Question: Could you detail the Interest Coverage Ratio for Goldman Sachs for the nine months ending September 2023?

The Interest Coverage Ratio for Goldman Sachs for the nine months ended September 2023 is calculated as follows:
Interest Coverage Ratio = EBIT / Interest Expenses
EBIT (2023) = $8,485 million
Interest Expenses (2023) = $45,019 million
Interest Coverage Ratio = 8,485 / 45,019 = 0.19

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, page 1:
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)

 	Three MonthsEnded September		Nine MonthsEnded September

in millions, except per share amounts	2023		2022		2023		2022

Revenues

Investment banking	$	1,555 			$	1,544 			$	4,565 			$	5,487

Investment management	2,409 			2,283 			7,054 			6,747

Commissions and fees	883 			992 			2,864 			3,066

Market making	4,958 			4,641 			14,742 			15,583

Other principal transactions	465 			472 			699 			285

Total non-interest revenues	10,270 			9,932 			29,924 			31,168

Interest income	18,257 			8,550 			50,031 			16,613

Interest expense	16,710 			6,507 			45,019 			11,009

Net interest income	1,547 			2,043 			5,012 			5,604

Total net revenues	11,817 			11,975 			34,936 			36,772

Provision for credit losses	7 			515 			451 			1,743

Operating expenses

Compensation and benefits	4,188 			3,606 			11,897 			11,384

Transaction based	1,452 			1,317 			4,242 			3,878

Market development	136 			199 			454 			596

Communications and technology	468 			459 			1,416 			1,327

Depreciation and amortization	1,512 			666 			4,076 			1,728

Occupancy	267 			255 			785 			765

Professional fees	377 			465 			1,152 			1,392

Other expenses	654 			737 			1,978 			2,003

Total operating expenses	9,054 			7,704 			26,000 			23,073

Pre-tax earnings	2,756 			3,756 			8,485 			11,956

Provision for taxes	698 			687 			1,977 			2,021

Net earnings	2,058 			3,069 			6,508 			9,935

Preferred stock dividends	176 			107 			468 			356

Net earnings applicable to common shareholders	$	1,882 			$	2,962 			$	6,040 			$	9,579

Earnings per common share

Basic	$	5.52 			$	8.35 			$	17.52 			$	27.03

Diluted	$	5.47 			$	8.25 			$	17.39 			$	26.71

Average common shares

Basic	338.7		352.8		342.5		353.0

Diluted	343.9		359.2		347.4		358.6

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded September		Nine MonthsEnded September

$ in millions	2023		2022		2023		2022

Net earnings	$	2,058 			$	3,069 			$	6,508 			$	9,935

Other comprehensive income/(loss) adjustments, net of tax:

Currency translation	(16)			26 			(59)			(5)

Debt valuation adjustment	328 			673 			(283)			2,601

Pension and postretirement liabilities	9 			(2)			33 			10

Available-for-sale securities	317 			(615)			720 			(2,410)

Other comprehensive income	638 			82 			411 			196

Comprehensive income	$	2,696 			$	3,151 			$	6,919 			$	10,131

The accompanying notes are an integral part of these consolidated financial statements.

1		Goldman Sachs September 2023 Form 10-Q


Question: As of September 2023, what was Goldman Sachs’ Financial Leverage Ratio?

The Financial Leverage Ratio for Goldman Sachs as of September 2023 is calculated as follows:
Financial Leverage Ratio = Total Assets / Shareholders' Equity
Total Assets (2023) = $1,577,153 million
Shareholders' Equity (2023) = $117,277 million
Financial Leverage Ratio = 1,577,153 / 117,277 = 13.45

Item 1. Financial Statements (Unaudited)

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

|    |                                                                                |           |           |           |    |           |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
|  1 |                                                                                | As of     |           |           |    |           |
|  2 |                                                                                | September | December  |           |    |           |
|  3 | $ in millions                                                                                | 2023      | 2022      |           |    |           |
|  4 | Assets                                                                                |           |           |           |    |           |
|  5 | Cash and cash equivalents                                                                                | $         | 239,879   |           | $  | 241,825   |
|  6 | Collateralized agreements:                                                                                |           |           |           |    |           |
|  7 | Securities purchased under agreements to resell (includes $190,446 and $225,117 at fair value)              | 190,695   |           | 225,117   |    |           |
|  8 | Securities borrowed (includes $36,792 and $38,578 at fair value)                                            | 196,925   |           | 189,041   |    |           |
|  9 | Customer and other receivables (includes $23 and $25 at fair value)                                         | 140,866   |           | 135,448   |    |           |
| 10 | Trading assets (at fair value and includes $97,406 and $40,143 pledged as collateral)                       | 448,060   |           | 301,245   |    |           |
| 11 | Investments (includes $76,307 and $78,201 at fair value, and $8,463 and $9,818 pledged as collateral)       | 145,530   |           | 130,629   |    |           |
| 12 | Loans (net of allowance of $4,895 and $5,543, and includes $6,448 and $7,655 at fair value)                 | 178,257   |           | 179,286   |    |           |
| 13 | Other assets (includes $324 and $145 at fair value)                                                         | 36,941    |           | 39,208    |    |           |
| 14 | Total assets                                                                                | $         | 1,577,153 |           | $  | 1,441,799 |
| 16 | Liabilities and shareholders' equity                                                                        |           |           |           |    |           |
| 17 | Deposits (includes $28,557 and $15,746 at fair value)                                                       | $         | 402,962   |           | $  | 386,665   |
| 18 | Collateralized financings:                                                                                |           |           |           |    |           |
| 19 | Securities sold under agreements to repurchase (at fair value)                                              | 225,679   |           | 110,349   |    |           |
| 20 | Securities loaned (includes $8,178 and $4,372 at fair value)                                                | 54,926    |           | 30,727    |    |           |
| 21 | Other secured financings (includes $14,114 and $12,756 at fair value)                                       | 14,728    |           | 13,946    |    |           |
| 22 | Customer and other payables                                                                                | 252,342   |           | 262,045   |    |           |
| 23 | Trading liabilities (at fair value)                                                                         | 195,123   |           | 191,324   |    |           |
| 24 | Unsecured short-term borrowings (includes $42,351 and $39,731 at fair value)                                | 70,009    |           | 60,961    |    |           |
| 25 | Unsecured long-term borrowings (includes $73,916 and $73,147 at fair value)                                 | 224,024   |           | 247,138   |    |           |
| 26 | Other liabilities (includes $614 and $159 at fair value)                                                    | 20,083    |           | 21,455    |    |           |
| 27 | Total liabilities                                                                                | 1,459,876 |           | 1,324,610 |    |           |
| 28 | Commitments, contingencies and guarantees                                                                   |           |           |           |    |           |
| 29 | Shareholders' equity                                                                                |           |           |           |    |           |
| 30 | Preferred stock; aggregate liquidation preference of $11,203 and $10,703                                    | 11,203    |           | 10,703    |    |           |
| 31 | Common stock; 922,889,392 and 917,815,030 shares issued, and 326,604,718 and 334,918,639 shares outstanding | 9         |           | 9         |    |           |
| 32 | Share-based awards                                                                                | 5,117     |           | 5,696     |    |           |
| 33 | Nonvoting common stock; no shares issued and outstanding                                                    | –         |           | –         |    |           |
| 34 | Additional paid-in capital                                                                                | 60,233    |           | 59,050    |    |           |
| 35 | Retained earnings                                                                                | 142,743   |           | 139,372   |    |           |
| 36 | Accumulated other comprehensive loss                                                                        | (2,599)   |           | (3,010)   |    |           |
| 37 | Stock held in treasury, at cost; 596,284,676 and 582,896,393 shares                                         | (99,429)  |           | (94,631)  |    |           |
| 38 | Total shareholders' equity                                                                                | 117,277   |           | 117,189   |    |           |
| 39 | Total liabilities and shareholders' equity                                                                  | $         | 1,577,153 |           | $  | 1,441,799 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |                                        |    |
|---:|:---------------------------------------|---:|
|  1 | Goldman Sachs September 2023 Form 10-Q |  2 |

