jpm-20221014

Exhibit 99.1


JPMorgan Chase & Co. 383 Madison Avenue, New York, NY 10179-0001 NYSE symbol: JPM www.jpmorganchase.com

JPMORGAN CHASE REPORTS THIRD-QUARTER 2022 NET INCOME OF $9.7 BILLION ($3.12 PER SHARE), INCLUDING $959 MILLION ($0.24 PER SHARE) OF NET INVESTMENT SECURITIES LOSSES

THIRD-QUARTER 2022 RESULTS1

ROE 15%

ROTCE2 18%

CET1 Capital Ratios3

Std. 12.5% | Adv. 13.0%

Std. RWA3 $1.7T

Cash and marketable securities4 $1.5T

Average loans $1.1T


Firmwide Metrics	n	Reported revenue of $32.7 billion and managed revenue of $33.5 billion2, including $959 million of net investment securities losses
	n	Credit costs of $1.5 billion included an $808 million net reserve build and $727 million of net charge-offs
	n	Average loans up 7%; average deposits up 3%

CCB ROE 33%	n	Average deposits up 9%; client investment assets down 10%
	n	Average loans up 2% YoY and up 1% QoQ; Card net charge-off rate of 1.40%
	n	Debit and credit card sales volume5 up 13%
	n	Active mobile customers6 up 10%

CIB ROE 13%	n	#1 ranking for Global Investment Banking fees with 8.1% wallet share YTD
	n	Total Markets revenue of $6.8 billion, up 8%, with Fixed Income Markets up 22% and Equity Markets down 11%

CB ROE 14%	n	Gross Investment Banking revenue of $761 million, down 43%
	n	Average loans up 13% YoY and up 4% QoQ; average deposits down 6%

AWM ROE 28%	n	Assets under management (AUM) of $2.6 trillion, down 13%
	n	Average loans up 8% YoY and flat QoQ; average deposits up 10%


Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase delivered solid performance across our businesses as we generated $9.7 billion in net income, $32.7 billion in revenue, an ROTCE of 18% and a CET1 capital ratio of 12.5%.” Dimon added: “While we unfortunately still don’t know the ultimate effect of changes in capital requirements due to the completion of Basel III, through our earnings power and demonstrated ability to manage down risk-weighted assets, we expect to reach our current target CET1 ratio of 13%, which includes a 50 basis point buffer, in the first quarter of 2023. Importantly, we continue to make all the investments that we need to grow our businesses and serve our customers, and we hope to be able to resume stock buybacks early next year.” “In Consumer & Community Banking, we again ranked #1 in U.S. retail deposits, we were the fastest growing bank among the top 20 and we are now #1 in the top 3 largest markets based on the most recent FDIC data. Average deposits were up 9%, and debit and credit card sales were up 13%. In the Corporate & Investment Bank, we maintained our #1 ranking in Global Investment Banking although fees were down 47% compared to a record prior year. Markets revenue grew 8% driven by strong client activity in Fixed Income. Commercial Banking loans were up 13% on higher revolver utilization and new loan originations. Asset & Wealth Management reported solid results with revenue up 6% as higher net interest income more than offset the impact of lower market levels.” “In the U.S., consumers continue to spend with solid balance sheets, job openings are plentiful and businesses remain healthy. However, there are significant headwinds immediately in front of us – stubbornly high inflation leading to higher global interest rates, the uncertain impacts of quantitative tightening, the war in Ukraine, which is increasing all geopolitical risks, and the fragile state of oil supply and prices. While we are hoping for the best, we always remain vigilant and are prepared for bad outcomes so we can continue to serve customers even in the most challenging of times.” Dimon concluded: “Year to date, our employees have worked hard to extend credit and raise $1.9 trillion in capital for small and large businesses, governments and U.S. consumers. The investments we have made over the years, the discipline and rigor with which we manage the Firm, and the extraordinary efforts by our people have enabled us to consistently serve our customers, clients and communities around the world.”

SIGNIFICANT ITEMS

n 3Q22 results included:

n $959 million net investment securities losses in Corporate ($0.24 decrease in earnings per share)

CAPITAL DISTRIBUTED

n Common dividend of $3.0 billion, or $1 per share

n Net payout LTM7,8 of 43%

FORTRESS PRINCIPLES

n Book value per share of $87.00, up 1%; tangible book value per share2 of $69.90,

flat YoY

n Basel III common equity Tier 1 capital3 of $210 billion and Standardized ratio3 of 12.5%; Advanced ratio3 of 13.0%

n Firm supplementary leverage ratio of 5.3%

OPERATING LEVERAGE

n 3Q22 expense of $19.2 billion; reported overhead ratio of 59%; managed overhead ratio2 of 57%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n $1.9 trillion of credit and capital9 raised YTD

n $196 billion of credit for consumers

n $24 billion of credit for U.S. small businesses

n $799 billion of credit for corporations

n $799 billion of capital raised for corporate clients and non-U.S. government

entities

n $51 billion of credit and capital raised for nonprofit and U.S. government

entities, including states, municipalities, hospitals and universities


Investor Contact: Mikael Grubb (212) 270-2479 Note: Totals may not sum due to rounding 1Percentage comparisons noted in the bullet points are for the third quarter of 2022 versus the prior-year third quarter, unless otherwise specified. 2For notes on non-GAAP financial measures, including managed basis reporting, see page 6. For additional notes see page 7.			Media Contact: Joseph Evangelisti (212) 270-7438

JPMorgan Chase & Co.

News Release

In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments is also presented on a managed basis. For more information about managed basis, and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.

Comparisons noted in the sections below are for the third quarter of 2022 versus the prior-year third quarter, unless otherwise specified.

JPMORGAN CHASE (JPM)


Results for JPM										2Q22				3Q21
($ millions, except per share data)	3Q22			2Q22			3Q21			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %

Net revenue - reported	$	32,716		$	30,715		$	29,647		$	2,001	7	%	$	3,069	10	%
Net revenue - managed	33,491			31,630			30,441			1,861		6		3,050		10
Noninterest expense	19,178			18,749			17,063			429		2		2,115		12
Provision for credit losses	1,537			1,101			(1,527)			436		40		3,064		NM
Net income	$	9,737		$	8,649		$	11,687		$	1,088	13	%	$	(1,950)	(17)	%
Earnings per share - diluted	$	3.12		$	2.76		$	3.74		$	0.36	13	%	$	(0.62)	(17)	%
Return on common equity	15		%	13		%	18		%
Return on tangible common equity	18			17			22

Discussion of Results:

Net income was $9.7 billion, down 17%, driven by a net credit reserve build of $808 million compared to a net reserve release of $2.1 billion in the prior year. The current quarter included net investment securities losses of $959 million resulting in a decrease of $729 million (after tax) to net income.

Net revenue was $33.5 billion, up 10%. Net interest income (NII) was $17.6 billion, up 34%. NII excluding Markets2 was $16.9 billion, up 51%, driven by higher rates. Noninterest revenue was $15.9 billion, down 8%, driven by lower Investment Banking fees, $959 million of net investment securities losses in Corporate and lower net production revenue in Home Lending, largely offset by higher CIB Markets revenue.

Noninterest expense was $19.2 billion, up 12%, driven by higher structural expense, primarily compensation, and continued investments in the business, including technology and marketing.

The provision for credit losses was $1.5 billion, including a net reserve build of $808 million. Net charge-offs of $727 million were up $203 million. The net reserve build in the current quarter included $937 million in Wholesale, reflecting loan growth and the impact of updates to the Firm’s macroeconomic scenarios, partially offset by a reserve release of $150 million in Home Lending. The prior year provision was a net benefit of $1.5 billion, reflecting a net reserve release of $2.1 billion and $524 million of net charge-offs.

JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)


Results for CCB							2Q22				3Q21
($ millions)	3Q22		2Q22		3Q21		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	14,331	$	12,614	$	12,521	$	1,717	14	%	$	1,810	14	%
Consumer & Business Banking	8,010		6,558		6,157		1,452		22		1,853		30
Home Lending	920		1,001		1,400		(81)		(8)		(480)		(34)
Card & Auto	5,401		5,055		4,964		346		7		437		9
Noninterest expense	8,047		7,723		7,238		324		4		809		11
Provision for credit losses	529		761		(459)		(232)		(30)		988		NM
Net income	$	4,334	$	3,100	$	4,351	$	1,234	40	%	$	(17)	—	%

Discussion of Results10:

Net income was $4.3 billion, relatively flat to the prior year. Net revenue was $14.3 billion, up 14%.

Consumer & Business Banking net revenue was $8.0 billion, up 30%, driven by higher deposit margins and growth in deposits. Home Lending net revenue was $920 million, down 34%, predominantly driven by lower production revenue due to lower margins and volume and lower net interest income due to tighter loan spreads, partially offset by higher net mortgage servicing revenue. Card & Auto net revenue was $5.4 billion, up 9%, largely driven by higher Card net interest income on higher revolving balances, largely offset by lower auto operating lease income.

Noninterest expense was $8.0 billion, up 11%, reflecting higher investments in the business and structural expense, including compensation, marketing and technology, partially offset by lower volume- and revenue-related expense, primarily due to auto lease depreciation.

The provision for credit losses was $529 million, reflecting net charge-offs of $679 million and a $150 million reserve release in Home Lending. Card reserves remained flat, as loan growth was offset by a reduction in pandemic-related uncertainty. Net charge-offs were up $188 million, largely driven by Card. The prior year provision reflected a $950 million reserve release across CCB.

JPMorgan Chase & Co.

News Release

CORPORATE & INVESTMENT BANK (CIB)


Results for CIB							2Q22				3Q21
($ millions)	3Q22		2Q22		3Q21		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	11,875	$	11,947	$	12,396	$	(72)	(1)	%	$	(521)	(4)	%
Banking	4,025		3,224		4,893		801		25		(868)		(18)
Markets & Securities Services	7,850		8,723		7,503		(873)		(10)		347		5
Noninterest expense	6,618		6,745		5,871		(127)		(2)		747		13
Provision for credit losses	513		59		(638)		454		NM		1,151		NM
Net income	$	3,532	$	3,725	$	5,647	$	(193)	(5)	%	$	(2,115)	(37)	%

Discussion of Results10:

Net income was $3.5 billion, down 37%, with net revenue of $11.9 billion, down 4%.

Banking revenue was $4.0 billion, down 18%. Investment Banking revenue was $1.7 billion, down 43%, driven by lower Investment Banking fees, down 47%, reflecting lower fees across all products. Payments revenue was $2.0 billion, up 22% and included the net impact of equity investments. Excluding this net impact, Payments revenue was up 41%, driven by higher interest rates and growth in fees. Lending revenue was $323 million, up 32%, driven by higher net interest income on loan growth.

Markets & Securities Services revenue was $7.9 billion, up 5%. Markets revenue was $6.8 billion, up 8%. Fixed Income Markets revenue was $4.5 billion, up 22%, primarily driven by higher revenue in macro businesses, partially offset by lower revenue in Securitized Products. Equity Markets revenue was $2.3 billion, down 11% compared to a record third quarter in the prior year. Securities Services revenue was $1.1 billion, relatively flat to the prior year.

Noninterest expense was $6.6 billion, up 13%, predominantly driven by higher structural expense, investments in the business and revenue-related expense, including compensation.

The provision for credit losses was $513 million, reflecting a net reserve build, predominantly driven by loan and lending-related commitment activity and the impact of updates to the Firm’s macroeconomic scenarios. The prior year provision was driven by a net reserve release.

COMMERCIAL BANKING (CB)


Results for CB							2Q22				3Q21
($ millions)	3Q22		2Q22		3Q21		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	3,048	$	2,683	$	2,520	$	365	14	%	$	528	21	%
Noninterest expense	1,180		1,156		1,032		24		2		148		14
Provision for credit losses	618		209		(363)		409		196		981		NM
Net income	$	946	$	994	$	1,409	$	(48)	(5)	%	$	(463)	(33)	%

Discussion of Results10:

Net income was $946 million, down 33%, driven by a net credit reserve build compared to a net release in the prior year.

Net revenue was $3.0 billion, up 21%, driven by higher deposit margins, partially offset by lower investment banking revenue.

Noninterest expense was $1.2 billion, up 14%, largely driven by higher structural and volume- and revenue-related expense.

The provision for credit losses was $618 million, reflecting a net reserve build, largely driven by growth in loans and lending-related commitments and the impact of updates to the Firm’s macroeconomic scenarios.

JPMorgan Chase & Co.

News Release

ASSET & WEALTH MANAGEMENT (AWM)


Results for AWM							2Q22				3Q21
($ millions)	3Q22		2Q22		3Q21		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	4,539	$	4,306	$	4,300	$	233	5	%	$	239	6	%
Noninterest expense	3,028		2,919		2,762		109		4		266		10
Provision for credit losses	(102)		44		(60)		(146)		NM		(42)		(70)
Net income	$	1,219	$	1,004	$	1,196	$	215	21	%	$	23	2	%

Discussion of Results10:

Net income was $1.2 billion, up 2%.

Net revenue was $4.5 billion, up 6%, predominantly driven by deposits and loans on higher margins and balances, largely offset by lower management fees due to lower market levels.

Noninterest expense was $3.0 billion, up 10%, driven by higher structural expense and investments in the business, including compensation.

The provision for credit losses was a net benefit of $102 million, predominantly driven by a net reserve release.

Assets under management were $2.6 trillion, down 13%, driven by lower market levels and net outflows from liquidity products, partially offset by continued net inflows for long term products.

