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2015 Annual Report 65 Financial

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2015 Annual Report 65 Financial ANNUAL REPORT 2015 Financial Highlights As of or for the year ended December 31, (in millions, except per share, ratio data and headcount) 2015 2014 Reported basis1 Total net revenue $ 93,543 $ 95,112 Total noninterest expense 59,014 61,274 Pre-provision profit 34,529 33,838 Provision for credit losses 3,827 3,139 Net income $ 24,442 $ 21,745 Per common share data Net income per share: Basic $ 6.05 $ 5.33 Diluted 6.00 5.29 Cash dividends declared 1.72 1.58 Book value 60.46 56.98 Tangible book value2 48.13 44.60 Selected ratios Return on common equity 11% 10% Return on tangible common equity2 13 13 Common equity Tier 1 (“CET1”) capital ratio3 11.6 10.2 Tier 1 capital ratio3 13.3 11.4 Total capital ratio3 14.7 12.7 Selected balance sheet data (period-end) Loans $ 837,299 $ 757,336 Total assets 2,351,698 2,572,274 Deposits 1,279,715 1,363,427 Total stockholders’ equity 247,573 231,727 Headcount 234,598 241,359 Note: 2014 has been revised to reflect the adoption of new accounting guidance related to debt issuance costs and investments in affordable housing projects. For additional information, see Accounting and Reporting Developments and Note 1 on pages 170 and 183, respectively. 1 Results are presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), except where otherwise noted. 2 Non-GAAP financial measure. For further discussion, see “Explanation and Reconciliation of the Firm’s Use Of Non-GAAP Financial Measures” on pages 80—82. 3 The ratios presented are calculated under the Basel III Advanced Fully Phased-In Approach, which are non-GAAP financial measures. For further discussion, see “Regulatory capital” on pages 151—155. JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, “JPMorgan Chase,” “J.P. Morgan,” “Chase,” As of 2009, JPMorgan Chase & Co. has distributed the Octagon symbol and other words shareholder information under the U.S. Securities institutional and government clients under its J.P. Morgan and Chase brands. or symbols in this report that identify and Exchange Commission “Notice and Access” rule. JPMorgan Chase services are service marks As a result, the firm prints 700,000 fewer Annual Information about J.P. Morgan’s capabilities can be found at jpmorgan.com and of JPMorgan Chase & Co. Other words or Reports and Proxy Statements, which saves on an about Chase’s capabilities at chase.com. Information about JPMorgan Chase & Co. symbols in this report that identify other annual basis approximately 6,400 trees and 800 parties’ goods or services may be metric tons of CO emissions. is available at jpmorganchase.com. 2 trademarks or service marks of those This Annual Report is printed on paper made from other parties. well-managed forests and other controlled sources. The paper is independently certified by BVQI to the Forest Stewardship Council® (FSC®) standards. The paper contains a minimum of 20% post-consumer waste recycled fibers. © 2016 JPMorgan Chase & Co. All rights reserved. Printed in the U.S.A. 80633jp_cover.indd 2 4/6/16 1:46 PM communities clients customers employees veterans nonprofits business owners schools hospitals local governments Dear Fellow Shareholders, Jamie Dimon, Chairman and Chief Executive Officer Last year — in fact, the last decade — was an extraordinary time for our company. We managed through the financial crisis and its turbulent aftermath while never losing sight of the reason we are here: to serve our clients, our communities and countries across the globe and, of course, to earn a fair profit for our shareholders. All the while, we have been successfully executing our control and regulatory agenda and continuing to invest in technology, infrastructure and talent — critical to the future of the company. And each year, our company has been getting safer and stronger. We continue to see exciting opportunities to invest for the future and to do more for our clients and our communities — as well as continue to support the growth of economies around the world. I feel enormously blessed to work for this great company and with such talented employees. Our management team and employees have built an exceptional organization that is one of the most trusted and respected financial institutions in the world. It has been their dedication, fortitude and perseverance that made this possible. And it fills me with tremendous pride. 