This document provides financial information about JPMorgan Chase & Co. for the years 2008-2014. It includes income statements, balance sheets, and cash flow statements. The income statement shows revenues, expenses, and net income. The balance sheet lists assets, liabilities, and equity. The cash flow statement shows cash from operating, investing and financing activities. In addition, the document provides details on JPMorgan Chase's business segments and selected bond information.

1. Class 2 - Group 2
Trần Ái My - 332966
Nguyễn Thị Trà My – 332953
Lecturer: Prof. Thomas Bradley

2. 1. Financial Statement
◦ Income Statement
◦ Balance Sheet
◦ Cash Flow Statement
2. Bonds and Bonds Information
3. Working Capital Management
◦ Average Collection Cycle
4. Financial Ratios
◦ Liquidity Ratios
◦ Financial Leverage Ratios
◦ Assets Management Ratios
◦ Profitability Ratios
5. Analysis

3.  The original bank: Chase Manhattan, was founded in New York in 1799.
 Purchased JP Morgan Bank in 2000  Changed name: JP Morgan Chase
& Co.
 Operated in more than 50 countries.
 Leader in investment banking; financial services for consumers, small
business and commercial banking; financial transaction processing; asset
management; and private equity.
 Its six major businesses are:
- Investment Bank
- Retail Financial Services
- Card Services
- Commercial Banking
- Treasury & Securities Services
- Asset Management

5. Year ended December 31, (in millions, except per share
data)
2008 2009 2010 2013 2014
1 Revenue
2 Investment banking fees 5,526 7,087 6,190 6,354 6,542
3 Principal transactions (10,699) 9,796 10,894 10,141 10,531
4 Lending- and deposit-related fees 5,088 7,045 6,340 5,945 5,801
5 Asset management, administration and commissions 13,943 12,540 13,499 15,106 15,931
6 Securities gains 1,560 1,110 2,965 667 77
7 Mortgage fees and related income 3,467 3,678 3,870 5,205 3,563
8 Card income 7,419 7,110 5,891 6,022 6,020
9 Other income 2,169 2,044 3,847 2,106
10 Noninterest revenue 28,473 49,282 51,693 53,287 50,571
11 Interest income 73,018 66,350 63,782 52,669 51,531
12 Interest expense 34,239 15,198 12,781 9,350 7,897
13 Net interest income 38,779 51,152 51,001 43,319 43,634
14 Total net revenue 67,252 100,434 102,694 96,606 94,205
15 Provision for credit losses 20,979 32,015 16,639 225 3,139
16 Noninterest expense
17 Compensation expense 22,746 26,928 28,124 30,810 30,160
18 Occupancy expense 3,038 3,666 3,681 3,693 3,909
19 Technology, communications and equipment expense 4,315 4,624 4,684 5,425 5,804
20 Professional and outside services 6,053 6,232 6,767 7,641 7,705

6. 21 Marketing 1,913 1,777 2,446 2,500 2,550
22 Other expense 3,740 7,594 14,558 20,398 11,146
23 Amortization of intangibles 1,263 1,050 936 - -
24 Merger cost 432 481 - - -
25 Total noninterest expense 43,500 52,352 61,196 70,467 61,274
26 Income before income tax expense 2,773 16,067 24,859 25,914 29,792
27 Income tax expense (926) 4,415 7,489 7,991 8,030
28 Income before extraordinary gain - 11,652 17,370 - -
29 Extraordinary gain - 76 - - -
30 Net income 5,605 11,728 17,370 17,923 21,762
31 Net income applicable to common stockholders 4,742 8,774 15,764 16,593 20,093
32 Net income per common share data - - 4 - -
33 Basic earnings per share - - - 4 5
34 Income before extraordinary gain 1 2 4 - -
35 Net income 1 2 4 - -
36 Diluted earnings per share - - - 4 5
37 Income before extraordinary gain 1 2 4 - -
38 Net income 1 2 4 - -
39 Weighted-average basic shares 3,501 3,863 3,956 3,782 3,764
40 Weighted-average diluted shares 3,522 3,880 3,977 3,815 3,798
41 Cash dividends declared per common share 2 0 0 1 2