CORPORATE


Results for Corporate							2Q22				3Q21
($ millions)	3Q22		2Q22		3Q21		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	(302)	$	80	$	(1,296)	$	(382)	NM		$	994	77	%
Noninterest expense	305		206		160		99		48		145		91
Provision for credit losses	(21)		28		(7)		(49)		NM		(14)		(200)
Net income/(loss)	$	(294)	$	(174)	$	(916)	$	(120)	(69)	%	$	622	68	%

Discussion of Results10:

Net loss was $294 million, compared with a net loss of $916 million in the prior year.

Net revenue was a loss of $302 million compared with a loss of $1.3 billion in the prior year. Net interest income was $792 million compared with a loss of $1.1 billion in the prior year, due to the impact of higher rates. The current quarter included net investment securities losses of $959 million compared with net losses of $256 million in the prior year. Investment securities losses reflected higher net losses on sales of U.S. Treasuries and mortgage-backed securities.

Noninterest expense was $305 million, up $145 million.

JPMorgan Chase & Co.

News Release

2. Notes on non-GAAP financial measures:

a.The Firm prepares its Consolidated Financial Statements in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with the U.S. GAAP financial statements of other companies. In addition to analyzing the Firm’s 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 financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s 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 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 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 as a whole or by the lines of business. For a reconciliation of the Firm’s results from a reported to managed basis, refer to page 7 of the Earnings Release Financial Supplement.

b.Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”), are each non-GAAP financial measures. TCE represents the Firm’s 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 common stockholders’ equity to TCE, refer to page 9 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $87.00, $86.38 and $86.36 at September 30, 2022, June 30, 2022, and September 30, 2021, respectively. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

c.In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets (“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 reviews these metrics to assess the performance of the Firm’s 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 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 with 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 28 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to page 70 of the Firm’s 2021 Form 10-K.

JPMorgan Chase & Co.

News Release

Additional notes:

3.Estimated. Reflects the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the Current Expected Credit Losses (“CECL”) capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of September 30, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. Refer to Capital Risk Management on pages 44-49 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022 and on pages 86-96 of the Firm’s 2021 Form 10-K for additional information.

4.Estimated. Cash and marketable securities, includes the Firm’s average eligible High-quality liquid assets (“HQLA”), other end-of-period HQLA-eligible securities which are included as part of the excess liquidity at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates and thus excluded from the Firm’s liquidity coverage ratio (“LCR”) under the LCR rule, and 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 50-54 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022 and on pages 97-104 of the Firm’s 2021 Form 10-K for additional information.

5.Excludes Commercial Card.

6.Users of all mobile platforms who have logged in within the past 90 days.

7.Last twelve months (“LTM”).

8.Includes the net impact of employee issuances.

9.Credit provided to clients represents new and renewed credit, including loans and lending-related commitments.

10.In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior period amounts have been revised to conform with the current presentation.

JPMorgan Chase & Co.

News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.8 trillion in assets and $288.0 billion in stockholders’ equity as of September 30, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, October 14, 2022, at 8:30 a.m. (EDT) to present third-quarter 2022 financial results. The general public can access the call by dialing (866) 659-9159 in the U.S. and Canada, or (617) 399-5172 for international callers; use passcode 26483228#. Please dial in 15 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.

A replay of the conference call will be available beginning at approximately 11:00 a.m. (EDT) on October 14, 2022, through 11:59 p.m. on October 29, 2022, by telephone at (888) 286-8010 (U.S. and Canada) or (617) 801-6888 (international); use passcode 63859285#. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

This earnings release 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 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 results 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, 2021 and Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2022

JPMORGAN CHASE & CO.

TABLE OF CONTENTS

Page(s)

Consolidated Results

Consolidated Financial Highlights

2–3

Consolidated Statements of Income

Consolidated Balance Sheets

Condensed Average Balance Sheets and Annualized Yields

Reconciliation from Reported to Managed Basis

Segment Results - Managed Basis

Capital and Other Selected Balance Sheet Items

Earnings Per Share and Related Information

Business Segment Results

Consumer & Community Banking (“CCB”)

11–14

Corporate & Investment Bank (“CIB”)

15–17

Commercial Banking (“CB”)

18–19

Asset & Wealth Management (“AWM”)

20–22

Corporate

Credit-Related Information

24–27

Non-GAAP Financial Measures

Glossary of Terms and Acronyms (a)

(a) Refer to the Glossary of Terms and Acronyms on pages 305–311 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”) and

the Glossary of Terms and Acronyms and Line of Business Metrics on pages 182-187 and pages 188-190 respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30,

2022.


JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q22 Change											2022 Change
SELECTED INCOME STATEMENT DATA	3Q22				2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022				2021			2021
Reported Basis
Total net revenue	$	32,716			$	30,715		$	30,717		$	29,257		$	29,647		7	%	10	%	$	94,148			$	92,392		2	%
Total noninterest expense	19,178				18,749			19,191			17,888			17,063			2		12		57,118				53,455			7
Pre-provision profit (a)	13,538				11,966			11,526			11,369			12,584			13		8		37,030				38,937			(5)
Provision for credit losses	1,537				1,101			1,463			(1,288)			(1,527)			40		NM		4,101				(7,968)			NM
NET INCOME	9,737				8,649			8,282			10,399			11,687			13		(17)		26,668				37,935			(30)

Managed Basis (b)
Total net revenue	33,491				31,630			31,590			30,349			30,441			6		10		96,711				94,955			2
Total noninterest expense	19,178				18,749			19,191			17,888			17,063			2		12		57,118				53,455			7
Pre-provision profit (a)	14,313				12,881			12,399			12,461			13,378			11		7		39,593				41,500			(5)
Provision for credit losses	1,537				1,101			1,463			(1,288)			(1,527)			40		NM		4,101				(7,968)			NM
NET INCOME	9,737				8,649			8,282			10,399			11,687			13		(17)		26,668				37,935			(30)

EARNINGS PER SHARE DATA
Net income: Basic	$	3.13			$	2.77		$	2.64		$	3.33		$	3.74		13		(16)		$	8.53			$	12.05		(29)
Diluted	3.12				2.76			2.63			3.33			3.74			13		(17)		8.51				12.02			(29)
Average shares: Basic	2,961.2				2,962.2			2,977.0			2,977.3			2,999.9			—		(1)		2,966.8				3,036.4			(2)
Diluted	2,965.4				2,966.3			2,981.0			2,981.8			3,005.1			—		(1)		2,970.9				3,041.7			(2)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	306,520			$	330,237		$	400,379		$	466,206		$	483,748		(7)		(37)		$	306,520			$	483,748		(37)
Common shares at period-end	2,933.2				2,932.6			2,937.1			2,944.1			2,955.3			—		(1)		2,933.2				2,955.3			(1)
Book value per share	87.00				86.38			86.16			88.07			86.36			1		1		87.00				86.36			1
Tangible book value per share (“TBVPS”) (a)	69.90				69.53			69.58			71.53			69.87			1		—		69.90				69.87			—
Cash dividends declared per share	1.00				1.00			1.00			1.00			1.00			—		—		3.00				2.80			7

FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	15		%		13		%	13		%	16		%	18		%					14		%		20		%
Return on tangible common equity (“ROTCE”) (a)	18				17			16			19			22							17				24
Return on assets	1.01				0.89			0.86			1.08			1.24							0.92				1.37

CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio	12.5		%	(e)	12.2		%	11.9		%	13.1		%	12.9		%					12.5		%	(e)	12.9		%
Tier 1 capital ratio	14.1			(e)	14.1			13.7			15.0			15.0							14.1			(e)	15.0
Total capital ratio	15.9			(e)	15.7			15.4			16.8			16.9							15.9			(e)	16.9
Tier 1 leverage ratio	6.2			(e)	6.2			6.2			6.5			6.6							6.2			(e)	6.6
Supplementary leverage ratio (“SLR”)	5.3			(e)	5.3			5.2			5.4			5.5							5.3			(e)	5.5

(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 page 9 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.

(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(c)Quarterly ratios are based upon annualized amounts.

(d)The capital metrics reflect the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the Current Expected Credit Losses ("CECL") capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of September 30, 2022, June 30, 2022 and March 31, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. For the periods ended December 31, 2021 and September 30, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion and $3.3 billion, respectively. Refer to Capital Risk Management on pages 44-49 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, and pages 86-96 of the Firm’s 2021 Form 10-K for additional information.

(e)Estimated.

Page 2


JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)

	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q22 Change										2022 Change
	3Q22			2Q22			1Q22			4Q21				3Q21				2Q22		3Q21		2022			2021			2021
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	3,773,884		$	3,841,314		$	3,954,687		$	3,743,567			$	3,757,576			(2)	%	—	%	$	3,773,884		$	3,757,576		—	%
Loans:
Consumer, excluding credit card loans	313,796			317,212			312,489			323,306				328,164				(1)		(4)		313,796			328,164			(4)
Credit card loans	170,462			165,494			152,283			154,296				143,166				3		19		170,462			143,166			19
Wholesale loans	628,375			621,449			608,513			600,112				573,285				1		10		628,375			573,285			10
Total Loans	1,112,633			1,104,155			1,073,285			1,077,714				1,044,615				1		7		1,112,633			1,044,615			7

Deposits:
U.S. offices:
Noninterest-bearing	688,292			714,478			721,401			711,525			(d)	686,457			(d)	(4)		—		688,292			686,457			—
Interest-bearing	1,304,012			1,343,802			1,412,589			1,359,932			(d)	1,314,073			(d)	(3)		(1)		1,304,012			1,314,073			(1)
Non-U.S. offices:
Noninterest-bearing	26,629			26,983			27,542			26,229				28,589				(1)		(7)		26,629			28,589			(7)
Interest-bearing	389,682			386,281			399,675			364,617				373,234				1		4		389,682			373,234			4
Total deposits	2,408,615			2,471,544			2,561,207			2,462,303				2,402,353				(3)		—		2,408,615			2,402,353			—

Long-term debt	287,473			288,212			293,239			301,005				298,465				—		(4)		287,473			298,465			(4)
Common stockholders’ equity	255,180			253,305			253,061			259,289				255,203				1		—		255,180			255,203			—
Total stockholders’ equity	288,018			286,143			285,899			294,127				290,041				1		(1)		288,018			290,041			(1)

Loans-to-deposits ratio	46		%	45		%	42		%	44		%		43		%						46		%	43		%

Headcount	288,474			278,494			273,948			271,025				265,790				4		9		288,474			265,790			9

95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)	$	54		$	54		$	63		$	37			$	36		(d)	—		50

LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking	$	14,331		$	12,614		$	12,229		$	12,275			$	12,521			14		14		$	39,174		$	37,798		4
Corporate & Investment Bank	11,875			11,947			13,529			11,534				12,396				(1)		(4)		37,351			40,215			(7)
Commercial Banking	3,048			2,683			2,398			2,612				2,520				14		21		8,129			7,396			10
Asset & Wealth Management	4,539			4,306			4,315			4,473				4,300				5		6		13,160			12,484			5
Corporate	(302)			80			(881)			(545)				(1,296)				NM		77		(1,103)			(2,938)			62
TOTAL NET REVENUE	$	33,491		$	31,630		$	31,590		$	30,349			$	30,441			6		10		$	96,711		$	94,955		2

LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking (c)	$	4,334		$	3,100		$	2,895		$	4,147			$	4,351			40		—		$	10,329		$	16,783		(38)
Corporate & Investment Bank (c)	3,532			3,725			4,385			4,543				5,647				(5)		(37)		11,642			16,591			(30)
Commercial Banking (c)	946			994			850			1,234				1,409				(5)		(33)		2,790			4,012			(30)
Asset & Wealth Management (c)	1,219			1,004			1,008			1,125				1,196				21		2		3,231			3,612			(11)
Corporate (c)	(294)			(174)			(856)			(650)				(916)				(69)		68		(1,324)			(3,063)			57
NET INCOME	$	9,737		$	8,649		$	8,282		$	10,399			$	11,687			13		(17)		$	26,668		$	37,935		(30)

(a)Refer to Corporate & Investment Bank credit portfolio VaR on page 17 for a further discussion of VaR.

(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(c)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

(d)Prior-period amounts have been revised to conform with the current presentation.