2 Our company earned a record $24.4 billion in net income on revenue of $96.6 billion in 2015. In fact, we have delivered record results in the last five out of six years, and we hope to continue to deliver in the future. Our financial results reflected strong underlying performance across our businesses, and, importantly, we exceeded all our major financial commitments — balance sheet optimization, capital deployment, global systemically important bank (GSIB) surcharge reduction and expense cuts. Earnings,Earning s,Diluted Diluted Earnings Earni npergs Shareper Sha andre Return and R eturnon Tangible on Ta Commonngible C Equityommon Equity 2004—20152004–2015 ($(in in billions,billions, eexceptxcept perper shareshare and ratio data) $24.4 22% $21.7 24% $21.3 $19.0 $17.9 $6.00 $17.4 15% 13% $15.4 15% 15% 11% $14.4 10% 15% $5.19 $5.29 13% 10% $11.7 $4.48 $4.34 $4.00 $4.33 6% $3.96 $8.5 $2.35 $5.6 $2.26 $4.5 $1.35 $1.52 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Net income Diluted earnings per share Return on tangible common equity While we did produce record profits last year, our returns on tangible common equity have been coming down, mostly due to higher capital requirements, higher control costs and low interest rates. Our return on tangible common equity was 13% last year, though we still believe that we will be able to achieve, over time, returns of approximately 15%. We still don’t know the final capital rules, which could have additional negative effects, but we do believe that the capital requirements eventually will be offset by optimizing our use of capital and other precious resources, by realizing market share gains due to some competitors leaving certain businesses, and by implementing extensive cost efficiencies created by streamlining and digitizing our processes. I will discuss some of these efforts later on in this letter. 3 Tangible Book Book Value Value per per Share Share 2004—20152004–2015 $48.13 $44.60 $40.72 $38.68 $33.62 $30.12 $27.09 $21.96 $22.52 $18.88 $15.35 $16.45 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Bank One/JPMorgan Chase & Co. tangible book value per share performance vs. S&P 500 Bank One S&P 500 Relative Results (A) (B) (A) — (B) Performance since becoming CEO of Bank One (3/27/2000—12/31/2015)1 Compounded annual gain 12.5% 5.0% 7.5% Overall gain 481.4% 107.9% 373.5% JPMorgan Chase & Co. S&P 500 Relative Results (A) (B) (A) — (B) Performance since the Bank One and JPMorgan Chase & Co. merger (7/1/2004—12/31/2015) Compounded annual gain 13.7% 7.4% 6.3% Overall gain 336.9% 127.6% 209.3% Tangible book value over time captures the company’s use of capital, balance sheet and profitability. In this chart, we are looking at heritage Bank One shareholders and JPMorgan Chase & Co. shareholders. The chart shows the increase in tangible book value per share; it is an aftertax number assuming all dividends were retained vs. the Standard & Poor’s 500 Index (S&P 500), which is a pre-tax number with dividends reinvested. 1 On March 27, 2000, Jamie Dimon was hired as CEO of Bank One. We continued to deliver for our shareholders in 2015. The table above shows the growth in tangible book value per share, which we believe is a conservative measure of value. You can see that our tangible book value per share has grown far more than that of the Standard & Poor’s 500 Index (S&P 500) in both time periods. For Bank One shareholders since March 27, 2000, the stock has performed far better than most financial companies and the S&P 500. We are not proud of the fact that our stock performance has only equaled the S&P 500 since the JPMorgan Chase & Co. merger with Bank One on July 1, 2004 and essentially over the last five to 10 years. On a relative basis, though, JPMorgan Chase stock has far outperformed the S&P Financials Index and, in fact, has been one of the best performers of all banks during this difficult period. The details are shown on the table on the following page. 4 Stock total return analysis Bank One S&P 500 S&P Financials Index Performance since becoming CEO of Bank One (3/27/2000—12/31/2015)1 Compounded annual gain 10.2% 3.8% 1.9% Overall gain 364.1% 81.3% 35.3% JPMorgan Chase & Co. S&P 500 S&P Financials Index Performance since the Bank One and JPMorgan Chase & Co. merger (7/1/2004—12/31/2015) Compounded annual gain 7.6% 7.4% 0.7% Overall gain 131.1% 127.6% 7.8% Performance for the period ended December 31, 2015: Compounded annual gain/(loss) One year 8.4% 1.4% (1.6)% Five years 12.1% 12.6% 10.4% Ten years 7.9% 7.3% (0.7)% These charts show actual returns of the stock, with dividends included, for heritage shareholders of Bank One and JPMorgan Chase & Co.
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