JPMorgan Chase Reports Record First-Quarter 2013 Net Income of $6.5 Billion, or a Record $1.59 Per Share, on Revenue1 of $25.8

  JPMorgan Chase Reports Record First-Quarter 2013 Net Income of $6.5 Billion,
  or a Record $1.59 Per Share, on Revenue1 of $25.8 Billion

                    17% Return on Tangible Common Equity^1

               Supported Consumers, Businesses and Communities

Business Wire

NEW YORK -- April 12, 2013

JPMorgan Chase & Co. (NYSE: JPM):

  *Strong performance across all businesses^2

       *Consumer & Community Banking deposits were up 10%; mortgage
         originations were up 37% to $52.7 billion; Credit Card sales volume^1
         was up 9%
       *Corporate & Investment Bank reported strong performance across
         products and maintained its #1ranking for Global Investment Banking
         fees; assets under custody were up 8% to $19.3trillion
       *Asset Management achieved its sixteenth consecutive quarter of
         positive net long-term client flows, a record of $31 billion for the
         first quarter; assets under supervision were a record $2.2 trillion;
         loan balances were up 27% to a record $81.4 billion

  *The Board intends to increase the second-quarter common stock dividend to
    $0.38 per share^3 from the current $0.30 per share; the Firm repurchased
    $2.6 billion of common equity in the first quarter and is authorized to
    repurchase an additional $6 billion of common equity through the first
    quarter of 2014
  *Fortress balance sheet strengthened

       *Basel I Tier 1 common^1 of $143 billion, or 10.2%
       *Estimated Basel III Tier 1 common^1 of 8.9%^4, up from 8.7% in the
         prior quarter
       *High Quality Liquid Assets^5 of $413 billion

  *First-quarter results included the following significant items

       *$650 million pretax benefit ($0.10 per share after-tax increase in
         earnings) from reduced mortgage loan loss reserves in Real Estate
         Portfolios
       *$500 million pretax benefit ($0.08 per share after-tax increase in
         earnings) from reduced credit card loan loss reserves in Card
         Services

  *JPMorgan Chase supported consumers, businesses and our communities

       *$480 billion of credit^1 provided and capital raised in the first
         quarter

            *$78 billion of credit^1 provided for consumers; originated more
              than 260,000 mortgages
            *Nearly $4 billion of credit^1 provided for U.S. small businesses
            *$123 billion of credit^1 provided for corporations
            *More than $255 billion of capital raised for clients
            *More than $17 billion of credit^1 provided and capital raised
              for nonprofit and government entities, including states,
              municipalities, hospitals and universities

       *Hired nearly 5,300 U.S. veterans and service members since the
         beginning of 2011

JPMorganChase & Co. (NYSE: JPM) today reported record net income of $6.5
billion for the first quarter of 2013, compared with net income of $4.9
billion in the first quarter of 2012. Earnings per share were a record $1.59,
compared with $1.19 in the first quarter of 2012. Revenue^1 for the quarter
was $25.8 billion, compared with $26.8 billion in the prior year. The Firm’s
return on tangible common equity^1 for the first quarter of 2013 was 17%,
compared with 15% in the prior year.

As previously announced, the Board of Directors intends to increase the
second-quarter common stock dividend to $0.38 per share^3 from the current
$0.30 per share, returning the dividend to its highest level. The Board has
also authorized the Firm to repurchase $6 billion of common equity commencing
with the second quarter of this year through the end of the first quarter of
2014. During the first quarter of 2013, the Firm repurchased $2.6 billion of
common equity. The Federal Reserve asked the Firm to submit by the end of the
third quarter an additional capital plan addressing the weaknesses it
identified in the Firm’s capital planning processes.The Firm is dramatically
increasing the resources deployed and intends to fully address their
requirements. Following their review, the Federal Reserve may require the Firm
to modify its capital distributions.

Jamie Dimon, Chairman and Chief Executive Officer, commented on the financial
results: “JPMorgan Chase had a very good start to the year. All our businesses
had strong performance, and our client franchises did exceptionally well. The
Corporate & Investment Bank was #1 in fees, global debt and equity, syndicated
loans, and announced M&A. Those leadership positions reflect the volume of
business we do with clients and it is a great result. Consumer & Community
Banking deposits were up 10% compared with the prior year, client investment
assets were up 15%, and mortgage loan originations were up 37%. Asset
Management also had strong performance with loan balances up 27% compared with
the prior year. Assets under supervision were up 8% to $2.2 trillion. This
business achieved a record $31 billion of net long-term client flows for the
first quarter.”

Dimon continued: “We are seeing positive signs that the economy is healthy and
getting stronger. Housing prices continued to improve and new home purchases
are also starting to come back. We also saw strong performance in our credit
card portfolio, with net charge-offs remaining near historic lows, another
sign that consumers are healthier and more confident. As a result, we reduced
the allowance for loan losses in Consumer & Community Banking in the first
quarter by a total of $1.2 billion and are likely to see further releases.
Credit conditions were also favorable across the wholesale loan portfolios.”

Dimon added: “The exception is that loan growth across the industry has been
softer this quarter, although year-on-year growth remained strong. Small
businesses remain cautious about the recovery and fiscal uncertainty, and are
not investing their capital.However, companies’ balance sheets are much
stronger than they were before the financial crisis and small businesses
remain well positioned to invest in growth once they decide to.With
approximately 2 million small business customers, Chase remains the nation’s
#1 Small Business Administration lender and we plan to serve more customers
when loan demand comes back.”

Commenting on the balance sheet, Dimon said: “We strengthened our fortress
balance sheet, ending the first quarter with Basel I Tier 1 common capital of
$143 billion and a resulting ratio^1 of 10.2%; this includes the impact of the
Basel 2.5 rules that became effective at the beginning of this year. We
estimate that our Basel III Tier 1 common ratio^1 was approximately 8.9%^4 at
the end of the first quarter, up from 8.7% in the fourth quarter.”

