JP Morgan Chase 2003 Annual Report Download - page 131

J.P. Morgan Chase & Co. / 2003 Annual Report 129
Five-year summary of financial highlights
J.P. M organ Chase & Co.
(unaudited)
As of or for the year ended December 31,
(in millions, except per share and ratio data) 2003 2002 2001 2000 1999
REPORTED BASIS
Revenue $33,256 $29,614 $ 29,344 $ 33,186 $ 31,146
Noninterest expense
(excluding merger and restructuring costs) 21,688 21,554(a) 21,073 21,642 18,188
Merger and restructuring costs —1,210 2,523 1,431 23
Provision for credit losses 1,540 4,331 3,182 1,380 1,446
Income tax expense 3,309 856 847 3,006 3,988
Income before effect of accounting change 6,719 1,663 1,719 5,727 7,501
Net effect of change in accounting principle ——(25) — —
Net income $6,719 $1,663 $ 1,694 $ 5,727 $ 7,501
Per Com mon Share:
Net income per share
Basic $3.32 $0.81 $ 0.83(e) $2.99 $ 3.87
Diluted 3.24 0.80 0.80(e) 2.86 3.69
Cash dividends declared 1.36 1.36 1.36 1.28 1.08
Book value at December 31 22.10 20.66 20.32 21.17 18.07
Performance Ratios:
Return on average assets 0.87% 0.23% 0.23% 0.85% 1.19%
Return on average common equity 16 441622
Capit al Rat ios:
Tier 1 capital ratio 8.5% 8.2% 8.3% 8.5% 8.5%
Total capital ratio 11.8 12.0 11.9 12.0 12.3
Tier 1 leverage ratio 5.6 5.1 5.2 5.4 5.9
Selected Balance Sheet It ems:
Net loans $214,995 $211,014 $ 212,920 $ 212,385 $ 199,270
Total assets 770,912 758,800 693,575 715,348 667,003
Deposits 326,492 304,753 293,650 279,365 287,064
Long-term debt(b) 54,782 45,190 43,622 47,238 45,540
Common stockholders’ equity 45,145 41,297 40,090 40,818 33,434
Total stockholders’ equity 46,154 42,306 41,099 42,338 35,056
Share price (c)
High $38.26 $ 39.68 $ 59.19 $ 67.17 $ 60.75
Low 20.13 15.26 29.04 32.38 43.88
Close 36.73 24.00 36.35 45.44 51.79
OPERATING BASIS(d)
Revenue $35,126 $31,053 $ 30,392 $ 33,045 $ 31,911
Expense 21,688 20,156 20,488 21,258 17,903
Operating margin 13,438 10,897 9,904 11,787 14,008
Credit costs 3,410 5,770 4,230 2,370 2,439
Earnings $6,719 $3,384 $ 3,802 $ 6,176 $ 7,554
Operat ing Performance:
Shareholder value added $1,509 $(1,631) $ (1,247) $ 1,739 $ 3,496
Return on average common equity 16% 8% 9% 17% 23%
Overhead ratio 62 65 67 64 56
Common dividend payout ratio 43 83 73 39 28
(a) Includes a $1.3 billion charge in connection with the settlement of the Enron-related surety litigation and the establishment of a reserve related to certain material litigations, proceedings and investigations.
(b) Includes Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities and Guaranteed preferred beneficial interests in capital debt securities issued by
consolidated trusts. Excludes $2.4 billion of FIN 46 long-term beneficial interests at December 31, 2003 included in Beneficial interests issued by consolidated variable interest entities on the Consolidated
balance sheet.
(c) JPMorgan Chase’s common stock is listed and traded on the New York Stock Exchange, the London Stock Exchange Limited and the Tokyo Stock Exchange. The high, low and closing prices of JPMorgan Chase’s
common stock are from the New York Stock Exchange Composite Transaction Tape. Share-related data have been restated to reflect a three-for-two stock split effective as of the close of business on June 9, 2000.
(d) Includes credit card receivables that had been securitized. Amounts shown prior to 2003 exclude merger and restructuring costs, and special items. For a reconciliation from reported results to operating
basis, see page 28 of this Annual Report. For a description of special items, see Glossary of terms on page 131 of this Annual Report.
(e) Basic and diluted earnings per share have been reduced by $0.01 in 2001 because of the impact of the adoption of SFAS 133 relating to the accounting for derivative instruments and hedging activities.