JPMORGAN CHASE & CO - FORM 8-K - EX-99.2 - EARNINGS RELEASE FINANCIAL SUPPLEMENT - 2Q17

Attached files

file	filename
EX-12.2 - RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS - 2Q17 - JPMORGAN CHASE & CO	a2q17erfexhibit122.htm
EX-99.1 - EXHIBIT 99.1 - JPMORGAN CHASE & CO	a2q17erfexhibit991narrative.htm
EX-12.1 - RATIO OF EARNINGS TO FIXED CHARGES - 2Q17 - JPMORGAN CHASE & CO	a2q17erfexhibit121.htm
8-K - 8-K - JPMORGAN CHASE & CO	a2q17erf8kcover.htm

EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2017



JPMORGAN CHASE & CO.
TABLE OF CONTENTS

							Page(s)
Consolidated Results
Consolidated Financial Highlights							2–3
Consolidated Statements of Income							4
Consolidated Balance Sheets							5
Condensed Average Balance Sheets and Annualized Yields							6
Reconciliation from Reported to Managed Basis							7
Segment Results - Managed Basis							8
Capital and Other Selected Balance Sheet Items							9
Earnings Per Share and Related Information							10

Business Segment Results
Consumer & Community Banking							11–14
Corporate & Investment Bank							15–17
Commercial Banking							18–19
Asset & Wealth Management							20–22
Corporate							23

Credit-Related Information							24–27

Non-GAAP Financial Measures and Key Performance Measures							28
Glossary of Terms and Acronyms (a)

(a)

Refer to the Glossary of Terms and Acronyms on pages 279–285 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2016 (the “2016 Annual Report”) and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 151-156 and pages 157-158, respectively, of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017.



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

	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q17 Change											2017 Change
SELECTED INCOME STATEMENT DATA	2Q17				1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017				2016			2016
Reported Basis
Total net revenue	$	25,470			$	24,675		$	23,376		$	24,673		$	24,380		3	%	4	%	$	50,145			$	47,619		5	%
Total noninterest expense	14,506				15,019			13,833			14,463			13,638			(3	)	6		29,525				27,475			7
Pre-provision profit	10,964				9,656			9,543			10,210			10,742			14		2		20,620				20,144			2
Provision for credit losses	1,215				1,315			864			1,271			1,402			(8	)	(13	)	2,530				3,226			(22	)
NET INCOME	7,029				6,448			6,727			6,286			6,200			9		13		13,477				11,720			15

Managed Basis (a)
Total net revenue	26,405				25,586			24,333			25,512			25,214			3		5		51,991				49,297			5
Total noninterest expense	14,506				15,019			13,833			14,463			13,638			(3	)	6		29,525				27,475			7
Pre-provision profit	11,899				10,567			10,500			11,049			11,576			13		3		22,466				21,822			3
Provision for credit losses	1,215				1,315			864			1,271			1,402			(8	)	(13	)	2,530				3,226			(22	)
NET INCOME	7,029				6,448			6,727			6,286			6,200			9		13		13,477				11,720			15

EARNINGS PER SHARE DATA
Net income: Basic	$	1.83			$	1.66		$	1.73		$	1.60		$	1.56		10		17		$	3.49			$	2.92		20
Diluted	1.82				1.65			1.71			1.58			1.55			10		17		3.47				2.89			20
Average shares: Basic	3,574.1				3,601.7			3,611.3			3,637.7			3,675.5			(1	)	(3	)	3,587.9				3,693.0			(3	)
Diluted	3,599.0				3,630.4			3,646.6			3,669.8			3,706.2			(1	)	(3	)	3,614.7				3,721.9			(3	)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	321,633			$	312,078		$	307,295		$	238,277		$	224,449		3		43		$	321,633			$	224,449		43
Common shares at period-end	3,519.0				3,552.8			3,561.2			3,578.3			3,612.0			(1	)	(3	)	3,519.0				3,612.0			(3	)
Closing share price (b)	$	91.40			$	87.84		$	86.29		$	66.59		$	62.14		4		47		$	91.40			$	62.14		47
Book value per share	66.05				64.68			64.06			63.79			62.67			2		5		66.05				62.67			5
Tangible book value per share (“TBVPS”) (c)	53.29				52.04			51.44			51.23			50.21			2		6		53.29				50.21			6
Cash dividends declared per share	0.50				0.50			0.48			0.48			0.48			—		4		1.00				0.92			9

FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	12		%		11		%	11		%	10		%	10		%					11		%		10		%
Return on tangible common equity (“ROTCE”) (c)	14				13			14			13			13							14				12
Return on assets	1.10				1.03			1.06			1.01			1.02							1.07				0.97

CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio	12.6		%	(f)	12.5		%	12.4		%	12.0		%	12.0		%					12.6		%	(f)	12.0		%
Tier 1 capital ratio	14.3			(f)	14.3			14.1			13.6			13.6							14.3			(f)	13.6
Total capital ratio	15.9			(f)	15.6			15.5			15.1			15.2							15.9			(f)	15.2
Tier 1 leverage ratio	8.5			(f)	8.4			8.4			8.5			8.5							8.5			(f)	8.5


(a)	For a further discussion of managed basis, see Reconciliation from Reported to Managed Basis on page 7.


(b)	Share price is from the New York Stock Exchange.


(c)	TBVPS and ROTCE are non-GAAP financial measures. TBVPS represents tangible common equity (“TCE”) divided by common shares at period-end. ROTCE measures the Firm’s annualized earnings as a percentage of average TCE. TCE is also a non-GAAP financial measure; for a reconciliation of common stockholders’ equity to TCE, see page 9. For further discussion of these measures, see page 28.


(d)	Quarterly ratios are based upon annualized amounts.


(e)	Ratios presented are calculated under the Basel III Transitional capital rules and for the capital ratios represent the Collins Floor. See footnote (a) on page 9 for additional information on Basel III and the Collins Floor.


(f)	Estimated.

Page 2



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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q17 Change										2017 Change
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017			2016			2016
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,563,174		$	2,546,290		$	2,490,972		$	2,521,029		$	2,466,096		1	%	4	%	$	2,563,174		$	2,466,096		4	%
Loans:
Consumer, excluding credit card loans	365,371			367,055			364,644			363,796			361,305			—		1		365,371			361,305			1
Credit card loans	140,141			135,016			141,816			133,435			131,591			4		6		140,141			131,591			6
Wholesale loans	403,255			393,903			388,305			390,823			379,908			2		6		403,255			379,908			6
Total Loans	908,767			895,974			894,765			888,054			872,804			1		4		908,767			872,804			4
Core loans (a)	834,935			812,119			806,152			795,077			775,813			3		8		834,935			775,813			8
Core loans (average) (a)	824,583			805,382			799,698			779,383			760,721			2		8		815,034			749,009			9

Deposits:
U.S. offices:
Noninterest-bearing	394,921			400,439			400,831			409,912			393,294			(1	)	—		394,921			393,294			—
Interest-bearing	781,709			775,258			737,949			722,294			695,763			1		12		781,709			695,763			12
Non-U.S. offices:
Noninterest-bearing	17,152			16,456			14,764			15,815			17,072			4		—		17,152			17,072			—
Interest-bearing	245,691			230,846			221,635			228,117			224,829			6		9		245,691			224,829			9
Total deposits	1,439,473			1,422,999			1,375,179			1,376,138			1,330,958			1		8		1,439,473			1,330,958			8

Long-term debt (b)	292,973			289,492			295,245			309,418			295,627			1		(1	)	292,973			295,627			(1	)
Common stockholders’ equity	232,415			229,795			228,122			228,263			226,355			1		3		232,415			226,355			3
Total stockholders’ equity	258,483			255,863			254,190			254,331			252,423			1		2		258,483			252,423			2

Loans-to-deposits ratio	63		%	63		%	65		%	65		%	66		%					63		%	66		%

Headcount	249,257			246,345			243,355			242,315			240,046			1		4		249,257			240,046			4

95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (c)	$	27		$	25		$	40		$	43		$	45		8		(40	)

LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking	$	11,412		$	10,970		$	11,019		$	11,328		$	11,451		4		—		$	22,382		$	22,568		(1	)
Corporate & Investment Bank	8,889			9,536			8,461			9,455			9,165			(7	)	(3	)	18,425			17,300			7
Commercial Banking	2,088			2,018			1,963			1,870			1,817			3		15		4,106			3,620			13
Asset & Wealth Management	3,212			3,087			3,087			3,047			2,939			4		9		6,299			5,911			7
Corporate	804			(25		)	(197		)	(188		)	(158		)	NM		NM		779			(102		)	NM
TOTAL NET REVENUE	$	26,405		$	25,586		$	24,333		$	25,512		$	25,214		3		5		$	51,991		$	49,297		5

LINE OF BUSINESS NET INCOME
Consumer & Community Banking	$	2,223		$	1,988		$	2,364		$	2,204		$	2,656		12		(16	)	$	4,211		$	5,146		(18	)
Corporate & Investment Bank	2,710			3,241			3,431			2,912			2,493			(16	)	9		5,951			4,472			33
Commercial Banking	902			799			687			778			696			13		30		1,701			1,192			43
Asset & Wealth Management	624			385			586			557			521			62		20		1,009			1,108			(9	)
Corporate	570			35			(341		)	(165		)	(166		)	NM		NM		605			(198		)	NM
NET INCOME	$	7,029		$	6,448		$	6,727		$	6,286		$	6,200		9		13		$	13,477		$	11,720		15


(a)	Loans considered central to the Firm’s ongoing businesses. For further discussion of core loans, see page 28.


(b)	Included unsecured long-term debt of $221.0 billion, $212.0 billion, $212.6 billion, $226.8 billion and $220.6 billion for the periods ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively.

(c)

The Firm refined the scope of positions included in risk management VaR during the third quarter of 2016 and refined the historical proxy time series inputs to certain VaR models during the first quarter of 2017. These refinements are intended to more appropriately reflect the risk exposure from market risk sensitive instruments. In the absence of these refinements, the average Total VaR would have been higher by the following amounts: $10 million, $6 million, $6 million, and $7 million for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, and September 30, 2016, respectively. For information regarding CIB VaR, see page 17.


(d)	For a further discussion of managed basis, see Reconciliation from Reported to Managed Basis on page 7.

Page 3



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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q17 Change										2017 Change
REVENUE	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017			2016			2016
Investment banking fees	$	1,810		$	1,817		$	1,605		$	1,866		$	1,644		—	%	10	%	$	3,627		$	2,977		22	%
Principal transactions	3,137			3,582			2,460			3,451			2,976			(12	)	5		6,719			5,655			19
Lending- and deposit-related fees	1,482			1,448			1,484			1,484			1,403			2		6		2,930			2,806			4
Asset management, administration and commissions	3,824			3,677			3,689			3,597			3,681			4		4		7,501			7,305			3
Securities gains	(34		)	(3		)	5			64			21			NM		NM		(37		)	72			NM
Mortgage fees and related income	404			406			511			624			689			—		(41	)	810			1,356			(40	)
Card income	1,167			914			918			1,202			1,358			28		(14	)	2,081			2,659			(22	)
Other income	1,472			770			951			782			1,261			91		17		2,242			2,062			9
Noninterest revenue	13,262			12,611			11,623			13,070			13,033			5		2		25,873			24,892			4
Interest income	15,650			15,042			14,466			14,070			13,813			4		13		30,692			27,365			12
Interest expense	3,442			2,978			2,713			2,467			2,466			16		40		6,420			4,638			38
Net interest income	12,208			12,064			11,753			11,603			11,347			1		8		24,272			22,727			7
TOTAL NET REVENUE	25,470			24,675			23,376			24,673			24,380			3		4		50,145			47,619			5

Provision for credit losses	1,215			1,315			864			1,271			1,402			(8	)	(13	)	2,530			3,226			(22	)

NONINTEREST EXPENSE
Compensation expense	7,706			8,201			6,872			7,669			7,778			(6	)	(1	)	15,907			15,438			3
Occupancy expense	912			961			957			899			899			(5	)	1		1,873			1,782			5
Technology, communications and equipment expense	1,870			1,828			1,822			1,741			1,665			2		12		3,698			3,283			13
Professional and outside services	1,644			1,543			1,742			1,665			1,700			7		(3	)	3,187			3,248			(2	)
Marketing	756			713			697			825			672			6		13		1,469			1,375			7
Other expense (a)	1,618			1,773			1,743			1,664			924			(9	)	75		3,391			2,349			44
TOTAL NONINTEREST EXPENSE	14,506			15,019			13,833			14,463			13,638			(3	)	6		29,525			27,475			7
Income before income tax expense	9,749			8,341			8,679			8,939			9,340			17		4		18,090			16,918			7
Income tax expense	2,720			1,893			1,952			2,653			3,140			44		(13	)	4,613			5,198			(11	)
NET INCOME	$	7,029		$	6,448		$	6,727		$	6,286		$	6,200		9		13		$	13,477		$	11,720		15

NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	1.83		$	1.66		$	1.73		$	1.60		$	1.56		10		17		$	3.49		$	2.92		20
Diluted earnings per share	1.82			1.65			1.71			1.58			1.55			10		17		3.47			2.89			20

FINANCIAL RATIOS
Return on common equity (b)	12		%	11		%	11		%	10		%	10		%					11		%	10		%
Return on tangible common equity (b)(c)	14			13			14			13			13							14			12
Return on assets (b)	1.10			1.03			1.06			1.01			1.02							1.07			0.97
Effective income tax rate	27.9			22.7			22.5			29.7			33.6							25.5			30.7
Overhead ratio	57			61			59			59			56							59			58


(a)	Included Firmwide legal expense/(benefit) of $61 million, $218 million, $230 million, $(71) million and $(430) million for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively: and $279 million and $(476) million for the six months ended June 30, 2017 and 2016, respectively.