Dimon continued: “We are pleased that our capital strength and earnings power
will allow the Firm to return excess capital to our shareholders. We are also
doing our part to support the economic recovery, providing credit^1 and
raising capital totaling $480 billion for our clients in the first quarter. As
I said in my letter to shareholders distributed this week in the 2012 annual
report, we have work to do to strengthen our controls and carry out our
compliance mission. To do so, we have reprioritized our business agenda to
focus on this critical effort – it is the top priority for our company. There
is no room for compromise in meeting our obligations to comply with the new
regulatory requirements and ensure that our systems, practices, controls,
technology and, above all, culture meet the highest standards. And we will
continue to work with our regulators on our common interest – to build and
sustain a strong and safe financial system.”

Dimon concluded: “We are very pleased with our first-quarter results, are
proud of our accomplishments and remain optimistic about the future.”

^1 For notes on non-GAAP measures, including managed basis reporting, see page
13. ^ For additional notes on financial measures, see page 14.
^2 Percentage comparisons noted in the bullet points are calculated versus
prior-year first quarter.
^3 The Firm’s dividends are subject to the Board’s approval at the customary
times those dividends are declared.
^4 Includes the estimated impact of final Basel 2.5 rules and the Basel III
Advanced Notice of Proposed Rulemaking.
^5 High Quality Liquid Assets (“HQLA”) is the estimated amount of assets the
Firm believes will qualify for inclusion in the Liquidity Coverage Ratio based
on its current understanding of the rules.


In the discussion below of the business segments and of JPMorgan Chase as a
Firm, information is presented on a managed basis. For more information about
managed basis, as well as other non-GAAP financial measures used by management
to evaluate the performance of each line of business, see page 13. The
following discussion compares the first quarters of 2013 and 2012 unless
otherwise noted. Footnotes in the sections that follow are described on pages
13 and 14.

CONSUMER & COMMUNITY BANKING (CCB)


Results for                              4Q12             1Q12
CCB
($            1Q13     4Q12     1Q12     $ O/(U)  O/(U)  $       O/(U)
millions)                                               %       O/(U)    %
Net Revenue   $11,615  $12,378  $12,363  ($763)   (6)%   ($748)  (6)%
Provision
for Credit    549      1,091    642      (542)    (50)   (93)    (14)
Losses
Noninterest   6,790    7,966    7,038    (1,176)  (15)   (248)   (4)
Expense
Net Income    $2,586   $2,014   $2,936   $572     28%    ($350)  (12)%
                                                                     

Discussion of Results:

Net income was $2.6 billion, compared with $2.9billion in the prior year.

Net revenue was $11.6 billion, a decrease of $748 million, or 6%, compared
with the prior year. Net interest income was $7.2 billion, down $179 million,
or 2%, driven by lower deposit margins and lower loan balances due to
portfolio runoff, largely offset by higher deposit balances. Noninterest
revenue was $4.4billion, a decrease of $569million, or 11%, driven by lower
mortgage fees and related income.

The provision for credit losses was $549million, compared with $642million
in the prior year and $1.1billion in the prior quarter.The current-quarter
provision reflected a $1.2 billion reduction in the allowance for loan losses
and total net charge-offs of $1.7 billion. The prior-quarter provision
reflected a $700million reduction in the allowance for loan losses and total
net charge-offs of $1.8 billion.

Noninterest expense was $6.8billion, a decrease of $248million from the
prior year. The prior year included approximately $200 million for
foreclosure-related matters, including adjustments for the global settlement
with federal and state agencies.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted; banking
portal ranking is per compete.com, as of February 2013)

  *Return on equity was 23% on $46.0billion of average allocated capital.
  *Average total deposits were $441.3billion, up 10% from the prior year and
    4% from the prior quarter. Deposit growth was amongst the best in the
    industry^2.
  *Mortgage originations were $52.7 billion, up 37% from the prior year and
    3% from the prior quarter.
  *Credit Card sales volume^2 was $94.7billion, up 9% from the prior year
    and down 7% from the prior quarter; Card Services general purpose credit
    card sales volume growth has outperformed the industry since the first
    quarter of 2008^2.
  *Auto originations were $6.5 billion, up 12% from the prior year and 18%
    from the prior quarter.
  *Client investment assets were $168.5 billion, up 15% from the prior year
    and 6% from the prior quarter.
  *Number of active mobile customers was 13.3 million, up 32% compared with
    the prior year and 7% compared with the prior quarter.
  *Number of active online customers was 32.3 million, up 5% compared with
    the prior year and 4% compared with the prior quarter; Chase.com is the #1
    most visited banking portal in the U.S.
  *Winner of four TNS Choice Awards for 2013, more than any previous winner,
    recognizing superior performance in customer acquisition, retention,
    satisfaction and market share with consumer and affluent banking
    customers.
  *Number of branches was 5,632, an increase of 91 from the prior year and 18
    from the prior quarter.

Consumer & Business Banking net income was $641 million, a decrease of $133
million, or 17%, compared with the prior year.

Net revenue was $4.2 billion, down 2% compared with the prior year. Net
interest income was $2.6billion, down 4% compared with the prior year, driven
by the impact of lower deposit margins and fewer days in the period, largely
offset by the impact of higher deposit balances. Noninterest revenue was $1.6
billion, an increase of 1%, driven by higher debit card revenue and investment
sales revenue, largely offset by lower deposit-related fees.

The provision for credit losses and net charge-offs were both $61 million
(1.32% net charge-off rate). In the prior year, the provision for credit
losses and net charge-offs were both $96million (2.19% net charge-off rate).

