{ "docId": "019de518-9975-71fa-ad4c-e7e3aae46690", "docSlug": "9ae61b278d9862c2613f7002590e638d", "documentTitle": "J.P.Morgan | Results Presentation Deck | 29 slides", "authorId": "j-p-morgan", "authorName": "JPMorgan", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-10-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 29, "pageCount": 29, "prevPage": 28, "nextPage": null, "slideType": "appendix_disclosure", "function": "appendix", "density": "overcrowded", "nDataPoints": 108, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-9975-71fa-ad4c-e7e3aae46690/29", "deckHref": "/decks/019de518-9975-71fa-ad4c-e7e3aae46690", "deckJsonHref": "/decks/019de518-9975-71fa-ad4c-e7e3aae46690.json", "deckAnchorHref": "/decks/019de518-9975-71fa-ad4c-e7e3aae46690#slide-29", "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.05, "y": 0.33 }, "kind": "paragraph", "text": "(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.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "14d133b5-89f2-41d2-a78f-8af22f480bec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "(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.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6a285e91-30ca-4355-b620-7c8a34eb433e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.92, "x": 0.05, "y": 0.14 }, "kind": "paragraph", "text": "(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.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "806fcdf6-d41d-41b2-8b9b-aa918850e68d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.92, "x": 0.05, "y": 0.42 }, "kind": "paragraph", "text": "(d) In addition to reviewing net interest income (\"NII\"), net yield, 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, 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 75 of the Firm's 2023 Form 10-K.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a1459992-b2df-444d-ab08-e9b9fd4ac1ea", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.05, "x": 0.9, "y": 0.96 }, "kind": "source-note", "text": "Page 28", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7d896d0b-b118-4ec3-8bc9-d31adcec6639", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.05, "y": 0.87 }, "kind": "source-note", "text": "(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.\n(b) Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.\n(c) Effective in the second quarter of 2024, the former Corporate & Investment Bank and Commercial Banking business segments were combined to form one segment, the Commercial & Investment Bank. Prior-period amounts have been revised to include the markets-related revenues of the former Commercial Banking business segment, to conform with the current presentation.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "aeb9ee5a-179d-408c-b2e7-e3553300bb8c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.3, "w": 0.92, "x": 0.05, "y": 0.56 }, "kind": "table", "text": "QUARTERLY TRENDS\nNINE MONTHS ENDED SEPTEMBER 30,\n(in millions, except rates)\n3Q24\n2Q24\n1Q24\n4Q23\n3Q23\n3Q24 Change\n2Q24\n3Q23\n2024\n2023\n2024 Change\n2023\nNet interest income - reported\n$ 23,405\n$ 22,746\n$ 23,082\n$ 24,051\n$ 22,726\n3%\n3%\n$ 69,233\n$ 65,216\n6%\nFully taxable-equivalent adjustments\n120\n115\n121\n126\n130\n4\n(8)\n356\n354\n1\nNet interest income - managed basis (a)\n$ 23,525\n$ 22,861\n$ 23,203\n$ 24,177\n$ 22,856\n3\n3\n$ 69,589\n$ 65,570\n6\nLess: Markets net interest income\n78\n(77)\n183\n615\n(317)\nNM\nNM\n184\n(909)\nNM\nNet interest income excluding Markets (a)\n$ 23,447\n$ 22,938\n$ 23,020\n$ 23,562\n$ 23,173\n2\n1\n$ 69,405\n$ 66,479\n4\nAverage interest-earning assets\n$3,621,766\n$3,509,725\n$3,445,515\n$3,408,395\n$3,331,728\n3\n9\n$3,526,019\n$3,297,843\n7\nLess: Average Markets interest-earning assets\n1,206,085\n1,116,853\n1,031,075\n985,997\n970,789\n8\n24\n1,118,326\n985,703\n13\nAverage interest-earning assets excluding Markets\n$2,415,681\n$2,392,872\n$2,414,440\n$2,422,398\n$2,360,939\n1\n2\n$2,407,693\n$2,312,140\n4\nNet yield on average interest-earning assets - managed basis\n2.58%\n2.62%\n2.71%\n2.81%\n2.72%\n2.64%\n2.66%\nNet yield on average Markets interest-earning assets\n0.03\n(0.03)\n0.07\n0.25\n(0.13)\n0.02\n(0.12)\nNet yield on average interest-earning assets excluding Markets\n3.86\n3.86\n3.83\n3.86\n3.89\n3.85\n3.84\nNoninterest revenue - reported (b)\n$ 19,249\n$ 27,454\n$ 18,852\n$ 14,523\n$ 17,148\n(30)\n12\n$ 65,555\n$ 54,314\n21\nFully taxable-equivalent adjustments (b)\n541\n677\n493\n1,243\n682\n(20)\n(21)\n1,711\n2,539\n(33)\nNoninterest revenue - managed basis\n$ 19,790\n$ 28,131\n$ 19,345\n$ 15,766\n$ 17,830\n(30)\n11\n$ 67,266\n$ 56,853\n18\nLess: Markets noninterest revenue\n7,074\n7,870\n7,830\n(c)\n5,232\n6,934\n(c)\n(10)\n2\n22,774 (c)\n23,026\n(c)\n(1)\nNoninterest revenue excluding Markets\n$ 12,716\n$ 20,261\n$ 11,515\n$ 10,534\n$ 10,896\n(37)\n17\n$ 44,492\n$ 33,827\n32\nMemo: Markets total net revenue\n$ 7,152\n$ 7,793\n$ 8,013\n$ 5,847\n$ 6,617\n(8)\n8\n$ 22,958\n$ 22,117\n4", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9aaa01c6-a35e-4de6-8fdb-83733c8e435e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.3, "x": 0.03, "y": 0.1 }, "kind": "title", "text": "NON-GAAP FINANCIAL MEASURES", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1e1bc6c1-fd14-4cd8-9baf-de5a556ac49f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Table data", "slug": "table-data", "agent": null, "layer": "slide", "matchId": "f4cfd409-ef43-4d30-8782-6cc93ea8c62d", "evidence": "table/data: QUARTERLY TRENDS", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }