3Q24 Financial Results

October 11, 2024

3Q24 Financial highlights

CET1 capital ratios2 Std. RWA3 $1.8T

ROTCE1
Std. 15.3% | 15.5% Adv. $1.5T
Cash and marketable securities4
19% Total Loss-Absorbing Capacity $544B 2
Average loans $1.3T

⚫ 3Q24 net income of $12.9B and EPS of $4.37

Income statement ⚫ Managed revenue of $43.3B5
⚫ Expense of $22.6B and managed overhead ratio of 52%5

⚫ Loans: average loans of $1.3T up 1% YoY and QoQ

⚫ Deposits: average deposits of $2.4T up 1% YoY and QoQ
Balance sheet
⚫ CET1 capital of $273B2
– Standardized CET1 capital ratio of 15.3%2; Advanced CET1 capital ratio of 15.5%2

⚫ Common dividend of $3.6B or $1.25 per share

Capital distributed ⚫ $6.0B of common stock net repurchases6
⚫ Net payout LTM of 54%6,7

1 See note 3 on slide 9

2 Represents the estimated Basel III common equity Tier 1 (“CET1”) capital and ratio and Total Loss-Absorbing Capacity for the current period. See note 1 on slide 10
3 Standardized risk-weighted assets (“RWA”). Estimated for the current period. See note 1 on slide 10
4 Cash and marketable securities represents HQLA and unencumbered marketable securities. Estimated for the current period. See note 2 on slide 10
5 See note 1 on slide 9
6 Includes the net impact of employee issuances. Excludes excise tax and commissions
7 Last twelve months (“LTM”)

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3Q24 Financial results1
$B, EXCEPT PER SHARE DATA
$ O/(U)
3Q24 2Q24 3Q23
Net interest income $23.5 $0.7 $0.7
Noninterest revenue 19.8 (8.3) 2.0
Managed revenue 1 $B 3Q24 2Q24 3Q23 43.3 (7.7) 2.6
Net charge-offs $2.1 $2.2 $1.5
Expense Reserve build/(release) 1.0 0.8 (0.1)
22.6 (1.1) 0.8
Credit costs Credit costs $3.1 $3.1 $1.4 3.1 0.1 1.7
Net income 3Q24 Tax rate $12.9 ($5.3) ($0.3)
Effective rate: 24.0%
Net income applicable to common stockholders Managed rate: 26.9%1,7 $12.5 ($5.2) ($0.1)
EPS – diluted $4.37 ($1.75) $0.04
ROE2 3Q24 ROE O/H ratio 16% 23% 18%
CCB 29% 54%
ROTCE2,3 CIB 17% 51%
19 28 22
Overhead ratio – managed1,2 AWM 34% 67% 52 47 53
Memo:
NII excluding Markets 4 $23.4 $0.5 $0.3
NIR excluding Markets 4,5 12.7 (7.5) 1.8
5
Markets revenue 7.2 (0.6) 0.5
Managed revenue 1 43.3 (7.7) 2.6
Adjusted expense 6 $22.3 ($1.1) $1.2
Adjusted overhead ratio 1,2,6 51% 46% 52%
Note: Totals may not sum due to rounding
1 See note 1 on slide 9
2 Actual numbers for all periods, not over/(under)
3 See note 3 on slide 9
4 See note 2 on slide 9
5 Includes the markets-related revenues of the former Commercial Banking business segment. Prior-period amounts have been revised to conform with the current presentation
6 See note 4 on slide 9
7 Reflects fully taxable-equivalent (“FTE”) adjustments of $661mm in 3Q24

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Fortress balance sheet
$B, EXCEPT PER SHARE DATA STANDARDIZED CET1 RATIO (%)1

3Q24 2Q24 3Q23

72 bps
1
Risk-based capital metrics
CET1 capital $273 $267 $242
15.3% (55 bps) 15 bps 1 bps 15.3%
CET1 capital ratio – Standardized 15.3% 15.3% 14.3%

CET1 capital ratio – Advanced 15.5 15.5 14.5 (35 bps)

Basel III Standardized RWA $1,784 $1,743 $1,692

Leverage-based capital metric2

Firm SLR 6.0% 6.1% 6.0% 2Q24 Net Capital RWA AOCI7 Other8 3Q24
income5 Distributions6

Liquidity metrics3 STANDARDIZED RISK-WEIGHTED ASSETS ($B)1

Firm LCR 114% 112% 112%

Bank LCR 121 125 123 13 1,784

12
Total excess HQLA $272 $275 $252
15
HQLA and unencumbered marketable securities 1,477 1,464 1,386
1,743

Balance sheet metrics

Total assets (EOP) $4,210 $4,143 $3,898

Deposits (average) 2,383 2,371 2,356

Tangible book value per share4 96.42 92.77 82.04

2Q24 Lending9 Market Risk Credit Risk 3Q24
ex. Lending

Note: Totals may not sum due to rounding 5

1 Estimated for the current period. See note 1 on slide 10 Reflects Net Income Applicable to Common Equity
6 Includes net share repurchases and common dividends
2 Estimated for the current period. Represents the supplementary leverage ratio (“SLR”)
7 Excludes AOCI on cash flow hedges and DVA related to structured notes
3 Estimated for the current period. Liquidity Coverage Ratio (“LCR”) represents the average LCR for the Firm and
8 Primarily CET1 capital deductions
JPMorgan Chase Bank, N.A. (“Bank”). See note 2 on slide 10 9 Includes Loans and Commitments
4 See note 3 on slide 9

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 CCB CIB AWM Corp.

Consumer & Community Banking1

SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE
$ O/(U) ⚫ Net income of $4.0B, down 31% YoY
3Q24 2Q24 3Q23 ⚫ Revenue of $17.8B, down 3% YoY, largely driven by lower net interest
Revenue $17,791 $90 ($571) income
Banking & Wealth Management 10,090 (285) (1,255)
⚫ Expense of $9.6B, up 5% YoY, predominantly driven by higher
Home Lending 1,295 (24) 43
compensation, primarily for advisors, bankers and technology employees,
Card Services & Auto 6,406 399 641 as well as continued investments in marketing
Expense 9,586 161 481
Credit costs 2,795 152 1,349 ⚫ Credit costs of $2.8B
Net charge-offs (NCOs) 1,919 (145) 520 ⚫ NCOs of $1.9B, up $520mm YoY, driven by Card Services primarily due
Change in allowance 876 297 829 to the seasoning of newer vintages and continued credit normalization
Net income $4,046 ($164) ($1,849) ⚫ Net reserve build of $876mm was primarily in Card Services, driven by
growth in revolving balances and changes in certain macroeconomic
variables

KEY DRIVERS / STATISTICS ($B)2 KEY DRIVERS / STATISTICS ($B) – DETAIL BY BUSINESS
3Q24 2Q24 3Q23
3Q24 2Q24 3Q23
Banking & Wealth Management
Average equity $54.5 $54.5 $55.5 Business Banking average loans $19.5 $19.5 $19.5
ROE 29% 30% 41% Business Banking loan originations 1.1 1.3 1.3
Overhead ratio 54 53 50 Client investment assets (EOP) 1,067.9 1,013.7 882.3
Average loans $572.5 $571.7 $564.3 Deposit margin 2.60% 2.72% 2.92%
Average deposits 1,053.7 1,073.5 1,143.5 Home Lending
Average loans $250.6 $254.4 $264.0
Active mobile customers (mm)3 57.0 55.6 53.2
Loan originations5 11.4 10.7 11.0
Debit & credit card sales volume 4 $453.4 $453.7 $426.3
Third-party mortgage loans serviced (EOP) 656.1 642.8 637.8
Net charge-off/(recovery) rate (0.07)% (0.07)% (0.02)%
⚫ Average loans up 1% YoY and flat QoQ
Card Services & Auto
⚫ Average deposits down 8% YoY and 2% QoQ Card Services average loans $217.3 $210.1 $195.2
⚫ EOP deposits down 7% YoY and 1% QoQ Auto average loans and leased assets 84.9 86.5 85.1
⚫ Active mobile customers up 7% YoY Auto loan and lease originations 10.0 10.8 10.2
Card Services net charge-off rate 3.24% 3.50% 2.49%
⚫ Debit & credit card sales volume up 6% YoY
Card Services net revenue rate 9.91 9.61 9.60
⚫ Client investment assets up 21% YoY and 5% QoQ 4
$316.6 $316.6 $296.2
Card Services sales volume
1See note 1 on slide 9
For additional footnotes see slide 11

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 CCB CIB AWM Corp.

