JPMorgan Chase : 2Q22 Earnings Presentation

2Q22 Financial Results

July 14, 2022

2Q22 Financial highlights

ROTCE1

17%

Income statement

Balance sheet

Capital distributed

CET1 capital ratios2	Net payout LTM3
Std. 12.2% | Adv. 12.8%	55%

• 2Q22 net income of $8.6B and EPS of $2.76
• Managed revenue of $31.6B4
• Expense of $18.7B and managed overhead ratio of 59%4
• Loans: average loans of $1.1T up 7% YoY and up 2% QoQ
• Deposits: average deposits of $2.5T up 9% YoY and up 1% QoQ
• CET1 capital of $207B2
• • Standardized CET1 capital ratio of 12.2%2; Advanced CET1 capital ratio of 12.8%2
• Common dividend of $3.0B or $1.00 per share
• $224mm of common stock net repurchases5

1. See note 3 on slide 10
2. Represents the estimated Basel III common equity Tier 1 ("CET1") capital and ratio for the current period. See note 1 on slide 11
3. Last twelve months ("LTM"). Net of stock issued to employees
4. See note 1 on slide 10

5 Includes the net impact of employee issuances

1

2Q22 Financial results1

$B, except per share data
																																																																																										$ O/(U)
																																																																																									2Q22	1Q22	2Q21
Net interest income																																																																																							$15.2	$1.3	$2.4
Noninterest revenue																																																																																							16.4	(1.2)	(2.1)
Managed revenue1		$B				2Q22						1Q22					2Q21		31.6	0.0	0.2
Expense				Net charge-offs	$0.7			$0.6				$0.7						18.7	(0.4)	1.1
			Reserve build/(release)	0.4			0.9				(3.0)
Credit costs													1.1	(0.4)	3.4
	Credit costs	$1.1			$1.5				($2.3)
Net income																																																									2Q22 Tax rate	$8.6	$0.4	($3.3)
Net income applicable to common stockholders																	Effective rate: 20.4%	$8.2	$0.4	($3.3)
													Managed rate: 26.6%1,6
EPS - diluted																																																																																							$2.76	$0.13	($1.02)
ROE2																																											2Q22						ROE	O/H ratio				13%	13%	18%
																																											CCB	24%		61%
ROTCE2,3																																																	16	23
																																													CIB	14%		56%				17
Overhead ratio - managed1,2																																																CB	15%		43%				59	61	56
																																										AWM	23%		68%
Memo:
NII excluding Markets 4																																																																																							$13.7	$1.9	$2.8
NIR excluding Markets 4																																																																																							10.2	(0.9)	(3.6)
Markets revenue																																																																																							7.8	(1.0)	1.0
Managed revenue1																																																																																							31.6	0.0	0.2
Adjusted expense 5																																																																																							$18.7	($0.4)	$1.2
Adjusted overhead ratio 1,2,5																																																																																							59%	60%	56%
Note: Totals may not sum due to rounding
1 See note 1 on slide 10
2 Actual numbers for all periods, not over/(under)																																																					2
3 See note 3 on slide 10

1. See note 2 on slide 10
2. See note 4 on slide 10
3. Reflects fully taxable-equivalent ("FTE") adjustments of $915mm in 2Q22

Fortress balance sheet

$B, except per share data

	2Q22	1Q22	2Q21
Risk-based capital metrics1
CET1 capital	$207	$208	$209
CET1 capital ratio - Standardized	12.2%	11.9%	13.0%
CET1 capital ratio - Advanced	12.8	12.7	13.8
Leverage-based capital metric2
Firm SLR	5.3%	5.2%	5.4%

Standardized risk-weighted assets QoQ ($B)

1,751

1,707

Normalization

from 1Q22

levels

1Q22	Market	Loans	Credit Risk	2Q22
	Risk		ex. Loans

Organic capital generation: Illustrative5 path to 1Q23

Liquidity metrics3

Firm LCR

Bank LCR

Total excess HQLA

HQLA and unencumbered marketable securities

Balance sheet metrics

Total assets (EOP)

