JPMorgan Chase & Co

• Noninterest expense was $27.3 billion, up 15%, predominantly driven by higher compensation expense as a result of higher revenue-related compensation, wage inflation and growth in the number of employees, as well as higher brokerage expense and distribution fees, continued investments in marketing and technology, and higher occupancy expense.

In the prior year, the provision was $2.8 billion, net charge-offs were $2.4 billion and the net addition to the allowance for credit losses was $439 million.

Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-14 and pages 15-16, respectively, for a further discussion of the Firm's results, including the provision for credit losses.

Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of each of these measures.

– lower wholesale nonperforming assets, reflecting net portfolio activity, predominantly offset by net downgrades, and – lower consumer nonaccrual loans, driven by the normalization of loans following the forbearances related to California wildfires that were initiated in the prior year.

Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 66-74 and pages 61-65, respectively, for additional information.