JPMorgan Chase : 4Q21 Earnings Presentation

4Q21 Financial Results

January 14, 2022

Agenda

		Page
1	4Q21 and FY2021 Financial Results	1
2	Financial Outlook
	◼ 2019-2021 Recap	11
	◼ 2022 Outlook	15
3	Notes	19

4Q21 Financial highlights

ROTCE1

19%

Income statement

Balance sheet

Capital distributed

CET1 capital ratios2	Net payout LTM3
Std. 13.0% | Adv. 13.8%	61%

• 4Q21 net income of $10.4B and EPS of $3.33
• • Excluding credit reserve releases4, net income of $9.0B, EPS of $2.86 and ROTCE of 17%
• Managed revenue of $30.3B5
• Expense of $17.9B and managed overhead ratio of 59%5
• Loans6: average loans of $1.1T up 6% YoY and up 2% QoQ
• • Excluding PPP, average loans of $1.1T, up 8% YoY, up 3% QoQ
• Deposits: average deposits of $2.5T up 17% YoY and up 4% QoQ
• CET1 capital of $214B2
• • Standardized CET1 capital ratio of 13.0%2; Advanced CET1 capital ratio of 13.8%2
• Common dividend of $3.0B or $1.00 per share
• $1.9B of common stock net repurchases7

Significant items ($mm, excluding EPS)
	Pretax	Net income	EPS
Firmwide net credit reserve release	$1,839	$1,398	0.47

1. See note 4 on slide 19
2. Represents the estimated Basel III common equity Tier 1 ("CET1") capital and ratio for the current period. See note 1 on slide 20
3. Last twelve months ("LTM"). Net of stock issued to employees
4. See note 3 on slide 19

5 See note 1 on slide 19

1

1. Includes the impact of loans originated under the Paycheck Protection Program ("PPP")
2. Includes the net impact of employee issuances

4Q21 Financial results1

$B, except per share data
																																																																																										$ O/(U)
																																																																																									4Q21	3Q21	4Q20
Net interest income																																																																																							$13.7	$0.5	$0.4
Noninterest revenue																																																																																							16.6	(0.6)	(0.2)
Managed revenue1		$B				4Q21					3Q21					4Q20		30.3	(0.1)	0.2
Expense				Net charge-offs	$0.6			$0.5					$1.1						17.9	0.8	1.8
			Reserve build/(release)	(1.8)		(2.1)			(2.9)
Credit costs											(1.3)	0.2	0.6
	Credit costs	($1.3)		($1.5)			($1.9)
Net income																																																								4Q21 Tax rate	$10.4	($1.3)	($1.7)
Net income applicable to common stockholders																Effective rate: 17.8%6	$9.9	($1.3)	($1.8)
													Managed rate: 24.4%1,7
EPS - diluted																																																																																							$3.33	($0.41)	($0.46)
ROE2																																											4Q21					ROE	O/H ratio				16%	18%	19%
																																											CCB	33%		63%
ROTCE2,3																																																	22	24
																																													CIB	22%		51%				19
Overhead ratio - managed1,2																																																CB	20%		41%				59	56	53
																																										AWM	32%		67%
Memo:
NII ex. CIB Markets 4																																																																																							$11.6	$0.4	$0.5
NIR ex. CIB Markets 4																																																																																							13.4	0.5	0.4
CIB Markets																																																																																							5.3	(1.0)	(0.7)
Managed revenue1																																																																																							30.3	(0.1)	0.2
Adjusted expense 5																																																																																							$17.8	$0.8	$2.0
Adjusted overhead ratio 1,2,5																																																																																							58%	56%	52%
Note: Totals may not sum due to rounding
1 See note 1 on slide 19
2 Actual numbers for all periods, not over/(under)																																																					2
3 See note 4 on slide 19

1. See note 2 on slide 19
2. See note 5 on slide 19
3. See note 3 on slide 20
4. Reflects fully taxable-equivalent ("FTE") adjustments of $1.1B in 4Q21

FY21 Financial results1

$B, except per share data
																																										$ O/(U)
																																								FY2021	FY2020	FY2020
Net interest income																																						$52.7	$55.0	($2.2)
Noninterest revenue																																						72.6	67.9	4.6
Managed revenue1			$B						FY2021 FY2020			125.3	122.9	2.4
Expense				Net charge-offs							$2.9				$5.3				71.3	66.7	4.7
			Reserve build/(release)	(12.1)			12.2
Credit costs									(9.3)	17.5	(26.7)
		Credit costs							($9.3)			$17.5
Net income																																						$48.3	$29.1	$19.2
																					FY21 Tax rate
Net income applicable to common stockholders						Effective rate: 18.9%6	$46.5	$27.4	$19.1
				Managed rate: 23.5%1,7
EPS - diluted																																						$15.36	$8.88	$6.48
ROE2															FY2021		ROE	O/H ratio			19%	12%
																CCB	41%	58%
ROTCE2,3																					14
																	CIB	25%	49%				23
Overhead ratio - managed1,2																		CB	21%	40%				57	54
																AWM	33%	64%
Memo:
NII ex. CIB Markets 4																																						$44.5	$46.6	($2.1)
NIR ex. CIB Markets 4																																						53.4	46.8	6.6
CIB Markets																																						27.4	29.5	(2.1)
Managed revenue1																																						125.3	122.9	2.4
Adjusted expense 5																																						$70.9	$65.5	$5.4
Adjusted overhead ratio 1,2,5																																						57%	53%
Note: Totals may not sum due to rounding
1 See note 1 on slide 19
2 Actual numbers for all periods, not over/(under)																					3
3 See note 4 on slide 19

1. See note 2 on slide 19
2. See note 5 on slide 19
3. See note 3 on slide 20
4. Reflects fully taxable-equivalent ("FTE") adjustments of $3.7B in 2021