JP Morgan Chase 2005 Annual Report Download - page 89

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JPMorgan Chase & Co. /2005 Annual Report 87
Consolidated statements of income
JPMorgan Chase & Co.
Year ended December 31, (in millions, except per share data)(a) 2005 2004 2003
Revenue
Investment banking fees $ 4,088 $ 3,537 $ 2,890
Trading revenue 5,860 3,612 4,427
Lending & deposit related fees 3,389 2,672 1,727
Asset management, administration and commissions 10,390 8,165 6,039
Securities/private equity gains 473 1,874 1,479
Mortgage fees and related income 1,054 806 790
Credit card income 6,754 4,840 2,466
Other income 2,694 830 601
Noninterest revenue 34,702 26,336 20,419
Interest income 45,200 30,595 24,044
Interest expense 25,369 13,834 11,079
Net interest income 19,831 16,761 12,965
Total net revenue 54,533 43,097 33,384
Provision for credit losses 3,483 2,544 1,540
Noninterest expense
Compensation expense 18,255 14,506 11,387
Occupancy expense 2,299 2,084 1,912
Technology and communications expense 3,624 3,702 2,844
Professional & outside services 4,224 3,862 2,875
Marketing 1,917 1,335 710
Other expense 3,705 2,859 1,694
Amortization of intangibles 1,525 946 294
Merger costs 722 1,365 —
Litigation reserve charge 2,564 3,700 100
Total noninterest expense 38,835 34,359 21,816
Income before income tax expense 12,215 6,194 10,028
Income tax expense 3,732 1,728 3,309
Net income $ 8,483 $ 4,466 $ 6,719
Net income applicable to common stock $ 8,470 $ 4,414 $ 6,668
Net income per common share
Basic earnings per share $ 2.43 $ 1.59 $ 3.32
Diluted earnings per share 2.38 1.55 3.24
Average basic shares 3,492 2,780 2,009
Average diluted shares 3,557 2,851 2,055
Cash dividends per common share $ 1.36 $ 1.36 $ 1.36
(a) 2004 results include six months of the combined Firm’s results and six months of heritage JPMorgan Chase results. 2003 reflects the results of heritage JPMorgan Chase only.
The Notes to consolidated financial statements are an integral part of these statements.