Commercial & Investment Bank1,2

SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE
$ O/(U) ⚫ Net income of $5.7B, up 13% YoY; revenue of $17.0B, up 8% YoY
3Q24 2Q24 3Q23 ⚫ Banking & Payments revenue
Revenue $17,015 ($902) $1,254 ⚫ IB revenue of $2.4B, up 29% YoY, driven by higher fees across all
Investment Banking revenue 2,354 (110) 536 products
Payments 4,370 (176) 153 ⚫ Payments revenue of $4.4B, up 4% YoY, driven by fee growth and
Lending 1,894 (42) (40) higher deposit balances, largely offset by deposit margin compression
Other 28 24 4 and higher deposit-related client credits
Total Banking & Payments 8,646 (304) 653 ⚫ Lending revenue of $1.9B, down 2% YoY
Fixed Income Markets 4,530 (292) (18) ⚫ Markets & Securities Services revenue
Equity Markets 2,622 (349) 553 ⚫ Markets revenue of $7.2B, up 8% YoY
Securities Services 1,326 65 114 – Fixed Income Markets revenue of $4.5B, flat YoY, including
Credit Adjustments & Other (109) (22) (48) outperformance in Currencies & Emerging Markets and lower
Total Markets & Securities Services 8,369 (598) 601 revenue in Rates
Expense 8,751 (415) (67) – Equity Markets revenue of $2.6B, up 27% YoY, reflecting strong
Credit costs 316 (68) 411 performance across regions
Net income $5,691 ($206) $664 ⚫ Securities Services revenue of $1.3B, up 9% YoY, largely driven by fee
growth on higher market levels and volumes ​
⚫ Expense of $8.8B, down 1% YoY, driven by lower legal expense, offset by
higher compensation, including revenue-related compensation and growth
KEY DRIVERS / STATISTICS ($B)3
in employees, as well as higher technology expense
⚫ Credit costs of $316mm, driven by the impact of net lending activity, and
3Q24 2Q24 3Q23 net downgrade activity primarily in Real Estate, partially offset by changes
Average equity $132.0 $132.0 $138.0 in certain macroeconomic variables
ROE 17% 17% 14% ⚫ Net reserve build of $160mm and NCOs of $156mm
Overhead ratio 51 51 56 REVENUE BY CLIENT COVERAGE SEGMENT ($MM)
IB fees ($mm) $2,267 $2,356 $1,729 $ O/(U)
Average Banking & Payments loans 348.4 351.4 354.6 3Q24 2Q24 3Q23
4
966.0 936.7 900.3 Banking & Payments revenue6 $8,646 ($304) $653
Average client deposits
Global Corporate & Investment Banking 6,139 (2) 670
Assets under custody ($T) 35.8 34.0 29.7 Commercial Banking 2,891 31 17
5
Net charge-off/(recovery) rate 0.13% 0.14% 0.08% Middle Market Banking 1,931 (5) (18)
Commercial Real Estate Banking 960 36 35
Other (384) (333) (34)
1 See note 1 on slide 9; For additional footnotes see slide 11

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 CCB CIB AWM Corp.

Asset & Wealth Management1

SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE
⚫ Net income of $1.4B, down 5% YoY
$ O/(U)
⚫ Revenue of $5.4B, up 9% YoY, driven by growth in management fees on
3Q24 2Q24 3Q23 higher average market levels and strong net inflows, investment valuation
gains compared to losses in the prior year and higher brokerage activity,
Revenue $5,439 $187 $434
partially offset by deposit margin compression
Asset Management 2,525 88 361 ⚫ Expense of $3.6B, up 16% YoY, predominantly driven by higher
Global Private Bank 2,914 99 73 compensation, including revenue-related compensation and
continued growth in private banking advisor teams, as well as higher legal
Expense 3,639 96 501 expense and distribution fees
Credit costs 4 (16) 17 ⚫ AUM of $3.9T and client assets of $5.7T were each up 23% YoY, driven by
Net income $1,351 $88 ($66) higher market levels and continued net inflows
⚫ For the quarter, AUM had long-term net inflows of $72B and liquidity net
inflows of $34B
⚫ Average loans of $229B, up 2% YoY and QoQ
KEY DRIVERS / STATISTICS ($B)2
⚫ Average deposits of $236B, up 17% YoY including the allocation of First
Republic deposits to AWM in 4Q233 and up 4% QoQ
3Q24 2Q24 3Q23
Average equity $15.5 $15.5 $17.0
ROE 34% 32% 32%
Pretax margin 33 32 38
Assets under management ("AUM") $3,904 $3,682 $3,186
Client assets 5,721 5,387 4,644
Average loans 229.3 224.1 223.8
Average deposits 236.5 227.4 202.0

1 See note 1 on slide 9

2 Actualnumbers for all periods, not over/(under)
3 See note 3 on slide 10

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 CCB CIB AWM Corp.