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	September	December

$ in millions	2023	2022

Assets

Cash and cash equivalents	$	239,879 		$	241,825

Collateralized agreements:

Securities purchased under agreements to resell (includes $190,446 and $225,117 at fair value)	190,695 		225,117

Securities borrowed (includes $36,792 and $38,578 at fair value)	196,925 		189,041

Customer and other receivables (includes $23 and $25 at fair value)	140,866 		135,448

Trading assets (at fair value and includes $97,406 and $40,143 pledged as collateral)	448,060 		301,245

Investments (includes $76,307 and $78,201 at fair value, and $8,463 and $9,818 pledged as collateral)	145,530 		130,629

Loans (net of allowance of $4,895 and $5,543, and includes $6,448 and $7,655 at fair value)	178,257 		179,286

Other assets (includes $324 and $145 at fair value)	36,941 		39,208

Total assets	$	1,577,153 		$	1,441,799

Liabilities and shareholders' equity

Deposits (includes $28,557 and $15,746 at fair value)	$	402,962 		$	386,665

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	225,679 		110,349

Securities loaned (includes $8,178 and $4,372 at fair value)	54,926 		30,727

Other secured financings (includes $14,114 and $12,756 at fair value)	14,728 		13,946

Customer and other payables	252,342 		262,045

Trading liabilities (at fair value)	195,123 		191,324

Unsecured short-term borrowings (includes $42,351 and $39,731 at fair value)	70,009 		60,961

Unsecured long-term borrowings (includes $73,916 and $73,147 at fair value)	224,024 		247,138

Other liabilities (includes $614 and $159 at fair value)	20,083 		21,455

Total liabilities	1,459,876 		1,324,610

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $10,703	11,203 		10,703

Common stock; 922,889,392 and 917,815,030 shares issued, and 326,604,718 and 334,918,639 shares outstanding	9 		9

Share-based awards	5,117 		5,696

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	60,233 		59,050

Retained earnings	142,743 		139,372

Accumulated other comprehensive loss	(2,599)		(3,010)

Stock held in treasury, at cost; 596,284,676 and 582,896,393 shares	(99,429)		(94,631)

Total shareholders' equity	117,277 		117,189

Total liabilities and shareholders' equity	$	1,577,153 		$	1,441,799

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs September 2023 Form 10-Q		2


Question: For Goldman Sachs, what was the Long-term Debt to Capitalization Ratio as of September 2023?

The Long-term Debt to Capitalization Ratio for Goldman Sachs as of September 2023 is calculated as follows:
Long-term Debt to Capitalization Ratio = Long-term Debt / (Long-term Debt + Shareholders' Equity)
Long-term Debt (2023) = $224,024 million
Shareholders' Equity (2023) = $117,277 million
Long-term Debt to Capitalization Ratio = 224,024 / (224,024 + 117,277) = 0.66

Item 1. Financial Statements (Unaudited)

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

|    |                                                                                |           |           |           |    |           |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
|  1 |                                                                                | As of     |           |           |    |           |
|  2 |                                                                                | September | December  |           |    |           |
|  3 | $ in millions                                                                                | 2023      | 2022      |           |    |           |
|  4 | Assets                                                                                |           |           |           |    |           |
|  5 | Cash and cash equivalents                                                                                | $         | 239,879   |           | $  | 241,825   |
|  6 | Collateralized agreements:                                                                                |           |           |           |    |           |
|  7 | Securities purchased under agreements to resell (includes $190,446 and $225,117 at fair value)              | 190,695   |           | 225,117   |    |           |
|  8 | Securities borrowed (includes $36,792 and $38,578 at fair value)                                            | 196,925   |           | 189,041   |    |           |
|  9 | Customer and other receivables (includes $23 and $25 at fair value)                                         | 140,866   |           | 135,448   |    |           |
| 10 | Trading assets (at fair value and includes $97,406 and $40,143 pledged as collateral)                       | 448,060   |           | 301,245   |    |           |
| 11 | Investments (includes $76,307 and $78,201 at fair value, and $8,463 and $9,818 pledged as collateral)       | 145,530   |           | 130,629   |    |           |
| 12 | Loans (net of allowance of $4,895 and $5,543, and includes $6,448 and $7,655 at fair value)                 | 178,257   |           | 179,286   |    |           |
| 13 | Other assets (includes $324 and $145 at fair value)                                                         | 36,941    |           | 39,208    |    |           |
| 14 | Total assets                                                                                | $         | 1,577,153 |           | $  | 1,441,799 |
| 16 | Liabilities and shareholders' equity                                                                        |           |           |           |    |           |
| 17 | Deposits (includes $28,557 and $15,746 at fair value)                                                       | $         | 402,962   |           | $  | 386,665   |
| 18 | Collateralized financings:                                                                                |           |           |           |    |           |
| 19 | Securities sold under agreements to repurchase (at fair value)                                              | 225,679   |           | 110,349   |    |           |
| 20 | Securities loaned (includes $8,178 and $4,372 at fair value)                                                | 54,926    |           | 30,727    |    |           |
| 21 | Other secured financings (includes $14,114 and $12,756 at fair value)                                       | 14,728    |           | 13,946    |    |           |
| 22 | Customer and other payables                                                                                | 252,342   |           | 262,045   |    |           |
| 23 | Trading liabilities (at fair value)                                                                         | 195,123   |           | 191,324   |    |           |
| 24 | Unsecured short-term borrowings (includes $42,351 and $39,731 at fair value)                                | 70,009    |           | 60,961    |    |           |
| 25 | Unsecured long-term borrowings (includes $73,916 and $73,147 at fair value)                                 | 224,024   |           | 247,138   |    |           |
| 26 | Other liabilities (includes $614 and $159 at fair value)                                                    | 20,083    |           | 21,455    |    |           |
| 27 | Total liabilities                                                                                | 1,459,876 |           | 1,324,610 |    |           |
| 28 | Commitments, contingencies and guarantees                                                                   |           |           |           |    |           |
| 29 | Shareholders' equity                                                                                |           |           |           |    |           |
| 30 | Preferred stock; aggregate liquidation preference of $11,203 and $10,703                                    | 11,203    |           | 10,703    |    |           |
| 31 | Common stock; 922,889,392 and 917,815,030 shares issued, and 326,604,718 and 334,918,639 shares outstanding | 9         |           | 9         |    |           |
| 32 | Share-based awards                                                                                | 5,117     |           | 5,696     |    |           |
| 33 | Nonvoting common stock; no shares issued and outstanding                                                    | –         |           | –         |    |           |
| 34 | Additional paid-in capital                                                                                | 60,233    |           | 59,050    |    |           |
| 35 | Retained earnings                                                                                | 142,743   |           | 139,372   |    |           |
| 36 | Accumulated other comprehensive loss                                                                        | (2,599)   |           | (3,010)   |    |           |
| 37 | Stock held in treasury, at cost; 596,284,676 and 582,896,393 shares                                         | (99,429)  |           | (94,631)  |    |           |
| 38 | Total shareholders' equity                                                                                | 117,277   |           | 117,189   |    |           |
| 39 | Total liabilities and shareholders' equity                                                                  | $         | 1,577,153 |           | $  | 1,441,799 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |                                        |    |
|---:|:---------------------------------------|---:|
|  1 | Goldman Sachs September 2023 Form 10-Q |  2 |

