JP Morgan Chase 2006 Annual Report Download - page 24

Download and view the complete annual report

Please find page 24 of the 2006 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 156

  • 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
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156

22 JPMorgan Chase & Co. / 2006 Annual Report
(unaudited)
(in millions, except per share, headcount and ratio data) Heritage JPMorgan Chase only
As of or for the year ended December 31, 2006 2005 2004(d) 2003 2002
Selected income statement data
Total net revenue $ 61,437 $ 53,748 $ 42,372 $ 32,803 $ 29,076
Provision for credit losses 3,270 3,483 2,544 1,540 4,331
Total noninterest expense 38,281 38,426 33,972 21,490 22,471
Income from continuing operations before income tax expense 19,886 11,839 5,856 9,773 2,274
Income tax expense 6,237 3,585 1,596 3,209 760
Income from continuing operations 13,649 8,254 4,260 6,564 1,514
Income from discontinued operations(a) 795 229 206 155 149
Net income $ 14,444 $ 8,483 $ 4,466 $ 6,719 $ 1,663
Per common share
Basic earnings per share
Income from continuing operations $ 3.93 $ 2.36 $ 1.51 $ 3.24 $ 0.74
Net income 4.16 2.43 1.59 3.32 0.81
Diluted earnings per share
Income from continuing operations $ 3.82 $ 2.32 $ 1.48 $ 3.17 $ 0.73
Net income 4.04 2.38 1.55 3.24 0.80
Cash dividends declared per share 1.36 1.36 1.36 1.36 1.36
Book value per share 33.45 30.71 29.61 22.10 20.66
Common shares outstanding
Average: Basic 3,470 3,492 2,780 2,009 1,984
Diluted 3,574 3,557 2,851 2,055 2,009
Common shares at period-end 3,462 3,487 3,556 2,043 1,999
Share price(b)
High $ 49.00 $ 40.56 $ 43.84 $ 38.26 $ 39.68
Low 37.88 32.92 34.62 20.13 15.26
Close 48.30 39.69 39.01 36.73 24.00
Market capitalization 167,199 138,387 138,727 75,025 47,969
Selected ratios
Return on common equity (“ROE”):
Income from continuing operations 12% 8% 6% 15% 4%
Net income 13 86164
Return on assets (“ROA”):(c)
Income from continuing operations 1.04 0.70 0.44 0.85 0.21
Net income 1.10 0.72 0.46 0.87 0.23
Tier 1 capital ratio 8.7 8.5 8.7 8.5 8.2
Total capital ratio 12.3 12.0 12.2 11.8 12.0
Overhead ratio 62 71 80 66 77
Selected balance sheet data (period-end)
Total assets $1,351,520 $ 1,198,942 $ 1,157,248 $ 770,912 $ 758,800
Loans 483,127 419,148 402,114 214,766 216,364
Deposits 638,788 554,991 521,456 326,492 304,753
Long-term debt 133,421 108,357 95,422 48,014 39,751
Total stockholders’ equity 115,790 107,211 105,653 46,154 42,306
Headcount 174,360 168,847 160,968 96,367 97,124
(a)
On October 1, 2006, JPMorgan Chase & Co. completed the exchange of selected corporate trust businesses for the consumer, business banking and middle-market banking businesses of The Bank of New York Company
Inc. The results of operations of these corporate trust businesses are being reported as discontinued operations for each of the periods presented.
(b) 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.
(c) Represents Net income divided by Total average assets.
(d) 2004 results include six months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
FIVE-YEAR SUMMARY OF CONSOLIDATED FINANCIAL HIGHLIGHTS
JPMorgan Chase & Co.
FIVE-YEAR STOCK PERFORMANCE
$50
$75
$100
$125
$150
$175
December 31,
(in dollars)
2001
2002 2003 2004 2005 2006
S&P FinancialS&P 500JPMorgan Chase
The following table and graph compare the five-year cumulative total return for
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) common stock with
the cumulative return of the S&P 500 Stock Index and the S&P Financial Index.
The S&P 500 Index is a commonly referenced U.S. equity benchmark consisting
of leading companies from different economic sectors. The S&P Financial Index
is an index of 88 financial companies, all of which are within the S&P 500. The
Firm is a component of both published industry indices.
The following table and graph assume $100 invested on December 31, 2001, in
JPMorgan Chase
common stock and $100 invested at that same time in each of
the S&P indices.
The comparison assumes that all dividends are reinvested.
2001 2002 2003 2004 2005 2006
JPMorgan Chase $ 100.00 $ 69.29 $ 111.06 $122.13 $129.15 $ 162.21
S&P Financial Index 100.00 85.00 111.38 123.50 131.53 156.82
S&P 500 100.00 78.00 100.37 111.29 116.76 135.20