JP Morgan Chase 2003 Annual Report Download - page 2

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As of or for the year ended December 31,
(in millions, except per share and ratio data) 2003 2002 2001
Reported basis
Revenue $33,256 $29,614 $ 29,344
Noninterest expense (excluding merger
and restructuring costs) 21,688 21,554 21,073
Merger and restructuring costs —1,210 2,523
Provision for credit losses 1,540 4,331 3,182
Net income 6,719 1,663 1,694
Net income per share:
Basic 3.32 0.81 0.83
Diluted 3.24 0.80 0.80
Cash dividends declared per share 1.36 1.36 1.36
Total assets 770,912 758,800 693,575
Total stockholders’ equity 46,154 42,306 41,099
Tier 1 capital ratio 8.5% 8.2%8.3%
Total capital ratio 11.8 12.0 11.9
Tier 1 leverage ratio 5.6 5.1 5.2
Operating basis(a)
Revenue $35,126 $31,053 $ 30,392
Earnings 6,719 3,384 3,802
Shareholder value added 1,509 (1,631) (1,247)
Return on average common equity 16% 8% 9%
Overhead ratio 62 65 67
(a) Includes credit card receivables that have been securitized. Amounts shown prior to 2003 exclude
merger and restructuring costs, and special items. For a further discussion, see Basis of presentation
on page 27 of this Annual Report.
Financial highlights
ON THE COVER: Eileen Liu is just one of the more than 93,000 JPMorgan Chase skilled professionals, based in
more than 50 countries around the world, who helped the firm deliver results in 2003. Employee team photos
appear throughout the Annual Report to help illustrate some of the year's significant accomplishments.