2Q25 Financial Results J P Morgan Chase

    2Q25 Financial Results J P Morgan Chase

    F2 weeks ago 9

    AIAI Summary

    toggle
    Bulleted
    toggle
    Text

    Key Insights

    Loading...

    July 15, 2025
2Q25 
Financial Results
    1/13

    Loading...

    2Q25 Financial highlights
ROTCE1
21%
CET1 capital ratios2
Std. 15.0% | Adv. 15.1%
Total Loss-Absorbing Capacity2 $560B
Std. RWA3 $1.9T
Cash and marketable securities4 $1.5T
Average loans $1.4T
Balance sheet
⚫ Loans: average loans of $1.4T up 5% YoY and 3% QoQ
⚫ Deposits: average deposits of $2.5T up 6% YoY and 3% QoQ
⚫ CET1 capital of $284B2
– Standardized CET1 capital ratio of 15.0%2; Advanced CET1 capital ratio of 15.1%2
Capital distributed
⚫ Common dividend of $3.9B or $1.40 per share
⚫ $7.1B of common stock net repurchases7
⚫ Net payout LTM of 71%7,8
Income statement
⚫ 2Q25 net income of $15.0B and EPS of $5.24
– Excluding a significant item5, 2Q25 net income of $14.2B, EPS of $4.96 and ROTCE of 20%
⚫ Managed revenue of $45.7B6
⚫ Expense of $23.8B and managed overhead ratio of 52%6
SIGNIFICANT ITEMS ($MM, EXCLUDING EPS)
 Pretax Net income EPS
Income tax benefit in Corporate - $774 $0.28
1 See note 3 on slide 9 
2 Represents the estimated Basel III common equity Tier 1 (“CET1”) capital and ratio and Total Loss-Absorbing 
Capacity for the current period. See note 1 on slide 10
3 Standardized risk-weighted assets (“RWA”). Estimated for the current period. See note 1 on slide 10
4 Cash and marketable securities represent HQLA and unencumbered marketable securities. Estimated for the 
current period. See note 2 on slide 10
5 See note 5 on slide 9
6 See note 1 on slide 9
7
Includes the net impact of employee issuances. Excludes excise tax and commissions
8 Last twelve months (“LTM”)
1
    2/13

    Loading...

    2Q25 1Q25 2Q24
Net interest income $23.3 ($0.1) $0.5 
Noninterest revenue 22.4 (0.3) (5.8)
Managed revenue1 45.7 (0.3) (5.3)
Expense 23.8 0.2 0.1 
Credit costs 2.8 (0.5) (0.2)
Net income $15.0 $0.3 ($3.2)
Net income applicable to common stockholders $14.6 $0.3 ($3.1)
EPS – diluted $5.24 $0.17 ($0.88)
ROE2 18% 18% 23%
ROTCE2,3 21 21 28 
Overhead ratio – managed1,2 52 51 47 
Memo:
NII excluding Markets 4 $22.8 $0.2 ($0.2)
NIR excluding Markets 4 14.0 0.2 (6.3) 
Markets revenue 8.9 (0.7) 1.1 
Managed revenue1 45.7 (0.3) (5.3) 
Adjusted expense5 $23.7 $0.2 $0.3 
Adjusted overhead ratio1,2,5 52% 51% 46%
$ O/(U)
2Q25 Financial results1
2Q25 Tax rate6
Effective rate: 18.0%
Managed rate: 21.3%1,7
$B, EXCEPT PER SHARE DATA
2Q25 ROE O/H ratio
CCB 36% 52%
CIB 17% 49%
AWM 36% 65%
$B 2Q25 1Q25 2Q24
Net charge-offs $2.4 $2.3 $2.2 
Reserve build/(release) 0.4 1.0 0.8 
Credit costs $2.8 $3.3 $3.1 
Note: Totals may not sum due to rounding
1 See note 1 on slide 9
2 Actual numbers for all periods, not over/(under)
3 See note 3 on slide 9
4 See note 2 on slide 9
5 See note 4 on slide 9
6
Includes the income tax benefit in Corporate of $774mm
7 Reflects fully taxable-equivalent (“FTE”) adjustments of $768mm in 2Q25
2
    3/13

    Loading...