(b)	Quarterly ratios are based upon annualized amounts.


(c)	For further discussion of ROTCE, see page 28.

Page 4



JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																Jun 30, 2017
																Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,
	2017			2017			2016			2016			2016			2017		2016
ASSETS
Cash and due from banks	$	21,781		$	20,484		$	23,873		$	21,390		$	19,710		6	%	11	%
Deposits with banks	427,380			439,911			365,762			396,200			345,595			(3	)	24
Federal funds sold and securities purchased under
resale agreements	218,570			190,566			229,967			232,637			237,267			15		(8	)
Securities borrowed	90,654			92,309			96,409			109,197			103,225			(2	)	(12	)
Trading assets:
Debt and equity instruments	350,558			346,450			308,052			309,258			302,347			1		16
Derivative receivables	56,506			56,063			64,078			65,579			78,446			1		(28	)
Securities	263,458			281,850			289,059			272,401			278,610			(7	)	(5	)
Loans	908,767			895,974			894,765			888,054			872,804			1		4
Less: Allowance for loan losses	13,363			13,413			13,776			14,204			14,227			—		(6	)
Loans, net of allowance for loan losses	895,404			882,561			880,989			873,850			858,577			1		4
Accrued interest and accounts receivable	64,038			60,038			52,330			64,333			64,911			7		(1	)
Premises and equipment	14,206			14,227			14,131			14,208			14,262			—		—
Goodwill	47,300			47,292			47,288			47,302			47,303			—		—
Mortgage servicing rights	5,753			6,079			6,096			4,937			5,072			(5	)	13
Other intangible assets	827			847			862			887			917			(2	)	(10	)
Other assets	106,739			107,613			112,076			108,850			109,854			(1	)	(3	)
TOTAL ASSETS	$	2,563,174		$	2,546,290		$	2,490,972		$	2,521,029		$	2,466,096		1		4

LIABILITIES
Deposits	$	1,439,473		$	1,422,999		$	1,375,179		$	1,376,138		$	1,330,958		1		8
Federal funds purchased and securities loaned or sold
under repurchase agreements	165,621			183,316			165,666			168,491			166,044			(10	)	—
Commercial paper	22,207			14,908			11,738			12,258			17,279			49		29
Other borrowed funds	30,936			24,342			22,705			24,479			19,945			27		55
Trading liabilities:
Debt and equity instruments	91,628			90,913			87,428			95,126			101,194			1		(9	)
Derivative payables	41,795			44,575			49,231			48,143			57,764			(6	)	(28	)
Accounts payable and other liabilities	189,160			183,200			190,543			190,412			184,635			3		2
Beneficial interests issued by consolidated VIEs	30,898			36,682			39,047			42,233			40,227			(16	)	(23	)
Long-term debt	292,973			289,492			295,245			309,418			295,627			1		(1	)
TOTAL LIABILITIES	2,304,691			2,290,427			2,236,782			2,266,698			2,213,673			1		4

STOCKHOLDERS’ EQUITY
Preferred stock	26,068			26,068			26,068			26,068			26,068			—		—
Common stock	4,105			4,105			4,105			4,105			4,105			—		—
Additional paid-in capital	90,604			90,395			91,627			92,103			91,974			—		(1	)
Retained earnings	171,488			166,663			162,440			157,870			153,749			3		12
Accumulated other comprehensive income/(loss)	(392		)	(923		)	(1,175		)	1,474			1,618			58		NM
Shares held in RSU Trust, at cost	(21		)	(21		)	(21		)	(21		)	(21		)	—		—
Treasury stock, at cost	(33,369		)	(30,424		)	(28,854		)	(27,268		)	(25,070		)	(10	)	(33	)
TOTAL STOCKHOLDERS’ EQUITY	258,483			255,863			254,190			254,331			252,423			1		2
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,563,174		$	2,546,290		$	2,490,972		$	2,521,029		$	2,466,096		1		4

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JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																								SIX MONTHS ENDED JUNE 30,
																					2Q17 Change												2017 Change
AVERAGE BALANCES	2Q17				1Q17				4Q16				3Q16				2Q16				1Q17		2Q16		2017				2016				2016
ASSETS
Deposits with banks	$	437,637			$	422,169			$	415,817			$	409,176			$	379,001			4	%	15	%	$	429,946			$	371,600			16	%
Federal funds sold and securities purchased under
resale agreements	193,302				196,965				217,907				196,657				201,871				(2	)	(4	)	195,122				203,433				(4	)
Securities borrowed	90,151				95,372				103,928				102,790				101,669				(5	)	(11	)	92,747				102,565				(10	)
Trading assets - debt instruments	234,809				225,801				218,272				219,816				215,780				4		9		230,330				212,047				9
Securities	274,695				285,565				280,087				272,993				280,041				(4	)	(2	)	280,100				282,265				(1	)
Loans	904,969				891,904				890,511				874,396				859,727				1		5		898,473				850,126				6
Other assets (a)	41,546				43,136				39,025				40,665				41,436				(4	)	—		42,337				39,718				7
Total interest-earning assets	2,177,109				2,160,912				2,165,547				2,116,493				2,079,525				1		5		2,169,055				2,061,754				5
Trading assets - equity instruments	126,127				115,284				98,427				98,714				99,626				9		27		120,735				92,453				31
Trading assets - derivative receivables	58,250				61,400				70,580				72,520				69,823				(5	)	(17	)	59,816				70,237				(15	)
All other noninterest-earning assets	197,750				195,566				197,903				189,235				192,215				1		3		196,665				193,611				2
TOTAL ASSETS	$	2,559,236			$	2,533,162			$	2,532,457			$	2,476,962			$	2,441,189			1		5		$	2,546,271			$	2,418,055			5
LIABILITIES
Interest-bearing deposits	$	1,006,008			$	986,015			$	959,779			$	932,738			$	919,759			2		9		$	996,067			$	904,050			10
Federal funds purchased and securities loaned or
sold under repurchase agreements	196,331				189,611				186,579				180,098				176,855				4		11		192,990				174,050				11
Commercial paper	19,466				13,364				11,263				13,798				17,462				46		11		16,432				17,499				(6	)
Trading liabilities - debt, short-term and other liabilities (b)	197,066				199,981				202,979				196,247				200,141				(1	)	(2	)	198,515				198,187				—
Beneficial interests issued by consolidated VIEs	34,083				38,775				39,985				42,462				38,411				(12	)	(11	)	36,416				39,125				(7	)
Long-term debt	295,868				292,224				301,989				300,295				291,726				1		1		294,056				289,943				1
Total interest-bearing liabilities	1,748,822				1,719,970				1,702,574				1,665,638				1,644,354				2		6		1,734,476				1,622,854				7
Noninterest-bearing deposits	404,121				405,548				414,266				405,237				396,207				—		2		404,831				395,568				2
Trading liabilities - equity instruments	19,346				21,072				21,411				22,262				20,747				(8	)	(7	)	20,204				19,625				3
Trading liabilities - derivative payables	44,740				48,373				54,548				54,552				54,048				(8	)	(17	)	46,547				57,319				(19	)
All other noninterest-bearing liabilities	85,939				84,428				87,180				77,116				75,336				2		14		85,186				73,626				16
TOTAL LIABILITIES	2,302,968				2,279,391				2,279,979				2,224,805				2,190,692				1		5		2,291,244				2,168,992				6
Preferred stock	26,068				26,068				26,068				26,068				26,068				—		—		26,068				26,068				—
Common stockholders’ equity	230,200				227,703				226,410				226,089				224,429				1		3		228,959				222,995				3
TOTAL STOCKHOLDERS’ EQUITY	256,268				253,771				252,478				252,157				250,497				1		2		255,027				249,063				2
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,559,236			$	2,533,162			$	2,532,457			$	2,476,962			$	2,441,189			1		5		$	2,546,271			$	2,418,055			5

AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.92			%	0.69			%	0.47			%	0.44			%	0.49			%					0.81			%	0.50			%
Federal funds sold and securities purchased under
resale agreements	1.10				1.08				1.04				1.14				1.15								1.09				1.12
Securities borrowed (d)	(0.09		)		(0.19		)		(0.20		)		(0.35		)		(0.38		)						(0.14		)		(0.37		)
Trading assets - debt instruments	3.13				3.38				3.40				3.46				3.50								3.25				3.41
Securities	3.11				3.01				2.87				2.95				2.95								3.06				2.96
Loans	4.46				4.47				4.30				4.23				4.22								4.46				4.24
Other assets (a)	4.28				3.21				2.57				2.14				2.06								3.74				2.05
Total interest-earning assets	2.95				2.88				2.71				2.70				2.73								2.92				2.73

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.25				0.20				0.16				0.15				0.14								0.23				0.14
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.79				0.63				0.56				0.63				0.64								0.71				0.63
Commercial paper	1.29				1.22				1.09				0.97				0.88								1.26				0.82
Trading liabilities - debt, short-term and other liabilities (b)	1.12				0.89				0.67				0.58				0.63								1.00				0.55
Beneficial interests issued by consolidated VIEs	1.51				1.41				1.37				1.26				1.24								1.46				1.19
Long-term debt	2.29				2.21				2.06				1.84				1.92								2.25				1.81
Total interest-bearing liabilities	0.79				0.70				0.63				0.59				0.60								0.75				0.57

INTEREST RATE SPREAD	2.16			%	2.18			%	2.08			%	2.11			%	2.13			%					2.17			%	2.16			%
NET YIELD ON INTEREST-EARNING ASSETS	2.31			%	2.33			%	2.22			%	2.24			%	2.25			%					2.32			%	2.28			%


(a)	Includes margin loans.


(b)	Includes brokerage customer payables.


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


(d)	Negative yield is related to client-driven demand for certain securities combined with the impact of low interest rates; this is matched book activity and the negative interest expense on the corresponding securities loaned is recognized in interest expense and reported within trading liabilities - debt, short-term and other liabilities.

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 considered non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. For additional information on managed basis, refer to the notes on Non-GAAP Financial Measures on page 28.