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	September	December

$ in millions	2023	2022

Assets

Cash and cash equivalents	$	239,879 		$	241,825

Collateralized agreements:

Securities purchased under agreements to resell (includes $190,446 and $225,117 at fair value)	190,695 		225,117

Securities borrowed (includes $36,792 and $38,578 at fair value)	196,925 		189,041

Customer and other receivables (includes $23 and $25 at fair value)	140,866 		135,448

Trading assets (at fair value and includes $97,406 and $40,143 pledged as collateral)	448,060 		301,245

Investments (includes $76,307 and $78,201 at fair value, and $8,463 and $9,818 pledged as collateral)	145,530 		130,629

Loans (net of allowance of $4,895 and $5,543, and includes $6,448 and $7,655 at fair value)	178,257 		179,286

Other assets (includes $324 and $145 at fair value)	36,941 		39,208

Total assets	$	1,577,153 		$	1,441,799

Liabilities and shareholders' equity

Deposits (includes $28,557 and $15,746 at fair value)	$	402,962 		$	386,665

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	225,679 		110,349

Securities loaned (includes $8,178 and $4,372 at fair value)	54,926 		30,727

Other secured financings (includes $14,114 and $12,756 at fair value)	14,728 		13,946

Customer and other payables	252,342 		262,045

Trading liabilities (at fair value)	195,123 		191,324

Unsecured short-term borrowings (includes $42,351 and $39,731 at fair value)	70,009 		60,961

Unsecured long-term borrowings (includes $73,916 and $73,147 at fair value)	224,024 		247,138

Other liabilities (includes $614 and $159 at fair value)	20,083 		21,455

Total liabilities	1,459,876 		1,324,610

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $10,703	11,203 		10,703

Common stock; 922,889,392 and 917,815,030 shares issued, and 326,604,718 and 334,918,639 shares outstanding	9 		9

Share-based awards	5,117 		5,696

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	60,233 		59,050

Retained earnings	142,743 		139,372

Accumulated other comprehensive loss	(2,599)		(3,010)

Stock held in treasury, at cost; 596,284,676 and 582,896,393 shares	(99,429)		(94,631)

Total shareholders' equity	117,277 		117,189

Total liabilities and shareholders' equity	$	1,577,153 		$	1,441,799

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs September 2023 Form 10-Q		2


Question: Could you outline JPMorgan Chase’s Net Profit Margin for the first quarter of 2024 ending March 31?

The Net Profit Margin for JPMorgan Chase for the three months ended March 31, 2024, is calculated as follows:
Net Profit Margin = (Net Income / Revenue) * 100
Net Income (2024) = $13,419 million
Revenue (2024) = $41,934 million
Net Profit Margin = (13,419 / 41,934) * 100 = 32.00%

JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 83: JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83


Question: What Operating Profit Margin did JPMorgan Chase report for the three months ending March 31, 2024?

The Operating Profit Margin for JPMorgan Chase for the three months ended March 31, 2024, is calculated as follows:
Operating Profit Margin = (Operating Profit / Revenue) * 100
Operating Profit (2024) = Income before income tax expense = $17,293 million
Revenue (2024) = $41,934 million
Operating Profit Margin = (17,293 / 41,934) * 100 = 41.24%

JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 83: JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83


Question: What is JPMorgan Chase's Return on Equity (ROE) for the three months up to March 31, 2024?

Using Net Income Applicable to Common Stockholders and Annualized ROE
Return on Equity (ROE) is calculated using the formula:
ROE = (Net Income Applicable to Common Stockholders / Average Stockholders' Equity) * 100

For the three months ended March 31, 2024:
Net Income Applicable to Common Stockholders = $12,942 million
Shareholders' Equity (March 31, 2024) = $336,637 million
Shareholders' Equity (December 31, 2023) = $327,878 million

Average Stockholders' Equity = ($336,637 million + $327,878 million) / 2 = $332,257.5 million

ROE (for the quarter) = ($12,942 / $332,257.5) * 100 ≈ 3.9%

To express ROE as an annualized figure:
Annualized ROE = 3.9% * 4 = 15.6%

JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 83: JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83

, JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 85: JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2024		December 31, 2023

Assets

Cash and due from banks	$	22,750 			$	29,066

Deposits with banks	539,366 			595,085

Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)	330,559 			276,152

Securities borrowed (included $84,258 and $70,086 at fair value)	198,336 			200,436

