JP Morgan Chase 2005 Annual Report Download - page 131

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JPMorgan Chase & Co. /2005 Annual Report 129
Income before
For the year ended December 31, (in millions)(a) Revenue(b) Expense(c) income taxes Net income
2005
Europe/Middle East and Africa $ 7,708 $ 5,454 $ 2,254 $ 1,547
Asia and Pacific 2,840 2,048 792 509
Latin America and the Caribbean 969 497 472 285
Other 165 89 76 44
Total international 11,682 8,088 3,594 2,385
Total U.S. 42,851 34,230 8,621 6,098
Total $ 54,533 $ 42,318 $ 12,215 $ 8,483
2004
Europe/Middle East and Africa $ 6,566 $ 4,635 $ 1,931 $ 1,305
Asia and Pacific 2,631 1,766 865 547
Latin America and the Caribbean 816 411 405 255
Other 112 77 35 25
Total international 10,125 6,889 3,236 2,132
Total U.S. 32,972 30,014 2,958 2,334
Total $ 43,097 $ 36,903 $ 6,194 $ 4,466
2003
Europe/Middle East and Africa $ 6,344 $ 4,076 $ 2,268 $ 1,467
Asia and Pacific 1,902 1,772 130 91
Latin America and the Caribbean 1,000 531 469 287
Other 50 17 33 34
Total international 9,296 6,396 2,900 1,879
Total U.S. 24,088 16,960 7,128 4,840
Total $ 33,384 $ 23,356 $ 10,028 $ 6,719
(a) 2004 results include six months of the combined Firm’s results and six months of heritage JPMorgan Chase results. 2003 reflects the results of heritage JPMorgan Chase only.
(b) Revenue is composed of Net interest income and noninterest revenue.
(c) Expense is composed of Noninterest expense and Provision for credit losses.
Note 30 – International operations
The following table presents income statement information of JPMorgan
Chase by major geographic area. The Firm defines international activities as
business transactions that involve customers residing outside of the United
States, and the information presented below is based primarily upon the
domicile of the customer. However, many of the Firm’s U.S. operations serve
international businesses.
As the Firm’s operations are highly integrated, estimates and subjective
assumptions have been made to apportion revenue and expense between
U.S. and international operations. These estimates and assumptions are
consistent with the allocations used for the Firm’s segment reporting as set
forth in Note 31 on pages 130–131 of this Annual Report.
The Firm’s long-lived assets for the periods presented are not considered by
management to be significant in relation to total assets. The majority of the
Firm’s long-lived assets are located in the United States.