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



	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q17 Change										2017 Change
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017			2016			2016
OTHER INCOME
Other income - reported	$	1,472		$	770		$	951		$	782		$	1,261		91	%	17	%	$	2,242		$	2,062		9	%
Fully taxable-equivalent adjustments (a)	596			582			645			540			529			2		13		1,178			1,080			9
Other income - managed	$	2,068		$	1,352		$	1,596		$	1,322		$	1,790		53		16		$	3,420		$	3,142		9

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	13,262		$	12,611		$	11,623		$	13,070		$	13,033		5		2		$	25,873		$	24,892		4
Fully taxable-equivalent adjustments (a)	596			582			645			540			529			2		13		1,178			1,080			9
Total noninterest revenue - managed	$	13,858		$	13,193		$	12,268		$	13,610		$	13,562		5		2		$	27,051		$	25,972		4

NET INTEREST INCOME
Net interest income - reported	$	12,208		$	12,064		$	11,753		$	11,603		$	11,347		1		8		$	24,272		$	22,727		7
Fully taxable-equivalent adjustments (a)	339			329			312			299			305			3		11		668			598			12
Net interest income - managed	$	12,547		$	12,393		$	12,065		$	11,902		$	11,652		1		8		$	24,940		$	23,325		7

TOTAL NET REVENUE
Total net revenue - reported	$	25,470		$	24,675		$	23,376		$	24,673		$	24,380		3		4		$	50,145		$	47,619		5
Fully taxable-equivalent adjustments (a)	935			911			957			839			834			3		12		1,846			1,678			10
Total net revenue - managed	$	26,405		$	25,586		$	24,333		$	25,512		$	25,214		3		5		$	51,991		$	49,297		5

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	10,964		$	9,656		$	9,543		$	10,210		$	10,742		14		2		$	20,620		$	20,144		2
Fully taxable-equivalent adjustments (a)	935			911			957			839			834			3		12		1,846			1,678			10
Pre-provision profit - managed	$	11,899		$	10,567		$	10,500		$	11,049		$	11,576		13		3		$	22,466		$	21,822		3

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	9,749		$	8,341		$	8,679		$	8,939		$	9,340		17		4		$	18,090		$	16,918		7
Fully taxable-equivalent adjustments (a)	935			911			957			839			834			3		12		1,846			1,678			10
Income before income tax expense - managed	$	10,684		$	9,252		$	9,636		$	9,778		$	10,174		15		5		$	19,936		$	18,596		7

INCOME TAX EXPENSE
Income tax expense/(benefit) - reported	$	2,720		$	1,893		$	1,952		$	2,653		$	3,140		44		(13	)	$	4,613		$	5,198		(11	)
Fully taxable-equivalent adjustments (a)	935			911			957			839			834			3		12		1,846			1,678			10
Income tax expense - managed	$	3,655		$	2,804		$	2,909		$	3,492		$	3,974		30		(8	)	$	6,459		$	6,876		(6	)

OVERHEAD RATIO
Overhead ratio - reported	57		%	61		%	59		%	59		%	56		%					59		%	58		%
Overhead ratio - managed	55			59			57			57			54							57			56


(a)	Predominantly recognized in the CIB and Commercial Banking (“CB”) business segments and Corporate.

Page 7



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


	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q17 Change										2017 Change
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017			2016			2016
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	11,412		$	10,970		$	11,019		$	11,328		$	11,451		4	%	—	%	$	22,382		$	22,568		(1	)%
Corporate & Investment Bank	8,889			9,536			8,461			9,455			9,165			(7	)	(3	)	18,425			17,300			7
Commercial Banking	2,088			2,018			1,963			1,870			1,817			3		15		4,106			3,620			13
Asset & Wealth Management	3,212			3,087			3,087			3,047			2,939			4		9		6,299			5,911			7
Corporate	804			(25		)	(197		)	(188		)	(158		)	NM		NM		779			(102		)	NM
TOTAL NET REVENUE	$	26,405		$	25,586		$	24,333		$	25,512		$	25,214		3		5		$	51,991		$	49,297		5

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	6,500		$	6,395		$	6,303		$	6,510		$	6,004		2		8		$	12,895		$	12,092		7
Corporate & Investment Bank	4,841			5,121			4,172			4,934			5,078			(5	)	(5	)	9,962			9,886			1
Commercial Banking	790			825			744			746			731			(4	)	8		1,615			1,444			12
Asset & Wealth Management	2,192			2,580			2,175			2,130			2,098			(15	)	4		4,772			4,173			14
Corporate	183			98			439			143			(273		)	87		NM		281			(120		)	NM
TOTAL NONINTEREST EXPENSE	$	14,506		$	15,019		$	13,833		$	14,463		$	13,638		(3	)	6		$	29,525		$	27,475		7

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	4,912		$	4,575		$	4,716		$	4,818		$	5,447		7		(10	)	$	9,487		$	10,476		(9	)
Corporate & Investment Bank	4,048			4,415			4,289			4,521			4,087			(8	)	(1	)	8,463			7,414			14
Commercial Banking	1,298			1,193			1,219			1,124			1,086			9		20		2,491			2,176			14
Asset & Wealth Management	1,020			507			912			917			841			101		21		1,527			1,738			(12	)
Corporate	621			(123		)	(636		)	(331		)	115			NM		440		498			18			NM
PRE-PROVISION PROFIT	$	11,899		$	10,567		$	10,500		$	11,049		$	11,576		13		3		$	22,466		$	21,822		3

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	1,394		$	1,430		$	949		$	1,294		$	1,201		(3	)	16		$	2,824		$	2,251		25
Corporate & Investment Bank	(53		)	(96		)	(198		)	67			235			45		NM		(149		)	694			NM
Commercial Banking	(130		)	(37		)	124			(121		)	(25		)	(251	)	(420	)	(167		)	279			NM
Asset & Wealth Management	4			18			(11		)	32			(8		)	(78	)	NM		22			5			340
Corporate	—			—			—			(1		)	(1		)	—		100		—			(3		)	100
PROVISION FOR CREDIT LOSSES	$	1,215		$	1,315		$	864		$	1,271		$	1,402		(8	)	(13	)	$	2,530		$	3,226		(22	)

NET INCOME/(LOSS)
Consumer & Community Banking	$	2,223		$	1,988		$	2,364		$	2,204		$	2,656		12		(16	)	$	4,211		$	5,146		(18	)
Corporate & Investment Bank	2,710			3,241			3,431			2,912			2,493			(16	)	9		5,951			4,472			33
Commercial Banking	902			799			687			778			696			13		30		1,701			1,192			43
Asset & Wealth Management	624			385			586			557			521			62		20		1,009			1,108			(9	)
Corporate	570			35			(341		)	(165		)	(166		)	NM		NM		605			(198		)	NM
TOTAL NET INCOME	$	7,029		$	6,448		$	6,727		$	6,286		$	6,200		9		13		$	13,477		$	11,720		15

Page 8



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

																	Jun 30, 2017
																	Change				SIX MONTHS ENDED JUNE 30,
	Jun 30,				Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,						2017 Change
	2017				2017			2016			2016			2016			2017		2016		2017		2016		2016
CAPITAL (a)
Risk-based capital metrics
Standardized Transitional
CET1 capital	$	186,942		(f)	$	184,337		$	182,967		$	181,606		$	179,593		1	%	4	%
Tier 1 capital	212,351			(f)	209,653			208,112			206,430			204,390			1		4
Total capital	243,050			(f)	240,222			239,553			241,004			238,999			1		2
Risk-weighted assets	1,480,033			(f)	1,468,931			1,464,981			1,480,291			1,469,430			1		1
CET1 capital ratio	12.6		%	(f)	12.5		%	12.5		%	12.3		%	12.2		%
Tier 1 capital ratio	14.3			(f)	14.3			14.2			13.9			13.9
Total capital ratio	16.4			(f)	16.4			16.4			16.3			16.3

Advanced Transitional
CET1 capital	$	186,942		(f)	184,337			182,967			181,606			179,593			1		4
Tier 1 capital	212,351			(f)	209,653			208,112			206,430			204,390			1		4
Total capital	232,516			(f)	229,436			228,592			229,324			227,865			1		2
Risk-weighted assets	1,461,387			(f)	1,467,992			1,476,915			1,515,177			1,497,509			—		(2	)
CET1 capital ratio	12.8		%	(f)	12.6		%	12.4		%	12.0		%	12.0		%
Tier 1 capital ratio	14.5			(f)	14.3			14.1			13.6			13.6
Total capital ratio	15.9			(f)	15.6			15.5			15.1			15.2

Leverage-based capital metrics
Adjusted average assets (b)	$	2,512,117		(f)	$	2,486,114		$	2,484,631		$	2,427,423		$	2,391,819		1		5
Tier 1 leverage ratio	8.5		%	(f)	8.4		%	8.4		%	8.5		%	8.5		%
SLR leverage exposure (c)	$	3,193,220		(f)	$	3,171,822		3,191,990			3,140,733			3,094,545			1		3
SLR (c)	6.7		%	(f)	6.6		%	6.5		%	6.6		%	6.6		%

TANGIBLE COMMON EQUITY (period-end) (d)
Common stockholders’ equity	$	232,415			$	229,795		$	228,122		$	228,263		$	226,355		1		3
Less: Goodwill	47,300				47,292			47,288			47,302			47,303			—		—
Less: Other intangible assets	827				847			862			887			917			(2	)	(10	)
Add: Deferred tax liabilities (e)	3,252				3,225			3,230			3,232			3,220			1		1
Total tangible common equity	$	187,540			$	184,881		$	183,202		$	183,306		$	181,355		1		3

TANGIBLE COMMON EQUITY (average) (d)
Common stockholders’ equity	$	230,200			$	227,703		$	226,410		$	226,089		$	224,429		1		3		$	228,959	$	222,995	3	%
Less: Goodwill	47,290				47,293			47,296			47,302			47,309			—		—		47,292		47,320		—
Less: Other intangible assets	838				853			873			903			928			(2	)	(10	)	845		957		(12	)
Add: Deferred tax liabilities (e)	3,239				3,228			3,231			3,226			3,213			—		1		3,234		3,195		1
Total tangible common equity	$	185,311			$	182,785		$	181,472		$	181,110		$	179,405		1		3		$	184,056	$	177,913	3

INTANGIBLE ASSETS (period-end)
Goodwill	$	47,300			$	47,292		$	47,288		$	47,302		$	47,303		—		—
Mortgage servicing rights	5,753				6,079			6,096			4,937			5,072			(5	)	13
Other intangible assets	827				847			862			887			917			(2	)	(10	)
Total intangible assets	$	53,880			$	54,218		$	54,246		$	53,126		$	53,292		(1	)	1

(a)

Basel III requires two comprehensive methodologies for calculating risk-weighted assets: a Standardized approach and an Advanced approach. As required by the Collins Amendment of the Wall Street Reform and Consumer Protection Act, the capital adequacy of the Firm is evaluated against the Basel III approach (Standardized or Advanced) that results, for each quarter, in the lower ratio (the “Collins Floor”). For further discussion of the implementation of Basel III, see Capital Risk Management on pages 76-85 of the 2016 Annual Report, and on pages 32–39 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017.


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


(c)	The supplementary leverage ratio (“SLR”) under Basel III is defined as Tier 1 capital divided by the Firm’s total leverage exposure. Total leverage exposure is calculated by taking the Firm’s adjusted average assets as calculated for the Tier 1 leverage ratio, and adding certain off-balance sheet exposures, such as undrawn commitments and derivatives potential future exposure.


(d)	For further discussion of TCE, see page 28.


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


(f)	Estimated.

Page 9



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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q17 Change										2017 Change
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017			2016			2016
EARNINGS PER SHARE
Basic earnings per share
Net income	$	7,029		$	6,448		$	6,727		$	6,286		$	6,200		9	%	13	%	$	13,477		$	11,720		15	%
Less: Preferred stock dividends	411			412			412			412			411			—		—		823			823			—
Net income applicable to common equity	6,618			6,036			6,315			5,874			5,789			10		14		12,654			10,897			16
Less: Dividends and undistributed earnings allocated to
participating securities	63			61			65			62			61			3		3		123			124			(1	)
Net income applicable to common stockholders	$	6,555		$	5,975		$	6,250		$	5,812		$	5,728		10		14		$	12,531		$	10,773		16

Total weighted-average basic shares outstanding	3,574.1			3,601.7			3,611.3			3,637.7			3,675.5			(1	)	(3	)	3,587.9			3,693			(3	)
Net income per share	$	1.83		$	1.66		$	1.73		$	1.60		$	1.56		10		17		$	3.49		$	2.92		20

Diluted earnings per share
Net income applicable to common stockholders	$	6,555		$	5,975		$	6,250		$	5,812		$	5,728		10		14		$	12,531		$	10,773		16
Total weighted-average basic shares outstanding	3,574.1			3,601.7			3,611.3			3,637.7			3,675.5			(1	)	(3	)	3,587.9			3,693			(3	)
Add: Employee stock options, stock appreciation rights (“SARs”), warrants and performance share units (“PSUs”)	24.9			28.7			35.3			32.1			30.7			(13	)	(19	)	26.8			28.9			(7	)
Total weighted-average diluted shares outstanding	3,599.0			3,630.4			3,646.6			3,669.8			3,706.2			(1	)	(3	)	3,614.7			3,721.9			(3	)
Net income per share	$	1.82		$	1.65		$	1.71		$	1.58		$	1.55		10		17		$	3.47		$	2.89		20

COMMON DIVIDENDS
Cash dividends declared per share	$	0.50		$	0.50		$	0.48		$	0.48		$	0.48		—		4		$	1.00		$	0.92		9
Dividend payout ratio	27		%	30		%	28		%	30		%	31		%					28		%	31		%

COMMON EQUITY REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	35.0			32.1			29.8			35.6			45.8			9		(24	)	67.1			75.0			(11	)
Average price paid per share of common stock	$	86.05		$	88.14		$	75.56		$	64.46		$	61.93		(2	)	39		$	87.05		$	60.47		44
Aggregate repurchases of common equity	3,007			2,832			2,251			2,295			2,840			6		6		5,839			4,536			29

EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	0.9			21.0			2.3			1.3			1.2			(96	)	(25	)	21.9			23.5			(7	)
Net impact of employee issuances on stockholders’ equity (b)	$	270		$	29		$	164		$	226		$	250		NM		8		$	299		$	616		(51	)


(a)	On June 28, 2017, the Firm announced, that it is authorized to repurchase up to $19.4 billion of common equity between July 1, 2017 and June 30, 2018, under a new equity repurchase program authorized by the Board of Directors.


