2Q24 Financial highlights

Jamie Dimon, Chairman and CEO, commented: “The Firm performed well in the second quarter, generating net income of $13.1 billion and a ROTCE of 20% after excluding a net gain on our Visa shares, a contribution to the Firm’s Foundation and discretionary securities losses.” Dimon concluded: “Finally, we take pride in driving economic growth by extending credit and raising capital totaling more than $1.4 trillion YTD for large and small businesses, governments and U.S. consumers.”

Income statement

• 2Q24 net income of $18.1B and EPS of $6.12

  – Excluding significant items , 2Q24 net income of $13.1B, EPS of $4.40 and ROTCE of 20%

• Managed revenue of $51.0B

• Expense of $23.7B and managed overhead ratio of 47%

Balance sheet

• Loans: average loans of $1.3T up 6% YoY including First Republic and flat QoQ

• Deposits: average deposits of $2.4T down 1% YoY and flat QoQ

• CET1 capital of $267B

  – Standardized CET1 capital ratio of 15.3% ; Advanced CET1 capital ratio of 15.5%

Capital distributed

• Common dividend of $3.3B or $1.15 per share

• $4.9B of common stock net repurchases

• Net payout LTM of 45%

Outlook

1. Expect FY2024 net interest income of ~$91B, market dependent

   Expect FY2024 net interest income excluding Markets of ~$91B, market dependent

2. Expect FY2024 adjusted expense of ~$92B, market dependent

   – Adjusted expense excludes Firmwide legal expense and includes the increase to the FDIC special assessment in 1Q24 and the Foundation contribution in 2Q24

3. Expect FY2024 Card Services NCO rate of ~3.4%