7. December 31, (in millions, except share data) 2008 2009 2010 2013 2014
1 Assets
2 Cash and due from banks 26,895 26,206 27,567 39,771 27,831
3 Deposits with banks 138,139 63,230 21,673 316,051 484,477
4
Federal funds sold and securities purchased under resale
agreements
203,115 195,404 222,554 248,116 215,803
5 Securities borrowed 124,000 119,630 123,587 111,465 110,435
6 Trading assets 509,983 411,128 489,892 374,664 398,988
7 Securities 205,943 360,390 316,336 354,003 348,004
8 Loans 744,898 633,458 692,927 738,418 757,336
9 Allowance for loan losses (23,164) (31,602) 32,266 (16,264) (14,185)
10 Loans, net of allowance for loan losses 721,734 601,856 660,661 722,154 743,151
11 Accrued interest and accounts receivable 60,987 67,427 70,147 65,160 70,079
12 Premises and equipment 10,045 11,118 13,355 14,891 15,133
13 Goodwill 48,027 48,367 48,854 48,081 47,647
14 Mortgage servicing rights 9,403 15,531 13,649 9,614 7,436
15 Other intangible assets 5,581 1,261 4,039 1,618 1,192
16 Other assets 111,200 197,091 105,291 110,101 102,950
17 Total assets 2,175,052 2,031,989 2,117,605 2,415,689 2,573,126

8. 18 Liabilities
19 Deposits 1,009,277 938,367 930,369 1,287,765 1,363,427
20
Federal funds purchased and securities loaned or sold under
repurchase agreements
192,546 261,413 276,644 181,163 192,101
21 Commercial paper 37,845 41,794 35,363 57,848 66,344
22 Other borrowed funds 132,400 55,740 57,309 27,994 30,222
23 Trading liabilities 166,878 125,071 146,166 137,744 152,815
24 Accounts payable and other liabilities 187,078 162,696 170,330 194,491 206,954
25
Beneficial interests issued by consolidated variable interest
entities
10,561 15,225 77,649 49,617 52,362
26 Long-term debt 270,683 266,318 247,669 267,889 276,836
27 Total liabilities 2,008,168 1,866,624 1,941,499 2,204,511 2,341,061
28 Commitments and contingencies
29 Stockholders’ equity
30 Preferred stock 31,939 8,152 7,800 11,158 20,063
31 Common stock 39,442 4,105 4,105 4,105 4,105
32 Additional paid-in capital 92,143 97,982 97,415 93,828 93,270
33 Retained earnings 54,013 62,481 73,998 115,756 130,315
34 Accumulated other comprehensive income (5,687) (91) 1,001 1,199 2,189
35 Shares held in RSU trust (217) (68) (53) (21) (21)
36 Treasury stock (9,249) (7,196) (8,160) (14,847) (17,856)
37 Total stockholders’ equity 166,884 165,265 176,106 211,178 232,065
38 Total liabilities and stockholders’ equity 2,175,052 2,031,989 2,117,605 2,415,689 2,573,126