(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																			SIX MONTHS ENDED JUNE 30,
																2Q17 Change										2017 Change
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017			2016			2016
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	850		$	812		$	841		$	841		$	780		5	%	9	%	$	1,662		$	1,549		7	%
Asset management, administration and commissions	562			539			497			531			535			4		5		1,101			1,065			3
Mortgage fees and related income	401			406			510			624			689			(1	)	(42	)	807			1,356			(40	)
Card income	1,061			817			821			1,099			1,253			30		(15	)	1,878			2,444			(23	)
All other income	810			743			774			773			881			9		(8	)	1,553			1,530			2
Noninterest revenue	3,684			3,317			3,443			3,868			4,138			11		(11	)	7,001			7,944			(12	)
Net interest income	7,728			7,653			7,576			7,460			7,313			1		6		15,381			14,624			5
TOTAL NET REVENUE	11,412			10,970			11,019			11,328			11,451			4		—		22,382			22,568			(1	)

Provision for credit losses	1,394			1,430			949			1,294			1,201			(3	)	16		2,824			2,251			25

NONINTEREST EXPENSE
Compensation expense	2,511			2,533			2,468			2,453			2,420			(1	)	4		5,044			4,802			5
Noncompensation expense (a)	3,989			3,862			3,835			4,057			3,584			3		11		7,851			7,290			8
TOTAL NONINTEREST EXPENSE	6,500			6,395			6,303			6,510			6,004			2		8		12,895			12,092			7

Income before income tax expense	3,518			3,145			3,767			3,524			4,246			12		(17	)	6,663			8,225			(19	)
Income tax expense	1,295			1,157			1,403			1,320			1,590			12		(19	)	2,452			3,079			(20	)
NET INCOME	$	2,223		$	1,988		$	2,364		$	2,204		$	2,656		12		(16	)	$	4,211		$	5,146		(18	)

REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	5,233		$	4,906		$	4,774		$	4,719		$	4,616		7		13		$	10,139		$	9,166		11
Mortgage Banking	1,426			1,529			1,690			1,874			1,921			(7	)	(26	)	2,955			3,797			(22	)
Card, Commerce Solutions & Auto	4,753			4,535			4,555			4,735			4,914			5		(3	)	9,288			9,605			(3	)

MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue	152			141			183			247			261			8		(42	)	293			423			(31	)
Net mortgage servicing revenue (b)	249			265			327			377			428			(6	)	(42	)	514			933			(45	)
Mortgage fees and related income	$	401		$	406		$	510		$	624		$	689		(1	)	(42	)	$	807		$	1,356		(40	)


FINANCIAL RATIOS
ROE	17		%	15		%	17		%	16		%	20		%					16		%	19		%
Overhead ratio	57			58			57			57			52							58			54


(a)	Included operating lease depreciation expense of $638 million, $599 million, $549 million, $504 million and $460 million for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively, and $1.2 billion and $892 million for the six months ended June 30, 2017 and 2016, respectively.


(b)	Included MSR risk management of $(57) million, $(52) million, $(23) million, $38 million and $73 million for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively, and $(109) million and $202 million for the six months ended June 30, 2017 and 2016, respectively.

Page 11



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

	QUARTERLY TRENDS														SIX MONTHS ENDED JUNE 30,
											2Q17 Change								2017 Change
	2Q17		1Q17		4Q16		3Q16		2Q16		1Q17		2Q16		2017		2016		2016
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	529,859	$	524,770	$	535,310	$	521,276	$	519,187	1	%	2	%	$	529,859	$	519,187	2	%

Loans:
Consumer & Business Banking	25,044		24,386		24,307		23,846		23,588		3		6		25,044		23,588		6
Home equity	46,330		48,234		50,296		52,445		54,569		(4	)	(15	)	46,330		54,569		(15	)
Residential mortgage	189,661		185,114		181,196		181,564		178,670		2		6		189,661		178,670		6
Mortgage Banking	235,991		233,348		231,492		234,009		233,239		1		1		235,991		233,239		1
Credit Card	140,141		135,016		141,816		133,435		131,591		4		6		140,141		131,591		6
Auto	65,627		65,568		65,814		64,512		64,056		—		2		65,627		64,056		2
Student	75		6,253		7,057		7,354		7,614		(99	)	(99	)	75		7,614		(99	)
Total loans	466,878		464,571		470,486		463,156		460,088		—		1		466,878		460,088		1
Core loans	393,639		381,393		382,608		371,060		364,007		3		8		393,639		364,007		8

Deposits	648,369		646,962		618,337		605,117		586,074		—		11		648,369		586,074		11
Equity	51,000		51,000		51,000		51,000		51,000		—		—		51,000		51,000		—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	528,598	$	532,098	$	527,684	$	521,882	$	512,434	(1	)	3		$	530,338	$	507,833	4

Loans:
Consumer & Business Banking	24,725		24,359		24,040		23,678		23,223		2		6		24,543		22,998		7
Home equity	47,339		49,278		51,393		53,501		55,615		(4	)	(15	)	48,303		56,666		(15	)
Residential mortgage	187,201		183,756		182,820		180,669		175,753		2		7		185,489		172,224		8
Mortgage Banking	234,540		233,034		234,213		234,170		231,368		1		1		233,792		228,890		2
Credit Card	138,132		137,211		136,181		132,713		128,396		1		8		137,674		127,848		8
Auto	65,474		65,315		65,286		64,068		63,661		—		3		65,395		62,456		5
Student	4,642		6,916		7,217		7,490		7,757		(33	)	(40	)	5,772		7,896		(27	)
Total loans	467,513		466,835		466,937		462,119		454,405		—		3		467,176		450,088		4
Core loans	387,783		381,016		376,933		367,999		356,380		2		9		384,419		350,042		10

Deposits	639,873		622,915		607,175		593,671		583,115		3		10		631,441		572,699		10
Equity	51,000		51,000		51,000		51,000		51,000		—		—		51,000		51,000		—

Headcount	135,453		133,590		132,802		132,092		131,815		1		3		135,453		131,815		3

Note: In the first quarter of 2017, the Firm transferred the student loan portfolio to held-for-sale. Net charge-offs related to the portfolio predominantly reflect a write-down of the portfolio to the estimated fair value at the time of the transfer. This transfer impacted certain loan and credit-related metrics disclosed on pages 12-13 and 24-27.

Page 12



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q17 Change											2017 Change
	2Q17				1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017				2016			2016
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)	$	4,124			$	4,442		$	4,708		$	4,853		$	4,980		(7	)%	(17	)%	$	4,124			$	4,980		(17	)%
Net charge-offs/(recoveries) (c)
Consumer & Business Banking	56				57			77			71			53			(2	)	6		113				109			4
Home equity	7				47			48			42			35			(85	)	(80	)	54				94			(43	)
Residential mortgage	(4		)		3			3			7			3			NM		NM		(1		)		4			NM
Mortgage Banking	3				50			51			49			38			(94	)	(92	)	53				98			(46	)
Credit Card	1,037				993			914			838			860			4		21		2,030				1,690			20
Auto	48				81			93			79			46			(41	)	4		129				113			14
Student	—				498			64			32			29			NM		NM		498				66			NM
Total net charge-offs/(recoveries)	$	1,144			$	1,679		$	1,199		$	1,069		$	1,026		(32	)	12		$	2,823			$	2,076		36
Net charge-off/(recovery) rate (c)
Consumer & Business Banking	0.91			%	0.95		%	1.27		%	1.19		%	0.92		%					0.93			%	0.95		%
Home equity (d)	0.08				0.52			0.50			0.42			0.34							0.30				0.45
Residential mortgage (d)	(0.01		)		0.01			0.01			0.02			0.01							—				0.01
Mortgage Banking (d)	0.01				0.10			0.10			0.10			0.08							0.05				0.10
Credit Card	3.01				2.94			2.67			2.51			2.70							2.98				2.66
Auto	0.29				0.50			0.57			0.49			0.29							0.40				0.36
Student	—				NM			3.53			1.70			1.50							NM				1.68
Total net charge-off/(recovery) rate (d)	1.07				1.58		(h)	1.11			1.00			0.99							1.32			(h)	1.02

30+ day delinquency rate
Mortgage Banking (e)(f)	1.02			%	1.08		%	1.23		%	1.27		%	1.33		%					1.02			%	1.33		%
Credit Card	1.59				1.66			1.61			1.53			1.40							1.59				1.40
Auto	0.88				0.93			1.19			1.08			1.16							0.88				1.16
Student (g)	—				—			1.60			1.81			1.43							—				1.43
90+ day delinquency rate - Credit Card	0.80				0.87			0.81			0.75			0.70							0.80				0.70

Allowance for loan losses
Consumer & Business Banking	$	796			$	753		$	753		$	703		$	703		6		13		$	796			$	703		13
Mortgage Banking, excluding PCI loans	1,153				1,328			1,328			1,488			1,488			(13	)	(23	)	1,153				1,488			(23	)
Mortgage Banking - PCI loans (c)	2,265				2,287			2,311			2,618			2,654			(1	)	(15	)	2,265				2,654			(15	)
Credit Card	4,384				4,034			4,034			3,884			3,684			9		19		4,384				3,684			19
Auto	499				474			474			474			449			5		11		499				449			11
Student	—				—			249			274			274			NM		NM		—				274			NM
Total allowance for loan losses (c)	$	9,097			$	8,876		$	9,149		$	9,441		$	9,252		2		(2	)	$	9,097			$	9,252		(2	)

Note : CCB provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 28.


(a)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.

(b)

At June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016, nonaccrual loans excluded loans 90 or more days past due as follows: (1) mortgage loans insured by U.S. government agencies of $4.1 billion, $4.5 billion, $5.0 billion, $5.0 billion and $5.2 billion, respectively; and (2) student loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) of $24 million, $234 million, $263 million, $259 million and $252 million, respectively. These amounts have been excluded based upon the government guarantee.

(c)

Net charge-offs/(recoveries) and the net charge-off/(recovery) rates for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016, excluded write-offs in the PCI portfolio of $22 million, $24 million, $32 million, $36 million and $41 million, respectively, and for the six months ended June 30, 2017, and 2016 excluded $46 million and $88 million, respectively. These write-offs decreased the allowance for loan losses for PCI loans. For further information on PCI write-offs, see Summary of Changes in the Allowances on page 26.

(d)

Excludes the impact of PCI loans. For the three months ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016, the net charge-off/(recovery) rates including the impact of PCI loans were as follows: (1) home equity of 0.06%, 0.39%, 0.37%, 0.31% and 0.25%, respectively; (2) residential mortgage of (0.01)%, 0.01%, 0.01%, 0.02% and 0.01%, respectively; (3) Mortgage Banking of 0.01%, 0.09%, 0.09%, 0.08% and 0.07%, respectively; and (4) total CCB of 0.99%, 1.46%, 1.02%, 0.92% and 0.91%, respectively. For the six months ended June 30, 2017 and 2016, the net charge-off/(recovery) rates including the impact of PCI loans were as follows: (1) home equity of 0.23% and 0.33%, respectively; (2) residential mortgage of –% for both periods; (3) Mortgage Banking of 0.05% and 0.09%, respectively; and (4) total CCB of 1.23% and 0.93%, respectively.