    Fortress balance sheet
$B, EXCEPT PER SHARE DATA
STANDARDIZED RISK-WEIGHTED ASSETS ($B)1
Note: Totals may not sum due to rounding
1 Estimated for the current period. See note 1 on slide 10
2 Estimated for the current period. Represents the supplementary leverage ratio (“SLR”)
3 Estimated for the current period. Liquidity Coverage Ratio (“LCR”) represents the average LCR for the Firm and 
JPMorgan Chase Bank, N.A. (“Bank”). See note 2 on slide 10
4 See note 3 on slide 9
5 Reflects Net Income Applicable to Common Equity
6
Includes net share repurchases and common dividends
7 Excludes AOCI on cash flow hedges and DVA related to structured notes
8 Primarily CET1 capital deductions
9
Includes Loans and Commitments
STANDARDIZED CET1 RATIO1
 2Q25 1Q25 2Q24 
Risk-based capital metrics1
CET1 capital $284 $280 $267 
CET1 capital ratio – Standardized 15.0% 15.4% 15.3%
CET1 capital ratio – Advanced 15.1 15.6 15.5 
Basel III Standardized RWA $1,886 $1,815 $1,743 
Leverage-based capital metric2
Firm SLR 5.9% 6.0% 6.1%
Liquidity metrics3
Firm LCR 113% 113% 112%
Bank LCR 120 124 125 
Total excess HQLA $274 $292 $275 
HQLA and unencumbered marketable securities 1,543 1,516 1,464 
Balance sheet metrics
Total assets (EOP) $4,552 $4,358 $4,143 
Deposits (average) 2,505 2,430 2,371 
Tangible book value per share4 103.40 100.36 92.77 
15.4%
15.0%
(60 bps)
(59 bps) (2 bps)
81 bps
4 bps
1Q25 Net
income
Capital
Distributions
RWA AOCI Other 2Q25
5 6
7 8
1,815 
39 5 
28 
1Q25 Lending Market Risk Credit Risk
ex. Lending
2Q25
1,886
9
3
    4/13

    Loading...

    Consumer & Community Banking1
CCB CIB AWM Corp.
⚫ Average loans up 1% YoY and flat QoQ
⚫ Average deposits down 1% YoY and up 1% QoQ
⚫ Active mobile customers up 8% YoY
⚫ Debit & credit card sales volume up 7% YoY
⚫ Client investment assets up 14% YoY and 7% QoQ
KEY DRIVERS / STATISTICS ($B) – DETAIL BY BUSINESS
SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE
KEY DRIVERS / STATISTICS ($B)3
⚫ Net income of $5.2B, up 23% YoY
⚫ Revenue of $18.8B, up 6% YoY, predominantly driven by higher net 
interest income in Card Services on higher revolving balances, higher 
noninterest revenue in Banking & Wealth Management, as well as higher 
operating lease income in Auto
⚫ Expense of $9.9B, up 5% YoY, largely driven by higher technology 
expense and higher auto lease depreciation
⚫ Credit costs of $2.1B
⚫ NCOs of $2.1B, up $22mm YoY, primarily driven by Card Services
⚫ Reserves were relatively flat, as changes in the weighted-average 
macroeconomic outlook were offset by loan growth in Card Services
1 See note 1 on slide 9
2 See note 3 on slide 10
For additional footnotes see slide 11
$ O/(U)
2Q25 1Q25 2Q24
Revenue $18,847 $534 $1,146 
Banking & Wealth Management 10,698 444 323 
Home Lending 1,250 43 (69) 
Card Services & Auto 6,899 47 892 
Expense 9,858 1 433 
Credit costs 2,082 (547) (561) 
Net charge-offs (NCOs) 2,086 (68) 22 
Change in allowance (4) (479) (583) 
Net income $5,169 $744 $959 
2
2Q25 1Q25 2Q24
Average equity $56.0 $56.0 $54.5 
ROE 36% 31% 30%
Overhead ratio 52 54 53 
Average loans $576.1 $574.4 $571.7 
Average deposits 1,060.4 1,053.7 1,073.5 
Active mobile customers (mm)4 59.9 59.0 55.6 
Debit & credit card sales volume5 $487.2 $448.7 $453.7 
2Q25 1Q25 2Q24
Banking & Wealth Management
Business Banking average loans $19.2 $19.5 $19.5 
Business Banking loan originations 0.9 0.8 1.3 
Client investment assets (EOP) 1,155.0 1,079.8 1,013.7 
Deposit margin 2.76% 2.69% 2.72%
Home Lending
Average loans $242.7 $244.3 $254.4 
Loan originations 13.5 9.4 10.7 
Third-party mortgage loans serviced (EOP) 653.3 661.6 642.8 
Net charge-off/(recovery) rate (0.04)% (0.04)% (0.07)%
Card Services & Auto
Card Services average loans $228.4 $224.5 $210.1 
Auto average loans and leased assets 86.6 86.1 86.5 
Auto loan and lease originations 11.3 10.7 10.8 
Card Services net charge-off rate 3.40% 3.58% 3.50%
Card Services net revenue rate 10.06 10.38 9.61 
Card Services sales volume $340.0 $310.6 $316.6 
6
5
4
    5/13

    Loading...

