 13.2% | Adv. 13.5%	Cash and marketable
Total Loss-Absorbing	securities4 $1.4T
Capacity2 $486B	Average loans $1.1T

• 4Q22 net income of $11.0B and EPS of $3.57
• Managed revenue of $35.6B5
• • Included a gain on the sale of Visa B shares of $914mm and net investment securities losses of $874mm
• Expense of $19.0B and managed overhead ratio of 53%5
• Loans: average loans of $1.1T up 6% YoY and up 1% QoQ
• Deposits: average deposits of $2.4T down 4% YoY and down 3% QoQ
• CET1 capital of $219B2
• • Standardized CET1 capital ratio of 13.2%2; Advanced CET1 capital ratio of 13.5%2
• Common dividend of $3.0B or $1.00 per share
• Net payout LTM of 37%6

Significant items ($mm, excluding EPS)

	Pretax	Net income	EPS
Gain on the sale of Visa B shares in Corporate	$914	$695	$0.23
Net investment securities losses in Corporate	($874)	($664)	($0.22)

1. See note 3 on slide 14
2. Represents the estimated Basel III common equity Tier 1 ("CET1") capital and ratio and Total Loss-Absorbing Capacity for the current period. See note 1 on slide 15
3. Standardized risk-weighted assets ("RWA"). Estimated for the current period. See note 1 on slide 15
4. Cash and marketable securities represents HQLA and unencumbered marketable securities. Estimated for the current period. See note 2 on slide 15

5 See note 1 on slide 14	1
6 Last twelve months ("LTM"). Net of stock issued to employees

4Q22 Financial results1

$B, except per share data
																																																																																											$ O/(U)
																																																																																										4Q22	3Q22	4Q21
Net interest income																																																																																									$20.3	$2.7	$6.6
Noninterest revenue																																																																																									15.3	(0.6)	(1.4)
Managed revenue1		$B				4Q22						3Q22					4Q21		35.6	2.1	5.2
Expense				Net charge-offs	$0.9			$0.7					$0.6							19.0	(0.2)	1.1
			Reserve build/(release)	1.4			0.8					(1.8)
Credit costs															2.3	0.8	3.6
	Credit costs	$2.3			$1.5					($1.3)
Net income																																																									4Q22 Tax rate	$11.0	$1.3	$0.6
Net income applicable to common stockholders																	Effective rate: 16.8%	$10.6	$1.3	$0.7
													Managed rate: 22.8%1,6
EPS - diluted																																																																																									$3.57	$0.45	$0.24
ROE2																																											4Q22									ROE			O/H ratio			16%	15%	16%
																																											CCB	35%			50%
ROTCE2,3																																																		18	19
																																													CIB	12%			61%				20
Overhead ratio - managed1,2																																																CB	22%			37%				53	57	59
																																										AWM	26%			66%
Memo:
NII excluding Markets 4																																																																																									$20.0	$3.1	$8.4
NIR excluding Markets 4																																																																																									9.9	0.1	(3.5)
Markets revenue																																																																																									5.7	(1.1)	0.4
Managed revenue1																																																																																									35.6	2.1	5.2
Adjusted expense 5																																																																																									$19.0	($0.1)	$1.2
Adjusted overhead ratio 1,2,5																																																																																									53%	57%	58%
Note: Totals may not sum due to rounding
1 See note 1 on slide 14																																																					2
2 Actual numbers for all periods, not over/(under)

1. See note 3 on slide 14
2. See note 2 on slide 14
3. See note 4 on slide 14
4. Reflects fully taxable-equivalent ("FTE") adjustments of $1.0B in 4Q22

FY22 Financial results1

$B, except per share data
																																																																									$ O/(U)
																																																																							FY2022	FY2021	FY2021
Net interest income																																																																							$67.1	$52.7	$14.4
Noninterest revenue																																																																							65.1	72.6	(7.4)
Managed revenue1		$B																FY2022		FY2021			132.3	125.3	7.0
Expense				Net charge-offs	$2.9			$2.9							76.1	71.3	4.8
			Reserve build/(release)	3.5			(12.1)
Credit costs											6.4	(9.3)	15.6
	Credit costs																$6.4			($9.3)
Net income																																								FY22 Tax rate	$37.7	$48.3	($10.7)
Net income applicable to common stockholders														Effective rate: 18.4%	$35.9	$46.5	($10.6)
											Managed rate: 24.3%1,6
EPS - diluted																																																																							$12.09	$15.36	($3.27)
ROE2																							FY2022								ROE				O/H ratio			14%	19%
																												CCB	29%	57%
ROTCE2,3																																	23
																													CIB	14%	57%				18
Overhead ratio - managed1,2																															CB	16%	41%				58	57
																											AWM	25%	67%
Memo:
NII excluding Markets 4																																																																							$62.4	$44.5	$17.9
NIR excluding Markets 4																																																																							40.9	53.4	(12.5)
Markets revenue																																																																							29.0	27.4	1.6
Managed revenue1																																																																							132.3	125.3	7.0
Adjusted expense 5																																																																							$75.9	$70.9	$5.0
Adjusted overhead ratio 1,2,5																																																																							57%	57%
Note: Totals may not sum due to rounding
1 See note 1 on slide 14																																						3
2 Actual numbers for all periods, not over/(under)

1. See note 3 on slide 14
2. See note 2 on slide 14
3. See note 4 on slide 14
4. Reflects fully taxable-equivalent ("FTE") adjustments of $3.6B in 2022