(e)	At June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016, excluded mortgage loans insured by U.S. government agencies of $6.0 billion, $6.3 billion, $7.0 billion, $7.0 billion and $7.2 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.


(f)	Excludes PCI loans. The 30+ day delinquency rate for PCI loans was 9.06%, 9.11%, 9.82%, 10.01% and 10.09% at June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016, respectively.


(g)	Excluded student loans insured by U.S government agencies under FFELP of $468 million, $461 million and $458 million at December 31, 2016, September 30, 2016 and June 30, 2016, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.


(h)	Excluding net charge-offs of $467 million related to the student loan portfolio transfer, the total net charge-off rates for the three months ended March 31, 2017 and six months ended June 30, 2017 would have been 1.14% and 1.10%, respectively.

Page 13



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

	QUARTERLY TRENDS																								SIX MONTHS ENDED JUNE 30,
																					2Q17 Change												2017 Change
	2Q17				1Q17				4Q16				3Q16				2Q16				1Q17		2Q16		2017				2016				2016
BUSINESS METRICS
Number of:
Branches	5,217				5,246				5,258				5,310				5,366				(1	)%	(3	)%	5,217				5,366				(3	)%
Active digital customers (in thousands) (a)	45,876				45,463				43,836				43,657				42,833				1		7		45,876				42,833				7
Active mobile customers (in thousands) (b)	28,386				27,256				26,536				26,047				24,817				4		14		28,386				24,817				14

Debit and credit card sales volume (in billions)	$	230.1			$	208.4			$	219.0			$	207.1			$	204.6			10		12		$	438.5			$	391.8			12

Consumer & Business Banking
Average deposits	$	625,381			$	609,035			$	590,653			$	576,573			$	567,415			3		10		$	617,253			$	557,931			11
Deposit margin	1.96			%	1.88			%	1.80			%	1.79			%	1.80			%					1.92			%	1.83			%
Business banking origination volume	$	2,193			$	1,703			$	1,641			$	1,803			$	2,183			29		—		$	3,896			$	3,871			1
Client investment assets	252,993				245,050				234,532				231,574				224,741				3		13		252,993				224,741				13

Mortgage Banking (in billions)
Mortgage origination volume by channel
Retail	$	9.7			$	9.0			$	12.7			$	11.7			$	11.2			8		(13	)	$	18.7			$	19.9			(6	)
Correspondent	14.2				13.4				16.4				15.4				13.8				6		3		27.6				27.5				—
Total mortgage origination volume (c)	$	23.9			$	22.4			$	29.1			$	27.1			$	25.0			7		(4	)	$	46.3			$	47.4			(2	)
Total loans serviced (period-end)	$	827.8			$	836.3			$	846.6			$	863.3			$	880.3			(1	)	(6	)	$	827.8			$	880.3			(6	)
Third-party mortgage loans serviced (period-end)	568.0				582.6				591.5				609.2				629.9				(3	)	(10	)	568.0				629.9				(10	)
MSR carrying value (period-end)	5.8				6.1				6.1				4.9				5.1				(5	)	14		5.8				5.1				14
Ratio of MSR carrying value (period-end) to third-party mortgage
loans serviced (period-end)	1.02			%	1.05			%	1.03			%	0.80			%	0.81			%					1.02			%	0.81			%
MSR revenue multiple (d)	2.91		x		3.00		x		2.94		x		2.29		x		2.31		x						2.91		x		2.31		x

Credit Card, excluding Commercial Card
Credit card sales volume (in billions)	$	156.8			$	139.7			$	148.5			$	139.2			$	136.0			12		15		$	296.5			$	257.7			15
New accounts opened	2.1				2.5				2.7				2.7				2.7				(16	)	(22	)	4.6				5.0				(8	)

Card Services
Net revenue rate	10.53			%	10.15			%	10.14			%	11.04			%	12.28			%					10.34			%	12.04			%

Commerce Solutions
Merchant processing volume (in billions)	$	294.4			$	274.3			$	284.9			$	267.2			$	263.8			7		12		$	568.7			$	511.3			11

Auto
Loan and lease origination volume (in billions)	$	8.3			$	8.0			$	8.0			$	9.3			$	8.5			4		(2	)	$	16.3			$	18.1			(10	)
Average Auto operating lease assets	14,728				13,757				12,613				11,418				10,435				7		41		14,245				10,025				42


(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)	Firmwide mortgage origination volume was $26.2 billion, $25.6 billion, $33.5 billion, $30.9 billion and $28.6 billion for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016, respectively, and $51.8 billion and $53.0 billion for the six months ended June 30, 2017, and 2016, respectively.


(d)	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).

Page 14



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q17 Change										2017 Change
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017			2016			2016
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,803		$	1,812		$	1,612		$	1,855		$	1,636		—	%	10	%	$	3,615		$	2,957		22	%
Principal transactions	2,928			3,507			2,372			3,282			2,965			(17	)	(1	)	6,435			5,435			18
Lending- and deposit-related fees	387			388			400			402			385			—		1		775			779			(1	)
Asset management, administration and commissions	1,068			1,052			1,000			968			1,025			2		4		2,120			2,094			1
All other income	258			177			242			183			464			46		(44	)	435			744			(42	)
Noninterest revenue	6,444			6,936			5,626			6,690			6,475			(7	)	—		13,380			12,009			11
Net interest income	2,445			2,600			2,835			2,765			2,690			(6	)	(9	)	5,045			5,291			(5	)
TOTAL NET REVENUE (a)	8,889			9,536			8,461			9,455			9,165			(7	)	(3	)	18,425			17,300			7

Provision for credit losses	(53		)	(96		)	(198		)	67			235			45		NM		(149		)	694			NM

NONINTEREST EXPENSE
Compensation expense	2,451			2,800			1,696			2,513			2,737			(12	)	(10	)	5,251			5,337			(2	)
Noncompensation expense	2,390			2,321			2,476			2,421			2,341			3		2		4,711			4,549			4
TOTAL NONINTEREST EXPENSE	4,841			5,121			4,172			4,934			5,078			(5	)	(5	)	9,962			9,886			1

Income before income tax expense	4,101			4,511			4,487			4,454			3,852			(9	)	6		8,612			6,720			28
Income tax expense	1,391			1,270			1,056			1,542			1,359			10		2		2,661			2,248			18
NET INCOME	$	2,710		$	3,241		$	3,431		$	2,912		$	2,493		(16	)	9		$	5,951		$	4,472		33

FINANCIAL RATIOS
ROE	15		%	18		%	20		%	17		%	15		%					16		%	13		%
Overhead ratio	54			54			49			52			55							54			57
Compensation expense as a percent of total net revenue	28			29			20			27			30							28			31

REVENUE BY BUSINESS
Investment Banking	$	1,695		$	1,651		$	1,487		$	1,740		$	1,492		3		14		$	3,346		$	2,723		23
Treasury Services	1,055			981			950			917			892			8		18		2,036			1,776			15
Lending	373			389			346			283			277			(4	)	35		762			579			32
Total Banking	3,123			3,021			2,783			2,940			2,661			3		17		6,144			5,078			21
Fixed Income Markets	3,216			4,215			3,369			4,334			3,959			(24	)	(19	)	7,431			7,556			(2	)
Equity Markets	1,586			1,606			1,150			1,414			1,600			(1	)	(1	)	3,192			3,176			1
Securities Services	982			916			887			916			907			7		8		1,898			1,788			6
Credit Adjustments & Other (b)	(18		)	(222		)	272			(149		)	38			92		NM		(240		)	(298		)	19
Total Markets & Investor Services	5,766			6,515			5,678			6,515			6,504			(11	)	(11	)	12,281			12,222			—
TOTAL NET REVENUE	$	8,889		$	9,536		$	8,461		$	9,455		$	9,165		(7	)	(3	)	$	18,425		$	17,300		7

(a)

Included 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 $554 million, $551 million, $591 million, $483 million and $476 million for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively, and $1.1 billion and $974 million for the six months ended June 30, 2017 and 2016, respectively.


(b)	Consists primarily of credit valuation adjustments (“CVA”) managed by the Credit Portfolio Group, funding valuation adjustments (“FVA”) and debit valuation adjustments (“DVA”) on derivatives. 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																			SIX MONTHS ENDED JUNE 30,
																2Q17 Change										2017 Change
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017			2016			2016
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	847,377		$	840,304		$	803,511		$	825,933		$	826,019		1	%	3	%	$	847,377		$	826,019		3	%
Loans:
Loans retained (a)	108,935			107,902			111,872			117,133			112,637			1		(3	)	108,935			112,637			(3	)
Loans held-for-sale and loans at fair value	7,168			6,477			3,781			4,184			5,600			11		28		7,168			5,600			28
Total loans	116,103			114,379			115,653			121,317			118,237			2		(2	)	116,103			118,237			(2	)
Core loans	115,764			114,003			115,243			120,885			117,821			2		(2	)	115,764			117,821			(2	)

Equity	70,000			70,000			64,000			64,000			64,000			—		9		70,000			64,000			9

SELECTED BALANCE SHEET DATA (average)
Assets	$	864,686		$	838,017		$	836,446		$	811,217		$	815,886		3		6		$	851,425		$	806,717		6
Trading assets - debt and equity instruments	351,678			328,339			304,348			306,431			306,418			7		15		340,073			295,770			15
Trading assets - derivative receivables	54,937			58,948			65,675			63,829			61,457			(7	)	(11	)	56,931			62,007			(8	)
Loans:
Loans retained (a)	110,011			108,389			112,987			110,941			111,668			1		(1	)	109,204			110,190			(1	)
Loans held-for-sale and loans at fair value	5,789			5,308			4,998			3,864			3,169			9		83		5,550			3,187			74
Total loans	115,800			113,697			117,985			114,805			114,837			2		1		114,754			113,377			1
Core loans	115,434			113,309			117,570			114,380			114,421			2		1		114,375			112,919			1

Equity	70,000			70,000			64,000			64,000			64,000			—		9		70,000			64,000			9

Headcount	49,228			48,700			48,748			49,176			48,805			1		1		49,228			48,805			1

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	47		$	(18	)	$	29		$	3		$	90		NM		(48	)	$	29		$	136		(79	)
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (b)	462			308			467			614			623			50		(26	)	462			623			(26	)
Nonaccrual loans held-for-sale and loans at fair value	31			109			109			26			7			(72	)	343		31			7			343
Total nonaccrual loans	493			417			576			640			630			18		(22	)	493			630			(22	)

Derivative receivables	170			179			223			232			220			(5	)	(23	)	170			220			(23	)
Assets acquired in loan satisfactions	71			87			79			75			75			(18	)	(5	)	71			75			(5	)
Total nonperforming assets	734			683			878			947			925			7		(21	)	734			925			(21	)
Allowance for credit losses:
Allowance for loan losses	1,298			1,346			1,420			1,611			1,669			(4	)	(22	)	1,298			1,669			(22	)
Allowance for lending-related commitments	745			797			801			837			715			(7	)	4		745			715			4
Total allowance for credit losses	2,043			2,143			2,221			2,448			2,384			(5	)	(14	)	2,043			2,384			(14	)

Net charge-off/(recovery) rate (a)(d)	0.17		%	(0.07		)%	0.10		%	0.01		%	0.32		%					0.05		%	0.25		%
Allowance for loan losses to period-end loans retained (a)	1.19			1.25			1.27			1.38			1.48							1.19			1.48
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (c)	1.83			1.91			1.86			2.02			2.23							1.83			2.23
Allowance for loan losses to nonaccrual loans retained (a)(b)	281			437			304			262			268							281			268
Nonaccrual loans to total period-end loans	0.42			0.36			0.50			0.53			0.53							0.42			0.53


(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)	Allowance for loan losses of $164 million, $61 million, $113 million, $202 million and $211 million were held against nonaccrual loans at June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively.


(c)	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.


