Exhibit 99.1
JPMorgan Chase & Co.
383 Madison Avenue, New York, NY 10179-0001
NYSE symbol: JPM
www.jpmorganchase.com
jpmclogoa181a.gif
JPMORGAN CHASE REPORTS FOURTH-QUARTER 2020 NET INCOME OF $12.1 BILLION ($3.79 PER SHARE), OR $9.9 BILLION EXCLUDING CREDIT RESERVE RELEASES OF $2.9 BILLION ($3.07 PER SHARE)1 FULL-YEAR 2020 NET INCOME OF $29.1 BILLION ($8.88 PER SHARE)
FULL-YEAR 2020 RESULTS
ROE 12%
ROTCE1 14%
CET1 Capital Ratios2
Std. 13.1%; Adv. 13.8%
Net payout LTM3,4
59%
FOURTH-QUARTER 2020 RESULTS5
Firmwide Metrics

ROE 19%
ROTCE 24%
n
Reported revenue of $29.2 billion; managed revenue of $30.2 billion1
nCredit costs net benefit of $1.9 billion included $2.9 billion of net reserve releases and $1.1 billion of net charge-offs
n
Average loans6 up 1%; average deposits up 35%
n
$1.4 trillion liquidity sources, including HQLA and unencumbered marketable securities7
CCB

4Q20 ROE 32%
2020 ROE 15%
nAverage deposits up 30%; client investment assets up 17%
n
Average loans6 down 6%; debit and credit card sales volume8 up 1%
nActive mobile customers up 10%
CIB

4Q20 ROE 26%
 2020 ROE 20%
n#1 ranking for Global Investment Banking fees with 9.2% wallet share for the year
nTotal Markets revenue of $5.9 billion, up 20%, with Fixed Income Markets up 15% and Equity Markets up 32%
CB

4Q20 ROE 36%
2020 ROE 11%
nGross Investment Banking revenue of $971 million, up 53%
nAverage loans up 1%; average deposits up 52%
AWM

4Q20 ROE 29%
2020 ROE 28%
nAssets under management (AUM) of $2.7 trillion, up 17%
nAverage deposits up 31%; average loans up 15%
Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase reported strong results in the fourth quarter of 2020, concluding a challenging year where we generated record revenue, benefiting from our diversified business model and dedicated employees. While we reported record profits of $12.1 billion, we do not consider the reserve takedown of $2.9 billion to represent core or recurring profits – essentially reserve calculations, while done extremely diligently and carefully, now involve multiple, multi-year hypothetical probability-adjusted scenarios, which may or may not occur and which can be expected to introduce quarterly volatility in our reserves. While positive vaccine and stimulus developments contributed to these reserve releases this quarter, our credit reserves of over $30 billion continue to reflect significant near-term economic uncertainty and will allow us to withstand an economic environment far worse than the current base forecasts by most economists.”

Dimon added: “In Consumer & Community Banking, deposits grew 30% or over $200 billion driven primarily by growth in the Federal Reserve’s balance sheet and the continuation of modest market share gains. Within our consumer lending franchise, auto and retail mortgage originations were both up more than 20%. Consumer spending continued to recover, as reflected in combined debit and credit card spend being up for the full quarter. The Corporate & Investment Bank delivered another impressive quarter with growth in Global Investment Banking fees of 34% and Markets revenue of 20%. With a record quarter, Commercial Banking earned $3.3 billion of investment banking revenue in 2020, surpassing its previous $3 billion long-term target. In Asset & Wealth Management, AUM grew 17% due to higher asset values and net inflows of over $190 billion into long-term and liquidity products over the last twelve months.”

Dimon concluded: “We ended the year with a CET1 ratio of 13.1% (vs. 12.4% at the beginning of the year) and capital above $200 billion, providing us with meaningful capacity to further invest in our business and communities, while returning capital to our shareholders. This increase in capital was after raising over $2 trillion of credit and capital for our consumer and institutional clients around the world, which includes nonprofits and U.S. government entities, including states, municipalities, hospitals and universities and adding net $12 billion to credit reserves. We also hold $1.4 trillion of cash and marketable securities, which is currently over $450 billion in excess of what is required. We opened branches in new markets, improved our digital capabilities, and made acquisitions that will enhance our product offerings and deepen our engagement with our customers. We also continued to invest in our communities – for example, through our initial commitments to support those most impacted by the pandemic and our longer-term commitment to advance racial equality and promote economic growth. Our earnings power and healthy capital position also provide us the flexibility to pay dividends and return excess capital to shareholders through share repurchases. I want to end by thanking our frontline colleagues and those working from home who quickly adapted to the pandemic and safely helped our clients, customers, communities and governments.”
SIGNIFICANT ITEMS
n    4Q20 results included $2.9 billion of credit reserve releases Firmwide ($0.72 increase in earnings per share (EPS))
CAPITAL DISTRIBUTED
n    Common dividend of $2.8 billion, or $0.90 per share
n    No repurchases in 4Q209; announced intention to begin repurchases in 1Q21
FORTRESS PRINCIPLES
n    Book value per share of $81.75, up 8%; tangible book value per share1 of $66.11, up 8%
n    Basel III common equity Tier 1 capital2 of $205 billion and Standardized ratio2 of 13.1%; Advanced ratio2 of 13.8%
n    Firm supplementary leverage ratio of 6.9%2



OPERATING LEVERAGE
n    4Q20 reported expense of $16.0 billion; reported overhead ratio of 55%; managed overhead ratio1 of 53%
SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES
n    $2.3 trillion of credit and capital10 raised in 2020
n    $226 billion of credit for consumers
n    $18 billion of credit for U.S. small businesses
n    $865 billion of credit for corporations
n    $1.1 trillion of capital raised for corporate clients and non-U.S. government entities
n    $103 billion of credit and capital raised for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities
n    $28 billion of loans under the Small Business Administration’s Paycheck Protection Program
Investor Contact: Reggie Chambers (212) 270-2479
Note: Totals may not sum due to rounding
1For notes on non-GAAP financial measures, including managed basis reporting, see page 6.
For additional notes see page 7.
Media Contact: Joseph Evangelisti (212) 270-7438

The following information was filed by Jpmorgan Chase Co (JPM) on Friday, January 15, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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