Noninterest expense was $3.0 billion, up 6% from the prior year, primarily
driven by investments, including new branch builds, and a one-time cost
related to a contract renegotiation.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Return on equity was 24% on $11.0billion of average allocated capital.
  *Average total deposits were $421.1billion, up 11% from the prior year and
    4% from the prior quarter. Deposit growth was amongst the best in the
    industry^2.
  *Deposit margin was 2.36%, compared with 2.68% in the prior year and 2.44%
    in the prior quarter.
  *Accounts^2 totaled 28.5million, up 6% from the prior year and 2% from the
    prior quarter.
  *Average Business Banking loans were $18.7billion, up 6% from the prior
    year and 1% from the prior quarter; originations were $1.2 billion, down
    20% from the prior year and 19% from the prior quarter; Chase continues to
    be the #1 SBA lender^2.
  *Branch sales of investment products were up 40% compared with the prior
    year and 32% compared with the prior quarter.
  *Client investment assets were $168.5 billion, up 15% from the prior year
    and 6% from the prior quarter.
  *Chase Private Client branch locations totaled 1,392, an increase of 1,026
    from the prior year and 174 from the prior quarter.

Mortgage Banking net income was $673 million, a decrease of $306 million, or
31%, compared with prior year.

Net revenue was $2.7 billion, a decrease of $671 million compared with the
prior year. Net interest income was $1.2 billion, a decrease of $75 million.
Noninterest revenue was $1.5 billion, a decrease of $596million, driven by
lower mortgage fees and related income.

The provision for credit losses was a benefit of $198 million^2, compared with
a benefit of $192million in the prior year. The current quarter reflected a
$650 million reduction in the allowance for loan losses.

Noninterest expense was $1.8 billion, a decrease of $337 million from the
prior year, due to lower servicing expense.

Mortgage Production pretax income was $427million, a decrease of $317 million
from the prior year. Mortgage production-related revenue, excluding repurchase
losses, was $1.2billion, a decrease of $401million, or 25%, from the prior
year. These results reflected lower margins, partially offset by higher
volumes. Production expense^2 was $710 million, an increase of $137million
from the prior year, primarily reflecting higher volumes. Repurchase losses
were $81 million, compared with losses of $302 million in the prior year and a
benefit of $53 million in the prior quarter. The current quarter reflected a
$100 million reduction in the repurchase liability and lower realized
repurchase losses compared with prior year and prior quarter, primarily driven
by a decline in outstanding repurchase demands.

Mortgage Servicing pretax loss was $101 million, compared with a pretax loss
of $160million in the prior year. Mortgage servicing revenue, including
amortization, was $778 million, a decrease of $22million, or 3%, from the
prior year reflecting lower loan servicing revenue due to lower average
third-party mortgage loans serviced. Mortgage servicing rights (“MSR”) risk
management was a loss of $142 million, compared with MSR risk management
income of $191 million in the prior year, largely due to model assumption
updates, primarily driven by an improvement in housing price appreciation
assumptions. Servicing expense was $737million, a decrease of $414 million
from the prior year, which reflected the impact of approximately $200 million
for foreclosure-related matters in the prior year and lower servicing
headcount.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Mortgage Banking return on equity, including Mortgage Production,
    Servicing and Real Estate Portfolios, was 14% on $19.5billion of average
    allocated capital.
  *Mortgage originations were $52.7 billion, up 37% from the prior year and
    3% from the prior quarter.
  *Mortgage application volumes were $60.5 billion, up 1% from the prior year
    and down 8% from the prior quarter.
  *Total third-party mortgage loans serviced were $849.2 billion, down 4%
    from the prior year and 1% from the prior quarter.

Real Estate Portfolios pretax income was $784 million, compared with
$854million in the prior year. Net revenue was $945million, a decrease of
$136million, or 13%, from the prior year. The decrease was driven by a
decline in net interest income, resulting from lower loan balances due to
portfolio runoff.

The provision for credit losses reflected a benefit of $202 million, compared
with a benefit of $192million in the prior year. The current-quarter
provision reflected a $650 million reduction in the allowance for loan losses
due to lower estimated losses reflecting improved delinquency trends,
primarily in the home equity portfolio, including the impact of improved home
prices. Net charge-offs totaled $448million. Home equity net charge-offs were
$333million (2.04% net charge-off rate^1), compared with $542 million (2.85%
net charge-off rate^1) in the prior year. Subprime mortgage net charge-offs
were $67 million (3.34% net charge-off rate^1), compared with $130million
(5.51% net charge-off rate^1). Prime mortgage, including option ARMs, net
charge-offs were $44million (0.43% net charge-off rate^1), compared with $131
million (1.21% net charge-off rate^1).

Noninterest expense was $363million, a decrease of $56million compared with
the prior year, primarily driven by lower foreclosed asset expense due to
lower foreclosure inventory.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted. Average
loans include PCI loans)

  *Average home equity loans were $86.9billion, down $12.2 billion.
  *Average mortgage loans were $88.3 billion, down $7.2billion.
  *Allowance for loan losses was $9.9 billion, compared with $13.4 billion.
  *Allowance for loan losses to ending loans retained, excluding PCI loans^1,
    was 3.66%, compared with 6.01%.

Card, Merchant Services & Auto net income was $1.3 billion, an increase of $89
million, or 8%, compared with the prior year, driven by lower noninterest
expense.

Net revenue was $4.7 billion, flat compared with the prior year. Net interest
income was $3.5billion, flat compared with the prior year. The impact of
lower average credit card loan balances was offset by lower revenue reversals
associated with lower net charge-offs in credit card. Noninterest revenue was
$1.3billion, relatively flat compared with the prior year. The impact of
higher net interchange and merchant servicing revenue was offset by a gain on
an investment security in the prior year.

The provision for credit losses was $686 million, compared with $738million
in the prior year and $1.3billion in the prior quarter. The current-quarter
provision reflected lower net charge-offs and a $500million reduction in the
allowance for loan losses due to lower estimated losses reflecting improved
delinquency trends. The prior-year provision included a $750 million reduction
in the allowance for loan losses. The Credit Card net charge-off rate^1 was
3.55%, down from 4.37% in the prior year and up from 3.50% in the prior
quarter; the 30+ day delinquency rate^1 was 1.94%, down from 2.55% in the
prior year and 2.10% in the prior quarter. The Auto net charge-off rate was
0.32%, up from 0.28% in the prior year and down from 0.36% in the prior
quarter.