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

Page 16



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q17 Change								2017 Change
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017		2016		2016
BUSINESS METRICS
Advisory	$	503		$	501		$	517		$	542		$	466		—	%	8	%	$	1,004	$	1,051	(4	)%
Equity underwriting	367			394			299			370			285			(7	)	29		761		490		55
Debt underwriting	933			917			796			943			885			2		5		1,850		1,416		31
Total investment banking fees	$	1,803		$	1,812		$	1,612		$	1,855		$	1,636		—		10		$	3,615	$	2,957	22

Assets under custody (“AUC”) (period-end) (in billions)	$	22,134		$	21,383		$	20,520		$	21,224		$	20,470		4		8		$	22,134	$	20,470	8

Client deposits and other third-party liabilities (average) (a)	404,920			391,716			390,793			381,542			373,671			3		8		398,354		366,299		9

Trade finance loans (period-end)	17,356			16,613			15,923			16,957			17,362			4		—		17,356		17,362		—

95% Confidence Level - Total CIB VaR (average) (b)
CIB trading VaR by risk type: (c)
Fixed income	$	28		$	28		$	40		$	49		$	46		—		(39	)
Foreign exchange	8			10			12			16			12			(20	)	(33	)
Equities	12			11			10			8			14			9		(14	)
Commodities and other	8			8			9			9			9			—		(11	)
Diversification benefit to CIB trading VaR (d)	(30		)	(34		)	(36		)	(42		)	(37		)	12		19
CIB trading VaR (c)	26			23			35			40			44			13		(41	)
Credit portfolio VaR (e)	9			10			12			13			12			(10	)	(25	)
Diversification benefit to CIB VaR (d)	(8		)	(8		)	(8		)	(10		)	(12		)	—		33
CIB VaR	$	27		$	25		$	39		$	43		$	44		8		(39	)


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

(b)

As discussed in footnote (c) on page 3, the Firm refined the scope of positions included in risk management VaR during the third quarter of 2016 and refined the historical proxy time series inputs to certain VaR models during the first quarter of 2017. In the absence of these refinements, the average VaR for each of the following reported components would have been higher by the following amounts: CIB fixed income of $6 million and $5 million for the three months ended June 30, 2017 and March 31, 2017, respectively; CIB equities VaR of $3 million, $3 million, $7 million, and $5 million, CIB trading VaR of $8 million, $5 million, $4 million, and $4 million, CIB VaR of $10 million, $6 million, $5 million, and $6 million for the three months ended June 30 2017, March 31, 2017, December 31, 2016, and September 30, 2016, respectively.


(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. For further information, see VaR measurement on pages 118–119 of the 2016 Annual Report, and pages 62-64 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017.


(d)	Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.


(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.

Page 17



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


	QUARTERLY TRENDS																							SIX MONTHS ENDED JUNE 30,
																				2Q17 Change											2017 Change
	2Q17				1Q17				4Q16			3Q16				2Q16				1Q17		2Q16		2017				2016			2016
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	232			$	235			$	230		$	228			$	227			(1	)%	2	%	$	467			$	459		2	%
Asset management, administration and commissions	16				18				15			14				18				(11	)	(11	)	34				40			(15	)
All other income (a)	335				346				355			336				341				(3	)	(2	)	681				643			6
Noninterest revenue	583				599				600			578				586				(3	)	(1	)	1,182				1,142			4
Net interest income	1,505				1,419				1,363			1,292				1,231				6		22		2,924				2,478			18
TOTAL NET REVENUE (b)	2,088				2,018				1,963			1,870				1,817				3		15		4,106				3,620			13

Provision for credit losses	(130		)		(37		)		124			(121		)		(25		)		(251	)	(420	)	(167		)		279			NM

NONINTEREST EXPENSE
Compensation expense	365				371				333			343				322				(2	)	13		736				656			12
Noncompensation expense	425				454				411			403				409				(6	)	4		879				788			12
TOTAL NONINTEREST EXPENSE	790				825				744			746				731				(4	)	8		1,615				1,444			12

Income before income tax expense	1,428				1,230				1,095			1,245				1,111				16		29		2,658				1,897			40
Income tax expense	526				431				408			467				415				22		27		957				705			36
NET INCOME	$	902			$	799			$	687		$	778			$	696			13		30		$	1,701			$	1,192		43

Revenue by product
Lending	$	1,023			$	992			$	994		$	956			$	917			3		12		$	2,015			$	1,845		9
Treasury services	854				796				730			693				680				7		26		1,650				1,374			20
Investment banking (c)	189				216				220			203				207				(13	)	(9	)	405				362			12
Other	22				14				19			18				13				57		69		36				39			(8	)
Total Commercial Banking net revenue	$	2,088			$	2,018			$	1,963		$	1,870			$	1,817			3		15		$	4,106			$	3,620		13

Investment banking revenue, gross (d)	$	524			$	646			$	608		$	600			$	595			(19	)	(12	)	$	1,170			$	1,078		9

Revenue by client segment
Middle Market Banking (e)	$	839			$	784			$	753		$	706			$	689			7		22		$	1,623			$	1,389		17
Corporate Client Banking (e)	662				666				645			622				608				(1	)	9		1,328				1,162			14
Commercial Term Lending	364				367				355			350				342				(1	)	6		731				703			4
Real Estate Banking	147				134				128			117				107				10		37		281				211			33
Other	76				67				82			75				71				13		7		143				155			(8	)
Total Commercial Banking net revenue	$	2,088			$	2,018			$	1,963		$	1,870			$	1,817			3		15		$	4,106			$	3,620		13

FINANCIAL RATIOS
ROE	17			%	15			%	16		%	18			%	16			%					16			%	14		%
Overhead ratio	38				41				38			40				40								39				40


(a)	Includes revenue from investment banking products and commercial card transactions.

(b)

Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income related to municipal financing activities of $131 million, $121 million, $134 million, $127 million and $124 million for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively, and $252 million and $244 million for six months ended June 30, 2017 and 2016, respectively.


(c)	Includes total Firm revenue from investment banking products sold to CB clients, net of revenue sharing with the CIB.


(d)	Represents total Firm revenue from investment banking products sold to CB clients.


(e)	Certain clients were transferred from Middle Market Banking to Corporate Client Banking effective in the second quarter 2017. Prior period results were revised to conform with the current period presentation.

Page 18



JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q17 Change											2017 Change
	2Q17			1Q17				4Q16			3Q16			2Q16			1Q17		2Q16		2017				2016			2016
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	220,676		$	217,348			$	214,341		$	212,189		$	208,151		2	%	6	%	$	220,676			$	208,151		6	%
Loans:
Loans retained	197,912			194,538				188,261			185,609			179,164			2		10		197,912				179,164			10
Loans held-for-sale and loans at fair value	1,661			1,056				734			191			134			57		NM		1,661				134			NM
Total loans	$	199,573		$	195,594			$	188,995		$	185,800		$	179,298		2		11		$	199,573			$	179,298		11
Core loans	199,319			195,296				188,673			185,354			178,809			2		11		199,319				178,809			11
Equity	20,000			20,000				16,000			16,000			16,000			—		25		20,000				16,000			25

Period-end loans by client segment
Middle Market Banking (a)	$	56,377		$	55,113			$	53,929		$	53,581		$	51,949		2		9		$	56,377			$	51,949		9
Corporate Client Banking (a)	45,918			45,798				43,027			43,517			42,374			—		8		45,918				42,374			8
Commercial Term Lending	73,760			72,496				71,249			69,133			66,499			2		11		73,760				66,499			11
Real Estate Banking	16,726			15,846				14,722			13,905			12,872			6		30		16,726				12,872			30
Other	6,792			6,341				6,068			5,664			5,604			7		21		6,792				5,604			21
Total Commercial Banking loans	$	199,573		$	195,594			$	188,995		$	185,800		$	179,298		2		11		$	199,573			$	179,298		11

SELECTED BALANCE SHEET DATA (average)
Total assets	$	217,694		$	213,784			$	212,848		$	208,765		$	205,953		2		6		$	215,750			$	204,222		6
Loans:
Loans retained	196,454			190,774				187,528			180,962			176,229			3		11		193,630				173,033			12
Loans held-for-sale and loans at fair value	1,402			717				1,342			517			583			96		140		1,061				516			106
Total loans	$	197,856		$	191,491			$	188,870		$	181,479		$	176,812		3		12		$	194,691			$	173,549		12
Core loans	197,567			191,180				188,478			181,016			176,251			3		12		194,391				172,939			12
Client deposits and other third-party liabilities	173,214			176,780				180,036			173,696			170,717			(2	)	1		174,987				171,898			2
Equity	20,000			20,000				16,000			16,000			16,000			—		25		20,000				16,000			25

Average loans by client segment
Middle Market Banking (a)	$	55,651		$	54,267			$	53,806		$	52,646		$	51,937		3		7		$	54,963			$	51,246		7
Corporate Client Banking (a)	46,483			43,582				44,390			42,141			41,111			7		13		45,041				40,231			12
Commercial Term Lending	73,081			71,880				70,316			67,696			65,262			2		12		72,484				64,369			13
Real Estate Banking	16,139			15,525				14,452			13,382			12,936			4		25		15,834				12,200			30
Other	6,502			6,237				5,906			5,614			5,566			4		17		6,369				5,503			16
Total Commercial Banking loans	$	197,856		$	191,491			$	188,870		$	181,479		$	176,812		3		12		$	194,691			$	173,549		12

Headcount	8,823			8,554				8,365			8,333			8,127			3		9		8,823				8,127			9

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	8		$	(10	)		$	53		$	44		$	60		NM		(87	)	$	(2	)		$	66		NM
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)	819			929				1,149			1,212			1,258			(12	)	(35	)	819				1,258			(35	)
Nonaccrual loans held-for-sale and loans
at fair value	—			—				—			—			—			—		—		—				—			—
Total nonaccrual loans	819			929				1,149			1,212			1,258			(12	)	(35	)	819				1,258			(35	)

Assets acquired in loan satisfactions	4			11				1			1			1			(64	)	300		4				1			300
Total nonperforming assets	823			940				1,150			1,213			1,259			(12	)	(35	)	823				1,259			(35	)
Allowance for credit losses:
Allowance for loan losses	2,678			2,896				2,925			2,858			3,041			(8	)	(12	)	2,678				3,041			(12	)
Allowance for lending-related commitments	331			251				248			244			226			32		46		331				226			46
Total allowance for credit losses	3,009			3,147				3,173			3,102			3,267			(4	)	(8	)	3,009				3,267			(8	)

Net charge-off/(recovery) rate (c)	0.02		%	(0.02		)	%	0.11		%	0.10		%	0.14		%					—			%	0.08		%
Allowance for loan losses to period-end loans retained	1.35			1.49				1.55			1.54			1.70							1.35				1.70
Allowance for loan losses to nonaccrual loans retained (b)	327			312				255			236			242							327				242
Nonaccrual loans to period-end total loans	0.41			0.47				0.61			0.65			0.70							0.41				0.70


(a)	Certain clients were transferred from Middle Market Banking to Corporate Client Banking effective in the second quarter of 2017. Prior period results were revised to conform with the current period presentation.


(b)	Allowance for loan losses of $112 million, $115 million, $155 million, $221 million and $292 million was held against nonaccrual loans retained at June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively.