9. Year ended December 31, (in millions) 2008 2009 2010 2013 2014
1 Operating activities
2 Net income 5,605 11,728 17,370 17,923 21,762
3
Adjustments to reconcile net income to net cash provided by/(used in) operating
activities:
4 Provision for credit losses 20,979 32,015 16,639 225 3,139
5 Depreciation and amortization 3,143 2,783 4,029 5,306 4,759
6 Amortization of intangibles 1,263 1,050 936
7 Deferred tax expense (2,637) (3,622) (968) 8,003 4,210
8 Investment securities gains (1,560) (1,110) (2,965) (667) (77)
9 Proceeds on sale of investment (1,540)
10 Stock-based compensation 2,637 3,355 3,251 2,219 2,190
11 Originations and purchases of loans held-for-sale (34,902) (22,417) (37,085) (75,928) (67,525)
12 Proceeds from sales, securitizations and paydowns of loans held-for-sale 38,036 33,902 40,155 73,566 71,407
13 Net change in:
14 Trading assets (12,787) 133,488 (72,082) 89,110 (24,814)
15 Securities borrowed 15,408 4,452 (3,926) 7,562 1,020
16 Accrued interest and accounts receivable 10,221 (6,312) 443 (2,340) (3,637)
17 Other assets (33,629) 32,182 (12,452) 526 (9,166)
18 Trading liabilities 24,061 (79,314) 19,344 (9,772) 26,818
19 Accounts payable and other liabilities 1,012 (26,450) 17,325 (5,743) 6,065
20 Other operating adjustments (12,212) 6,167 6,234 (2,037) 442
21 Net cash provided by operating activities 23,098 121,897 (3,752) 107,953 36,593
22 Investing activities
23 Net change in:
24 Deposits with banks (118,929) 74,289 41,625 (194,363) (168,426)
25 Federal funds sold and securities purchased under resale agreements (44,597) 7,028 (26,925) 47,726 30,848
26 Held-to-maturity securities:
27 Proceeds from paydowns and maturities 10 9 7 189 4,169
28 Purchases (24,214) (10,345)
29 Available-for-sale securities:
30 Proceeds from paydowns and maturities 44,414 87,712 92,740 89,631 90,664
31 Proceeds from sales 98,806 114,041 118,600 73,312 38,411

10. 32 Purchases 248,599 (346,372) (179,487) (130,266) (121,504)
33 Proceeds from sales and securitizations of loans held-for-investment 27,531 30,434 8,853 12,033 20,115
34 Other changes in loans, net (59,123) 51,251 1,645 (23,721) (51,749)
35 Net cash received from/(used in) business acquisitions or dispositions 2,128 (97) (4,910) (149) 843
36 Proceeds from assets sale from the FRBB 28,850 - - - -
37
Net maturities (purchases) of asset-backed commercial paper guaranteed by the
FRBB
(11,228) 11,228 - - -
38 All other investing activities, net (934) (762) (114) (679) 1,338
39 Net cash used in investing activities (283,671) 29,355 54,002 (150,501) (165,636)
40 Financing activities
41 Net change in:
42 Deposits 177,331 (107,700) 9,637 81,476 89,346
43 Federal funds purchased and securities loaned or sold under repurchase agreements 15,250 67,785 15,202 (58,867) 10,905
44 Commercial paper and other borrowed funds 9,186 (76,727) (6,869) 2,784 9,242
45 Beneficial interests issued by consolidated variable interest entities (2,675) (7,275) 2,426 (10,433) (834)
46 Proceeds from long-term borrowings 72,407 51,324 55,181 83,546 78,515
47 Payments of long-term borrowings (62,691) (55,713) (99,043) (60,497) (65,275)
48 Proceeds from issuance of common stock 11,500 5,756 26 - -
49 Excess tax benefits related to stock-based compensation 148 17 - 137 407
50 Proceeds from issuance of preferred stock 32,746 - (352) 3,873 8,847
51 Redemption of preferred stock - (25,000) - (1,800) -
52 Treasury stock and warrants repurchased - - (2,999) (4,789) (4,760)
53 Dividends paid (5,911) 3,422 (1,486) (6,056) (6,990)
54 All other financing activities, net 540 1,224 (1,666) (1,050) (1,175)
55 Net cash provided by financing activities 247,831 (152,179) (49,217) 28,324 118,228
56 Effect of exchange rate changes on cash and due from banks (507) 238 328 272 (1,125)
57 Net decrease in cash and due from banks (13,249) (689) 1,316 (13,952) (11,940)
58 Cash and due from banks at the beginning of the period 40,144 26,895 26,206 53,723 39,771
59 Cash and due from banks at the end of the period 26,895 26,206 27,567 39,771 27,831
60 Cash interest paid 37,267 16,875 12,404 9,573 8,194
61 Cash income taxes paid, net 2,280 5,434 9,747 3,502 1,392