Noninterest expense was $1.9 billion, a decrease of $86 million, or 4% from
the prior year, driven by an expense recorded in the prior year related to a
non-core product.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Return on equity was 33% on $15.5billion of average allocated capital.
  *Credit Card average loans were $123.6billion, down 3% from prior year and
    1% from the prior quarter.
  *#1 credit card issuer in the U.S. based on outstandings^2; #1 Global Visa
    issuer ^ based on consumer and business credit card sales volume^2.
  *Credit Card sales volume^2 was $94.7billion, up 9% from the prior year
    and down 7% from the prior quarter; Card Services general purpose credit
    card sales volume growth has outperformed the industry since the first
    quarter of 2008.^2
  *Card Services net revenue as a percentage of average loans was 12.83%,
    compared with 12.22% in the prior year and 12.82% in the prior quarter.
  *Merchant processing volume was $175.8 billion, up 15% from the prior year
    and down 2% from the prior quarter; total transactions processed were
    8.3billion, up 22% from the prior year and 1% from the prior quarter.
  *Average auto loans were $50.0 billion, up 5% from the prior year and 2%
    from the prior quarter.
  *Auto originations were $6.5 billion, up 12% from the prior year and 18%
    from the prior quarter.

CORPORATE & INVESTMENT BANK (CIB)


Results for                              4Q12             1Q12
CIB
($ millions)    1Q13     4Q12    1Q12    $ O/(U)  O/(U)  $      O/(U)
                                                        %       O/(U)   %
Net Revenue     $10,140  $7,642  $9,338  $2,498   33%    $802   9%
Provision for   11       (445)   (3)     456      NM     14     NM
Credit Losses
Noninterest     6,111    4,996   6,211   1,115    22     (100)  (2)
Expense
Net Income      $2,610   $2,005  $2,033  $605     30%    $577   28%
                                                                    

Discussion of Results:

Net income was $2.6billion, up 28% compared with the prior year. These
results reflected higher net revenue and lower noninterest expense. Net
revenue was $10.1billion, compared with $9.3billion in the prior year. Net
revenue included a $126 million gain from debit valuation adjustments (“DVA”)
on structured notes and derivative liabilities resulting from the widening of
the Firm’s credit spreads; the prior year included a loss from DVA of $907
million. Excluding the impact of DVA, net income was $2.5 billion^1 and net
revenue was $10.0 billion^1, both down 2% from the prior year.

Banking revenue was $3.0 billion, compared with $2.6 billion in the prior
year. Investment banking fees were $1.4 billion (up 4%), driven by higher debt
underwriting fees totaling $905 million (up 11%), partially offset by lower
advisory fees of $255million (down 9%); equity underwriting fees were $273
million, flat compared with the prior year. Treasury Services revenue was $1.0
billion, flat compared with the prior year. Lending revenue was $498million,
compared with $222 million in the prior year, driven by net interest income on
retained loans and fees on lending-related commitments, as well as gains on
securities received from restructured loans.

Markets & Investor Services revenue was $7.2 billion, up 7% from the prior
year. Fixed Income and Equity Markets combined revenue was $6.1billion, down
5% from the prior year, reflecting solid client revenue, but lower rates
product revenue compared with a particularly strong prior year. Securities
Services revenue was $974 million, flat from the prior year. Credit
Adjustments & Other revenue was $99 million, compared with a loss of $713
million in the prior year; both periods were driven by the impact of DVA.

The provision for credit losses was $11 million, compared with a benefit in
the prior year of $3 million. The ratio of the allowance for loan losses to
end-of-period loans retained was 1.11%, compared with 1.34% in the prior year.
Excluding the impact of the consolidation of Firm-administered multi-seller
conduits and trade finance loans, the ratio of the allowance for loan losses
to end-of-period loans retained^1 was 2.17%, compared with 2.93% in the prior
year.

Noninterest expense was $6.1 billion, down 2% from the prior year, driven by
lower compensation expense and lower noncompensation expense related to
efficiency initiatives, largely offset by higher litigation expense. The
compensation ratio ^ for the current quarter was 34%, excluding the impact of
DVA^1.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted, and all
rankings are according to Dealogic)

  *Ranked #1 in Global Investment Banking Fees for the three months ended
    March 31, 2013.
  *Ranked #1 in Global Debt, Equity and Equity-related; #1 in Global
    Long-Term Debt; #1 in Global Syndicated Loans; #1 in Global Announced M&A;
    and #6 in Global Equity and Equity-related, based on volume, for the three
    months ended March 31, 2013.
  *Average client deposits and other third-party liabilities were $357.3
    billion, flat from the prior year and down 3% from the prior quarter.
  *Assets under custody were $19.3 trillion, up 8% from the prior year and 2%
    from the prior quarter.
  *International revenue was $4.9 billion, up 8% from the prior year,
    representing 49% of total revenue (and 49% of total revenue excluding
    DVA^1).
  *Return on equity was 19% on $56.5billion of average allocated capital
    (18% ^ excluding DVA^1).
  *End-of-period total loans were $117.5 billion, up 3% from the prior year
    and 2% from the prior quarter. Nonaccrual loans were $444 million, down
    50% from the prior year and 28% from the prior quarter.
  *End-of-period trade finance loans were $39.0 billion, up 9% from both the
    prior year and the prior quarter.

COMMERCIAL BANKING (CB)


Results for                             4Q12             1Q12
CB
($ millions)    1Q13    4Q12    1Q12    $       O/(U)   $       O/(U)
                                             O/(U)    %        O/(U)    %
Net Revenue     $1,673  $1,745  $1,657  ($72)   (4)%    $16     1%
Provision for   39      (3)     77      42      NM      (38)    (49)
Credit Losses
Noninterest     644     599     598     45      8       46      8
Expense
Net Income      $596    $692    $591    ($96)   (14)%   $5      1%
                                                                    

Discussion of Results:

Net income was $596million, flat compared with the prior year, reflecting a
lower provision for credit losses and an increase in net revenue,
predominantly offset by higher noninterest expense.