Trading assets (included assets pledged of $180,196 and $128,994)	754,409 			540,607

Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)	236,152 			201,704

Held-to-maturity securities 	334,527 			369,848

Investment securities, net of allowance for credit losses	570,679 			571,552

Loans (included $39,046 and $38,851 at fair value)	1,309,616 			1,323,706

Allowance for loan losses	(22,351)			(22,420)

Loans, net of allowance for loan losses	1,287,265 			1,301,286

Accrued interest and accounts receivable	129,823 			107,363

Premises and equipment	30,279 			30,157

Goodwill, MSRs and other intangible assets	64,374 			64,381

Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)	162,887 			159,308

Total assets(a)	$	4,090,727 			$	3,875,393

Liabilities

Deposits (included $80,578 and $78,384 at fair value)	$	2,428,409 			$	2,400,688

Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)	325,670 			216,535

Short-term borrowings (included $22,856 and $20,042 at fair value)	46,268 			44,712

Trading liabilities	228,327 			180,428

Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)	301,469 			290,307

Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)	28,075 			23,020

Long-term debt (included $92,730 and $87,924 at fair value)	395,872 			391,825

Total liabilities(a)	3,754,090 			3,547,515

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders' equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) 	29,900 			27,404

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105 			4,105

Additional paid-in capital	89,903 			90,128

Retained earnings	342,414 			332,901

Accumulated other comprehensive losses	(11,639)			(10,443)

Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)	(118,046)			(116,217)

Total stockholders' equity	336,637 			327,878

Total liabilities and stockholders' equity	$	4,090,727 			$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2024		December 31, 2023

Assets

Trading assets	$	2,229 			$	2,170

Loans	40,059 			37,611

All other assets	648 			591

Total assets	$	42,936 			$	40,372

Liabilities

Beneficial interests issued by consolidated VIEs	$	28,075 			$	23,020

All other liabilities	282 			263

Total liabilities	$	28,357 			$	23,283

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

85

JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83

, JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2024		December 31, 2023

Assets

Cash and due from banks	$	22,750 			$	29,066

Deposits with banks	539,366 			595,085

Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)	330,559 			276,152

Securities borrowed (included $84,258 and $70,086 at fair value)	198,336 			200,436

Trading assets (included assets pledged of $180,196 and $128,994)	754,409 			540,607

Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)	236,152 			201,704

Held-to-maturity securities 	334,527 			369,848

Investment securities, net of allowance for credit losses	570,679 			571,552

Loans (included $39,046 and $38,851 at fair value)	1,309,616 			1,323,706

Allowance for loan losses	(22,351)			(22,420)

Loans, net of allowance for loan losses	1,287,265 			1,301,286

Accrued interest and accounts receivable	129,823 			107,363

Premises and equipment	30,279 			30,157

Goodwill, MSRs and other intangible assets	64,374 			64,381

Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)	162,887 			159,308

Total assets(a)	$	4,090,727 			$	3,875,393

Liabilities

Deposits (included $80,578 and $78,384 at fair value)	$	2,428,409 			$	2,400,688

Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)	325,670 			216,535

Short-term borrowings (included $22,856 and $20,042 at fair value)	46,268 			44,712

Trading liabilities	228,327 			180,428

Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)	301,469 			290,307

Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)	28,075 			23,020

Long-term debt (included $92,730 and $87,924 at fair value)	395,872 			391,825

Total liabilities(a)	3,754,090 			3,547,515

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders' equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) 	29,900 			27,404

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105 			4,105

Additional paid-in capital	89,903 			90,128

Retained earnings	342,414 			332,901

Accumulated other comprehensive losses	(11,639)			(10,443)

Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)	(118,046)			(116,217)

Total stockholders' equity	336,637 			327,878

Total liabilities and stockholders' equity	$	4,090,727 			$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2024		December 31, 2023

Assets

Trading assets	$	2,229 			$	2,170

Loans	40,059 			37,611

All other assets	648 			591

Total assets	$	42,936 			$	40,372

Liabilities

Beneficial interests issued by consolidated VIEs	$	28,075 			$	23,020

All other liabilities	282 			263

Total liabilities	$	28,357 			$	23,283

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

85


Question: Could you provide the Return on Assets (ROA) for JPMorgan Chase for Q1 2024?

The Return on Assets (ROA) for JPMorgan Chase for the three months ended March 31, 2024, is calculated as follows:
ROA = (Net Income / Total Assets) * 100
Net Income (2024) = $13,419 million
Total Assets (2024) = $4,090,727 million
ROA = (13,419 / 4,090,727) * 100 = 0.33%

JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 83: JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83

, JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 85: JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2024		December 31, 2023

Assets

Cash and due from banks	$	22,750 			$	29,066

Deposits with banks	539,366 			595,085

Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)	330,559 			276,152

Securities borrowed (included $84,258 and $70,086 at fair value)	198,336 			200,436

Trading assets (included assets pledged of $180,196 and $128,994)	754,409 			540,607

Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)	236,152 			201,704

Held-to-maturity securities 	334,527 			369,848

Investment securities, net of allowance for credit losses	570,679 			571,552

Loans (included $39,046 and $38,851 at fair value)	1,309,616 			1,323,706

Allowance for loan losses	(22,351)			(22,420)

Loans, net of allowance for loan losses	1,287,265 			1,301,286

Accrued interest and accounts receivable	129,823 			107,363

Premises and equipment	30,279 			30,157

Goodwill, MSRs and other intangible assets	64,374 			64,381

Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)	162,887 			159,308

Total assets(a)	$	4,090,727 			$	3,875,393

Liabilities

Deposits (included $80,578 and $78,384 at fair value)	$	2,428,409 			$	2,400,688

Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)	325,670 			216,535

Short-term borrowings (included $22,856 and $20,042 at fair value)	46,268 			44,712

Trading liabilities	228,327 			180,428

Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)	301,469 			290,307

Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)	28,075 			23,020

Long-term debt (included $92,730 and $87,924 at fair value)	395,872 			391,825

Total liabilities(a)	3,754,090 			3,547,515

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders' equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) 	29,900 			27,404

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105 			4,105

Additional paid-in capital	89,903 			90,128

Retained earnings	342,414 			332,901

Accumulated other comprehensive losses	(11,639)			(10,443)

Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)	(118,046)			(116,217)

Total stockholders' equity	336,637 			327,878

Total liabilities and stockholders' equity	$	4,090,727 			$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2024		December 31, 2023