12. Source: http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=jpm

13. Name Issued Date
Maturity
Date
Amount
$(Mil)
Coupon
%
Yield to
Maturity
(%)
Jpmorgan Chase 2.6% 11/18/2010 1/15/2016 1,750.00 2.6 0.89
Jpmorgan Chase 3.45% 2/24/2011 3/1/2016 3,000.00 3.45 0.95
Jpmorgan Chase &Co 2.75% 2/1/2013 2/1/2023 1,114.00 2.75 0.98
Jpmorgan Chase &Co 2.625% 10/23/2013 4/23/2021 1,671.10 2.625 0.98
Jpmorgan Chase 3.15% 6/29/2011 7/5/2016 3,855.00 3.15 1.04
J P Morgan Chase & Co Mtn Be 1.1% 10/18/2012 10/15/2015 2,250.00 1.1 1.04
Jpmorgan Chase &Co 1.375% 9/16/2014 9/16/2021 1,671.10 1.375 1.04
J P Morgan Chase & Co Mtn Be 1.35% 2/18/2014 2/15/2017 2,500.00 1.35 1.22
Jpmorgan Chase 5.15% 10/4/2005 10/1/2015 1,250.00 5.15 1.27
Jp Morgan Chase Bk Na 2.75% 8/24/2012 8/24/2022 1,671.10 2.75 1.46
Jpmorgan Chase 1.8% 1/25/2013 1/25/2018 1,250.00 1.8 1.51
J P Morgan Chase & Co Mtn Be 1.7% 3/2/2015 3/1/2018 2,250.00 1.7 1.66
Jpmorgan Chase 1.625% 5/15/2013 5/15/2018 2,000.00 1.625 1.73
Source: http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=jpm

15. JP MORGAN CHASE & CO. BANK OF AMERICA
2008 2009 2010 2013 2014 2008 2009 2010 2013 2014
Collection cycle 159.485 210.454 262.705 294.028 270.467 Collection cycle - 99.4634 228.067 260.482 232.567
159.48
210.45
262.705
294.02
270.46
0
99.463
228.06 260.48 232.56
0
100
200
300
400
2008 2009 2010 2013 2014
Collection Cycle
JPM BOA

17. Financial Leverage Ratio
2008 2009 2010 2013 2014
Debt Ratio 0.923 0.919 0.917 0.913 0.910
Times Interest Earned 0.832 3.243 4.045 5.699 6.404
Cash Coverage Ratio 0.832 3.243 4.045 5.699 6.404
Asset Management Ratios
2008 2009 2010 2013 2014
Receivables Turnover 0.467 0.731 0.737 0.818 0.722
Days' sales in receivables 781.802 499.388 495.302 446.326 505.800
Total asset turnover 0.013 0.024 0.024 0.022 0.020
Liquidity Ratio
2008 2009 2010 2013 2014
Current Ratio 1.146 1.153 1.179 1.152 1.162
Quick Ratio 1.146 1.153 1.179 1.152 1.162
Cash Ratio 0.015 0.016 0.016 0.021 0.013
Profitability ratios
2008 2009 2010 2013 2014
Profit Margin 0.197 0.238 0.336 0.336 0.430
Return on Assets 0.003 0.006 0.008 0.007 0.008
Return on Equity 0.034 0.071 0.099 0.085 0.094

19. JP MORGAN CHASE & CO. BANK OF AMERICA
2008 2009 2010 2013 2014 2008 2009 2010 2013 2014
0.832 3.243 4.045 5.699 6.404 1.805 3.884 4.597 6.973 7.705
 JMP:  670%
 BOA:  327%
0.832
3.243
4.045
5.699
6.404
1.805
3.884
4.597
6.973
7.705
0.000
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
2008 2009 2010 2013 2014
Times interest earned
JPM BOA