Page 3


JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q22 Change										2022 Change
REVENUE	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022			2021			2021
Investment banking fees	$	1,674		$	1,586		$	2,008		$	3,494		$	3,282		6	%	(49)	%	$	5,268		$	9,722		(46)	%
Principal transactions	5,383			4,990			5,105			2,182			3,546			8		52		15,478			14,122			10
Lending- and deposit-related fees	1,731			1,873			1,839			1,784			1,801			(8)		(4)		5,443			5,248			4
Asset management, administration and commissions	5,069			5,240			5,362			5,549			5,257			(3)		(4)		15,671			15,480			1
Investment securities gains/(losses)	(959)			(153)			(394)			52			(256)			NM		(275)		(1,506)			(397)			(279)
Mortgage fees and related income	314			378			460			315			600			(17)		(48)		1,152			1,855			(38)
Card income	1,086			1,133			975			1,100			1,005			(4)		8		3,194			4,002			(20)
Other income	900			540			1,490			1,180			1,332			67		(32)		2,930			3,650			(20)
Noninterest revenue	15,198			15,587			16,845			15,656			16,567			(2)		(8)		47,630			53,682			(11)
Interest income	25,611			18,646			15,496			15,019			14,480			37		77		59,753			42,845			39
Interest expense	8,093			3,518			1,624			1,418			1,400			130		478		13,235			4,135			220
Net interest income	17,518			15,128			13,872			13,601			13,080			16		34		46,518			38,710			20
TOTAL NET REVENUE	32,716			30,715			30,717			29,257			29,647			7		10		94,148			92,392			2

Provision for credit losses	1,537			1,101			1,463			(1,288)			(1,527)			40		NM		4,101			(7,968)			NM

NONINTEREST EXPENSE
Compensation expense	10,539			10,301			10,787			9,065			9,087			2		16		31,627			29,502			7
Occupancy expense	1,162			1,129			1,134			1,202			1,109			3		5		3,425			3,314			3
Technology, communications and equipment expense	2,366			2,376			2,360			2,461			2,473			—		(4)		7,102			7,480			(5)
Professional and outside services	2,481			2,469			2,572			2,703			2,523			—		(2)		7,522			7,111			6
Marketing	1,017			881			920			947			712			15		43		2,818			2,089			35
Other expense (a)	1,613			1,593			1,418			1,510			1,159			1		39		4,624			3,959			17
TOTAL NONINTEREST EXPENSE	19,178			18,749			19,191			17,888			17,063			2		12		57,118			53,455			7
Income before income tax expense	12,001			10,865			10,063			12,657			14,111			10		(15)		32,929			46,905			(30)
Income tax expense	2,264			2,216			1,781			2,258			2,424			2		(7)		6,261			8,970			(30)
NET INCOME	$	9,737		$	8,649		$	8,282		$	10,399		$	11,687		13		(17)		$	26,668		$	37,935		(30)


NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	3.13		$	2.77		$	2.64		$	3.33		$	3.74		13		(16)		$	8.53		$	12.05		(29)
Diluted earnings per share	3.12			2.76			2.63			3.33			3.74			13		(17)		8.51			12.02			(29)

FINANCIAL RATIOS
Return on common equity (b)	15		%	13		%	13		%	16		%	18		%					14		%	20		%
Return on tangible common equity (b)(c)	18			17			16			19			22							17			24
Return on assets (b)	1.01			0.89			0.86			1.08			1.24							0.92			1.37
Effective income tax rate	18.9			20.4			17.7			17.8			17.2							19.0			19.1
Overhead ratio	59			61			62			61			58							61			58

(a)Included Firmwide legal expense of $47 million, $73 million, $119 million, $137 million and $76 million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $239 million and $289 million for the nine months ended September 30, 2022 and September 30, 2021, respectively.

(b)Quarterly ratios are based upon annualized amounts.

(c)Refer to page 28 for further discussion of ROTCE.

Page 4


JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
											Sep 30, 2022
											Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,
	2022		2022		2022		2021		2021		2022		2021
ASSETS
Cash and due from banks	$	24,654	$	27,215	$	26,165	$	26,438	$	25,857	(9)	%	(5)	%
Deposits with banks	619,533		642,045		728,367		714,396		734,012		(4)		(16)
Federal funds sold and securities purchased under
resale agreements	301,878		322,156		301,875		261,698		282,161		(6)		7
Securities borrowed	193,216		202,393		224,852		206,071		202,987		(5)		(5)
Trading assets:
Debt and equity instruments	413,953		384,260		437,892		376,494		447,993		8		(8)
Derivative receivables	92,534		81,317		73,636		57,081		67,908		14		36
Available-for-sale (“AFS”) securities	188,140		222,069		312,875		308,525		251,590		(15)		(25)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses	430,106		441,649		366,585		363,707		343,542		(3)		25
Investment securities, net of allowance for credit losses	618,246		663,718		679,460		672,232		595,132		(7)		4
Loans	1,112,633		1,104,155		1,073,285		1,077,714		1,044,615		1		7
Less: Allowance for loan losses	18,185		17,750		17,192		16,386		18,150		2		—
Loans, net of allowance for loan losses	1,094,448		1,086,405		1,056,093		1,061,328		1,026,465		1		7
Accrued interest and accounts receivable	143,905		145,442		152,207		102,570		116,395		(1)		24
Premises and equipment	27,199		26,770		26,916		27,070		26,996		2		1
Goodwill, MSRs and other intangible assets	60,806		59,360		58,485		56,691		56,566		2		7
Other assets	183,512		200,233		188,739		181,498		175,104		(8)		5
TOTAL ASSETS	$	3,773,884	$	3,841,314	$	3,954,687	$	3,743,567	$	3,757,576	(2)		—

LIABILITIES
Deposits	$	2,408,615	$	2,471,544	$	2,561,207	$	2,462,303	$	2,402,353	(3)		—
Federal funds purchased and securities loaned or sold
under repurchase agreements	239,939		222,719		223,858		194,340		254,920		8		(6)
Short-term borrowings	47,866		58,422		57,586		53,594		50,393		(18)		(5)
Trading liabilities:
Debt and equity instruments	133,175		137,891		144,280		114,577		126,058		(3)		6
Derivative payables	56,703		52,417		57,803		50,116		53,485		8		6
Accounts payable and other liabilities	300,016		313,326		320,671		262,755		268,604		(4)		12
Beneficial interests issued by consolidated VIEs	12,079		10,640		10,144		10,750		13,257		14		(9)
Long-term debt	287,473		288,212		293,239		301,005		298,465		—		(4)
TOTAL LIABILITIES	3,485,866		3,555,171		3,668,788		3,449,440		3,467,535		(2)		1

STOCKHOLDERS’ EQUITY
Preferred stock	32,838		32,838		32,838		34,838		34,838		—		(6)
Common stock	4,105		4,105		4,105		4,105		4,105		—		—
Additional paid-in capital	88,865		88,614		88,260		88,415		88,357		—		1
Retained earnings	288,776		282,445		277,177		272,268		265,276		2		9
Accumulated other comprehensive income/(loss)	(19,134)		(14,369)		(9,567)		(84)		963		(33)		NM
Treasury stock, at cost	(107,432)		(107,490)		(106,914)		(105,415)		(103,498)		—		(4)
TOTAL STOCKHOLDERS’ EQUITY	288,018		286,143		285,899		294,127		290,041		1		(1)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,773,884	$	3,841,314	$	3,954,687	$	3,743,567	$	3,757,576	(2)		—

Page 5


JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q22 Change										2022 Change
AVERAGE BALANCES	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022			2021			2021
ASSETS
Deposits with banks	$	652,321		$	694,644		$	742,311		$	767,713		$	756,653		(6)	%	(14)	%	$	696,096		$	703,616		(1)	%
Federal funds sold and securities purchased under resale agreements	322,053			305,132			294,951			268,953			262,679			6		23		307,478			269,324			14
Securities borrowed	204,479			207,437			218,030			207,059			189,418			(1)		8		209,932			185,127			13
Trading assets - debt instruments	283,414			273,736			272,116			260,555			275,860			4		3		276,464			291,673			(5)
Investment securities	647,165			672,799			671,165			642,675			565,344			(4)		14		663,622			577,566			15
Loans	1,112,761			1,093,106			1,068,637			1,060,254			1,042,591			2		7		1,091,663			1,027,023			6
All other interest-earning assets (a)	122,756			139,040			134,741			130,646			127,241			(12)		(4)		132,135			120,529			10
Total interest-earning assets	3,344,949			3,385,894			3,401,951			3,337,855			3,219,786			(1)		4		3,377,390			3,174,858			6
Trading assets - equity and other instruments	129,221			151,309			156,908			150,770			177,315			(15)		(27)		145,712			180,253			(19)
Trading assets - derivative receivables	83,950			84,483			67,334			66,024			65,574			(1)		28		78,650			70,139			12
All other noninterest-earning assets	284,127			289,957			280,595			277,006			262,544			(2)		8		284,904			264,077			8
TOTAL ASSETS	$	3,842,247		$	3,911,643		$	3,906,788		$	3,831,655		$	3,725,219		(2)		3		$	3,886,656		$	3,689,327		5
LIABILITIES
Interest-bearing deposits	$	1,728,852		$	1,790,421		$	1,781,320		$	1,731,609	(g)	$	1,677,837	(g)	(3)		3		$	1,766,672		$	1,652,807		7
Federal funds purchased and securities loaned or
sold under repurchase agreements	239,582			233,376			250,215			234,504			240,912			3		(1)		241,019			267,659			(10)
Short-term borrowings (b)	45,797			50,833			47,871			46,456			43,759			(10)		5		48,159			43,998			9
Trading liabilities - debt and all other interest-bearing liabilities (c)	278,049			274,435			263,025			246,675			241,297			1		15		271,891			239,666			13
Beneficial interests issued by consolidated VIEs	11,039			10,577			10,891			11,906			14,232			4		(22)		10,836			15,501			(30)
Long-term debt	253,012			246,195			254,180			255,710			257,593			3		(2)		251,125			248,581			1
Total interest-bearing liabilities	2,556,331			2,605,837			2,607,502			2,526,860			2,475,630			(2)		3		2,589,702			2,468,212			5
Noninterest-bearing deposits	716,518			741,891			734,233			736,203		(g)	691,622		(g)	(3)		4		730,816			653,685			12
Trading liabilities - equity and other instruments	36,985			40,937			43,394			40,645			35,505			(10)		4		40,415			35,312			14
Trading liabilities - derivative payables	56,994			61,026			54,522			55,063			55,907			(7)		2		57,523			62,089			(7)
All other noninterest-bearing liabilities	189,637			181,128			181,105			184,241			178,770			5		6		183,988			187,601			(2)
TOTAL LIABILITIES	3,556,465			3,630,819			3,620,756			3,543,012			3,437,434			(2)		3		3,602,444			3,406,899			6
Preferred stock	32,838			32,838			33,526			34,838			34,229			—		(4)		33,065			32,417			2
Common stockholders’ equity	252,944			247,986			252,506			253,805			253,556			2		—		251,147			250,011			—
TOTAL STOCKHOLDERS’ EQUITY	285,782			280,824			286,032			288,643			287,785			2		(1)		284,212			282,428			1
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,842,247		$	3,911,643		$	3,906,788		$	3,831,655		$	3,725,219		(2)		3		$	3,886,656		$	3,689,327		5

AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks	1.83		%	0.62		%	0.13		%	0.09		%	0.09		%					0.83		%	0.06		%
Federal funds sold and securities purchased under resale agreements	1.74			0.71			0.55			0.47			0.35							1.02			0.32
Securities borrowed (e)	1.50			0.33			(0.16)			(0.28)			(0.15)							0.55			(0.17)
Trading assets - debt instruments	3.36			3.02			2.65			2.52			2.43							3.01			2.38
Investment securities	1.84			1.55			1.38			1.26			1.32							1.59			1.33
Loans	5.00			4.28			4.05			4.04			3.99							4.45			4.02
All other interest-earning assets (a)	3.57			1.85			0.97			0.87			0.64							2.09			0.67
Total interest-earning assets	3.05			2.22			1.86			1.80			1.80							2.38			1.82

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.73			0.20			0.04			0.03			0.03							0.32			0.03
Federal funds purchased and securities loaned or
sold under repurchase agreements	2.10			0.80			0.19			0.13			0.20							1.03			0.10
Short-term borrowings (b)	1.35			0.73			0.32			0.26			0.26							0.79			0.29
Trading liabilities - debt and all other interest-bearing liabilities (c)(e)	1.49			0.69			0.30			0.20			0.09							0.84			0.07
Beneficial interests issued by consolidated VIEs	2.24			1.11			0.69			0.56			0.50							1.36			0.57
Long-term debt	3.77			2.54			1.72			1.61			1.62							2.68			1.74
Total interest-bearing liabilities	1.26			0.54			0.25			0.22			0.22							0.68			0.22

INTEREST RATE SPREAD	1.79			1.68			1.61			1.58			1.58							1.70			1.60
NET YIELD ON INTEREST-EARNING ASSETS	2.09			1.80			1.67			1.63			1.62							1.85			1.64
Memo: Net yield on interest-earning assets excluding Markets (f)	2.81			2.26			1.95			1.90			1.91							2.34			1.92

(a) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.

(b) Includes commercial paper.

(d) Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(e) Negative interest income and yields are related to the impact of interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other liabilities.

(f) Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

(g) Prior-period amounts have been revised to conform with the current presentation.

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s 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 financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.