Net revenue was $1.7billion, an increase of $16 million, essentially flat
compared with the prior year. Net interest income was $1.1billion, an
increase of $38million, or 3%, driven by growth in loan balances, partially
offset by lower purchase discounts recognized on loan repayments and spread
compression on loan products. Noninterest revenue was $535million, down $22
million, or 4%, driven by lower community development investment-related
revenue and lower lending-related fees.

Revenue from Middle Market Banking was $753 million, an increase of $22
million, or 3%, from the prior year. Revenue from Corporate Client Banking was
$433million, flat compared with the prior year. Revenue from Commercial Term
Lending was $291million, flat compared with the prior year. Revenue from Real
Estate Banking was $112million, an increase of $7 million, or 7%, from the
prior year.

The provision for credit losses was $39 million, compared with $77 million in
the prior year. Net recoveries were $7 million (0.02% net recovery rate),
compared with net charge-offs of $12million (0.04% net charge-off rate) in
the prior year and net charge-offs of $50million (0.16% net charge-off rate)
in the prior quarter. The allowance for loan losses to period-end loans
retained was 2.05%, down from 2.32% in the prior year and 2.06% in the prior
quarter. Nonaccrual loans were $669million, down $335million, or 33%, from
the prior year due to repayments, charge-offs and loan sales, and flat
compared with the prior quarter.

Noninterest expense was $644million, an increase of $46 million, or 8%, from
the prior year, reflecting higher headcount-related^2 expense and increased
operatingexpense for Commercial Card.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Return on equity was 18% on $13.5 billion of average allocated capital.
  *Overhead ratio was 38%, compared with 36% in the prior year.
  *Gross investment banking revenue (which is shared with the Corporate &
    Investment Bank) was $341 million, flat compared with the prior year and
    down 23% compared with the prior quarter.
  *Average loan balances were $129.3 billion^2, up 14% compared with the
    prior year and 3% compared with the prior quarter.
  *End-of-period loan balances were $130.4billion^2, up 13% compared with
    the prior year and 2% compared with the prior quarter.
  *Average client deposits and other third-party liabilities were $196.0
    billion, down 2% compared with the prior year and 2% compared with the
    prior quarter.

ASSET MANAGEMENT (AM)


Results for                             4Q12             1Q12
AM
($ millions)    1Q13    4Q12    1Q12    $ O/(U)  O/(U)  $       O/(U)
                                                       %       O/(U)    %
Net Revenue     $2,653  $2,753  $2,370  ($100)   (4)%   $283    12%
Provision for   21      19      19      2        11     2       11
Credit Losses
Noninterest     1,876   1,943   1,729   (67)     (3)    147     9
Expense
Net Income      $487    $483    $386    $4       1%     $101    26%
                                                                    

Discussion of Results:

Net income was $487million, an increase of $101 million, or 26%, from the
prior year. These results reflect higher net revenue, largely offset by higher
noninterest expense.

Net revenue was $2.7billion, an increase of $283million, or 12%, from the
prior year. Noninterest revenue was $2.1billion, up $207million, or 11%,
from the prior year, due to net client inflows, higher performance fees and
the effect of higher market levels. Net interest income was $559million, up
$76million, or 16%, due to higher loan and deposit balances.

Revenue from Private Banking was $1.4 billion, up 13% from the prior year.
Revenue from Retail was $618million, up 16%. Revenue from Institutional was
$589 million, up 6%.

Assets under supervision were a record $2.2 trillion, an increase of
$158billion, or 8%, from the prior year. Assets under management were a
record $1.5 trillion, an increase of $101 billion, or 7%, due to net inflows
to long-term products and the effect of higher market levels, partially offset
by net outflows from liquidity products. Custody, brokerage, administration
and deposit balances were $688billion, up $57billion, or 9%, due to the
effect of higher market levels and custody and brokerage inflows.

The provision for credit losses was $21million, compared with $19 million in
the prior year.

Noninterest expense was $1.9 billion, an increase of $147 million, or 9%, from
the prior year, primarily due to higher headcount-related^2 expense and
performance-based compensation.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Pretax margin^2 was 29%, up from 26% in the prior year.
  *Return on equity was 22% on $9 billion of average allocated capital.
  *For the 12 months ended March 31, 2013, assets under management reflected
    net inflows of $53 billion, driven by net inflows of $74 billion to
    long-term products and net outflows of $21 billion from liquidity
    products. For the quarter, net inflows were $28 billion reflecting record
    net inflows of $31 billion to long-term products.
  *Net long-term client flows were positive for the sixteenth consecutive
    quarter.
  *Assets under management ranked in the top two quartiles for investment
    performance were 75% over 5 years, 74% over 3 years and 70% over 1 year.
  *Customer assets in 4 and 5 Star-rated funds were 51% of all rated mutual
    fund assets.
  *Record assets under supervision were $2.2 trillion, up 8% from the prior
    year and 4% from the prior quarter.
  *Record average loans were $80.0billion, up 35% from the prior year and 5%
    from the prior quarter.
  *Record end-of-period loans were $81.4billion, up 27% from the prior year
    and 1% from the prior quarter.
  *Record average deposits were $139.4 billion, up 9% from the prior year and
    4% from the prior quarter.

CORPORATE/PRIVATE EQUITY


Results for
                                              4Q12            1Q12
Corporate/Private
Equity
($ millions)        1Q13    4Q12    1Q12      $       O/(U)  $ O/(U)   O/(U)
                                                   O/(U)    %                  %
Net Revenue         ($233)  ($140)  $1,029    ($93)   (66)%  ($1,262)  NM
Provision for       (3)     (6)     (9)       3       50     6         67%
Credit Losses
Noninterest         2       543     2,769     (541)   (100)  (2,767)   (100)%
Expense
Net Income/(Loss)   $250    $498    ($1,022)  ($248)  (50)%  $1,272    NM
                                                                           

Discussion of Results:

Net income was $250 million, compared with a net loss of $1.0 billion in the
prior year.