Corporate1
SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE
⚫ Revenue of $3.1B, up $1.5B YoY
$ O/(U) ⚫ Net interest income of $2.9B, up $932mm YoY, predominantly driven by
3Q24 2Q24 3Q23 the impact of balance sheet mix and securities reinvestment
⚫ Noninterest revenue of $155mm, compared with a net loss of $425mm in
Revenue $3,070 ($7,052) $1,512
the prior year, predominantly driven by lower net investment securities
Net interest income 2,915 551 932 losses

Noninterest revenue 155 (7,603) 580 ⚫ Expense of $589mm, down $107mm YoY

Expense 589 (990) (107)

Credit costs (4) (9) (50)
Net income/(loss) $1,810 ($4,969) $998

1 See note 1 on slide 9

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Outlook1

FIRMWIDE

Expect FY2024 net interest income of ~$92.5B, market dependent

– 3Q24YTD of $69.6B implies 4Q24 of ~$22.9B
1 Expect FY2024 net interest income excluding Markets of ~$91.5B, market dependent
– 3Q24YTD of $69.4B implies 4Q24 of ~$22.1B

Expect FY2024 adjusted expense of ~$91.5B, market dependent

2 – 3Q24YTD of $68.5B implies 4Q24 of ~$23.0B
– Adjusted expense excludes Firmwide legal expense and includes the increase to the FDIC special assessment in
1Q24 and the Foundation contribution in 2Q24

3 Expect FY2024 Card Services NCO rate of ~3.4%

1 See notes 1, 2 and 4 on slide 9

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Notes on non-GAAP financial measures

1. 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

2. In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding 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 75 of the Firm’s 2023 Form 10-K

3. 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 10 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 $115.15, $111.29 and $100.30 at September 30, 2024, June 30, 2024 and
September 30, 2023, respectively. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity

4. Adjusted expense and adjusted overhead ratio are each non-GAAP financial measures. Adjusted expense represents noninterest expense excluding Firmwide legal
expense of $259mm, $317mm and $665mm for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. For the nine
months ended September 30, 2024, noninterest expense was $69B and Firmwide legal expense was $504mm. The adjusted overhead ratio measures the Firm’s
adjusted expense as a percentage of managed net revenue. Management believes this information helps investors understand the effect of these items on reported
results and provides an alternate presentation of the Firm’s performance

9
Additional notes

1. Reflects the Current Expected Credit Losses ("CECL") capital transition provisions. As of September 30, 2024 and June 30, 2024, CET1 capital and Total Loss-
Absorbing Capacity reflected the remaining $720mm CECL benefit; as of September 30, 2023, CET1 capital reflected a $1.4B benefit. Refer to Note 21 of the Firm's
Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 and Note 27 of the Firm's 2023 Form 10-K for additional information

2. Total excess high-quality liquid assets (“HQLA”) represent the average eligible unencumbered liquid assets that are in excess of what is required to meet the estimated
Firm and Bank total net cash outflows over a prospective 30 calendar-day period of significant stress under the LCR rule. HQLA and unencumbered marketable
securities, includes end-of-period HQLA, excluding regulatory prescribed haircuts under the LCR rule where applicable, for both the Firm and the excess HQLA-eligible
securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm’s
LCR. Also includes other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home
Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 51-58 of the Firm’s Quarterly Report on Form 10-Q
for the quarterly period ended June 30, 2024 and pages 102-109 of the Firm’s 2023 Form 10-K for additional information

3. In the fourth quarter of 2023, CCB transferred certain deposits associated with First Republic to AWM and CIB

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Additional notes on slides 4-5

Slide 4 – Consumer & Community Banking

2. Actual numbers for all periods, not over/(under)

3. Users of all mobile platforms who have logged in within the past 90 days
4. Excludes Commercial Card
5. Firmwide mortgage origination volume was $13.3B, $12.3B and $13.0B for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023,
respectively

Slide 5 – Commercial & Investment Bank

2. Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial
Banking business segments to form one segment, the Commercial & Investment Bank ("CIB")
3. Actual numbers for all periods, not over/(under)
4. Client deposits and other third-party liabilities (“client deposits”) pertain to the Payments and Securities Services businesses
5. Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate
6. Refer to page 29 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 for a description of each of the client coverage segments

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Forward-looking statements

This presentation 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, 2023 and Quarterly Report on Form 10-Q for the
quarter ended June 30, 2024, 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.

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