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JPMorgan Chase reported $177.6 billion in total managed net revenue for FY2024 (calendar year ending December 31, 2024). Net interest income of $91.2 billion and noninterest revenue of $86.4 billion drove the result. Net income reached $58.5 billion, with a return on tangible common equity (ROTCE) of 21% and an efficiency ratio of approximately 52%. JPMorgan Chase is the largest U.S. bank by assets and one of the world's largest financial institutions.
Net revenue by segment (FY2022 to FY2024)
JPMorgan Chase reports four major operating segments. Net revenue figures are on a managed basis (tax-equivalent).
| Segment | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Consumer & Community Banking (CCB) | $53.1B | $66.7B | $70.2B |
| Commercial Banking (CB) | $9.8B | $14.2B | $14.6B |
| Corporate & Investment Bank (CIB) | $45.0B | $47.2B | $57.0B |
| Asset & Wealth Management (AWM) | $17.9B | $19.4B | $21.1B |
| Total managed net revenue | $128.7B | $158.1B | $177.6B |
Consumer & Community Banking is JPMorgan Chase's largest segment by revenue, encompassing retail banking, home lending, auto lending, and card services. The Corporate & Investment Bank covers markets, securities services, investment banking fees, and payments for institutional clients. Commercial Banking serves middle-market and large corporate clients with lending, treasury, and investment banking products. Asset & Wealth Management serves high-net-worth individuals and institutional investors through investment management and private banking.
The large jump in total net revenue from FY2022 to FY2023 was driven primarily by net interest income rising as the Federal Reserve raised rates. CCB saw the sharpest increase, reflecting the benefit of higher deposit rates on its large consumer deposit base. CIB growth in FY2024 reflected stronger markets revenue and investment banking activity.
Source: JPMorgan Chase Form 10-K SEC Filings (CIK 0000019617)
Net interest income and noninterest revenue (FY2022 to FY2024)
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Net Interest Income (NII) | $55.3B | $89.3B | $91.2B |
| Noninterest Revenue | $73.4B | $68.8B | $86.4B |
| Total managed net revenue | $128.7B | $158.1B | $177.6B |
Net interest income is the difference between what JPMorgan earns on loans and investments and what it pays depositors and creditors. NII surged 61% from FY2022 to FY2023 as the Federal Reserve raised the federal funds rate from near zero to above 5%, expanding JPMorgan's net interest margin across its large deposit and loan portfolios. NII remained elevated at $91.2 billion in FY2024 as rates held at high levels, though the pace of increase slowed.
Noninterest revenue fell from FY2022 to FY2023 partly due to mark-to-market losses in the investment portfolio, then rebounded sharply in FY2024 as markets, investment banking fees, and asset management revenues recovered. The balance between NII and noninterest revenue shifts with the rate environment, making JPMorgan's revenue mix sensitive to Federal Reserve policy.
Profitability and efficiency (FY2022 to FY2024)
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Net Income | $37.7B | $49.6B | $58.5B |
| Return on Tangible Common Equity (ROTCE) | 18% | 21% | 21% |
| Efficiency Ratio | 57% | 53% | 52% |
| Credit Loss Provisions | $6.4B | $9.3B | $10.7B |
ROTCE measures net income attributable to common shareholders divided by average tangible common equity. For large banks, ROTCE is the preferred return metric because it excludes goodwill and intangibles, giving a clearer picture of the return on the capital that must absorb losses. JPMorgan's ROTCE of 21% in both FY2023 and FY2024 exceeded its own long-run target and placed it among the most profitable large U.S. banks.
The efficiency ratio measures noninterest expense as a percentage of net revenue. A lower efficiency ratio indicates more revenue is retained as profit per dollar of expense. JPMorgan's ratio improved from 57% in FY2022 to 52% in FY2024, reflecting revenue growth outpacing expense growth during the rate cycle. The firm has historically targeted an efficiency ratio below 55% through the cycle.
Credit loss provisions rose steadily from $6.4 billion in FY2022 to $10.7 billion in FY2024 as loan balances grew and JPMorgan built reserves for potential consumer credit losses, particularly in card services where charge-off rates rose from historically low post-pandemic levels. Provision levels are a leading indicator of management's view on credit quality and economic risk.
Balance sheet and capital strength (FY2022 to FY2024)
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Total Assets (year-end) | $3.67T | $3.88T | ~$4.00T |
| CET1 Capital Ratio | 15.0% | 15.0% | 15.7% |
JPMorgan Chase is the largest U.S. bank by total assets. Its balance sheet grew steadily across this period, reaching approximately $4.0 trillion at year-end 2024. Large bank balance sheets include loans, investment securities, trading assets, derivatives, and cash held at the Federal Reserve, so total assets are not directly comparable to a non-financial company's asset base.
The Common Equity Tier 1 (CET1) capital ratio is the primary regulatory capital measure for large banks. It measures core equity capital (common shareholders' equity minus goodwill and certain intangibles) as a percentage of risk-weighted assets. A higher CET1 ratio indicates greater capacity to absorb unexpected losses without becoming insolvent or requiring emergency support. JPMorgan's CET1 of 15.7% at year-end 2024 was well above its regulatory minimum and above its own internal target, supporting both ongoing dividends and share repurchases.
As a globally systemically important bank (G-SIB), JPMorgan Chase faces additional capital surcharges and stress testing requirements set by the Federal Reserve under the annual stress capital buffer framework. These requirements make JPMorgan's capital ratios directly comparable across stress scenarios to other large U.S. banks.
Frequently Asked Questions
What was JPMorgan Chase's total net revenue in fiscal year 2024?
JPMorgan Chase reported $177.6 billion in total managed net revenue for FY2024 (calendar year ending December 31, 2024), driven by both net interest income of $91.2 billion and noninterest revenue of $86.4 billion.
What is JPMorgan Chase's return on tangible common equity?
JPMorgan Chase reported a return on tangible common equity (ROTCE) of approximately 21% in both FY2023 and FY2024. ROTCE measures profitability relative to the tangible book value of equity and is a key efficiency metric for large banks.
How did rising interest rates affect JPMorgan Chase's net interest income?
Net interest income rose sharply from $55.3 billion in FY2022 to $89.3 billion in FY2023 as the Federal Reserve raised the federal funds rate from near zero to above 5%. NII remained elevated at $91.2 billion in FY2024, though the pace of growth slowed as rate increases ended.
What is JPMorgan Chase's CET1 capital ratio and why does it matter?
JPMorgan Chase reported a CET1 capital ratio of approximately 15.7% at year-end 2024. The CET1 ratio measures a bank's core equity capital as a percentage of risk-weighted assets and is the primary regulatory capital measure. A higher CET1 ratio generally indicates greater financial resilience and capacity to absorb losses.
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