Private Equity reported a net loss of $182 million, compared with net income
of $134 million in the prior year. Net revenue was a loss of $276 million,
compared with net revenue of $254 million in the prior year, primarily due to
higher net valuation losses on private investments.

Treasury and CIO reported net income of $24 million, compared with a net loss
of $227 million in the prior year. Net revenue was $113 million, compared with
a loss of $233 million in the prior year. Net revenue included net securities
gains of $503 million from sales of available-for-sale investment securities
during the current quarter. Net interest income was a loss of $472 million due
to low interest rates and limited reinvestment opportunities.

Other Corporate reported net income of $408 million, compared with a net loss
of $929 million in the prior year. The current quarter included an after-tax
benefit of $227 million for tax adjustments. The prior-year noninterest
expense included $2.5 billion of additional litigation reserves.

JPMORGAN CHASE (JPM)^(*)


Results for                              4Q12            1Q12
JPM
($            1Q13     4Q12     1Q12     $       O/(U)  $ O/(U)  O/(U)
millions)                                     O/(U)    %                 %
Net Revenue   $25,848  $24,378  $26,757  $1,470  6%     ($909)   (3)%
Provision
for Credit    617      656      726      (39)    (6)    (109)    (15)
Losses
Noninterest   15,423   16,047   18,345   (624)   (4)    (2,922)  (16)
Expense
Net Income    $6,529   $5,692   $4,924   $837    15%    $1,605   33%

(*) Presented on a managed basis. See notes on page 13 for further explanation
of managed basis. Net revenue on a U.S. GAAP basis totaled $25,122 million,
$23,653million, and $26,052 million for the first quarter of 2013, fourth
quarter of 2012, and first quarter of 2012, respectively.

Discussion of Results:

Net income was $6.5 billion, up $1.6 billion, or 33%, from the prior year. The
increase in earnings was driven by lower noninterest expense and lower
provision for credit losses, partially offset by lower revenue.

Net revenue was $25.8 billion, down $909 million, or 3%, compared with the
prior year. Noninterest revenue was $14.8 billion, down $167 million, compared
with the prior year. The current-quarter revenue included a $126 million gain
from DVA on certain structured notes and derivative liabilities resulting from
the widening of the Firm’s credit spreads. Net interest income was $11.1
billion, down $742million, or 6%, compared with the prior year, reflecting
the impact of low interest rates, as well as lower loan yields due to
competitive pressures and portfolio run-off, lower investment securities
yield, and limited reinvestment opportunities, partially offset by lower
long-term debt costs, primarily due to a change in mix and lower deposit
costs.

The provision for credit losses was $617 million, down $109 million, or 15%,
from the prior year. The total consumer provision for credit losses was $545
million, down $92 million from the prior year. The current-quarter consumer
provision included a $1.2 billion reduction in the allowance for loan losses
reflecting improved delinquency trends and lower estimated losses in the
mortgage and credit card portfolios. Consumer net charge-offs were $1.7
billion, compared with $2.4 billion in the prior year, resulting in net
charge-off rates of 1.92% and 2.60%, respectively. The decrease in consumer
net charge-offs was primarily due to improved delinquency trends. The
wholesale provision for credit losses was $72million, compared with $89
million in the prior year. Wholesale net charge-offs were $35million,
compared with $5 million in the prior year, resulting in net charge-off rates
of 0.05% and 0.01%, respectively. The Firm’s allowance for loan losses to
end-of-period loans retained^1 was 2.27%, compared with3.11% in the prior
year. The Firm’s nonperforming assets totaled $11.6billion at March 31, 2013,
down from $11.7 billion in the prior quarterand down from $12.0 billion in
the prior year.

Noninterest expense was $15.4 billion, down $2.9 billion, or 16%, compared
with the prior year. The prior-year noninterest expense included $2.5 billion
of additional litigation reserves.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Basel I Tier 1 common ratio^1 was 10.2% at March 31, 2013, including the
    impact of the Basel 2.5 rules that became effective on January 1, 2013.
  *Headcount was 255,898, a decrease of 5,271, compared with the prior year.

1.  Notes on non-GAAP financial measures:
     
     In addition to analyzing the Firm’s results on a reported basis,
     management reviews the Firm’s results and the results of the lines of
     business on a “managed” basis, which is a non-GAAP financial measure. The
     Firm’s definition of managed basis starts with the reported U.S. GAAP
     results and includes certain reclassifications to present total net
     revenue for the Firm (and each of the business segments) on a fully
     taxable-equivalent (“FTE”) basis. Accordingly, revenue from investments
a.   that receive tax credits and tax-exempt securities is presented in the
     managed results on a basis comparable to taxable securities and
     investments. This non-GAAP financial measure allows management to assess
     the comparability of revenue arising from both taxable and tax-exempt
     sources. The corresponding income tax impact related to tax-exempt items
     is recorded within income tax expense. These adjustments have no impact
     on net income as reported by the Firm as a whole or by the lines of
     business.
     
     The ratio of the allowance for loan losses to end-of-period loans
     excludes the following: loans accounted for at fair value and loans
     held-for-sale; purchased credit-impaired (“PCI”) loans; and the allowance
     for loan losses related to PCI loans. Additionally, Real Estate
     Portfolios net charge-off rates exclude the impact of PCI loans. The
b.   allowance for loan losses related to the PCI portfolio totaled $5.7
     billion at March 31, 2013, December 31, 2012, and March 31, 2012. In
     Corporate & Investment Bank, the ratio of the allowance for loan losses
     to end-of-period loans is calculated excluding the impact of trade
     finance loans and consolidated Firm-administered multi-seller conduits,
     as well as their related allowances, to provide a more meaningful
     assessment of the CIB’s allowance coverage.
     