Deposits (average)

Tangible book value per share4

			Regulatory	Available excess	Organic capital
			Requirement	capital	generation5
110%	110%	111%			~13.2%
169	181	171		~12.8%
$554	$625	$558	12.2%		12.5%
1,568	1,662	1,570		12.0%
			11.2%
$3,841	$3,955	$3,684	2Q22	4Q22	1Q23
2,532	2,516	2,324	Our organic capital generation will allow us to meet rising requirements,
69.53	69.58	68.91	build to a 12.5% target at 4Q22 and further support strategic priorities

Note: Totals may not tie due to rounding

1. Estimated for the current period. See note 1 on slide 11
2. Estimated for the current period. Represents the supplementary leverage ratio ("SLR")
3. Estimated for the current period. Liquidity Coverage Ratio ("LCR") represents the average LCR for the Firm and JPMorgan Chase Bank, N.A. ("Bank"). See note 2 on slide 11
4. See note 3 on slide 10
5. Organic capital generation equals net income, less dividends. Based on estimates from analysts with updates on or after 6/24/2022. Assumes flat RWA

3

CCB CIB CB AWM Corp.

Consumer & Community Banking1

Selected income statement data ($mm)

		$ O/(U)
	2Q22	1Q22	2Q21
Revenue	$12,614	$385	($146)
Consumer & Business Banking	6,558	496	542
Home Lending	1,001	(168)	(348)
Card & Auto	5,055	57	(340)
Expense	7,723	3	661
Credit costs	761	83	2,629
Net charge-offs (NCOs)	611	58	(121)
Change in allowance	150	25	2,750
Net income2	$3,100	$205	($2,545)

Key drivers / statistics ($B)3

	2Q22	1Q22	2Q21
Equity	$50.0	$50.0	$50.0
ROE	24%	23%	44%
Overhead ratio	61	63	55
Average loans	$436.6	$428.9	$430.1
Average deposits	1,180.5	1,153.5	1,047.8
Active mobile customers (mm)4	47.4	46.5	42.9
Debit & credit card sales volume5	$397.0	$351.5	$344.3

◼ Average loans up 2% YoY and 2% QoQ

Financial performance

• Net income of $3.1B vs. $5.6B in 2Q21, reflecting the absence of the credit reserve release recorded in the prior year
• Revenue of $12.6B, down 1% YoY
• Expense of $7.7B, up 9% YoY, driven by higher investments and structural expense, partially offset by lower volume- and revenue- related expense
• Credit costs of $761mm
• • Net charge-offs of $611mm, down $121mm YoY, driven by Card
  • Reserve build of $150mm in Card driven by loan growth

Key drivers / statistics ($B) - detail by business

	2Q22	1Q22	2Q21
Consumer & Business Banking
Business Banking average loans6	$22.8	$24.8	$42.4
Business Banking loan originations7	1.2	1.0	2.2
Client investment assets (EOP)	628.5	696.3	673.7
Deposit margin	1.31%	1.22%	1.28%
Home Lending
Average loans	$177.3	$176.5	$177.4
Loan originations8	21.9	24.7	39.6
Third-party mortgage loans serviced (EOP)	575.6	575.4	463.9
Net charge-off/(recovery) rate	(0.16)%	(0.17)%	(0.19)%
Card & Auto

◼ Ex-PPP, average loans of $434.4B, up 6% YoY and 2% QoQ

◼ Average deposits up 13% YoY and 2% QoQ

◼ Active mobile customers up 11% YoY

◼ Debit & credit card sales volume up 15% YoY

◼ Client investment assets down 7% YoY

Card average loans

Auto average loans and leased assets Auto loan and lease originations Card net charge-off rate

Credit Card net revenue rate Credit Card sales volume5

$158.4	$149.4	$136.1
83.4	85.7	86.8
7.0	8.4	12.4
1.47%	1.37%	2.24%
9.59	9.87	11.32
$271.2	$236.4	$223.7

1	See note 1 on slide 10
2	See note 3 on slide 11	4
For additional footnotes see slide 12