Assets

Trading assets	$	2,229 			$	2,170

Loans	40,059 			37,611

All other assets	648 			591

Total assets	$	42,936 			$	40,372

Liabilities

Beneficial interests issued by consolidated VIEs	$	28,075 			$	23,020

All other liabilities	282 			263

Total liabilities	$	28,357 			$	23,283

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

85

JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83

, JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2024		December 31, 2023

Assets

Cash and due from banks	$	22,750 			$	29,066

Deposits with banks	539,366 			595,085

Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)	330,559 			276,152

Securities borrowed (included $84,258 and $70,086 at fair value)	198,336 			200,436

Trading assets (included assets pledged of $180,196 and $128,994)	754,409 			540,607

Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)	236,152 			201,704

Held-to-maturity securities 	334,527 			369,848

Investment securities, net of allowance for credit losses	570,679 			571,552

Loans (included $39,046 and $38,851 at fair value)	1,309,616 			1,323,706

Allowance for loan losses	(22,351)			(22,420)

Loans, net of allowance for loan losses	1,287,265 			1,301,286

Accrued interest and accounts receivable	129,823 			107,363

Premises and equipment	30,279 			30,157

Goodwill, MSRs and other intangible assets	64,374 			64,381

Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)	162,887 			159,308

Total assets(a)	$	4,090,727 			$	3,875,393

Liabilities

Deposits (included $80,578 and $78,384 at fair value)	$	2,428,409 			$	2,400,688

Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)	325,670 			216,535

Short-term borrowings (included $22,856 and $20,042 at fair value)	46,268 			44,712

Trading liabilities	228,327 			180,428

Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)	301,469 			290,307

Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)	28,075 			23,020

Long-term debt (included $92,730 and $87,924 at fair value)	395,872 			391,825

Total liabilities(a)	3,754,090 			3,547,515

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders' equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) 	29,900 			27,404

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105 			4,105

Additional paid-in capital	89,903 			90,128

Retained earnings	342,414 			332,901

Accumulated other comprehensive losses	(11,639)			(10,443)

Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)	(118,046)			(116,217)

Total stockholders' equity	336,637 			327,878

Total liabilities and stockholders' equity	$	4,090,727 			$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2024		December 31, 2023

Assets

Trading assets	$	2,229 			$	2,170

Loans	40,059 			37,611

All other assets	648 			591

Total assets	$	42,936 			$	40,372

Liabilities

Beneficial interests issued by consolidated VIEs	$	28,075 			$	23,020

All other liabilities	282 			263

Total liabilities	$	28,357 			$	23,283

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

85


Question: What was the Debt to Equity Ratio for JPMorgan Chase as of March 31, 2024?

The Debt Equity Ratio for JPMorgan Chase as of March 31, 2024, is calculated as follows:
Debt Equity Ratio = Total Debt / Shareholders' Equity
Total Debt (2024) = $3,754,090 million
Shareholders' Equity (2024) = $336,637 million
Debt Equity Ratio = 3,754,090 / 336,637 = 11.15

JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 85: JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2024		December 31, 2023

Assets

Cash and due from banks	$	22,750 			$	29,066

Deposits with banks	539,366 			595,085

Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)	330,559 			276,152

Securities borrowed (included $84,258 and $70,086 at fair value)	198,336 			200,436

Trading assets (included assets pledged of $180,196 and $128,994)	754,409 			540,607

Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)	236,152 			201,704

Held-to-maturity securities 	334,527 			369,848

Investment securities, net of allowance for credit losses	570,679 			571,552

Loans (included $39,046 and $38,851 at fair value)	1,309,616 			1,323,706

Allowance for loan losses	(22,351)			(22,420)

Loans, net of allowance for loan losses	1,287,265 			1,301,286

Accrued interest and accounts receivable	129,823 			107,363

Premises and equipment	30,279 			30,157

Goodwill, MSRs and other intangible assets	64,374 			64,381

Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)	162,887 			159,308

Total assets(a)	$	4,090,727 			$	3,875,393

Liabilities

Deposits (included $80,578 and $78,384 at fair value)	$	2,428,409 			$	2,400,688

Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)	325,670 			216,535

Short-term borrowings (included $22,856 and $20,042 at fair value)	46,268 			44,712

Trading liabilities	228,327 			180,428

Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)	301,469 			290,307

Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)	28,075 			23,020

Long-term debt (included $92,730 and $87,924 at fair value)	395,872 			391,825

Total liabilities(a)	3,754,090 			3,547,515

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders' equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) 	29,900 			27,404

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105 			4,105

Additional paid-in capital	89,903 			90,128

Retained earnings	342,414 			332,901

Accumulated other comprehensive losses	(11,639)			(10,443)

Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)	(118,046)			(116,217)

Total stockholders' equity	336,637 			327,878

Total liabilities and stockholders' equity	$	4,090,727 			$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2024		December 31, 2023

Assets

Trading assets	$	2,229 			$	2,170

Loans	40,059 			37,611

All other assets	648 			591

Total assets	$	42,936 			$	40,372

Liabilities

Beneficial interests issued by consolidated VIEs	$	28,075 			$	23,020

All other liabilities	282 			263

Total liabilities	$	28,357 			$	23,283

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

85


Question: How did the Interest Coverage Ratio look for JPMorgan Chase for the three-month period ending March 31, 2024?

The Interest Coverage Ratio for JPMorgan Chase for the three months ended March 31, 2024, is calculated as follows:
Interest Coverage Ratio = (EBIT / Interest Expense).

Step 1: Calculate EBIT
Earnings Before Interest and Taxes (EBIT) is calculated by adding Interest Expense back to Income Before Income Tax Expense.

Income Before Income Tax Expense = $17,293 million
Interest Expense = $24,356 million
EBIT = $17,293 million + $24,356 million = $41,649 million
Step 2: Calculate Interest Coverage Ratio
Interest Coverage Ratio = EBIT / Interest Expense
= $41,649 / $24,356
≈ 1.71
Analysis:
The Interest Coverage Ratio for JPMorgan Chase for the three-month period ending March 31, 2024, is approximately 1.71, indicating that the company earned enough to cover its interest expenses 1.71 times during this period.

JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 83: JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83

, JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 85: JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2024		December 31, 2023

Assets

Cash and due from banks	$	22,750 			$	29,066

Deposits with banks	539,366 			595,085

Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)	330,559 			276,152

Securities borrowed (included $84,258 and $70,086 at fair value)	198,336 			200,436

Trading assets (included assets pledged of $180,196 and $128,994)	754,409 			540,607

Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)	236,152 			201,704

Held-to-maturity securities 	334,527 			369,848

Investment securities, net of allowance for credit losses	570,679 			571,552

Loans (included $39,046 and $38,851 at fair value)	1,309,616 			1,323,706

Allowance for loan losses	(22,351)			(22,420)

Loans, net of allowance for loan losses	1,287,265 			1,301,286

Accrued interest and accounts receivable	129,823 			107,363

Premises and equipment	30,279 			30,157

Goodwill, MSRs and other intangible assets	64,374 			64,381

Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)	162,887 			159,308

Total assets(a)	$	4,090,727 			$	3,875,393

Liabilities

Deposits (included $80,578 and $78,384 at fair value)	$	2,428,409 			$	2,400,688

Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)	325,670 			216,535

Short-term borrowings (included $22,856 and $20,042 at fair value)	46,268 			44,712

Trading liabilities	228,327 			180,428

Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)	301,469 			290,307

Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)	28,075 			23,020

Long-term debt (included $92,730 and $87,924 at fair value)	395,872 			391,825

Total liabilities(a)	3,754,090 			3,547,515

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders' equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) 	29,900 			27,404

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105 			4,105

Additional paid-in capital	89,903 			90,128

Retained earnings	342,414 			332,901

Accumulated other comprehensive losses	(11,639)			(10,443)

Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)	(118,046)			(116,217)

Total stockholders' equity	336,637 			327,878

Total liabilities and stockholders' equity	$	4,090,727 			$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2024		December 31, 2023

Assets

Trading assets	$	2,229 			$	2,170

Loans	40,059 			37,611

All other assets	648 			591

Total assets	$	42,936 			$	40,372

Liabilities

Beneficial interests issued by consolidated VIEs	$	28,075 			$	23,020

All other liabilities	282 			263

Total liabilities	$	28,357 			$	23,283

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

85

JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83

, JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2024		December 31, 2023

Assets

Cash and due from banks	$	22,750 			$	29,066

Deposits with banks	539,366 			595,085

Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)	330,559 			276,152

Securities borrowed (included $84,258 and $70,086 at fair value)	198,336 			200,436

Trading assets (included assets pledged of $180,196 and $128,994)	754,409 			540,607

Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)	236,152 			201,704

Held-to-maturity securities 	334,527 			369,848

Investment securities, net of allowance for credit losses	570,679 			571,552

Loans (included $39,046 and $38,851 at fair value)	1,309,616 			1,323,706

Allowance for loan losses	(22,351)			(22,420)

Loans, net of allowance for loan losses	1,287,265 			1,301,286

Accrued interest and accounts receivable	129,823 			107,363

Premises and equipment	30,279 			30,157

Goodwill, MSRs and other intangible assets	64,374 			64,381

Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)	162,887 			159,308

Total assets(a)	$	4,090,727 			$	3,875,393

Liabilities

Deposits (included $80,578 and $78,384 at fair value)	$	2,428,409 			$	2,400,688

Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)	325,670 			216,535

Short-term borrowings (included $22,856 and $20,042 at fair value)	46,268 			44,712

Trading liabilities	228,327 			180,428

Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)	301,469 			290,307

Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)	28,075 			23,020

Long-term debt (included $92,730 and $87,924 at fair value)	395,872 			391,825

Total liabilities(a)	3,754,090 			3,547,515

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders' equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) 	29,900 			27,404

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105 			4,105

Additional paid-in capital	89,903 			90,128

Retained earnings	342,414 			332,901

Accumulated other comprehensive losses	(11,639)			(10,443)

Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)	(118,046)			(116,217)

Total stockholders' equity	336,637 			327,878

Total liabilities and stockholders' equity	$	4,090,727 			$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2024		December 31, 2023

Assets

Trading assets	$	2,229 			$	2,170

Loans	40,059 			37,611

All other assets	648 			591

Total assets	$	42,936 			$	40,372

Liabilities

Beneficial interests issued by consolidated VIEs	$	28,075 			$	23,020

All other liabilities	282 			263

Total liabilities	$	28,357 			$	23,283

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

85


Question: What is the Long-term Debt to Capitalization Ratio for JPMorgan Chase as of March 31, 2024?

The Long-term Debt to Capitalization Ratio for JPMorgan Chase as of March 31, 2024, is calculated as follows:
Long-term Debt to Capitalization Ratio = Long-term Debt / (Long-term Debt + Shareholders' Equity)
Long-term Debt (2024) = $395,872 million
Shareholders' Equity (2024) = $336,637 million
Long-term Debt to Capitalization Ratio = 395,872 / (395,872 + 336,637) = 0.54

JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 83: JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83

, JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 85: JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2024		December 31, 2023

Assets

Cash and due from banks	$	22,750 			$	29,066

Deposits with banks	539,366 			595,085

Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)	330,559 			276,152

Securities borrowed (included $84,258 and $70,086 at fair value)	198,336 			200,436

Trading assets (included assets pledged of $180,196 and $128,994)	754,409 			540,607

Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)	236,152 			201,704

Held-to-maturity securities 	334,527 			369,848

Investment securities, net of allowance for credit losses	570,679 			571,552

Loans (included $39,046 and $38,851 at fair value)	1,309,616 			1,323,706

Allowance for loan losses	(22,351)			(22,420)

Loans, net of allowance for loan losses	1,287,265 			1,301,286

Accrued interest and accounts receivable	129,823 			107,363

Premises and equipment	30,279 			30,157

Goodwill, MSRs and other intangible assets	64,374 			64,381

Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)	162,887 			159,308

Total assets(a)	$	4,090,727 			$	3,875,393

Liabilities

Deposits (included $80,578 and $78,384 at fair value)	$	2,428,409 			$	2,400,688

Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)	325,670 			216,535

Short-term borrowings (included $22,856 and $20,042 at fair value)	46,268 			44,712

Trading liabilities	228,327 			180,428

Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)	301,469 			290,307

Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)	28,075 			23,020

Long-term debt (included $92,730 and $87,924 at fair value)	395,872 			391,825

Total liabilities(a)	3,754,090 			3,547,515

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders' equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) 	29,900 			27,404

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105 			4,105

Additional paid-in capital	89,903 			90,128

Retained earnings	342,414 			332,901

Accumulated other comprehensive losses	(11,639)			(10,443)

Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)	(118,046)			(116,217)

Total stockholders' equity	336,637 			327,878

Total liabilities and stockholders' equity	$	4,090,727 			$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2024		December 31, 2023

Assets

Trading assets	$	2,229 			$	2,170

Loans	40,059 			37,611

All other assets	648 			591

Total assets	$	42,936 			$	40,372

Liabilities

Beneficial interests issued by consolidated VIEs	$	28,075 			$	23,020

All other liabilities	282 			263

Total liabilities	$	28,357 			$	23,283

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

85

JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83

, JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2024		December 31, 2023

Assets

Cash and due from banks	$	22,750 			$	29,066

Deposits with banks	539,366 			595,085

Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)	330,559 			276,152

Securities borrowed (included $84,258 and $70,086 at fair value)	198,336 			200,436