     Tangible common equity (“TCE”) represents common stockholders’ equity
     (i.e., total stockholders’ equity less preferred stock) less goodwill and
     identifiable intangible assets (other than MSRs), net of related deferred
c.   tax liabilities. Return on tangible common equity measures the Firm’s
     earnings as a percentage of average TCE. In management’s view, these
     measures are meaningful to the Firm, as well as to analysts and
     investors, in assessing the Firm’s use of equity and in facilitating
     comparisons with peers.
     
     The Tier 1 common ratio under both Basel I and Basel III are both
     non-GAAP financial measures. These measures are used by management, bank
     regulators, investors and analysts to assess the Firm’s capital position
     and to compare the Firm’s capital to that of other financial services
     companies. The Basel I Tier 1 common ratio is Tier 1 common capital
     divided by Basel I risk-weighted assets. Tier 1 common capital is defined
     as Tier 1 capital less elements of Tier 1 capital not in the form of
     common equity, such as perpetual preferred stock, noncontrolling
     interests in subsidiaries, and trust preferred securities. In December
     2010, the Basel Committee issued its final version of the Basel Capital
     Accord, commonly referred to as “Basel III.” In June 2012, U.S. federal
d.   banking agencies also published a Notice of Proposed Rulemaking (the
     “NPR”) for implementing Basel III in the United States. Basel III revised
     Basel II by, among other things, narrowing the definition of capital, and
     increasing capital requirements for specific exposures. Basel III also
     includes higher capital ratio requirements. The Firm’s estimate of its
     Tier 1 common ratio under Basel III reflects the Firm’s current
     understanding of the Basel III rules based on information currently
     published by the Basel Committee and U.S. federal banking agencies and on
     the application of such rules to its businesses as currently conducted;
     it excludes the impact of any changes the Firm may make in the future to
     its businesses as a result of implementing the Basel III rules, possible
     enhancements to certain market risk models, and any further
     implementation guidance from the regulators.
     
     In Consumer & Community Banking, supplemental information is provided for
e.   Card Services to provide more meaningful measures that enable
     comparability with prior periods. The net charge-off and 30+ day
     delinquency rates presented include loans held-for-sale.
     
     Corporate & Investment Bank provides several measures which exclude the
     impact of debit valuation adjustments (“DVA”) on: net revenue, net
f.   income, compensation ratio, and return on equity. These measures are used
     by management to assess the underlying performance of the business and
     for comparability with peers.

   
2.   Additional notes on financial measures:
     
     Headcount-related expense includes salary and benefits (excluding
a.   performance-based incentives), and other noncompensation costs related to
     employees.
     
     Consumer & Community Banking deposit rankings are based on the Firm’s and
     peer disclosures for 2012. The Consumer & Business Banking SBA ranking is
b.   based on number of loans from October 2012 to February 2013 (SBA fiscal
     year to date). Accounts includes checking accounts and Chase Liquid^SM
     cards (launched 2Q12).
     
     Mortgage Banking provision for credit losses is included in the
c.   functional results of Real Estate Portfolios and in production expense
     for Mortgage Production.
     
     Credit card sales volume is presented excluding Commercial Card. Rankings
d.   and comparison of general purpose credit card sales volume are based on
     disclosures by peers and internal estimates. Rankings are as of the
     fourth quarter of 2012.
     
     In Commercial Banking, effective January 1, 2013, whole loan financing
e.   agreements, previously reported as other assets, were reclassified as
     loans. For the quarter ended March 31, 2013, the impact on period-end
     loans and average loans was $1.7 billion and $1.6 billion, respectively.
     
     Asset Management pretax margin represents income before income tax
     expense divided by total net revenue, which is, in management’s view, a
f.   comprehensive measure of pretax performance derived by measuring earnings
     after all costs are taken into consideration. It is, therefore, another
     basis that management uses to evaluate the performance of AM against the
     performance of their respective peers.
     
     The amount of credit provided to clients represents new and renewed
     credit, including loans and commitments. The amount of credit provided to
     small businesses reflects loans and increased lines of credit provided by
g.   Consumer & Business Banking; Card, Merchant Services & Auto; and
     Commercial Banking. The amount of credit provided to nonprofit and
     government entities, including states, municipalities, hospitals and
     universities, represents that provided by the Corporate & Investment Bank
     and Commercial Banking.
     

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $2.4trillion and operations worldwide. The firm is a leader in
investment banking, financial services for consumers and small businesses,
commercial banking, financial transaction processing, asset management and
private equity. A component of the Dow Jones Industrial Average, JPMorgan
Chase & Co. serves millions of consumers in the United States and many of the
world’s most prominent corporate, institutional and government clients under
its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is
available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today at 8:30 a.m. (Eastern
Time) to present first-quarter financial results. The general public can
access the call by dialing (866) 541-2724 or (877) 368-8360 in the U.S. and
Canada, or (706) 634-7246 for international participants. Please dial in 10
minutes prior to the start of the call. The live audio webcast and
presentation slides will be available on the Firm’s website,
www.jpmorganchase.com, under Investor Relations, Investor Presentations.

A replay of the conference call will be available beginning at approximately
noon on April 12, 2013 through midnight, April 26, 2013 by telephone at (855)
859-2056 or (800) 585-8367 (U.S. and Canada) or (404) 537-3406
(international); use Conference ID# 10654788. The replay will also be
available via webcast on www.jpmorganchase.com under Investor Relations,
Investor Presentations. Additional detailed financial, statistical and
business-related information is included in a financial supplement. The
earnings release and the financial supplement are available at
www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on the current beliefs and expectations of JPMorgan Chase & Co.’s
management and are subject to significant risks and uncertainties. Actual
results may differ from those set forth in the forward-looking statements.
Factors that could cause JPMorgan Chase & Co.’s actual results to differ
materially from those described in the forward-looking statements can be found
in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended
December 31, 2012, which has been filed with the Securities and Exchange
Commission and is available on JPMorgan Chase & Co.’s website
(http://investor.shareholder.com/jpmorganchase) and on the Securities and
Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not
undertake to update the forward-looking statements to reflect the impact of
circumstances or events that may arise after the date of the forward-looking
statements.

