JP Morgan Chase 2009 Annual Report Download - page 148
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Consolidated statements of income
JPMorgan Chase & Co./2009 Annual Report
146
Year ended December 31, (in millions, except per share data) 2009 2008 2007
Revenue
Investment banking fees $ 7,087 $ 5,526 $ 6,635
Principal transactions 9,796 (10,699) 9,015
Lending- and deposit-related fees 7,045 5,088 3,938
Asset management, administration and commissions 12,540 13,943 14,356
Securities gains(a) 1,110 1,560 164
Mortgage fees and related income 3,678 3,467 2,118
Credit card income 7,110 7,419 6,911
Other income 916 2,169 1,829
Noninterest revenue 49,282 28,473 44,966
Interest income 66,350 73,018 71,387
Interest expense 15,198 34,239 44,981
Net interest income 51,152 38,779 26,406
Total net revenue 100,434 67,252 71,372
Provision for credit losses 32,015 20,979 6,864
Noninterest expense
Compensation expense 26,928 22,746 22,689
Occupancy expense 3,666 3,038 2,608
Technology, communications and equipment expense 4,624 4,315 3,779
Professional and outside services 6,232 6,053 5,140
Marketing 1,777 1,913 2,070
Other expense 7,594 3,740 3,814
Amortization of intangibles 1,050 1,263 1,394
Merger costs 481 432 209
Total noninterest expense 52,352 43,500 41,703
Income before income tax expense/(benefit) and extraordinary gain 16,067 2,773 22,805
Income tax expense/(benefit) 4,415 (926) 7,440
Income before extraordinary gain 11,652 3,699 15,365
Extraordinary gain 76 1,906 —
Net income $ 11,728 $ 5,605 $ 15,365
Net income applicable to common stockholders $ 8,774 $ 4,742 $ 14,927
Per common share data
Basic earnings per share
Income before extraordinary gain $ 2.25 $ 0.81 $ 4.38
Net income 2.27 1.35 4.38
Diluted earnings per share
Income before extraordinary gain 2.24 0.81 4.33
Net income 2.26 1.35 4.33
Weighted-average basic shares 3,863 3,501 3,404
Weighted-average diluted shares 3,880 3,522 3,445
Cash dividends declared per common share $ 0.20 $ 1.52 $ 1.48
(a) Securities gains for the year ended December 31, 2009, included credit losses of $578 million, consisting of $946 million of total other-than-temporary impairment
losses, net of $368 million of other-than-temporary impairment losses recorded in other comprehensive income.
The Notes to Consolidated Financial Statements are an integral part of these statements.