20.  JPM:  119%
 BOA:  43%
JP MORGAN CHASE & CO. BANK OF AMERICA
2008 2009 2010 2013 2014 2008 2009 2010 2013 2014
0.197 0.238 0.336 0.336 0.430 0.035 0.042 -0.017 0.112 0.051
0.197
0.238
0.336 0.336
0.430
0.035 0.042
-0.017
0.112
0.051
-0.050
0.000
0.050
0.100
0.150
0.200
0.250
0.300
0.350
0.400
0.450
0.500
2008 2009 2010 2013 2014
Profit Margin
JPM BOA

21. 0.197
0.238
0.336 0.336
0.430
0.035 0.042
-0.017
0.112
0.051
0.0161
0.0545
0.0821
0.1627
0.1505
-0.050
0.000
0.050
0.100
0.150
0.200
0.250
0.300
0.350
0.400
0.450
0.500
2008 2009 2010 2013 2014
Profit Margin
JPM BOA Industry
2008 2009 2010 2013 2014
JPM 0.197 0.238 0.336 0.336 0.430
BOA 0.035 0.042 -0.017 0.112 0.051
Industry 0.0161 0.0545 0.0821 0.1627 0.1505

22.  JPM:  228%
 BOA:  4%
JP MORGAN CHASE & CO. BANK OF AMERICA
2008 2009 2010 2013 2014 2008 2009 2010 2013 2014
0.0026 0.0058 0.0082 0.0074 0.0085 0.0022 0.0028 -0.0010 0.0054 0.0023
0.003
0.006
0.008
0.007
0.008
0.002
0.003
-0.001
0.005
0.002
-0.002
0.000
0.002
0.004
0.006
0.008
0.010
2008 2009 2010 2013 2014
Return on Assets
JPM BOA

23. 2008 2009 2010 2013 2014
JPM 0.003 0.006 0.008 0.007 0.008
BOA 0.002 0.003 -0.001 0.005 0.002
Industry 0.001 0.0032 0.0033 0.0075 0.0071
0.003
0.006
0.008
0.007
0.008
0.002
0.003
-0.001
0.005
0.002
0.001
0.0032 0.0033
0.0075
0.0071
-0.002
0.000
0.002
0.004
0.006
0.008
0.010
2008 2009 2010 2013 2014
Return on Assets
JPM BOA Industry

24.  Total asset, sales 
 Interest expense 
=> EBIT, net income 

25. 2008 2009 2010 2013 2014
Quick Ratio 0.23 0.27 0.31 0.33 0.33
Debt Ratio 2.91 2.64 2.31 1.36 1.32
Receivable
Turnover Ratio
0.59 0.63 0.69 2.06 2.02
Total Asset
Turnover Ratio
0.07 0.06 0.06 0.05 0.05
Profit Margin 0.0161 0.0545 0.0821 0.1627 0.1505
Return On Assets 0.001 0.0032 0.0033 0.0075 0.0071
Return On Equity 0.0113 0.0361 0.0361 0.0745 0.0686

26.  Co., J. C. (n.d.). About Us. Retrieved from https://www.jpmorgan.com/pages/about
 Co., J. C. (n.d.). Investor Relations. Retrieved from Annual Report & Proxy:
http://investor.shareholder.com/jpmorganchase/annual.cfm
 Corporation, B. o. (n.d.). Investor Relations. Retrieved from Annual Reports & Proxy
Statements: http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-
reportsannual#fbid=oBAcF1FKmqK
 CSIMarket, I. (n.d.). Financial. Retrieved from
http://csimarket.com/Industry/industry_Financial_Strength_Ratios.php?ind=708
 FGATE.com.vn. (n.d.). Tin Tuc. Retrieved from http://fgate.com.vn/
 Morningstar, I. (n.d.). Bonds. Retrieved from
http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=jpm
 VCCorp., C. t. (n.d.). Tài chính quốc tế. Retrieved from http://cafef.vn/tai-chinh-quoc-
te.chn