Trading assets (included assets pledged of $180,196 and $128,994)	754,409 			540,607

Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)	236,152 			201,704

Held-to-maturity securities 	334,527 			369,848

Investment securities, net of allowance for credit losses	570,679 			571,552

Loans (included $39,046 and $38,851 at fair value)	1,309,616 			1,323,706

Allowance for loan losses	(22,351)			(22,420)

Loans, net of allowance for loan losses	1,287,265 			1,301,286

Accrued interest and accounts receivable	129,823 			107,363

Premises and equipment	30,279 			30,157

Goodwill, MSRs and other intangible assets	64,374 			64,381

Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)	162,887 			159,308

Total assets(a)	$	4,090,727 			$	3,875,393

Liabilities

Deposits (included $80,578 and $78,384 at fair value)	$	2,428,409 			$	2,400,688

Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)	325,670 			216,535

Short-term borrowings (included $22,856 and $20,042 at fair value)	46,268 			44,712

Trading liabilities	228,327 			180,428

Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)	301,469 			290,307

Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)	28,075 			23,020

Long-term debt (included $92,730 and $87,924 at fair value)	395,872 			391,825

Total liabilities(a)	3,754,090 			3,547,515

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders' equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) 	29,900 			27,404

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105 			4,105

Additional paid-in capital	89,903 			90,128

Retained earnings	342,414 			332,901

Accumulated other comprehensive losses	(11,639)			(10,443)

Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)	(118,046)			(116,217)

Total stockholders' equity	336,637 			327,878

Total liabilities and stockholders' equity	$	4,090,727 			$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2024		December 31, 2023

Assets

Trading assets	$	2,229 			$	2,170

Loans	40,059 			37,611

All other assets	648 			591

Total assets	$	42,936 			$	40,372

Liabilities

Beneficial interests issued by consolidated VIEs	$	28,075 			$	23,020

All other liabilities	282 			263

Total liabilities	$	28,357 			$	23,283

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

85


Question: What was the Asset Turnover Ratio for JPMorgan Chase for Q1 2024?

The Asset Turnover Ratio for JPMorgan Chase for the three months ended March 31, 2024, is calculated as follows:
Asset Turnover Ratio = Net Sales / Average Total Assets
Net Sales (2024) = Total net revenue = $41,934 million
Average Total Assets (2024) = ($4,090,727 million + $3,875,393 million) / 2 = $3,983,060 million
Asset Turnover Ratio = 41,934 / 3,983,060 = 0.01

JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 83: JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83

, JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 85: JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2024		December 31, 2023

Assets

Cash and due from banks	$	22,750 			$	29,066

Deposits with banks	539,366 			595,085

Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)	330,559 			276,152

Securities borrowed (included $84,258 and $70,086 at fair value)	198,336 			200,436

Trading assets (included assets pledged of $180,196 and $128,994)	754,409 			540,607

Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)	236,152 			201,704

Held-to-maturity securities 	334,527 			369,848

Investment securities, net of allowance for credit losses	570,679 			571,552

Loans (included $39,046 and $38,851 at fair value)	1,309,616 			1,323,706

Allowance for loan losses	(22,351)			(22,420)

Loans, net of allowance for loan losses	1,287,265 			1,301,286

Accrued interest and accounts receivable	129,823 			107,363

Premises and equipment	30,279 			30,157

Goodwill, MSRs and other intangible assets	64,374 			64,381

Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)	162,887 			159,308

Total assets(a)	$	4,090,727 			$	3,875,393

Liabilities

Deposits (included $80,578 and $78,384 at fair value)	$	2,428,409 			$	2,400,688

Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)	325,670 			216,535

Short-term borrowings (included $22,856 and $20,042 at fair value)	46,268 			44,712

Trading liabilities	228,327 			180,428

Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)	301,469 			290,307

Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)	28,075 			23,020

Long-term debt (included $92,730 and $87,924 at fair value)	395,872 			391,825

Total liabilities(a)	3,754,090 			3,547,515

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders' equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) 	29,900 			27,404

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105 			4,105

Additional paid-in capital	89,903 			90,128

Retained earnings	342,414 			332,901

Accumulated other comprehensive losses	(11,639)			(10,443)

Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)	(118,046)			(116,217)

Total stockholders' equity	336,637 			327,878

Total liabilities and stockholders' equity	$	4,090,727 			$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2024		December 31, 2023

Assets

Trading assets	$	2,229 			$	2,170

Loans	40,059 			37,611

All other assets	648 			591

Total assets	$	42,936 			$	40,372

Liabilities

Beneficial interests issued by consolidated VIEs	$	28,075 			$	23,020

All other liabilities	282 			263

Total liabilities	$	28,357 			$	23,283

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

85

JPMorgan Chase & Co.
Consolidated statements of income (unaudited)

	Three months ended March 31,

(in millions, except per share data)	2024		2023

Revenue

Investment banking fees	$	1,954 			$	1,649

Principal transactions	6,790 			7,615

Lending- and deposit-related fees	1,902 			1,620

Asset management fees	4,146 			3,465

Commissions and other fees	1,805 			1,695

Investment securities losses	(366)			(868)

Mortgage fees and related income	275 			221

Card income	1,218 			1,234

Other income	1,128 			1,007

Noninterest revenue	18,852 			17,638

Interest income	47,438 			37,004

Interest expense	24,356 			16,293

Net interest income	23,082 			20,711

Total net revenue	41,934 			38,349

Provision for credit losses	1,884 			2,275

Noninterest expense

Compensation expense	13,118 			11,676

Occupancy expense	1,211 			1,115

Technology, communications and equipment expense	2,421 			2,184

Professional and outside services	2,548 			2,448

Marketing	1,160 			1,045

Other expense	2,299 			1,639

Total noninterest expense	22,757 			20,107

Income before income tax expense	17,293 			15,967

Income tax expense	3,874 			3,345

Net income	$	13,419 			$	12,622

Net income applicable to common stockholders	$	12,942 			$	12,193

Net income per common share data

Basic earnings per share	$	4.45 			$	4.11

Diluted earnings per share	4.44 			4.10

Weighted-average basic shares	2,908.3 			2,968.5

Weighted-average diluted shares	2,912.8 			2,972.7

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

83

, JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2024		December 31, 2023

Assets

Cash and due from banks	$	22,750 			$	29,066

Deposits with banks	539,366 			595,085

Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)	330,559 			276,152

Securities borrowed (included $84,258 and $70,086 at fair value)	198,336 			200,436

Trading assets (included assets pledged of $180,196 and $128,994)	754,409 			540,607

Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)	236,152 			201,704

Held-to-maturity securities 	334,527 			369,848

Investment securities, net of allowance for credit losses	570,679 			571,552

Loans (included $39,046 and $38,851 at fair value)	1,309,616 			1,323,706

Allowance for loan losses	(22,351)			(22,420)

Loans, net of allowance for loan losses	1,287,265 			1,301,286

Accrued interest and accounts receivable	129,823 			107,363

Premises and equipment	30,279 			30,157

Goodwill, MSRs and other intangible assets	64,374 			64,381

Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)	162,887 			159,308

Total assets(a)	$	4,090,727 			$	3,875,393

Liabilities

Deposits (included $80,578 and $78,384 at fair value)	$	2,428,409 			$	2,400,688

Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)	325,670 			216,535

Short-term borrowings (included $22,856 and $20,042 at fair value)	46,268 			44,712

Trading liabilities	228,327 			180,428

Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)	301,469 			290,307

Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)	28,075 			23,020

Long-term debt (included $92,730 and $87,924 at fair value)	395,872 			391,825

Total liabilities(a)	3,754,090 			3,547,515

Commitments and contingencies (refer to Notes 22, 23 and 24)

Stockholders' equity

Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) 	29,900 			27,404

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105 			4,105

Additional paid-in capital	89,903 			90,128

Retained earnings	342,414 			332,901

Accumulated other comprehensive losses	(11,639)			(10,443)

Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)	(118,046)			(116,217)

Total stockholders' equity	336,637 			327,878

Total liabilities and stockholders' equity	$	4,090,727 			$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2024		December 31, 2023

Assets

Trading assets	$	2,229 			$	2,170

Loans	40,059 			37,611

All other assets	648 			591

Total assets	$	42,936 			$	40,372

Liabilities

Beneficial interests issued by consolidated VIEs	$	28,075 			$	23,020

All other liabilities	282 			263

Total liabilities	$	28,357 			$	23,283

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

85


Question: What was Honeywell International Inc.’s Net Profit Margin for the three-month period ending March 31, 2024?

The Net Profit Margin for Honeywell International Inc. for the three months ended March 31, 2024, is calculated as follows:
Net Profit Margin = (Net Income / Net Sales) * 100
Net Income = $1,463 million
Net Sales = $9,105 million
Net Profit Margin = (1,463 / 9,105) * 100 = 16.06%

HONEYWELL INTERNATIONAL INC 10-Q form for quarterly period ended 2024-03-31, page 3:
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

The financial statements and related notes as of March 31, 2024, should be read in conjunction with the financial statements for the year ended December 31, 2023, contained in the Company's 2023 Annual Report on Form 10-K.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

HONEYWELL INTERNATIONAL INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)
|    |                                                          |                              |      |                                                 |       |       |    |       |
|---:|:---------------------------------------------------------|:-----------------------------|:-----|:------------------------------------------------|:------|:------|:---|:------|
|  1 |                                                          | Three Months Ended March 31, |      |                                                 |       |       |    |       |
|  2 |                                                          |                              | 2024 |                                                 | 2023  |       |    |       |
|  3 |                                                          |                              |      | (Dollars in millions, except per share amounts) |       |       |    |       |
|  4 | Product sales                                            |                              |      | $                                               | 6,263 |       | $  | 6,310 |
|  5 | Service sales                                            |                              |      | 2,842                                           |       | 2,554 |    |       |
|  6 | Net sales                                                |                              |      | 9,105                                           |       | 8,864 |    |       |
|  7 | Costs, expenses and other                                |                              |      |                                                 |       |       |    |       |
|  8 | Cost of products sold                                    |                              |      | 4,035                                           |       | 4,068 |    |       |
|  9 | Cost of services sold                                    |                              |      | 1,548                                           |       | 1,430 |    |       |
| 10 | Total Cost of products and services sold                 |                              |      | 5,583                                           |       | 5,498 |    |       |
| 11 | Research and development expenses                        |                              |      | 360                                             |       | 357   |    |       |
| 12 | Selling, general and administrative expenses             |                              |      | 1,302                                           |       | 1,317 |    |       |
| 13 | Other (income) expense                                   |                              |      | (231)                                           |       | (260) |    |       |
| 14 | Interest and other financial charges                     |                              |      | 220                                             |       | 170   |    |       |
| 15 | Total costs, expenses and other                          |                              |      | 7,234                                           |       | 7,082 |    |       |
| 16 | Income before taxes                                      |                              |      | 1,871                                           |       | 1,782 |    |       |
| 17 | Tax expense                                              |                              |      | 396                                             |       | 374   |    |       |
| 18 | Net income                                               |                              |      | 1,475                                           |       | 1,408 |    |       |
| 19 | Less: Net income attributable to noncontrolling interest |                              |      | 12                                              |       | 14    |    |       |
| 20 | Net income attributable to Honeywell                     |                              |      | $                                               | 1,463 |       | $  | 1,394 |
| 21 | Earnings per share of common stock-basic                 |                              |      | $                                               | 2.24  |       | $  | 2.09  |
| 22 | Earnings per share of common stock-assuming dilution     |                              |      | $                                               | 2.23  |       | $  | 2.07  |

The Notes to Consolidated Financial Statements are an integral part of this statement.

3    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC 10-Q form for quarterly period ended 2024-03-31, page 3:
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

The financial statements and related notes as of March 31, 2024, should be read in conjunction with the financial statements for the year ended December 31, 2023, contained in the Company's 2023 Annual Report on Form 10-K.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

HONEYWELL INTERNATIONAL INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

 			Three Months Ended March 31,

				2024		2023

 					(Dollars in millions, except per share amounts)

Product sales					$	6,263 			$	6,310

Service sales					2,842 			2,554

Net sales					9,105 			8,864

Costs, expenses and other

Cost of products sold					4,035 			4,068

Cost of services sold					1,548 			1,430

Total Cost of products and services sold					5,583 			5,498

Research and development expenses					360 			357

Selling, general and administrative expenses					1,302 			1,317

Other (income) expense					(231)			(260)

Interest and other financial charges					220 			170

Total costs, expenses and other					7,234 			7,082

Income before taxes					1,871 			1,782

Tax expense					396 			374

Net income					1,475 			1,408

Less: Net income attributable to noncontrolling interest					12 			14

Net income attributable to Honeywell					$	1,463 			$	1,394

Earnings per share of common stock-basic					$	2.24 			$	2.09

Earnings per share of common stock-assuming dilution					$	2.23 			$	2.07

The Notes to Consolidated Financial Statements are an integral part of this statement.

3    Honeywell International Inc.