                                                                                                      
                                                                                                      
JPMORGAN CHASE & CO.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(in millions, except per share, ratio and headcount data)
                    
                        QUARTERLY TRENDS
                                                                                1Q13 Change
SELECTED INCOME         1Q13                  4Q12                1Q12                4Q12     1Q12
STATEMENT DATA
Reported Basis
Total net revenue       $ 25,122              $ 23,653            $ 26,052            6     %   (4  ) %
Total noninterest       15,423                16,047              18,345              (4  )     (16 )
expense
Pre-provision           9,699                 7,606               7,707               28        26
profit
Provision for           617                   656                 726                 (6  )     (15 )
credit losses
NET INCOME              6,529                 5,692               4,924               15        33
                                                                                                      
Managed Basis (a)
Total net revenue       25,848                24,378              26,757              6         (3  )
Total noninterest       15,423                16,047              18,345              (4  )     (16 )
expense
Pre-provision           10,425                8,331               8,412               25        24
profit
Provision for           617                   656                 726                 (6  )     (15 )
credit losses
NET INCOME              6,529                 5,692               4,924               15        33
                                                                                                      
PER COMMON SHARE
DATA
Basic earnings          1.61                  1.40                1.20                15        34
Diluted earnings        1.59                  1.39                1.19                14        34
                                                                                                      
Cash dividends          0.30                  0.30                0.30                -         -
declared
Book value              52.02                 51.27               47.48               1         10
Tangible book           39.54                 38.75               34.79               2         14
value (b)
                                                                                                      
Closing share           47.46                 43.97               45.98               8         3
price (c)
Market                  179,863               167,260             175,737             8         2
capitalization
                                                                                                      
COMMON SHARES
OUTSTANDING
Average: Basic          3,818.2               3,806.7             3,818.8             -         -
Diluted                 3,847.0               3,820.9             3,833.4             1         -
Common shares at        3,789.8               3,804.0             3,822.0             -         (1  )
period-end
                                                                                                      
FINANCIAL RATIOS
(d)
Return on common        13            %       11            %     11            %
equity ("ROE")
Return on
tangible common         17                    15                  15
equity ("ROTCE")
(b)
Return on assets        1.14                  0.98                0.88
Return on
risk-weighted           1.88          (i)     1.76                1.57
assets (e)(f)
                                                                                                      
CAPITAL RATIOS
(f)
Tier 1 capital          11.6          (i)     12.6                11.9
ratio
Total capital           14.1          (i)     15.3                14.9
ratio
Tier 1 common           10.2          (i)     11.0                9.8
capital ratio (g)
                                                                                                      
SELECTED BALANCE
SHEET DATA
(period-end)
Total assets            $ 2,389,349           $ 2,359,141         $ 2,320,164         1         3
Loans:
Consumer,
excluding credit        290,082               292,620             304,770             (1  )     (5  )
card loans
Credit card loans       121,865               127,993             125,331             (5  )     (3  )
Wholesale loans         316,939              313,183            290,866            1         9
Total Loans             728,886               733,796             720,967             (1  )     1
Deposits                1,202,507             1,193,593           1,128,512           1         7
Common
stockholders'           197,128               195,011             181,469             1         9
equity
Total
stockholders'           207,086               204,069             189,269             1         9
equity
                                                                                                      
Deposits-to-loans       165           %       163           %     157           %
ratio
                                                                                                      
Headcount (h)           255,898               258,753             261,169             (1  )     (2  )
                                                                                                      
LINE OF BUSINESS
NET INCOME/(LOSS)
Consumer &              $ 2,586               $ 2,014             $ 2,936             28        (12 )
Community Banking
Corporate &             2,610                 2,005               2,033               30        28
Investment Bank
Commercial              596                   692                 591                 (14 )     1
Banking
Asset Management        487                   483                 386                 1         26
Corporate/Private       250                  498                (1,022      )       (50 )     NM
Equity
NET INCOME              $ 6,529              $ 5,692            $ 4,924            15        33


 (a)  For a further discussion of managed basis, see Note (a) on page 13.
        Tangible book value per share and ROTCE are non-GAAP financial
        measures. Tangible book value per share represents the Firm's tangible
  (b)   common equity divided by period-end common shares. ROTCE measures the
        Firm's annualized earnings as a percentage of tangible common equity.
        For further discussion of these measures, see page 42 of the Earnings
        Release Financial Supplement.
        Share prices shown for JPMorgan Chase's common stock are from the New
  (c)   York Stock Exchange. JPMorgan Chase's common stock is also listed and
        traded on the London Stock Exchange and the Tokyo Stock Exchange.
  (d)   Ratios are based upon annualized amounts.
  (e)   Return on Basel I risk-weighted assets is the annualized earnings of
        the Firm divided by its average risk-weighted assets.
        In the first quarter of 2013, the Firm implemented rules that provide
        for additional capital requirements for trading positions and
  (f)   securitizations (“Basel 2.5”). This implementation resulted in an
        increase to risk-weighted assets of approximately $150 billion and
        decreases to the Firm’s Tier 1 capital, Total capital and Tier 1
        common capital ratios of 140 bps, 160 bps, and 120 bps, respectively.
        Basel I Tier 1 common capital ratio (“Tier 1 common ratio”) is Tier 1
        common capital (“Tier 1 common”) divided by risk-weighted assets. The
  (g)   Firm uses Tier 1 common capital along with the other capital measures
        to assess and monitor its capital position. For further discussion of
        the Tier 1 common capital ratio, see page 42 of the Earnings Release
        Financial Supplement.
        Effective January 1, 2013, interns are excluded from the Firmwide and
  (h)   business segment headcount metrics. Prior periods were revised to
        conform with this presentation.
  (i)   Estimated.
        

Contact:

JPMorganChase & Co.
Investor Contact:
Sarah Youngwood, 212-270-7325
or
Media Contact:
Joe Evangelisti, 212-270-7438
 
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