	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q22 Change										2022 Change
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022			2021			2021
OTHER INCOME
Other income - reported	$	900		$	540		$	1,490		$	1,180		$	1,332		67	%	(32)	%	$	2,930		$	3,650		(20)	%
Fully taxable-equivalent adjustments (a)	663			812			775			984			690			(18)		(4)		2,250			2,241			—
Other income - managed	$	1,563		$	1,352		$	2,265		$	2,164		$	2,022		16		(23)		$	5,180		$	5,891		(12)

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	15,198		$	15,587		$	16,845		$	15,656		$	16,567		(2)		(8)		$	47,630		$	53,682		(11)
Fully taxable-equivalent adjustments	663			812			775			984			690			(18)		(4)		2,250			2,241			—
Total noninterest revenue - managed	$	15,861		$	16,399		$	17,620		$	16,640		$	17,257		(3)		(8)		$	49,880		$	55,923		(11)

NET INTEREST INCOME
Net interest income - reported	$	17,518		$	15,128		$	13,872		$	13,601		$	13,080		16		34		$	46,518		$	38,710		20
Fully taxable-equivalent adjustments (a)	112			103			98			108			104			9		8		313			322			(3)
Net interest income - managed	$	17,630		$	15,231		$	13,970		$	13,709		$	13,184		16		34		$	46,831		$	39,032		20

TOTAL NET REVENUE
Total net revenue - reported	$	32,716		$	30,715		$	30,717		$	29,257		$	29,647		7		10		$	94,148		$	92,392		2
Fully taxable-equivalent adjustments	775			915			873			1,092			794			(15)		(2)		2,563			2,563			—
Total net revenue - managed	$	33,491		$	31,630		$	31,590		$	30,349		$	30,441		6		10		$	96,711		$	94,955		2

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	13,538		$	11,966		$	11,526		$	11,369		$	12,584		13		8		$	37,030		$	38,937		(5)
Fully taxable-equivalent adjustments	775			915			873			1,092			794			(15)		(2)		2,563			2,563			—
Pre-provision profit - managed	$	14,313		$	12,881		$	12,399		$	12,461		$	13,378		11		7		$	39,593		$	41,500		(5)

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	12,001		$	10,865		$	10,063		$	12,657		$	14,111		10		(15)		$	32,929		$	46,905		(30)
Fully taxable-equivalent adjustments	775			915			873			1,092			794			(15)		(2)		2,563			2,563			—
Income before income tax expense - managed	$	12,776		$	11,780		$	10,936		$	13,749		$	14,905		8		(14)		$	35,492		$	49,468		(28)

INCOME TAX EXPENSE
Income tax expense - reported	$	2,264		$	2,216		$	1,781		$	2,258		$	2,424		2		(7)		$	6,261		$	8,970		(30)
Fully taxable-equivalent adjustments	775			915			873			1,092			794			(15)		(2)		2,563			2,563			—
Income tax expense - managed	$	3,039		$	3,131		$	2,654		$	3,350		$	3,218		(3)		(6)		$	8,824		$	11,533		(23)

OVERHEAD RATIO
Overhead ratio - reported	59		%	61		%	62		%	61		%	58		%					61		%	58		%
Overhead ratio - managed	57			59			61			59			56							59			56

(a)Predominantly recognized in CIB, CB and Corporate.

Page 7


JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)


	QUARTERLY TRENDS														NINE MONTHS ENDED SEPTEMBER 30,
											3Q22 Change								2022 Change
	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22		3Q21		2022		2021		2021
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	14,331	$	12,614	$	12,229	$	12,275	$	12,521	14	%	14	%	$	39,174	$	37,798	4	%
Corporate & Investment Bank	11,875		11,947		13,529		11,534		12,396		(1)		(4)		37,351		40,215		(7)
Commercial Banking	3,048		2,683		2,398		2,612		2,520		14		21		8,129		7,396		10
Asset & Wealth Management	4,539		4,306		4,315		4,473		4,300		5		6		13,160		12,484		5
Corporate	(302)		80		(881)		(545)		(1,296)		NM		77		(1,103)		(2,938)		62
TOTAL NET REVENUE	$	33,491	$	31,630	$	31,590	$	30,349	$	30,441	6		10		$	96,711	$	94,955	2

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	8,047	$	7,723	$	7,720	$	7,754	$	7,238	4		11		$	23,490	$	21,502	9
Corporate & Investment Bank	6,618		6,745		7,298		5,827		5,871		(2)		13		20,661		19,498		6
Commercial Banking	1,180		1,156		1,129		1,059		1,032		2		14		3,465		2,982		16
Asset & Wealth Management	3,028		2,919		2,860		2,997		2,762		4		10		8,807		7,922		11
Corporate	305		206		184		251		160		48		91		695		1,551		(55)
TOTAL NONINTEREST EXPENSE	$	19,178	$	18,749	$	19,191	$	17,888	$	17,063	2		12		$	57,118	$	53,455	7

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	6,284	$	4,891	$	4,509	$	4,521	$	5,283	28		19		$	15,684	$	16,296	(4)
Corporate & Investment Bank	5,257		5,202		6,231		5,707		6,525		1		(19)		16,690		20,717		(19)
Commercial Banking	1,868		1,527		1,269		1,553		1,488		22		26		4,664		4,414		6
Asset & Wealth Management	1,511		1,387		1,455		1,476		1,538		9		(2)		4,353		4,562		(5)
Corporate	(607)		(126)		(1,065)		(796)		(1,456)		(382)		58		(1,798)		(4,489)		60
PRE-PROVISION PROFIT	$	14,313	$	12,881	$	12,399	$	12,461	$	13,378	11		7		$	39,593	$	41,500	(5)

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	529	$	761	$	678	$	(1,060)	$	(459)	(30)		NM		$	1,968	$	(5,929)	NM
Corporate & Investment Bank	513		59		445		(126)		(638)		NM		NM		1,017		(1,048)		NM
Commercial Banking	618		209		157		(89)		(363)		196		NM		984		(858)		NM
Asset & Wealth Management	(102)		44		154		(36)		(60)		NM		(70)		96		(191)		NM
Corporate	(21)		28		29		23		(7)		NM		(200)		36		58		(38)
PROVISION FOR CREDIT LOSSES	$	1,537	$	1,101	$	1,463	$	(1,288)	$	(1,527)	40		NM		$	4,101	$	(7,968)	NM

NET INCOME/(LOSS)
Consumer & Community Banking (a)	$	4,334	$	3,100	$	2,895	$	4,147	$	4,351	40		—		$	10,329	$	16,783	(38)
Corporate & Investment Bank (a)	3,532		3,725		4,385		4,543		5,647		(5)		(37)		11,642		16,591		(30)
Commercial Banking (a)	946		994		850		1,234		1,409		(5)		(33)		2,790		4,012		(30)
Asset & Wealth Management (a)	1,219		1,004		1,008		1,125		1,196		21		2		3,231		3,612		(11)
Corporate (a)	(294)		(174)		(856)		(650)		(916)		(69)		68		(1,324)		(3,063)		57
TOTAL NET INCOME	$	9,737	$	8,649	$	8,282	$	10,399	$	11,687	13		(17)		$	26,668	$	37,935	(30)

(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

Page 8


JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)

																	Sep 30, 2022
																	Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,						2022 Change
	2022				2022			2022			2021			2021			2022		2021		2022		2021		2021
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	209,661		(e)	$	207,436		$	207,903		$	213,942		$	209,917		1	%	—	%
Tier 1 capital	236,354			(e)	239,705			240,076			246,162			244,207			(1)		(3)
Total capital	268,104			(e)	268,339			269,536			274,900			274,994			—		(3)
Risk-weighted assets	1,682,182			(e)	1,704,893			1,750,678			1,638,900			1,628,406			(1)		3
CET1 capital ratio	12.5		%	(e)	12.2		%	11.9		%	13.1		%	12.9		%
Tier 1 capital ratio	14.1			(e)	14.1			13.7			15.0			15.0
Total capital ratio	15.9			(e)	15.7			15.4			16.8			16.9

Advanced
CET1 capital	$	209,661		(e)	$	207,436		$	207,903		$	213,942		$	209,917		1		—
Tier 1 capital	236,354			(e)	239,705			240,076			246,162			244,207			(1)		(3)
Total capital	256,204			(e)	257,329			258,989			265,796			264,469			—		(3)
Risk-weighted assets	1,614,348			(e)	1,613,210			1,643,453			1,547,920			1,544,512			—		5
CET1 capital ratio	13.0		%	(e)	12.9		%	12.7		%	13.8		%	13.6		%
Tier 1 capital ratio	14.6			(e)	14.9			14.6			15.9			15.8
Total capital ratio	15.9			(e)	16.0			15.8			17.2			17.1

Leverage-based capital metrics
Adjusted average assets (b)	$	3,791,795		(e)	$	3,861,979		$	3,857,783		$	3,782,035		$	3,675,803		(2)		3
Tier 1 leverage ratio	6.2		%	(e)	6.2		%	6.2		%	6.5		%	6.6		%

Total leverage exposure	$	4,461,013		(e)	$	4,563,099		$	4,586,537		$	4,571,789		$	4,463,904		(2)		—
SLR	5.3		%	(e)	5.3		%	5.2		%	5.4		%	5.5		%

TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	255,180			$	253,305		$	253,061		$	259,289		$	255,203		1		—
Less: Goodwill	51,461				50,697			50,298			50,315			50,313			2		2
Less: Other intangible assets	1,205				1,224			893			882			902			(2)		34
Add: Certain deferred tax liabilities (d)	2,509				2,509			2,496			2,499			2,500			—		—
Total tangible common equity	$	205,023			$	203,893		$	204,366		$	210,591		$	206,488		1		(1)

TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	252,944			$	247,986		$	252,506		$	253,805		$	253,556		2		—		$	251,147	$	250,011	—	%
Less: Goodwill	51,323				50,575			50,307			50,362			49,457			1		4		50,739		49,323		3
Less: Other intangible assets	1,208				1,119			896			896			849			8		42		1,076		868		24
Add: Certain deferred tax liabilities (d)	2,512				2,503			2,498			2,502			2,480			—		1		2,504		2,465		2
Total tangible common equity	$	202,925			$	198,795		$	203,801		$	205,049		$	205,730		2		(1)		$	201,836	$	202,285	—

INTANGIBLE ASSETS (period-end)
Goodwill	$	51,461			$	50,697		$	50,298		$	50,315		$	50,313		2		2
Mortgage servicing rights	8,140				7,439			7,294			5,494			5,351			9		52
Other intangible assets	1,205				1,224			893			882			902			(2)		34
Total intangible assets	$	60,806			$	59,360		$	58,485		$	56,691		$	56,566		2		7

(a)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of September 30, 2022, June 30, 2022 and March 31, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. For the periods ended December 31, 2021 and September 30, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion and $3.3 billion, respectively. Refer to Capital Risk Management on pages 44-49 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, and pages 86-96 of the Firm’s 2021 Form 10-K for additional information.

(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.

(c)Refer to page 28 for further discussion of TCE.

(d)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

(e)Estimated.

Page 9


JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q22 Change										2022 Change
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022			2021			2021
EARNINGS PER SHARE
Basic earnings per share
Net income	$	9,737		$	8,649		$	8,282		$	10,399		$	11,687		13	%	(17)	%	$	26,668		$	37,935		(30)	%
Less: Preferred stock dividends	432			410			397			426			402			5		7		1,239			1,174			6
Net income applicable to common equity	9,305			8,239			7,885			9,973			11,285			13		(18)		25,429			36,761			(31)
Less: Dividends and undistributed earnings allocated to
participating securities	50			44			40			46			56			14		(11)		134			185			(28)
Net income applicable to common stockholders	$	9,255		$	8,195		$	7,845		$	9,927		$	11,229		13		(18)		$	25,295		$	36,576		(31)

Total weighted-average basic shares outstanding	2,961.2			2,962.2			2,977.0			2,977.3			2,999.9			—		(1)		2,966.8			3,036.4			(2)
Net income per share	$	3.13		$	2.77		$	2.64		$	3.33		$	3.74		13		(16)		$	8.53		$	12.05		(29)

Diluted earnings per share
Net income applicable to common stockholders	$	9,255		$	8,195		$	7,845		$	9,927		$	11,229		13		(18)		$	25,295		$	36,576		(31)
Total weighted-average basic shares outstanding	2,961.2			2,962.2			2,977.0			2,977.3			2,999.9			—		(1)		2,966.8			3,036.4			(2)
Add: Dilutive impact of stock appreciation rights (“SARs”) and employee stock options, unvested performance share units (“PSUs”) and nondividend-earning restricted stock units (“RSUs”)	4.2			4.1			4.0			4.5			5.2			2		(19)		4.1			5.3			(23)
Total weighted-average diluted shares outstanding	2,965.4			2,966.3			2,981.0			2,981.8			3,005.1			—		(1)		2,970.9			3,041.7			(2)
Net income per share	$	3.12		$	2.76		$	2.63		$	3.33		$	3.74		13		(17)		$	8.51		$	12.02		(29)

COMMON DIVIDENDS
Cash dividends declared per share	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		—		—		$	3.00		$	2.80		7
Dividend payout ratio	32		%	36		%	38		%	30		%	27		%					35		%	23		%

COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	—			5.0			18.1			12.1			33.4			NM		NM		23.1			107.6			(79)
Average price paid per share of common stock	$	—		$	124.88		$	138.04		$	165.47		$	156.87		NM		NM		$	135.20		$	152.79		(12)
Aggregate repurchases of common stock	—			622			2,500			2,008			5,240			NM		NM		3,122			16,440			(81)

EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	0.6			0.5			11.0			1.1			0.5			20		20		12.1			13.4			(10)
Net impact of employee issuances on stockholders’ equity (b)	$	304		$	398		$	843		$	147		$	271		(24)		12		$	1,545		$	1,214		27

(a)The Firm is authorized to purchase up to $30 billion of common shares under its current repurchase program. As a result of the expected increases in regulatory capital requirements, the Firm has temporarily suspended share repurchases.

(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.