(c)	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																					SIX MONTHS ENDED JUNE 30,
																		2Q17 Change										2017 Change
	2Q17			1Q17			4Q16				3Q16			2Q16				1Q17		2Q16		2017			2016			2016
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,211		$	2,105		$	2,209			$	2,087		$	2,102			5	%	5	%	$	4,316		$	4,118		5	%
All other income	155			163			89				190			90				(5	)	72		318			319			—
Noninterest revenue	2,366			2,268			2,298				2,277			2,192				4		8		4,634			4,437			4
Net interest income	846			819			789				770			747				3		13		1,665			1,474			13
TOTAL NET REVENUE	3,212			3,087			3,087				3,047			2,939				4		9		6,299			5,911			7

Provision for credit losses	4			18			(11		)		32			(8		)		(78	)	NM		22			5			340

NONINTEREST EXPENSE
Compensation expense	1,278			1,331			1,296				1,279			1,249				(4	)	2		2,609			2,490			5
Noncompensation expense	914			1,249			879				851			849				(27	)	8		2,163			1,683			29
TOTAL NONINTEREST EXPENSE	2,192			2,580			2,175				2,130			2,098				(15	)	4		4,772			4,173			14

Income before income tax expense	1,016			489			923				885			849				108		20		1,505			1,733			(13	)
Income tax expense	392			104			337				328			328				277		20		496			625			(21	)
NET INCOME	$	624		$	385		$	586			$	557		$	521			62		20		$	1,009		$	1,108		(9	)

REVENUE BY LINE OF BUSINESS
Asset Management	$	1,561		$	1,487		$	1,550			$	1,497		$	1,424			5		10		$	3,048		$	2,923		4
Wealth Management	1,651			1,600			1,537				1,550			1,515				3		9		3,251			2,988			9
TOTAL NET REVENUE	$	3,212		$	3,087		$	3,087			$	3,047		$	2,939			4		9		$	6,299		$	5,911		7

FINANCIAL RATIOS
ROE	27		%	16		%	25			%	24		%	22			%					22		%	24		%
Overhead ratio	68			84			70				70			71								76			71
Pretax margin ratio:
Asset Management	31			1			30				31			30								16			31
Wealth Management	33			30			30				27			28								31			27
Asset & Wealth Management	32			16			30				29			29								24			29

Headcount	22,289			22,196			21,082				21,142			20,897				—		7		22,289			20,897			7

Number of client advisors	2,452			2,480			2,504				2,560			2,622				(1	)	(6	)	2,452			2,622			(6	)

Page 20



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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q17 Change										2017 Change
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017			2016			2016
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	147,508		$	141,049		$	138,384		$	137,295		$	134,380		5	%	10	%	$	147,508		$	134,380		10	%
Loans	124,517			119,947			118,039			116,043			113,319			4		10		124,517			113,319			10
Core loans	124,517			119,947			118,039			116,043			113,319			4		10		124,517			113,319			10
Deposits	146,758			157,295			161,577			157,274			148,967			(7	)	(1	)	146,758			148,967			(1	)
Equity	9,000			9,000			9,000			9,000			9,000			—		—		9,000			9,000			—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	142,966		$	138,178		$	135,213		$	134,920		$	131,529		3		9		$	140,585		$	130,659		8
Loans	122,173			118,310			115,063			114,201			111,704			3		9		120,252			111,101			8
Core loans	122,173			118,310			115,063			114,201			111,704			3		9		120,252			111,101			8
Deposits	150,786			158,810			158,335			153,121			151,214			(5	)	—		154,776			150,915			3
Equity	9,000			9,000			9,000			9,000			9,000			—		—		9,000			9,000			—

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	2		$	3		$	—		$	5		$	2		(33	)	—		$	5		$	11		(55	)
Nonaccrual loans	400			379			390			372			254			6		57		400			254			57
Allowance for credit losses:
Allowance for loan losses	285			289			274			285			258			(1	)	10		285			258			10
Allowance for lending-related commitments	10			4			4			5			4			150		150		10			4			150
Total allowance for credit losses	295			293			278			290			262			1		13		295			262			13
Net charge-off/(recovery) rate	0.01		%	0.01		%	—		%	0.02		%	0.01		%					0.01		%	0.02		%
Allowance for loan losses to period-end loans	0.23			0.24			0.23			0.25			0.23							0.23			0.23
Allowance for loan losses to nonaccrual loans	71			76			70			77			102							71			102
Nonaccrual loans to period-end loans	0.32			0.32			0.33			0.32			0.22							0.32			0.22

Page 21



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


																Jun 30, 2017
																Change				SIX MONTHS ENDED JUNE 30,
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,								2017 Change
CLIENT ASSETS	2017			2017			2016			2016			2016			2017		2016		2017			2016			2016
Assets by asset class
Liquidity	$	434		$	444		$	436		$	403		$	385		(2	)%	13	%	$	434		$	385		13	%
Fixed income	440			432			420			437			424			2		4		440			424			4
Equity	390			378			351			357			342			3		14		390			342			14
Multi-asset and alternatives	612			587			564			575			542			4		13		612			542			13
TOTAL ASSETS UNDER MANAGEMENT	1,876			1,841			1,771			1,772			1,693			2		11		1,876			1,693			11
Custody/brokerage/administration/deposits	722			707			682			675			651			2		11		722			651			11
TOTAL CLIENT ASSETS	$	2,598		$	2,548		$	2,453		$	2,447		$	2,344		2		11		$	2,598		$	2,344		11

Memo:
Alternatives client assets (a)	$	159		$	157		$	154		$	157		$	151		1		5		$	159		$	151		5

Assets by client segment
Private Banking	$	488		$	468		$	435		$	433		$	425		4		15		$	488		$	425		15
Institutional	889			889			869			862			811			—		10		889			811			10
Retail	499			484			467			477			457			3		9		499			457			9
TOTAL ASSETS UNDER MANAGEMENT	$	1,876		$	1,841		$	1,771		$	1,772		$	1,693		2		11		$	1,876		$	1,693		11

Private Banking	$	1,188		$	1,154		$	1,098		$	1,089		$	1,058		3		12		$	1,188		$	1,058		12
Institutional	909			908			886			879			827			—		10		909			827			10
Retail	501			486			469			479			459			3		9		501			459			9
TOTAL CLIENT ASSETS	$	2,598		$	2,548		$	2,453		$	2,447		$	2,344		2		11		$	2,598		$	2,344		11

Assets under management rollforward
Beginning balance	$	1,841		$	1,771		$	1,772		$	1,693		$	1,676						$	1,771		$	1,723
Net asset flows:
Liquidity	(7		)	1			35			18			1							(6		)	(29		)
Fixed income	2			5			(6		)	9			13							7			27
Equity	(3		)	(4		)	(12		)	(7		)	(5		)					(7		)	(10		)
Multi-asset and alternatives	10			7			(3		)	21			(2		)					17			4
Market/performance/other impacts	33			61			(15		)	38			10							94			(22		)
Ending balance	$	1,876		$	1,841		$	1,771		$	1,772		$	1,693						$	1,876		$	1,693

Client assets rollforward
Beginning balance	$	2,548		$	2,453		$	2,447		$	2,344		$	2,323						$	2,453		$	2,350
Net asset flows	2			10			21			47			2							12			(5		)
Market/performance/other impacts	48			85			(15		)	56			19							133			(1		)
Ending balance	$	2,598		$	2,548		$	2,453		$	2,447		$	2,344						$	2,598		$	2,344


(a)	Represents assets under management, as well as client balances in brokerage accounts.

Page 22



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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q17 Change										2017 Change
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16		2017			2016			2016
INCOME STATEMENT
REVENUE
Principal transactions	$	148		$	15		$	27		$	57		$	29		NM		410	%	$	163		$	126		29	%
Securities gains	(34		)	(3		)	5			64			20			NM		NM		(37		)	71			NM
All other income (a)	667			61			269			76			122			NM		447		728			243			200
Noninterest revenue	781			73			301			197			171			NM		357		854			440			94
Net interest income	23			(98		)	(498		)	(385		)	(329		)	NM		NM		(75		)	(542		)	86
TOTAL NET REVENUE (b)	804			(25		)	(197		)	(188		)	(158		)	NM		NM		779			(102		)	NM

Provision for credit losses	—			—			—			(1		)	(1		)	—		100		—			(3		)	100

NONINTEREST EXPENSE (c)	183			98			439			143			(273		)	87		NM		281			(120		)	NM
Income/(loss) before income tax expense/(benefit)	621			(123		)	(636		)	(330		)	116			NM		435		498			21			NM
Income tax expense/(benefit)	51			(158		)	(295		)	(165		)	282			NM		(82	)	(107		)	219			NM
NET INCOME/(LOSS)	$	570		$	35		$	(341	)	$	(165	)	$	(166	)	NM		NM		$	605		$	(198	)	NM

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	86			(7		)	(256		)	(211		)	(226		)	NM		NM		79			(320		)	NM
Other Corporate	718			(18		)	59			23			68			NM		NM		700			218			221
TOTAL NET REVENUE	$	804		$	(25	)	$	(197	)	$	(188	)	$	(158	)	NM		NM		$	779		$	(102	)	NM

NET INCOME/(LOSS)
Treasury and CIO	(14		)	(67		)	(197		)	(208		)	(199		)	79		93		(81		)	(310		)	74
Other Corporate	584			102			(144		)	43			33			473		NM		686			112			NM
TOTAL NET INCOME/(LOSS)	$	570		$	35		$	(341	)	$	(165	)	$	(166	)	NM		NM		$	605		$	(198	)	NM

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	817,754		$	822,819		$	799,426		$	824,336		$	778,359		(1	)	5		$	817,754		$	778,359		5
Loans	1,696			1,483			1,592			1,738			1,862			14		(9	)	1,696			1,862			(9	)
Core loans (d)	1,696			1,480			1,589			1,735			1,857			15		(9	)	1,696			1,857			(9	)

Headcount	33,464			33,305			32,358			31,572			30,402			—		10		33,464			30,402			10

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Securities gains	$	(34	)	$	(15	)	$	(3	)	$	64		$	20		(127	)%	NM		$	(49	)	$	71		NM
AFS investment securities ( average)	225,053			234,841			227,960			219,042			225,536			(4	)	—		229,920			230,321			—
HTM investment securities ( average)	48,232			49,362			50,883			52,774			53,426			(2	)	(10	)	48,794			50,882			(4	)
Investment securities portfolio (average)	$	273,285		$	284,203		$	278,843		$	271,816		$	278,962		(4	)	(2	)	$	278,714		$	281,203		(1	)
AFS investment securities ( period-end)	213,291			230,617			236,670			217,196			221,751			(8	)	(4	)	213,291			221,751			(4	)
HTM investment securities ( period-end)	47,761			48,913			50,168			52,011			53,811			(2	)	(11	)	47,761			53,811			(11	)
Investment securities portfolio (period-end)	$	261,052		$	279,530		$	286,838		$	269,207		$	275,562		(7	)	(5	)	$	261,052		$	275,562		(5	)


(a)	Included revenue related to a legal settlement of $645 million for both the three months ended June 30, 2017 and six months ended June 30, 2017.

(b)

Included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $237 million, $228 million, $222 million, $218 million, and $227 million for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively and $465 million and $445 million for the six months ended June 30, 2017, and 2016, respectively.


(c)	Included legal expense/(benefit) of $16 million, $(228) million, $165 million, $(85) million and $(467) million for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively, and $(212) million and $(465) million for the six months ended June 30, 2017, and 2016.


(d)	Average core loans were $1.6 billion, $1.6 billion, $1.7 billion, $1.8 billion, and $2.0 billion for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively, and $1.6 billion and $2.0 billion for the six months ended June 30, 2017, and 2016, respectively.

Page 23



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Jun 30, 2017
											Change
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Jun 30,
	2017		2017		2016		2016		2016		2017		2016
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans	$	332,051	$	326,198	$	328,727	$	326,353	$	322,690	2	%	3	%
Loans - PCI	33,064		34,385		35,679		37,045		38,360		(4	)	(14	)
Total loans retained	365,115		360,583		364,406		363,398		361,050		1		1
Loans held-for-sale	256		6,472		238		398		255		(96	)	—
Total consumer, excluding credit card loans	365,371		367,055		364,644		363,796		361,305		—		1

Credit card loans
Loans retained	140,035		134,917		141,711		133,346		131,507		4		6
Loans held-for-sale	106		99		105		89		84		7		26
Total credit card loans	140,141		135,016		141,816		133,435		131,591		4		6
Total consumer loans	505,512		502,071		506,460		497,231		492,896		1		3

Wholesale loans (b)
Loans retained	394,426		386,370		383,790		386,449		374,174		2		5
Loans held-for-sale and loans at fair value	8,829		7,533		4,515		4,374		5,734		17		54
Total wholesale loans	403,255		393,903		388,305		390,823		379,908		2		6

Total loans	908,767		895,974		894,765		888,054		872,804		1		4
Derivative receivables	56,506		56,063		64,078		65,579		78,446		1		(28	)
Receivables from customers and other (c)	19,531		21,473		17,560		19,163		14,426		(9	)	35
Total credit-related assets	984,804		973,510		976,403		972,796		965,676		1		2

Lending-related commitments
Consumer, excluding credit card	58,162		53,594		54,797		59,990		59,224		9		(2	)
Credit card	576,264		577,096		553,891		549,634		539,105		—		7
Wholesale	366,498		364,520		368,014		368,987		357,145		1		3
Total lending-related commitments	1,000,924		995,210		976,702		978,611		955,474		1		5

Total credit exposure	$	1,985,728	$	1,968,720	$	1,953,105	$	1,951,407	$	1,921,150	1		3

Memo: Total by category
Consumer exposure (d)	$	1,140,074	$	1,132,889	$	1,115,268	$	1,106,980	$	1,091,363	1		4
Wholesale exposures (e)	845,654		835,831		837,837		844,427		829,787		1		2
Total credit exposure	$	1,985,728	$	1,968,720	$	1,953,105	$	1,951,407	$	1,921,150	1		3

Note 1: In the first quarter of 2017, the Firm transferred the student loan portfolio to held-for-sale. Net charge-offs related to the portfolio predominantly reflect a write-down to the estimated fair value of the portfolio at the time of the transfer. This transfer impacted certain loan and credit-related metrics disclosed on pages 12-13 and 24-27.

