JP Morgan Chase 2003 Annual Report Download - page 84

Download and view the complete annual report

Please find page 84 of the 2003 JP Morgan Chase annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

Consolidated statement of income
J.P. M organ Chase & Co.
82 J.P. Morgan Chase & Co. / 2003 Annual Report
Year ended December 31, (in millions, except per share data) 2003 2002 2001
Revenue
Investment banking fees $2,890 $2,763 $ 3,612
Trading revenue 4,427 2,675 4,972
Fees and commissions 10,652 10,387 9,655
Private equity gains (losses) 33 (746) (1,233)
Securities gains 1,446 1,563 866
Mortgage fees and related income 892 988 386
Other revenue 579 458 284
Total noninterest revenue 20,919 18,088 18,542
Interest income 23,444 25,284 32,181
Interest expense 11,107 13,758 21,379
Net interest income 12,337 11,526 10,802
Revenue before provision for credit losses 33,256 29,614 29,344
Provision for credit losses 1,540 4,331 3,182
Total net revenue 31,716 25,283 26,162
Noninterest expense
Compensation expense 11,695 10,983 11,844
Occupancy expense 1,912 1,606 1,348
Technology and communications expense 2,844 2,554 2,631
Other expense 5,137 5,111 5,250
Surety settlement and litigation reserve 100 1,300 —
Merger and restructuring costs —1,210 2,523
Total noninterest expense 21,688 22,764 23,596
Income before income tax expense and cum ulative effect of accounting change 10,028 2,519 2,566
Income tax expense 3,309 856 847
Income before cum ulat ive effect of accounting change 6,719 1,663 1,719
Cumulative effect of change in accounting principle (net of tax) ——(25)
Net income $ 6,719 $1,663 $ 1,694
Net income applicable t o common stock $ 6,668 $1,612 $ 1,628
Average common shares out standing
Basic 2,009 1,984 1,972
Diluted 2,055 2,009 2,024
Net income per common share(a)
Basic $3.32 $0.81 $ 0.83
Diluted 3.24 0.80 0.80
Cash dividends per common share 1.36 1.36 1.36
(a) 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.
The Notes to consolidated financial statements are an integral part of these statements.