Page 10


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q22 Change										2022 Change
	3Q22			2Q22			1Q22			4Q21				3Q21			2Q22		3Q21		2022			2021			2021
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	822		$	855		$	805		$	753			$	786		(4)	%	5	%	$	2,482		$	2,281		9	%
Asset management, administration and commissions	939			947			929			950				893			(1)		5		2,815			2,564			10
Mortgage fees and related income	313			377			456			312				596			(17)		(47)		1,146			1,847			(38)
Card income	665			678			590			675				651			(2)		2		1,933			2,888			(33)
All other income	1,023			1,049			1,122			1,144				1,212			(2)		(16)		3,194			3,872			(18)
Noninterest revenue	3,762			3,906			3,902			3,834				4,138			(4)		(9)		11,570			13,452			(14)
Net interest income	10,569			8,708			8,327			8,441				8,383			21		26		27,604			24,346			13
TOTAL NET REVENUE	14,331			12,614			12,229			12,275				12,521			14		14		39,174			37,798			4

Provision for credit losses	529			761			678			(1,060)				(459)			(30)		NM		1,968			(5,929)			NM

NONINTEREST EXPENSE
Compensation expense	3,345			3,237			3,171			3,177				3,012			3		11		9,753			8,965			9
Noncompensation expense (a)	4,702			4,486			4,549			4,577				4,226			5		11		13,737			12,537			10
TOTAL NONINTEREST EXPENSE	8,047			7,723			7,720			7,754				7,238			4		11		23,490			21,502			9

Income before income tax expense	5,755			4,130			3,831			5,581				5,742			39		—		13,716			22,225			(38)
Income tax expense (b)	1,421			1,030			936			1,434				1,391			38		2		3,387			5,442			(38)
NET INCOME (b)	$	4,334		$	3,100		$	2,895		$	4,147			$	4,351		40		—		$	10,329		$	16,783		(38)

REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	8,010		$	6,558		$	6,062		$	6,172			$	6,157		22		30		$	20,630		$	17,808		16
Home Lending	920			1,001			1,169			1,084				1,400			(8)		(34)		3,090			4,207			(27)
Card & Auto	5,401			5,055			4,998			5,019				4,964			7		9		15,454			15,783			(2)

MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	93			150			211			327				614			(38)		(85)		454			1,888			(76)
Net mortgage servicing revenue (c)	220			227			245			(15)				(18)			(3)		NM		692			(41)			NM
Mortgage fees and related income	$	313		$	377		$	456		$	312			$	596		(17)		(47)		$	1,146		$	1,847		(38)

FINANCIAL RATIOS
ROE	33		%	24		%	23		%	32		%	(b)	34		%					27		%	44		%
Overhead ratio	56			61			63			63				58							60			57

(a)Included depreciation expense on leased assets of $605 million, $652 million, $694 million, $767 million and $769 million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $2.0 billion and $2.5 billion for the nine months ended September 30, 2022 and 2021, respectively.

(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

(c)Included MSR risk management results of $54 million, $28 million, $109 million, $(162) million and $(145) million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $191 million and $(363) million for the nine months ended September 30, 2022 and 2021, respectively.

Page 11


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)

	QUARTERLY TRENDS														NINE MONTHS ENDED SEPTEMBER 30,
											3Q22 Change								2022 Change
	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22		3Q21		2022		2021		2021
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	500,752	$	500,219	$	486,183	$	500,370	$	493,169	—	%	2	%	$	500,752	$	493,169	2	%

Loans:
Consumer & Business Banking (a)	30,230		31,494		32,772		35,095		40,659		(4)		(26)		30,230		40,659		(26)
Home Lending (b)	174,618		176,939		172,025		180,529		179,489		(1)		(3)		174,618		179,489		(3)
Card	170,462		165,494		152,283		154,296		143,166		3		19		170,462		143,166		19
Auto	67,201		67,842		69,251		69,138		68,391		(1)		(2)		67,201		68,391		(2)
Total loans	442,511		441,769		426,331		439,058		431,705		—		3		442,511		431,705		3

Deposits	1,173,241		1,178,825		1,189,308		1,148,110		1,093,852		—		7		1,173,241		1,093,852		7
Equity	50,000		50,000		50,000		50,000		50,000		—		—		50,000		50,000		—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	498,858	$	496,177	$	488,967	$	497,675	$	491,512	1		1		$	494,704	$	487,107	2

Loans:
Consumer & Business Banking	30,788		32,294		33,742		37,299		43,256		(5)		(29)		32,264		47,469		(32)
Home Lending (c)	176,852		177,330		176,488		183,343		181,150		—		(2)		176,891		180,276		(2)
Card	168,125		158,434		149,398		148,471		141,950		6		18		158,721		137,687		15
Auto	66,979		68,569		69,250		68,549		67,785		(2)		(1)		68,258		67,313		1
Total loans	442,744		436,627		428,878		437,662		434,141		1		2		436,134		432,745		1

Deposits	1,174,227		1,180,453		1,153,513		1,114,329		1,076,323		(1)		9		1,169,474		1,034,947		13
Equity	50,000		50,000		50,000		50,000		50,000		—		—		50,000		50,000		—

Headcount	133,803		130,907		129,268		128,863		126,586		2		6		133,803		126,586		6

(a)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021 included $791 million, $1.5 billion, $2.9 billion, $5.4 billion and $11.1 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.

(b)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, Home Lending loans held-for-sale and loans at fair value were $4.1 billion, $5.2 billion, $5.8 billion, $14.9 billion and $14.5 billion, respectively.

(c)Average Home Lending loans held-for sale and loans at fair value were $5.9 billion, $8.1 billion, $10.8 billion, $17.8 billion and $17.1 billion for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $8.3 billion and $14.6 billion for the nine months ended September 30, 2022 and 2021, respectively.

Page 12


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q22 Change										2022 Change
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022			2021			2021
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)	$	3,936		$	4,217		$	4,531		$	4,875		$	5,000		(7)	%	(21)	%	$	3,936		$	5,000		(21)	%
Net charge-offs/(recoveries)
Consumer & Business Banking	105			81			89			86			66			30		59		275			203			35
Home Lending	(59)			(68)			(69)			(71)			(74)			13		20		(196)			(204)			4
Card	592			580			506			479			495			2		20		1,678			2,233			(25)
Auto	41			18			27			21			4			128		NM		86			14			NM
Total net charge-offs/(recoveries)	$	679		$	611		$	553		$	515		$	491		11		38		$	1,843		$	2,246		(18)
Net charge-off/(recovery) rate
Consumer & Business Banking (d)	1.35		%	1.01		%	1.07		%	0.91		%	0.61		%					1.14		%	0.57		%
Home Lending	(0.14)			(0.16)			(0.17)			(0.17)			(0.18)							(0.16)			(0.16)
Card	1.40			1.47			1.37			1.28			1.39							1.41			2.18
Auto	0.24			0.11			0.16			0.12			0.02							0.17			0.03
Total net charge-off/(recovery) rate	0.62			0.57			0.54			0.49			0.47							0.58			0.72

30+ day delinquency rate
Home Lending (e)(f)	0.78		%	0.85		%	1.03		%	1.25		%	1.06		%					0.78		%	1.06		%
Card	1.23			1.05			1.09			1.04			1.00							1.23			1.00
Auto	0.75			0.69			0.57			0.64			0.46							0.75			0.46

90+ day delinquency rate - Card	0.57			0.51			0.54			0.50			0.49							0.57			0.49

Allowance for loan losses
Consumer & Business Banking	$	722		$	697		$	697		$	697		$	797		4		(9)		$	722		$	797		(9)
Home Lending	667			785			785			660			630			(15)		6		667			630			6
Card	10,400			10,400			10,250			10,250			11,650			—		(11)		10,400			11,650			(11)
Auto	715			740			738			733			813			(3)		(12)		715			813			(12)
Total allowance for loan losses	$	12,504		$	12,622		$	12,470		$	12,340		$	13,890		(1)		(10)		$	12,504		$	13,890		(10)

(a)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $219 million, $257 million, $315 million, $342 million and $355 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(b)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonaccrual loans excluded $57 million, $86 million, $179 million, $506 million and $5 million of PPP loans 90 or more days past due and guaranteed by the SBA, respectively.

(c)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent at time of exit.

(d)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021 included $791 million, $1.5 billion, $2.9 billion, $5.4 billion and $11.1 billion of loans, respectively, under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.

(e)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $454 million, $513 million, $728 million, $1.1 billion and $3.1 billion in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

(f)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $284 million, $315 million, $370 million, $405 million and $432 million, respectively. These amounts have been excluded based upon the government guarantee.

Page 13


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)

	QUARTERLY TRENDS																									NINE MONTHS ENDED SEPTEMBER 30,
																						3Q22 Change												2022 Change
	3Q22				2Q22				1Q22				4Q21					3Q21				2Q22		3Q21		2022				2021				2021
BUSINESS METRICS
Number of:
Branches	4,802				4,822				4,810				4,790					4,854				—	%	(1)	%	4,802				4,854				(1)	%
Active digital customers (in thousands) (a)	61,985				60,735				60,286				58,857					57,961				2		7		61,985				57,961				7
Active mobile customers (in thousands) (b)	48,904				47,436				46,527				45,452					44,333				3		10		48,904				44,333				10

Debit and credit card sales volume (in billions)	$	395.8			$	397.0			$	351.5			$	376.2				$	349.9			—		13		$	1,144.3			$	984.5			16

Consumer & Business Banking
Average deposits	$	1,156,933			$	1,163,423			$	1,136,115			$	1,094,442				$	1,056,254			(1)		10		$	1,152,233			$	1,015,475			13
Deposit margin	1.83			%	1.31			%	1.22			%	1.22			%		1.29			%					1.46			%	1.29			%
Business banking origination volume	$	977			$	1,196			$	1,028			$	866				$	835			(18)		17		$	3,201			$	13,050		(g)	(75)
Client investment assets (c)	615,048				628,479				696,316				718,051					681,491				(2)		(10)		615,048				681,491				(10)
Number of client advisors	5,017				4,890				4,816				4,725					4,689				3		7		5,017				4,689				7

Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	7.8			$	11.0			$	15.1			$	22.4				$	23.7			(29)		(67)		$	33.9			$	69.4			(51)
Correspondent	4.3				10.9				9.6				19.8					17.9				(61)		(76)		24.8				51.1				(51)
Total mortgage origination volume (d)	$	12.1			$	21.9			$	24.7			$	42.2				$	41.6			(45)		(71)		$	58.7			$	120.5			(51)
Third-party mortgage loans serviced (period-end)	586.7				575.6				575.4				519.2			(f)		509.3				2		15		586.7				509.3				15
MSR carrying value (period-end)	8.1				7.4				7.3				5.5					5.3				9		53		8.1				5.3				53
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)	1.38			%	1.29			%	1.27			%	1.06			%	(f)	1.04			%					1.38			%	1.04			%
MSR revenue multiple (e)	4.93		x		4.45		x		4.70		x		3.79		x	(f)		3.85		x						4.93		x		3.85		x

Credit Card
Credit card sales volume, excluding Commercial Card (in billions)	$	272.3			$	271.2			$	236.4			$	254.1				$	232.0			—		17		779.9				639.4				22
Net revenue rate	9.92			%	9.59			%	9.87			%	9.61			%		9.74			%					9.79			%	10.84			%

Auto
Loan and lease origination volume (in billions)	$	7.5			$	7.0			$	8.4			$	8.5				$	11.5			7		(35)		$	22.9			$	35.1			(35)
Average auto operating lease assets	13,466				14,866				16,423				17,629					18,753				(9)		(28)		14,908				19,548				(24)

(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.

(b)Users of all mobile platforms who have logged in within the past 90 days.

(c)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.

(d)Firmwide mortgage origination volume was $15.2 billion, $27.9 billion, $30.2 billion, $48.2 billion and $46.1 billion for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $73.3 billion and $134.2 billion for the nine months ended September 30, 2022 and 2021, respectively.

(e)Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).

(f)Prior-period amounts have been revised to conform with the current presentation.

(g)Included $10.6 billion of origination volume under the PPP for the nine months ended September 30, 2021. The program ended on May 31, 2021 for new applications.

Page 14


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q22 Change											2022 Change
	3Q22			2Q22			1Q22			4Q21				3Q21			2Q22		3Q21		2022			2021				2021
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,762		$	1,650		$	2,050		$	3,502			$	3,297		7	%	(47)	%	$	5,462		$	9,857			(45)	%
Principal transactions	5,258			5,048			5,223			2,116				3,577			4		47		15,529			13,648				14
Lending- and deposit-related fees	589			641			641			654				634			(8)		(7)		1,871			1,860				1
Asset management, administration and commissions	1,198			1,330			1,339			1,252				1,240			(10)		(3)		3,867			3,772				3
All other income	424			80			704			624				313			430		35		1,208			924				31
Noninterest revenue	9,231			8,749			9,957			8,148				9,061			6		2		27,937			30,061				(7)
Net interest income	2,644			3,198			3,572			3,386				3,335			(17)		(21)		9,414			10,154				(7)
TOTAL NET REVENUE (a)	11,875			11,947			13,529			11,534				12,396			(1)		(4)		37,351			40,215				(7)

Provision for credit losses	513			59			445			(126)				(638)			NM		NM		1,017			(1,048)				NM

NONINTEREST EXPENSE
Compensation expense	3,311			3,510			4,006			2,358				2,827			(6)		17		10,827			10,738				1
Noncompensation expense	3,307			3,235			3,292			3,469				3,044			2		9		9,834			8,760				12
TOTAL NONINTEREST EXPENSE	6,618			6,745			7,298			5,827				5,871			(2)		13		20,661			19,498				6

Income before income tax expense	4,744			5,143			5,786			5,833				7,163			(8)		(34)		15,673			21,765				(28)
Income tax expense (b)	1,212			1,418			1,401			1,290				1,516			(15)		(20)		4,031			5,174				(22)
NET INCOME (b)	$	3,532		$	3,725		$	4,385		$	4,543			$	5,647		(5)		(37)		$	11,642		$	16,591			(30)

FINANCIAL RATIOS
ROE	13		%	14		%	17		%	21		%	(b)	26		%					14		%	26		%	(b)
Overhead ratio	56			56			54			51				47							55			48
Compensation expense as percentage of total net revenue	28			29			30			20				23							29			27

REVENUE BY BUSINESS
Investment Banking	$	1,713		$	1,351		$	2,057		$	3,206			$	3,025		27		(43)		$	5,121		$	9,300			(45)
Payments	1,989			1,463			1,854			1,801				1,624			36		22		5,306			4,469				19
Lending	323			410			321			263				244			(21)		32		1,054			738				43
Total Banking	4,025			3,224			4,232			5,270				4,893			25		(18)		11,481			14,507				(21)
Fixed Income Markets	4,469			4,711			5,698			3,334				3,672			(5)		22		14,878			13,531				10
Equity Markets	2,302			3,079			3,055			1,954				2,597			(25)		(11)		8,436			8,575				(2)
Securities Services	1,110			1,151			1,068			1,064				1,126			(4)		(1)		3,329			3,264				2
Credit Adjustments & Other (c)	(31)			(218)			(524)			(88)				108			86		NM		(773)			338				NM
Total Markets & Securities Services	7,850			8,723			9,297			6,264				7,503			(10)		5		25,870			25,708				1
TOTAL NET REVENUE	$	11,875		$	11,947		$	13,529		$	11,534			$	12,396		(1)		(4)		$	37,351		$	40,215			(7)

(a)Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $626 million, $772 million, $737 million, $923 million and $641 million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $2.1 billion for both the nine months ended September 30, 2022 and 2021.

