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90 JPMorgan Chase & Co. / 2006 Annual Report
CONSOLIDATED STATEMENTS OF INCOME
JPMorgan Chase & Co.
Year ended December 31, (in millions, except per share data) 2006 2005 2004(a)
Revenue
Investment banking fees $ 5,520 $ 4,088 $ 3,536
Principal transactions 10,346 7,669 5,148
Lending & deposit related fees 3,468 3,389 2,672
Asset management, administration and commissions 11,725 9,891 7,682
Securities gains (losses) (543) (1,336) 338
Mortgage fees and related income 591 1,054 803
Credit card income 6,913 6,754 4,840
Other income 2,175 2,684 826
Noninterest revenue 40,195 34,193 25,845
Interest income 59,107 45,075 30,460
Interest expense 37,865 25,520 13,933
Net interest income 21,242 19,555 16,527
Total net revenue 61,437 53,748 42,372
Provision for credit losses 3,270 3,483 2,544
Noninterest expense
Compensation expense 21,191 18,065 14,291
Occupancy expense 2,335 2,269 2,058
Technology, communications and equipment expense 3,653 3,602 3,687
Professional & outside services 3,888 4,162 3,788
Marketing 2,209 1,917 1,335
Other expense 3,272 6,199 6,537
Amortization of intangibles 1,428 1,490 911
Merger costs 305 722 1,365
Total noninterest expense 38,281 38,426 33,972
Income from continuing operations before income tax expense 19,886 11,839 5,856
Income tax expense 6,237 3,585 1,596
Income from continuing operations 13,649 8,254 4,260
Income from discontinued operations 795 229 206
Net income $ 14,444 $ 8,483 $ 4,466
Net income applicable to common stock $ 14,440 $ 8,470 $ 4,414
Per common share data
Basic earnings per share
Income from continuing operations $ 3.93 $ 2.36 $ 1.51
Net income 4.16 2.43 1.59
Diluted earnings per share
Income from continuing operations 3.82 2.32 1.48
Net income 4.04 2.38 1.55
Average basic shares 3,470 3,492 2,780
Average diluted shares 3,574 3,557 2,851
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.
The Notes to consolidated financial statements are an integral part of these statements.