Note 2: The Firm provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 28.


(a)	Includes loans reported in CCB, prime mortgage and home equity loans reported in AWM, and prime mortgage loans reported in Corporate.


(b)	Includes loans reported in CIB, CB and AWM business segments and Corporate.


(c)	Predominantly includes receivables from customers, which represent margin loans to prime and retail brokerage customers; these are classified in accrued interest and accounts receivable on the Consolidated balance sheets.


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


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

Page 24



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

																Jun 30, 2017
																Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,
	2017			2017			2016			2016			2016			2017		2016
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans (b)(c)	$	4,226		$	4,549		$	4,820		$	4,961		$	5,085		(7	)	(17	)

Wholesale nonaccrual loans
Loans retained	1,634			1,571			1,954			2,151			2,093			4		(22	)
Loans held-for-sale and loans at fair value	31			109			109			26			7			(72	)	343
Total wholesale nonaccrual loans	1,665			1,680			2,063			2,177			2,100			(1	)	(21	)

Total nonaccrual loans	5,891			6,229			6,883			7,138			7,185			(5	)	(18	)

Derivative receivables	170			179			223			232			220			(5	)	(23	)
Assets acquired in loan satisfactions	371			418			429			409			352			(11	)	5
Total nonperforming assets	6,432			6,826			7,535			7,779			7,757			(6	)	(17	)
Wholesale lending-related commitments (d)	750			882			506			503			460			(15	)	63
Total nonperforming exposure	$	7,182		$	7,708		$	8,041		$	8,282		$	8,217		(7	)	(13	)

NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.65		%	0.70		%	0.77		%	0.80		%	0.82		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.16			1.24			1.32			1.36			1.41
Total wholesale nonaccrual loans to total
wholesale loans	0.41			0.43			0.53			0.56			0.55

(a)

At June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $4.1 billion, $4.5 billion, $5.0 billion, $5.0 billion and $5.2 billion respectively, that are 90 or more days past due; (2) student loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) of $24 million, $234 million, $263 million, $259 million and $252 million, respectively, that are 90 or more days past due; and (3) real estate owned (“REO”) insured by U.S. government agencies of $105 million, $121 million, $142 million, $163 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 issued by the Federal Financial Institutions Examination Council (“FFIEC”). Under this guidance, non-modified credit card loans are charged off by the end of the month in which the account becomes 180 days past due, while modified credit card loans are charged off when the account becomes 120 days past due. Moreover, all credit card loans must be charged off within 60 days of receiving notification about certain specified events (e.g., bankruptcy of the borrower).


(b)	Included nonaccrual loans held-for-sale of $33 million, $156 million, $53 million and $53 million at June 30, 2017, March 31, 2017, December 31, 2016 and September 30, 2016, respectively. There were no nonaccrual loans held-for-sale at June 30, 2016.


(c)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.


(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																				SIX MONTHS ENDED JUNE 30,
																	2Q17 Change											2017 Change
	2Q17			1Q17				4Q16			3Q16			2Q16			1Q17		2Q16		2017				2016			2016
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	13,413		$	13,776			$	14,204		$	14,227		$	13,994		(3	)%	(4	)%	$	13,776			$	13,555		2	%
Net charge-offs:
Gross charge-offs	1,468			1,959				1,532			1,375			1,433			(25	)	2		3,427				2,790			23
Gross recoveries	(264		)	(305		)		(252		)	(254		)	(252		)	13		(5	)	(569		)		(499		)	(14	)
Net charge-offs	1,204			1,654				1,280			1,121			1,181			(27	)	2		2,858				2,291			25
Write-offs of PCI loans (a)	22			24				32			36			41			(8	)	(46	)	46				88			(48	)
Provision for loan losses	1,175			1,316				896			1,132			1,456			(11	)	(19	)	2,491				3,052			(18	)
Other	1			(1		)		(12		)	2			(1		)	NM		NM		—				(1		)	100
Ending balance	$	13,363		$	13,413			$	13,776		$	14,204		$	14,227		—		(6	)	$	13,363			$	14,227		(6	)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	1,077		$	1,078			$	1,100		$	960		$	1,014		—		6		$	1,078			$	786		37
Provision for lending-related commitments	40			(1		)		(32		)	139			(54		)	NM		NM		39				174			(78	)
Other	—			—				10			1			—			—		—		—				—			—
Ending balance	$	1,117		$	1,077			$	1,078		$	1,100		$	960		4		16		$	1,117			$	960		16

Total allowance for credit losses	$	14,480		$	14,490			$	14,854		$	15,304		$	15,187		—		(5	)	$	14,480			$	15,187		(5	)

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (b)	0.12		%	0.76		%	(c)	0.31		%	0.26		%	0.19		%					0.44		%	(c)	0.22		%
Credit card retained loans	3.01			2.94				2.67			2.51			2.70							2.98				2.66
Total consumer retained loans	0.92			1.35			(c)	0.95			0.86			0.85							1.14			(c)	0.87
Wholesale retained loans	0.06			(0.03		)		0.08			0.05			0.17							0.02				0.12
Total retained loans	0.54			0.76			(c)	0.58			0.51			0.56							0.65			(c)	0.54
Consumer retained loans, excluding credit card and
PCI loans	0.13			0.84			(c)	0.35			0.29			0.21							0.49			(c)	0.25
Consumer retained loans, excluding PCI loans	0.99			1.46			(c)	1.03			0.93			0.92							1.22			(c)	0.95
Total retained, excluding PCI loans	0.56			0.79			(c)	0.60			0.54			0.58							0.67			(c)	0.57

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	362,551		$	366,098			$	364,857		$	362,457		$	357,602		(1	)	1		$	364,316			$	353,259		3
Credit card retained loans	138,032			137,112				136,085			132,626			128,314			1		8		137,574				127,771			8
Total average retained consumer loans	500,583			503,210				500,942			495,083			485,916			(1	)	3		501,890				481,030			4
Wholesale retained loans	392,257			382,367				382,360			374,593			369,706			3		6		387,339				365,006			6
Total average retained loans	$	892,840		$	885,577			$	883,302		$	869,676		$	855,622		1		4		$	889,229			$	846,036		5

Consumer retained, excluding credit card and
PCI loans	$	328,816		$	331,057			$	328,507		$	324,741		$	318,556		(1	)	3		$	329,932			$	313,541		5
Consumer retained, excluding PCI loans	466,848			468,169				464,592			457,367			446,870			—		4		467,506				441,312			6
Total retained, excluding PCI loans	859,102			850,533				846,949			831,956			816,572			1		5		854,842				806,314			6

Note: During the second quarter of 2017, the Firm refined its loss estimates on the wholesale portfolio by incorporating the use of internal historical data versus external credit rating agency default statistics to estimate probability of default. In addition, an adjustment to the modeled loss estimates for wholesale lending-related commitments was incorporated similar to the adjustment applied for wholesale loans. The impacts of these refinements were not material to the allowance for credit losses.


(a)	Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool (e.g., upon liquidation).


(b)	The net charge-off rates exclude the write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.

(c)

During the first quarter of 2017, the Firm transferred the student loan portfolio to held-for-sale, resulting in a write-down of the portfolio to the estimated fair value at the time of the transfer. For the three months ended March 31, 2017, excluding net charge-offs of $467 million related to the transfer, the net charge-off rate for Consumer retained, excluding credit card loans, would have been 0.24%; Total consumer retained loans would have been 0.98%; Total retained loans would have been 0.54%; Consumer retained, excluding credit card loans and PCI loans would have been 0.27%; Total consumer retained loans excluding PCI loans would have been 1.05%; and Total retained, excluding PCI loans would have been 0.57%. For the six months ended June 30, 2017, the net charge-off rate for Consumer retained, excluding credit card loans would have been 0.18%; Total consumer retained loans would have been 0.95%; Total retained loans would have been 0.54%; Consumer retained, excluding credit card loans and PCI loans would have been 0.20%; Total consumer retained loans excluding PCI loans would have been 1.02%; and Total retained, excluding PCI loans would have been 0.56%.

Page 26



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

																Jun 30, 2017
																Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,
	2017			2017			2016			2016			2016			2017		2016
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	296		$	300		$	308		$	352		$	365		(1	)%	(19	)%
Formula-based	2,239			2,339			2,579			2,667			2,627			(4	)	(15	)
PCI	2,265			2,287			2,311			2,618			2,654			(1	)	(15	)
Total consumer, excluding credit card	4,800			4,926			5,198			5,637			5,646			(3	)	(15	)
Credit card
Asset-specific (a)(b)	370			373			358			363			361			(1	)	2
Formula-based	4,014			3,661			3,676			3,521			3,323			10		21
Total credit card	4,384			4,034			4,034			3,884			3,684			9		19
Total consumer	9,184			8,960			9,232			9,521			9,330			3		(2	)
Wholesale
Asset-specific (a)	345			249			342			490			525			39		(34	)
Formula-based	3,834			4,204			4,202			4,193			4,372			(9	)	(12	)
Total wholesale	4,179			4,453			4,544			4,683			4,897			(6	)	(15	)
Total allowance for loan losses	13,363			13,413			13,776			14,204			14,227			—		(6	)
Allowance for lending-related commitments	1,117			1,077			1,078			1,100			960			4		16
Total allowance for credit losses	$	14,480		$	14,490		$	14,854		$	15,304		$	15,187		—		(5	)

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.31		%	1.37		%	1.43		%	1.55		%	1.56		%
Credit card allowance to total credit card retained loans	3.13			2.99			2.85			2.91			2.80
Wholesale allowance to total wholesale retained loans	1.06			1.15			1.18			1.21			1.31
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (c)	1.17			1.27			1.30			1.33			1.45
Total allowance to total retained loans	1.49			1.52			1.55			1.61			1.64
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	114			112			109			115			111
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (d)	154			157			145			146			147
Wholesale allowance to wholesale retained nonaccrual loans	256			283			233			218			234
Total allowance to total retained nonaccrual loans	229			225			205			201			198

CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.76			0.81			0.88			0.93			0.93
Total allowance to total retained loans	1.28			1.31			1.34			1.37			1.40
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	60			60			61			62			59
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (d)	115			119			111			109			110
Total allowance to total retained nonaccrual loans	190			187			171			164			161


(a)	Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a troubled debt restructuring (“TDR”).


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


(c)	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.


(d)	For information on the Firm’s nonaccrual policy for credit card loans, see footnote (a) on page 25.

Page 27

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE 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 considered 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 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 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)

Tangible common equity (“TCE”), Return on tangible common equity (“ROTCE”), and Tangible book value per share (“TBVPS”) are 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 meaningful to the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

(c)

The ratios of the allowance for loan losses to period-end loans retained, the allowance for loan losses to nonaccrual loans retained, and nonaccrual loans to total period-end loans excluding credit card and PCI loans, exclude the following: loans accounted for at fair value and loans held-for-sale; PCI loans; and the allowance for loan losses related to PCI loans. Additionally, net charge-offs and net charge-off rates exclude the impact of PCI loans. The ratio of the wholesale 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 wholesale allowance coverage ratio.


(d)	CIB calculates the ratio of the allowance for loan losses to end-of-period loans excluding the impact of consolidated Firm-administered multi-seller conduits and trade finance loans, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

Key Performance Measures


(a)	Core loans represent loans considered central to the Firm’s ongoing businesses; core loans exclude loans classified as trading assets, runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit.

Page 28

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