(c)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 15


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q22 Change										2022 Change
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022			2021			2021
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,384,618		$	1,403,558		$	1,460,463		$	1,259,896		$	1,355,752		(1)	%	2	%	$	1,384,618		$	1,355,752		2	%
Loans:
Loans retained (a)	180,604			171,219			167,791			159,786			151,211			5		19		180,604			151,211			19
Loans held-for-sale and loans at fair value (b)	40,357			46,032			47,260			50,386			52,436			(12)		(23)		40,357			52,436			(23)
Total loans	220,961			217,251			215,051			210,172			203,647			2		9		220,961			203,647			9

Equity	103,000			103,000			103,000			83,000			83,000			—		24		103,000			83,000			24

SELECTED BALANCE SHEET DATA (average)
Total assets	$	1,403,247		$	1,429,953		$	1,407,835		$	1,341,267		$	1,331,240		(2)		5		$	1,413,662		$	1,332,244		6
Trading assets - debt and equity instruments	386,895			411,079			419,346			407,656			442,623			(6)		(13)		405,655			461,728			(12)
Trading assets - derivative receivables	83,084			83,582			66,692			65,365			64,730			(1)		28		77,846			69,159			13
Loans:
Loans retained (a)	176,469			169,909			160,976			153,595			149,826			4		18		169,175			142,286			19
Loans held-for-sale and loans at fair value (b)	45,150			48,048			51,398			52,429			53,712			(6)		(16)		48,176			50,616			(5)
Total loans	221,619			217,957			212,374			206,024			203,538			2		9		217,351			192,902			13

Equity	103,000			103,000			103,000			83,000			83,000			—		24		103,000			83,000			24

Headcount	71,797			69,447			68,292			67,546			66,267			3		8		71,797			66,267			8

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	17		$	38		$	20		$	23		$	2		(55)		NM		$	75		$	(17)		NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)	583			697			871			584			547			(16)		7		583			547			7
Nonaccrual loans held-for-sale and loans at fair value (d)	824			840			949			844			1,234			(2)		(33)		824			1,234			(33)
Total nonaccrual loans	1,407			1,537			1,820			1,428			1,781			(8)		(21)		1,407			1,781			(21)

Derivative receivables	339			447			597			316			393			(24)		(14)		339			393			(14)
Assets acquired in loan satisfactions	85			84			91			91			95			1		(11)		85			95			(11)
Total nonperforming assets	1,831			2,068			2,508			1,835			2,269			(11)		(19)		1,831			2,269			(19)
Allowance for credit losses:
Allowance for loan losses	2,032			1,809			1,687			1,348			1,442			12		41		2,032			1,442			41
Allowance for lending-related commitments	1,582			1,358			1,459			1,372			1,426			16		11		1,582			1,426			11
Total allowance for credit losses	3,614			3,167			3,146			2,720			2,868			14		26		3,614			2,868			26

Net charge-off/(recovery) rate (a)(e)	0.04		%	0.09		%	0.05		%	0.06		%	0.01		%					0.06		%	(0.02)		%
Allowance for loan losses to period-end loans retained (a)	1.13			1.06			1.01			0.84			0.95							1.13			0.95
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)	1.49			1.38			1.31			1.12			1.29							1.49			1.29
Allowance for loan losses to nonaccrual loans retained (a)(c)	349			260			194			231			264							349			264
Nonaccrual loans to total period-end loans	0.64			0.71			0.85			0.68			0.87							0.64			0.87

(a)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

(b)Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization.

(c)Allowance for loan losses of $111 million, $130 million, $226 million, $58 million and $138 million were held against nonaccrual loans at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively.

(d)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $143 million, $196 million, $283 million, $281 million and $289 million, respectively. These amounts have been excluded based upon the government guarantee.

(e)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(f)Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

Page 16


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS														NINE MONTHS ENDED SEPTEMBER 30,
											3Q22 Change								2022 Change
	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22		3Q21		2022		2021		2021
BUSINESS METRICS
Advisory	$	848	$	664	$	801	$	1,557	$	1,228	28	%	(31)	%	$	2,313	$	2,824	(18)	%
Equity underwriting	290		245		249		802		1,032		18		(72)		784		3,151		(75)
Debt underwriting	624		741		1,000		1,143		1,037		(16)		(40)		2,365		3,882		(39)
Total investment banking fees	$	1,762	$	1,650	$	2,050	$	3,502	$	3,297	7		(47)		$	5,462	$	9,857	(45)

Client deposits and other third-party liabilities (average) (a)	669,215		722,388		709,121		717,496		714,376		(7)		(6)		700,095		714,039		(2)

Merchant processing volume (in billions) (b)	545.4		539.6		490.2		514.9		470.9		1		16		1,575.2		1,371.8		15

Assets under custody (“AUC”) (period-end) (in billions)	$	27,157	$	28,579	$	31,571	$	33,221	$	31,962	(5)		(15)		$	27,157	$	31,962	(15)

95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income	$	64	$	60	$	47	$	39	$	38	7		68
Foreign exchange	9		8		4		4		5		13		80
Equities	11		11		12		12		11		—		—
Commodities and other	14		14		15		12		11		—		27
Diversification benefit to CIB trading VaR (d)	(47)		(43)		(33)		(31)		(33)		(9)		(42)
CIB trading VaR (c)	51		50		45		36		32		2		59
Credit Portfolio VaR (e)	10		17		29		5		5		(41)		100
Diversification benefit to CIB VaR (d)	(8)		(15)		(10)		(4)		(4)		47		(100)
CIB VaR	$	53	$	52	$	64	$	37	$	33	2		61

(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.

(b)Represents total merchant processing volume across CIB, CCB and CB.

(c)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 135–137 of the Firm’s 2021 Form 10-K, and pages 75–77 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022 for further information.

(d)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.

(e)Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In the first quarter of 2022, in line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.

Page 17


JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q22 Change										2022 Change
	3Q22			2Q22			1Q22			4Q21				3Q21			2Q22		3Q21		2022			2021			2021
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	288		$	348		$	364		$	356			$	355		(17)	%	(19)	%	$	1,000		$	1,036		(3)	%
All other income	548			556			503			718				633			(1)		(13)		1,607			1,819			(12)
Noninterest revenue	836			904			867			1,074				988			(8)		(15)		2,607			2,855			(9)
Net interest income	2,212			1,779			1,531			1,538				1,532			24		44		5,522			4,541			22
TOTAL NET REVENUE (a)	3,048			2,683			2,398			2,612				2,520			14		21		8,129			7,396			10

Provision for credit losses	618			209			157			(89)				(363)			196		NM		984			(858)			NM

NONINTEREST EXPENSE
Compensation expense	577			559			553			496				511			3		13		1,689			1,477			14
Noncompensation expense	603			597			576			563				521			1		16		1,776			1,505			18
TOTAL NONINTEREST EXPENSE	1,180			1,156			1,129			1,059				1,032			2		14		3,465			2,982			16

Income before income tax expense	1,250			1,318			1,112			1,642				1,851			(5)		(32)		3,680			5,272			(30)
Income tax expense (b)	304			324			262			408				442			(6)		(31)		890			1,260			(29)
NET INCOME (b)	$	946		$	994		$	850		$	1,234			$	1,409		(5)		(33)		$	2,790		$	4,012		(30)

REVENUE BY PRODUCT
Lending	$	1,176		$	1,058		$	1,105		$	1,151			$	1,138		11		3		$	3,339		$	3,478		(4)
Payments	1,568			1,205			981			949				947			30		66		3,754			2,704			39
Investment banking (c)	274			282			260			475				416			(3)		(34)		816			1,136			(28)
Other	30			138			52			37				19			(78)		58		220			78			182
TOTAL NET REVENUE (a)	$	3,048		$	2,683		$	2,398		$	2,612			$	2,520		14		21		$	8,129		$	7,396		10

Investment banking revenue, gross (d)	$	761		$	788		$	729		$	1,456			$	1,343		(3)		(43)		$	2,278		$	3,636		(37)

REVENUE BY CLIENT SEGMENT
Middle Market Banking	$	1,366		$	1,169		$	980		$	1,062			$	1,017		17		34		$	3,515		$	2,942		19
Corporate Client Banking	1,052			927			830			928				878			13		20		2,809			2,580			9
Commercial Real Estate Banking	624			590			581			614				602			6		4		1,795			1,805			(1)
Other	6			(3)			7			8				23			NM		(74)		10			69			(86)
TOTAL NET REVENUE (a)	$	3,048		$	2,683		$	2,398		$	2,612			$	2,520		14		21		$	8,129		$	7,396		10

FINANCIAL RATIOS
ROE	14		%	15		%	13		%	19		%	(b)	22		%					14		%	21		%
Overhead ratio	39			43			47			41				41							43			40

(a)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $80 million, $73 million, $69 million, $99 million and $80 million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $222 million and $231 million for the nine months ended September 30, 2022 and 2021, respectively.

(c)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.

(d)Refer to page 61 of the Firm’s 2021 Form 10-K for discussion of revenue sharing.

Page 18


JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q22 Change										2022 Change
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022			2021			2021
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	247,485		$	242,456		$	235,127		$	230,776		$	227,670		2	%	9	%	$	247,485		$	227,670		9	%
Loans:
Loans retained	231,829			223,541			213,073			206,220			201,283			4		15		231,829			201,283			15
Loans held-for-sale and loans at fair value	137			566			1,743			2,223			3,412			(76)		(96)		137			3,412			(96)
Total loans	$	231,966		$	224,107		$	214,816		$	208,443		$	204,695		4		13		$	231,966		$	204,695		13
Equity	25,000			25,000			25,000			24,000			24,000			—		4		25,000			24,000			4

Period-end loans by client segment
Middle Market Banking (a)	$	71,707		$	68,535		$	64,306		$	61,159		$	58,918		5		22		$	71,707		$	58,918		22
Corporate Client Banking	52,940			49,503			46,720			45,315			45,107			7		17		52,940			45,107			17
Commercial Real Estate Banking	107,241			105,982			103,685			101,751			100,458			1		7		107,241			100,458			7
Other	78			87			105			218			212			(10)		(63)		78			212			(63)
Total loans (a)	$	231,966		$	224,107		$	214,816		$	208,443		$	204,695		4		13		$	231,966		$	204,695		13

SELECTED BALANCE SHEET DATA (average)
Total assets	$	246,318		$	239,381		$	233,474		$	227,308		$	222,760		3		11		$	239,772		$	224,955		7
Loans:
Loans retained	227,539			218,478			208,540			201,676			199,789			4		14		218,255			202,002			8
Loans held-for-sale and loans at fair value	1,589			1,004			2,147			3,958			2,790			58		(43)		1,578			2,840			(44)
Total loans	$	229,128		$	219,482		$	210,687		$	205,634		$	202,579		4		13		$	219,833		$	204,842		7
Client deposits and other third-party liabilities	281,336			300,425			316,921			323,821			300,595			(6)		(6)		299,430			293,981			2
Equity	25,000			25,000			25,000			24,000			24,000			—		4		25,000			24,000			4

Average loans by client segment
Middle Market Banking	$	70,002		$	66,640		$	62,437		$	59,784		$	59,032		5		19		$	66,387		$	60,243		10
Corporate Client Banking	52,432			47,832			45,595			44,976			43,330			10		21		48,645			44,154			10
Commercial Real Estate Banking	106,546			104,890			102,498			100,682			100,120			2		6		104,659			100,213			4
Other	148			120			157			192			97			23		53		142			232			(39)
Total loans	$	229,128		$	219,482		$	210,687		$	205,634		$	202,579		4		13		$	219,833		$	204,842		7

Headcount	14,299			13,811			13,220			12,902			12,584			4		14		14,299			12,584			14

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	42		$	1		$	6		$	8		$	31		NM		35		$	49		$	63		(22)
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)(c)	836			761			751			740			735			10		14		836			735			14
Nonaccrual loans held-for-sale and loans
at fair value	—			—			—			—			—			—		—		—			—			—
Total nonaccrual loans	836			761			751			740			735			10		14		836			735			14

Assets acquired in loan satisfactions	7			8			17			17			16			(13)		(56)		7			16			(56)
Total nonperforming assets	843			769			768			757			751			10		12		843			751			12
Allowance for credit losses:
Allowance for loan losses	3,050			2,602			2,357			2,219			2,354			17		30		3,050			2,354			30
Allowance for lending-related commitments	864			725			762			749			711			19		22		864			711			22
Total allowance for credit losses	3,914			3,327			3,119			2,968			3,065			18		28		3,914			3,065			28

Net charge-off/(recovery) rate (d)	0.07		%	—		%	0.01		%	0.02		%	0.06		%					0.03		%	0.04		%
Allowance for loan losses to period-end loans retained	1.32			1.16			1.11			1.08			1.17							1.32			1.17
Allowance for loan losses to nonaccrual loans retained (b)	365			342			314			300			320							365			320
Nonaccrual loans to period-end total loans	0.36			0.34			0.35			0.36			0.36							0.36			0.36

(a)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, total loans included $205 million, $335 million, $640 million, $1.2 billion, and $2.0 billion of loans, respectively, under the PPP, of which $187 million, $306 million, $604 million, $1.1 billion, and $1.9 billion were in Middle Market Banking. Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.

