JP Morgan Chase 2014 Annual Report Download - page 85

JPMorgan Chase & Co./2014 Annual Report 83
Consumer & Business Banking
Selected income statement data
As of or for the year ended
December 31,
(in millions, except ratios) 2014 2013 2012
Revenue
Lending- and deposit-related
fees $ 3,010 $ 2,942 $ 3,068
Asset management,
administration and
commissions 2,025 1,815 1,638
Card income 1,605 1,495 1,353
All other income 534 492 498
Noninterest revenue 7,174 6,744 6,557
Net interest income 11,052 10,668 10,629
Total net revenue 18,226 17,412 17,186
Provision for credit losses 305 347 311
Noninterest expense 12,149 12,162 11,490
Income before income tax
expense 5,772 4,903 5,385
Net income $ 3,443 $ 2,943 $ 3,224
Return on common equity 31% 26% 36%
Overhead ratio 67 70 67
Equity (period-end and average) $11,000 $ 11,000 $ 9,000
2014 compared with 2013
Consumer & Business Banking net income was $3.4 billion,
an increase of $500 million, or 17%, compared with the
prior year, due to higher net revenue.
Net revenue was $18.2 billion, up 5% compared with the
prior year. Net interest income was $11.1 billion, up $384
million, or 4% compared with the prior year, driven by
higher deposit balances, largely offset by deposit spread
compression. Noninterest revenue was $7.2 billion, up $430
million, or 6%, driven by higher investment revenue,
reflecting record client investment assets, higher debit card
revenue, reflecting an increase in transaction volume, and
higher deposit-related fees as a result of an increase in
customer accounts.
Noninterest expense was $12.1 billion, flat from the prior
year, reflecting lower costs driven by efficiencies
implemented in the business, offset by the increased cost of
controls.
2013 compared with 2012
Consumer & Business Banking net income was $2.9 billion,
a decrease of $281 million, or 9%, compared with the prior
year, due to higher noninterest expense, partially offset by
higher noninterest revenue.
Net revenue was $17.4 billion, up 1% compared with the
prior year. Net interest income was $10.7 billion, flat
compared with the prior year, driven by higher deposit
balances, offset by lower deposit margin. Noninterest
revenue was $6.7 billion, an increase of 3%, driven by
higher investment sales revenue and debit card revenue,
partially offset by lower deposit-related fees.
Noninterest expense was $12.2 billion, up 6% from the
prior year, reflecting continued investments in the business,
and costs related to the control agenda.
Selected metrics
As of or for the year
ended December 31,
(in millions, except
ratios) 2014 2013 2012
Business metrics
Business banking
origination volume $ 6,599 $ 5,148 $ 6,542
Period-end loans 21,200 19,416 18,883
Period-end deposits:
Checking 213,049 187,182 170,354
Savings 255,148 238,223 216,422
Time and other 21,349 26,022 31,753
Total period-end
deposits 489,546 451,427 418,529
Average loans 20,152 18,844 18,104
Average deposits:
Checking 198,996 176,005 153,422
Savings 249,281 229,341 204,449
Time and other 24,057 29,227 34,224
Total average deposits 472,334 434,573 392,095
Deposit margin 2.21% 2.32% 2.57%
Average assets $ 38,298 $ 37,174 $ 34,431
Selected metrics
As of or for the year ended
December 31,
(in millions, except ratios and
where otherwise noted) 2014 2013 2012
Credit data and quality statistics
Net charge-offs $ 305 $ 337 $ 411
Net charge-off rate 1.51% 1.79% 2.27%
Allowance for loan losses $ 703 $ 707 $ 698
Nonperforming assets 286 391 488
Retail branch business metrics
Net new investment assets $ 16,088 $ 16,006 $ 11,128
Client investment assets 213,459 188,840 158,502
% managed accounts 39% 36% 29%
Number of:
Chase Private Client
locations 2,514 2,149 1,218
Personal bankers 21,039 23,588 23,674
Sales specialists 3,994 5,740 6,076
Client advisors 3,090 3,044 2,963
Chase Private Clients 325,653 215,888 105,700
Accounts (in thousands)(a) 30,481 29,437 28,073
Households (in millions) 25.7 25.0 24.1
(a) Includes checking accounts and Chase Liquid® cards.