(b)Allowance for loan losses of $150 million, $74 million, $104 million, $124 million and $123 million was held against nonaccrual loans retained at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively.

(c)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, nonaccrual loans excluded PPP loans 90 or more days past due and insured by the SBA of $27 million, $32 million, $50 million and $114 million, respectively. These amounts have been excluded based upon the SBA guarantee. There were no PPP loans 90 or more days past due in all other periods presented.

(d)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

Page 19


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)


	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q22 Change										2022 Change
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022			2021			2021
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	3,044		$	3,037		$	3,115		$	3,330		$	3,096		—	%	(2)	%	$	9,196		$	9,003		2	%
All other income	82			47			124			118			216			74		(62)		253			620			(59)
Noninterest revenue	3,126			3,084			3,239			3,448			3,312			1		(6)		9,449			9,623			(2)
Net interest income	1,413			1,222			1,076			1,025			988			16		43		3,711			2,861			30
TOTAL NET REVENUE	4,539			4,306			4,315			4,473			4,300			5		6		13,160			12,484			5

Provision for credit losses	(102)			44			154			(36)			(60)			NM		(70)		96			(191)			NM

NONINTEREST EXPENSE
Compensation expense	1,649			1,508			1,530			1,560			1,387			9		19		4,687			4,132			13
Noncompensation expense	1,379			1,411			1,330			1,437			1,375			(2)		—		4,120			3,790			9
TOTAL NONINTEREST EXPENSE	3,028			2,919			2,860			2,997			2,762			4		10		8,807			7,922			11

Income before income tax expense	1,613			1,343			1,301			1,512			1,598			20		1		4,257			4,753			(10)
Income tax expense (a)	394			339			293			387			402			16		(2)		1,026			1,141			(10)
NET INCOME (a)	$	1,219		$	1,004		$	1,008		$	1,125		$	1,196		21		2		$	3,231		$	3,612		(11)

REVENUE BY LINE OF BUSINESS
Asset Management	$	2,209		$	2,137		$	2,314		$	2,488		$	2,337		3		(5)		$	6,660		$	6,758		(1)
Global Private Bank	2,330			2,169			2,001			1,985			1,963			7		19		6,500			5,726			14
TOTAL NET REVENUE	$	4,539		$	4,306		$	4,315		$	4,473		$	4,300		5		6		$	13,160		$	12,484		5

FINANCIAL RATIOS
ROE	28		%	23		%	23		%	31		% (a)	33		%					25		%	34		% (a)
Overhead ratio	67			68			66			67			64							67			63
Pretax margin ratio:
Asset Management	31			29			33			32			36							31			36
Global Private Bank	40			33			27			36			38							34			40
Asset & Wealth Management	36			31			30			34			37							32			38

Headcount	25,769			23,981			23,366			22,762			22,051			7		17		25,769			22,051			17

Number of Global Private Bank client advisors	3,110			2,866			2,798			2,738			2,646			9		18		3,110			2,646			18

Page 20


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q22 Change										2022 Change
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022			2021			2021
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	232,303		$	235,553		$	233,070		$	234,425		$	221,702		(1)	%	5	%	$	232,303		$	221,702		5	%
Loans	214,989			218,841			215,130			218,271			202,871			(2)		6		214,989			202,871			6
Deposits	242,315			257,437			287,293			282,052			242,309			(6)		—		242,315			242,309			—
Equity	17,000			17,000			17,000			14,000			14,000			—		21		17,000			14,000			21

SELECTED BALANCE SHEET DATA (average)
Total assets	$	232,748		$	234,565		$	232,310		$	227,597		$	219,022		(1)		6		$	233,209		$	213,679		9
Loans	216,714			216,846			214,611			209,169			200,635			—		8		216,065			194,888			11
Deposits	253,026			268,861			287,756			264,580			229,710			(6)		10		269,754			218,742			23
Equity	17,000			17,000			17,000			14,000			14,000			—		21		17,000			14,000			21

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(13)		$	9		$	(1)		$	4		$	(1)		NM		NM		$	(5)		$	22		NM
Nonaccrual loans	467			620			626			708			686			(25)		(32)		467			686			(32)
Allowance for credit losses:
Allowance for loan losses	461			547			516			365			402			(16)		15		461			402			15
Allowance for lending-related commitments	21			22			19			18			20			(5)		5		21			20			5
Total allowance for credit losses	482			569			535			383			422			(15)		14		482			422			14
Net charge-off/(recovery) rate	(0.02)		%	0.02		%	—		%	0.01		%	—		%					—		%	0.02		%
Allowance for loan losses to period-end loans	0.21			0.25			0.24			0.17			0.20							0.21			0.20
Allowance for loan losses to nonaccrual loans	99			88			82			52			59							99			59
Nonaccrual loans to period-end loans	0.22			0.28			0.29			0.32			0.34							0.22			0.34

Page 21


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)


											Sep 30, 2022
											Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,						2022 Change
CLIENT ASSETS	2022		2022		2022		2021		2021		2022		2021		2022		2021		2021
Assets by asset class
Liquidity	$	615	$	654	$	657	$	708	$	685	(6)	%	(10)	%	$	615	$	685	(10)	%
Fixed income	612		624		657		693		695		(2)		(12)		612		695		(12)
Equity	609		641		739		779		725		(5)		(16)		609		725		(16)
Multi-asset	577		615		699		732		702		(6)		(18)		577		702		(18)
Alternatives	203		209		208		201		189		(3)		7		203		189		7
TOTAL ASSETS UNDER MANAGEMENT	2,616		2,743		2,960		3,113		2,996		(5)		(13)		2,616		2,996		(13)
Custody/brokerage/administration/deposits	1,207		1,055		1,156		1,182		1,100		14		10		1,207		1,100		10
TOTAL CLIENT ASSETS (a)	$	3,823	$	3,798	$	4,116	$	4,295	$	4,096	1		(7)		$	3,823	$	4,096	(7)


Assets by client segment
Private Banking	$	698	$	712	$	777	$	805	$	773	(2)		(10)		$	698	$	773	(10)
Global Institutional	1,209		1,294		1,355		1,430		1,375		(7)		(12)		1,209		1,375		(12)
Global Funds	709		737		828		878		848		(4)		(16)		709		848		(16)
TOTAL ASSETS UNDER MANAGEMENT	$	2,616	$	2,743	$	2,960	$	3,113	$	2,996	(5)		(13)		$	2,616	$	2,996	(13)

Private Banking	$	1,848	$	1,715	$	1,880	$	1,931	$	1,817	8		2		$	1,848	$	1,817	2
Global Institutional	1,261		1,339		1,402		1,479		1,425		(6)		(12)		1,261		1,425		(12)
Global Funds	714		744		834		885		854		(4)		(16)		714		854		(16)
TOTAL CLIENT ASSETS (a)	$	3,823	$	3,798	$	4,116	$	4,295	$	4,096	1		(7)		$	3,823	$	4,096	(7)

Assets under management rollforward
Beginning balance	$	2,743	$	2,960	$	3,113	$	2,996	$	2,987					$	3,113	$	2,716
Net asset flows:
Liquidity	(36)		—		(52)		20		(11)						(88)		48
Fixed income	9		(1)		(3)		—		11						5		36
Equity	6		9		11		18		16						26		67
Multi-asset	(5)		(3)		6		6		3						(2)		11
Alternatives	2		1		5		10		3						8		16
Market/performance/other impacts	(103)		(223)		(120)		63		(13)						(446)		102
Ending balance	$	2,616	$	2,743	$	2,960	$	3,113	$	2,996					$	2,616	$	2,996

Client assets rollforward
Beginning balance	$	3,798	$	4,116	$	4,295	$	4,096	$	4,044					$	4,295	$	3,652
Net asset flows	(15)		(1)		(5)		109		75						(21)		280
Market/performance/other impacts	40		(317)		(174)		90		(23)						(451)		164
Ending balance	$	3,823	$	3,798	$	4,116	$	4,295	$	4,096					$	3,823	$	4,096

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

Page 22


JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)

	QUARTERLY TRENDS															NINE MONTHS ENDED SEPTEMBER 30,
													3Q22 Change								2022 Change
	3Q22			2Q22			1Q22		4Q21		3Q21		2Q22	3Q21		2022			2021		2021
INCOME STATEMENT
REVENUE
Principal transactions	$	(76)		$	17		$	(161)	$	26	$	(103)	NM	26	%	$	(220)		$	161	NM
Investment securities gains/(losses)	(959)			(153)			(394)		52		(256)		NM	(275)	%	(1,506)			(397)		(279)	%
All other income	(59)			(108)			210		58		117		45	NM		43			168		(74)
Noninterest revenue	(1,094)			(244)			(345)		136		(242)		(348)	(352)		(1,683)			(68)		NM
Net interest income	792			324			(536)		(681)		(1,054)		144	NM		580			(2,870)		NM
TOTAL NET REVENUE (a)	(302)			80			(881)		(545)		(1,296)		NM	77		(1,103)			(2,938)		62

Provision for credit losses	(21)			28			29		23		(7)		NM	(200)		36			58		(38)

NONINTEREST EXPENSE	305			206			184		251		160		48	91		695			1,551		(55)
Income/(loss) before income tax expense/(benefit)	(586)			(154)			(1,094)		(819)		(1,449)		(281)	60		(1,834)			(4,547)		60
Income tax expense/(benefit) (b)	(292)			20			(238)		(169)		(533)		NM	45		(510)			(1,484)		66
NET INCOME/(LOSS) (b)	$	(294)		$	(174)		$	(856)	$	(650)	$	(916)	(69)	68		$	(1,324)		$	(3,063)	57

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	(180)			82			(944)		(480)		(1,198)		NM	85		(1,042)			(2,984)		65
Other Corporate	(122)			(2)			63		(65)		(98)		NM	(24)		(61)			46		NM
TOTAL NET REVENUE	$	(302)		$	80		$	(881)	$	(545)	$	(1,296)	NM	77		$	(1,103)		$	(2,938)	62

NET INCOME/(LOSS)
Treasury and CIO	(68)			88			(748)		(428)		(998)		NM	93		(728)			(2,629)		72
Other Corporate (b)	(226)			(262)			(108)		(222)		82		14	NM		(596)			(434)		(37)
TOTAL NET INCOME/(LOSS) (b)	$	(294)		$	(174)		$	(856)	$	(650)	$	(916)	(69)	68		$	(1,324)		$	(3,063)	57

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,408,726		$	1,459,528		$	1,539,844	$	1,518,100	$	1,459,283	(3)	(3)		$	1,408,726		$	1,459,283	(3)
Loans	2,206			2,187			1,957		1,770		1,697		1	30		2,206			1,697		30
Deposits	14,449		(e)	13,191		(e)	1,434		396		546		10	NM		14,449		(e)	546		NM

Headcount	42,806			40,348			39,802		38,952		38,302		6	12		42,806			38,302		12

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)	$	(959)		$	(153)		$	(394)	$	52	$	(256)	NM	(275)		$	(1,506)		$	(397)	(279)
Available-for-sale securities (average)	209,008			252,121			304,314		290,590		223,747		(17)	(7)		254,798			312,298		(18)
Held-to-maturity securities (average) (c)	436,302			418,843			364,814		349,989		339,544		4	28		406,915			263,214		55
Investment securities portfolio (average)	$	645,310		$	670,964		$	669,128	$	640,579	$	563,291	(4)	15		$	661,713		$	575,512	15
Available-for-sale securities (period-end)	186,441			220,213			310,909		306,352		249,484		(15)	(25)		186,441			249,484		(25)
Held-to-maturity securities, net of allowance for credit losses (period-end) (c)	430,106			441,649			366,585		363,707		343,542		(3)	25		430,106			343,542		25
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	616,547		$	661,862		$	677,494	$	670,059	$	593,026	(7)	4		$	616,547		$	593,026	4

(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $59 million, $60 million, $58 million, $60 million and $64 million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $177 million and $197 million for the nine months ended September 30, 2022 and 2021, respectively.

(c)During 2022 and 2021, the Firm transferred $73.2 billion and $104.5 billion of investment securities, respectively, from AFS to HTM for capital management purposes.

(d)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, the allowance for credit losses on investment securities was $52 million, $47 million, $41 million, $42 million and $73 million, respectively.

(e)Predominantly relates to international consumer growth initiatives.

Page 23


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
													Sep 30, 2022
													Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2022		2022		2022		2021			2021			2022		2021
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	301,403	$	302,631	$	296,161	$	295,556		$	298,308		—	%	1	%
Loans held-for-sale and loans at fair value	12,393		14,581		16,328		27,750			29,856			(15)		(58)
Total consumer, excluding credit card loans	313,796		317,212		312,489		323,306			328,164			(1)		(4)

Credit card loans
Loans retained	170,462		165,494		152,283		154,296			143,166			3		19
Loans held-for-sale	—		—		—		—			—			—		—
Total credit card loans	170,462		165,494		152,283		154,296			143,166			3		19
Total consumer loans	484,258		482,706		464,772		477,602			471,330			—		3

Wholesale loans (b)
Loans retained	596,208		584,265		569,953		560,354			532,786			2		12
Loans held-for-sale and loans at fair value	32,167		37,184		38,560		39,758			40,499			(13)		(21)
Total wholesale loans	628,375		621,449		608,513		600,112			573,285			1		10

Total loans	1,112,633		1,104,155		1,073,285		1,077,714			1,044,615			1		7
Derivative receivables	92,534		81,317		73,636		57,081			67,908			14		36
Receivables from customers (c)	54,921		58,349		68,473		59,645			58,752			(6)		(7)
Total credit-related assets	1,260,088		1,243,821		1,215,394		1,194,440			1,171,275			1		8

Lending-related commitments
Consumer, excluding credit card	34,868		40,484		47,103		45,334			56,684			(14)		(38)
Credit card (d)	798,855		774,021		757,283		730,534			710,610			3		12
Wholesale	472,950		487,500		497,232		486,445		(g)	499,236		(g)	(3)		(5)
Total lending-related commitments	1,306,673		1,302,005		1,301,618		1,262,313			1,266,530			—		3

Total credit exposure	$	2,566,761	$	2,545,826	$	2,517,012	$	2,456,753		$	2,437,805		1		5

Memo: Total by category
Consumer exposure (e)	$	1,317,981	$	1,297,211	$	1,269,158	$	1,253,470		$	1,238,624		2		6
Wholesale exposure (f)	1,248,780		1,248,615		1,247,854		1,203,283			1,199,181			—		4
Total credit exposure	$	2,566,761	$	2,545,826	$	2,517,012	$	2,456,753		$	2,437,805		1		5

(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.

(b)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.

(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(d)Also includes commercial card lending-related commitments primarily in CB and CIB.

(e)Represents total consumer loans and lending-related commitments.

(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.

(g)Prior-period amounts have been revised to conform with the current presentation.

Page 24


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																Sep 30, 2022
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2022			2022			2022			2021			2021			2022		2021
NONPERFORMING ASSETS (a)(b)
Consumer nonaccrual loans
Loans retained	$	3,917		$	4,186		$	4,485		$	4,878		$	4,911		(6)	%	(20)	%
Loans held-for-sale and loans at fair value	461			486			525			472			440			(5)		5
Total consumer nonaccrual loans	4,378			4,672			5,010			5,350			5,351			(6)		(18)

Wholesale nonaccrual loans
Loans retained	1,882			2,083			2,289			2,054			2,084			(10)		(10)
Loans held-for-sale and loans at fair value	414			407			459			391			808			2		(49)
Total wholesale nonaccrual loans	2,296			2,490			2,748			2,445			2,892			(8)		(21)

Total nonaccrual loans (c)	6,674			7,162			7,758			7,795			8,243			(7)		(19)

Derivative receivables	339			447			597			316			393			(24)		(14)
Assets acquired in loan satisfactions	230			236			250			235			246			(3)		(7)
Total nonperforming assets	7,243			7,845			8,605			8,346			8,882			(8)		(18)
Wholesale lending-related commitments (d)	470			397			767			764			641			18		(27)
Total nonperforming exposure	$	7,713		$	8,242		$	9,372		$	9,110		$	9,523		(6)		(19)

NONACCRUAL LOAN-RELATED RATIOS (b)
Total nonaccrual loans to total loans	0.60		%	0.65		%	0.72		%	0.72		%	0.79		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.40			1.47			1.60			1.65			1.63
Total wholesale nonaccrual loans to total
wholesale loans	0.37			0.40			0.45			0.41			0.50

(a)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $362 million, $453 million, $598 million, $623 million and $644 million, respectively; and (2) real estate owned (“REO”) insured by U.S. government agencies of $9 million, $8 million, $6 million, $5 million and $5 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2021 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

(b)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonperforming assets excluded PPP loans 90 or more days past due and insured by the SBA of $85 million, $119 million, $236 million, $633 million and $5 million respectively. These amounts have been excluded based upon the SBA guarantee.

(c)Generally excludes loans that were under payment deferral or other assistance, including amendments or waivers of financial covenants, in response to the COVID-19 pandemic.

(d)Represents commitments that are risk rated as nonaccrual.

Page 25


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q22 Change										2022 Change
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022			2021			2021
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	17,750		$	17,192		$	16,386		$	18,150		$	19,500		3	%	(9)	%	$	16,386		$	28,328		(42)	%
Net charge-offs:
Gross charge-offs	1,104			1,036			976			968			940			7		17		3,116			3,596			(13)
Gross recoveries collected	(377)			(379)			(394)			(418)			(416)			1		9		(1,150)			(1,281)			10
Net charge-offs	727			657			582			550			524			11		39		1,966			2,315			(15)
Provision for loan losses	1,165			1,230			1,368			(1,214)			(819)			(5)		NM		3,763			(7,857)			NM
Other	(3)			(15)			20			—			(7)			80		57		2			(6)			NM
Ending balance	$	18,185		$	17,750		$	17,192		$	16,386		$	18,150		2		—		$	18,185		$	18,150		—

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,222		$	2,358		$	2,261		$	2,305		$	2,998		(6)		(26)		$	2,261		$	2,409		(6)
Provision for lending-related commitments	328			(135)			96			(43)			(694)			NM		NM		289			(106)			NM
Other	1			(1)			1			(1)			1			NM		—		1			2			(50)
Ending balance	$	2,551		$	2,222		$	2,358		$	2,261		$	2,305		15		11		$	2,551		$	2,305		11

ALLOWANCE FOR INVESTMENT SECURITIES	$	61		$	47		$	41		$	42		$	73		30		(16)		$	61		$	73		(16)

Total allowance for credit losses (a)	$	20,797		$	20,019		$	19,591		$	18,689		$	20,528		4		1		$	20,797		$	20,528		1

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.10		%	0.04		%	0.06		%	0.04		%	(0.01)		%					0.07		%	(0.01)		%
Credit card retained loans	1.40			1.47			1.37			1.28			1.39							1.41			2.18
Total consumer retained loans	0.56			0.53			0.50			0.45			0.44							0.53			0.68
Wholesale retained loans	0.04			0.03			0.02			0.03			0.03							0.03			0.03
Total retained loans	0.27			0.25			0.24			0.22			0.21							0.25			0.32

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	301,347		$	299,649		$	295,460		$	296,423		$	298,019		1		1		$	298,840		$	299,620		—
Credit card retained loans	168,125			158,434			149,398			148,471			141,371			6		19		158,721			137,012			16
Total average retained consumer loans	469,472			458,083			444,858			444,894			439,390			2		7		457,561			436,632			5
Wholesale retained loans	590,490			577,850			559,395			541,183			528,979			2		12		576,025			521,628			10
Total average retained loans	$	1,059,962		$	1,035,933		$	1,004,253		$	986,077		$	968,369		2		9		$	1,033,586		$	958,260		8

(a)At September 30, 2022 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $30 million.

Page 26


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																Sep 30, 2022
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2022			2022			2022			2021			2021			2022		2021
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	(702)		$	(676)		$	(644)		$	(665)		$	(571)		(4)	%	(23)	%
Portfolio-based	2,521			2,605			2,538			2,430			2,445			(3)		3
Total consumer, excluding credit card	1,819			1,929			1,894			1,765			1,874			(6)		(3)
Credit card
Asset-specific (b)	218			227			262			313			383			(4)		(43)
Portfolio-based	10,182			10,173			9,988			9,937			11,267			—		(10)
Total credit card	10,400			10,400			10,250			10,250			11,650			—		(11)
Total consumer	12,219			12,329			12,144			12,015			13,524			(1)		(10)
Wholesale
Asset-specific (c)	450			332			485			263			357			36		26
Portfolio-based	5,516			5,089			4,563			4,108			4,269			8		29
Total wholesale	5,966			5,421			5,048			4,371			4,626			10		29
Total allowance for loan losses	18,185			17,750			17,192			16,386			18,150			2		—
Allowance for lending-related commitments	2,551			2,222			2,358			2,261			2,305			15		11
Allowance for investment securities	61			47			41			42			73			30		(16)
Total allowance for credit losses	$	20,797		$	20,019		$	19,591		$	18,689		$	20,528		4		1

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.60		%	0.64		%	0.64		%	0.60		%	0.63		%
Credit card allowance to total credit card retained loans	6.10			6.28			6.73			6.64			8.14
Wholesale allowance to total wholesale retained loans	1.00			0.93			0.89			0.78			0.87
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (d)	1.08			0.99			0.95			0.84			0.93
Total allowance to total retained loans	1.70			1.69			1.69			1.62			1.86
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)	46			46			42			36			38
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (e)	134			117			102			89			93
Wholesale allowance to wholesale retained nonaccrual loans	317			260			221			213			222
Total allowance to total retained nonaccrual loans	314			283			254			236			259

(a)Includes collateral-dependent loans, including those considered troubled debt restructurings (“TDRs”) and those for which foreclosure is deemed probable, modified PCD loans, and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR.

(b)The asset-specific credit card allowance for loan losses relates to loans that have been modified or are reasonably expected to be modified in a TDR; the Firm calculates this allowance based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

(c)Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified or are reasonably expected to be modified in a TDR.

(d)Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(e)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.

Page 27

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

(a)In addition to analyzing the Firm’s 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 financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s 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 the reportable business segments on an FTE 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 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 as a whole or by the lines of business.

(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

(d)The ratio of the wholesale and CIB’s allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.

(e)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets (“Markets”, which is composed of Fixed Income Markets and Equity Markets), as shown below. 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 reviews these metrics to assess the performance of the Firm’s 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 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 with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to page 70 of the Firm’s 2021 Form 10-K.



	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q22 Change										2022 Change
(in millions, except rates)	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21		2022			2021			2021

Net interest income - reported	$	17,518		$	15,128		$	13,872		$	13,601		$	13,080		16	%	34	%	$	46,518		$	38,710		20	%
Fully taxable-equivalent adjustments	112			103			98			108			104			9		8		313			322			(3)
Net interest income - managed basis (a)	$	17,630		$	15,231		$	13,970		$	13,709		$	13,184		16		34		$	46,831		$	39,032		20
Less: Markets net interest income	707			1,549			2,218			2,066			1,967			(54)		(64)		4,474			6,177			(28)
Net interest income excluding Markets (a)	$	16,923		$	13,682		$	11,752		$	11,643		$	11,217		24		51		$	42,357		$	32,855		29

Average interest-earning assets	$	3,344,949		$	3,385,894		$	3,401,951		$	3,337,855		$	3,219,786		(1)		4		$	3,377,390		$	3,174,858		6
Less: Average Markets interest-earning assets	952,488			957,304			963,845			908,093			894,892			(1)		6		957,837			881,547			9
Average interest-earning assets excluding Markets	$	2,392,461		$	2,428,590		$	2,438,106		$	2,429,762		$	2,324,894		(1)		3		$	2,419,553		$	2,293,311		6

Net yield on average interest-earning assets - managed basis	2.09		%	1.80		%	1.67		%	1.63		%	1.62		%					1.85		%	1.64		%
Net yield on average Markets interest-earning assets	0.29			0.65			0.93			0.90			0.87							0.62			0.94
Net yield on average interest-earning assets excluding Markets	2.81			2.26			1.95			1.90			1.91							2.34			1.92

Noninterest revenue - reported	$	15,198		$	15,587		$	16,845		$	15,656		$	16,567		(2)		(8)		$	47,630		$	53,682		(11)
Fully taxable-equivalent adjustments	663			812			775			984			690			(18)		(4)		2,250			2,241			—
Noninterest revenue - managed basis	$	15,861		$	16,399		$	17,620		$	16,640		$	17,257		(3)		(8)		$	49,880		$	55,923		(11)
Less: Markets noninterest revenue	6,064			6,241			6,535			3,222			4,302			(3)		41		18,840			15,929			18
Noninterest revenue excluding Markets	$	9,797		$	10,158		$	11,085		$	13,418		$	12,955		(4)		(24)		$	31,040		$	39,994		(22)

Memo: Markets total net revenue	$	6,771		$	7,790		$	8,753		$	5,288		$	6,269		(13)		8		$	23,314		$	22,106		5

(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.

Page 28


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD	JPM PR D	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE	JPM PR C	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG	JPM PR J	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ	JPM PR K	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL	JPM PR L	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM	JPM PR M	The New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024	AMJ	NYSE Arca, Inc.
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC	JPM/32	The New York Stock Exchange



Exhibit No.						Description of Exhibit

99.1						JPMorgan Chase & Co. Earnings Release - Third Quarter 2022 Results
99.2						JPMorgan Chase & Co. Earnings Release Financial Supplement - Third Quarter 2022
101						Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104						Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).


By:			/s/ Elena Korablina
			Elena Korablina
			Managing Director and Firmwide Controller
			(Principal Accounting Officer)


☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))