    REVENUE BY CLIENT COVERAGE SEGMENT ($MM)
KEY DRIVERS / STATISTICS ($B)3
FINANCIAL PERFORMANCE
Commercial & Investment Bank1
1 See note 1 on slide 9; For additional footnotes see slide 11
CCB CIB AWM Corp.
SELECTED INCOME STATEMENT DATA ($MM)
⚫ Net income of $6.7B, up 13% YoY; revenue of $19.5B, up 9% YoY 
⚫ Banking & Payments revenue
⚫ IB revenue of $2.7B, up 9% YoY, predominantly driven by higher debt 
underwriting and advisory fees, partially offset by lower equity underwriting 
fees
⚫ Payments revenue of $4.7B, up 4% YoY; excluding the net impact of equity 
investments, revenue up 3%, driven by higher deposit balances and fee 
growth, predominantly offset by deposit margin compression
⚫ Lending revenue of $1.8B, down 6% YoY, largely driven by higher losses on 
hedges of the retained lending portfolio
⚫ Markets & Securities Services revenue
⚫ Markets revenue of $8.9B, up 15% YoY
– Fixed Income Markets revenue of $5.7B, up 14% YoY, driven by higher 
revenue in Currencies & Emerging Markets, Rates and Commodities, 
partially offset by lower revenue in the Securitized Products Group7 and 
Fixed Income Financing
– Equity Markets revenue of $3.2B, up 15% YoY, predominantly driven by 
higher revenue across products, notably in Derivatives
⚫ Securities Services revenue of $1.4B, up 12% YoY, driven by higher deposit 
balances as well as fee growth on higher client activity and market levels
⚫ Expense of $9.6B, up 5% YoY, driven by higher compensation, brokerage and 
technology expense, partially offset by lower legal expense
⚫ Credit costs of $696mm, driven by a reserve build in the Commercial & 
Industrial portfolio, which reflected the impact of net lending activity and credit 
quality changes on certain exposures, partially offset by a decrease in the 
weight placed on the adverse scenarios
⚫ Net reserve build of $371mm and NCOs of $325mm
$ O/(U)
2Q25 1Q25 2Q24
Revenue $19,535 ($131) $1,618 
Investment Banking revenue 2,684 416 220 
Payments 4,735 170 189 
Lending 1,829 (86) (107) 
Other - (6) (4) 
Total Banking & Payments 9,248 494 298 
Fixed Income Markets 5,690 (159) 709 
Equity Markets 3,246 (568) 434 
Securities Services 1,418 149 157 
Credit Adjustments & Other (67) (47) 20 
Total Markets & Securities Services 10,287 (625) 1,320 
Expense 9,641 (201) 475 
Credit costs 696 (9) 312 
Net income $6,650 ($292) $753 
2
2
2Q25 1Q25 2Q24
Average equity $149.5 $149.5 $132.0 
ROE 17% 18% 17%
Overhead ratio 49 50 51 
IB fees ($mm) $2,513 $2,248 $2,356 
Average Banking & Payments loans 345.4 339.9 351.4 
Average client deposits 1,089.8 1,034.4 936.7 
Assets under custody ($T) 38.0 35.7 34.0 
Net charge-off/(recovery) rate 0.25% 0.15% 0.14%
4
6
5
$ O/(U)
2Q25 1Q25 2Q24
Banking & Payments revenue $9,248 $494 $298 
Global Corporate & Investment Banking 6,319 390 229 
Commercial Banking 2,929 104 69 
Commercial & Specialized Industries 2,067 111 131 
Commercial Real Estate Banking 862 (7) (62) 
9
10
8
5
    6/13

    Loading...

    SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE
Asset & Wealth Management1
1 See note 1 on slide 9
2 Actual numbers for all periods, not over/(under)
CCB CIB AWM Corp.
KEY DRIVERS / STATISTICS ($B)2
⚫ Net income of $1.5B, up 17% YoY 
⚫ Revenue of $5.8B, up 10% YoY, driven by growth in management fees on 
strong net inflows and higher average market levels, as well as higher 
brokerage activity and higher deposit balances
⚫ Expense of $3.7B, up 5% YoY, driven by higher compensation, including 
higher revenue-related compensation and continued growth in private 
banking advisor teams, as well as higher distribution fees
⚫ AUM of $4.3T was up 18% YoY and client assets of $6.4T were up 19% 
YoY, each driven by continued net inflows and higher market levels
⚫ For the quarter, AUM had long-term net inflows of $31B and liquidity net 
inflows of $5B
⚫ Average loans of $241B, up 7% YoY and 3% QoQ
⚫ Average deposits of $248B, up 9% YoY and 2% QoQ
2Q25 1Q25 2Q24
Average equity $16.0 $16.0 $15.5 
ROE 36% 39% 32%
Pretax margin 34 35 32 
Assets under management ("AUM") $4,343 $4,113 $3,682 
Client assets 6,421 6,002 5,387 
Average loans 240.6 233.9 224.1 
Average deposits 248.4 244.1 227.4 
$ O/(U)
2Q25 1Q25 2Q24
Revenue $5,760 $29 $508 
Asset Management 2,705 34 268 
Global Private Bank 3,055 (5) 240 
Expense 3,733 20 190 
Credit costs 46 56 26 
Net income $1,473 ($110) $210 
6
    7/13

    Loading...

    Corporate1
1 See note 1 on slide 9
2 See note 3 on slide 10 
CCB CIB AWM Corp.
SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE
⚫ Revenue of $1.5B, down $8.6B YoY
⚫ Net interest income of $1.5B, down $875mm YoY, driven by the impact 
of changes in funds transfer pricing2for consumer deposits as well as 
lower rates, partially offset by the impact of securities activity including 
activity in prior quarters 
⚫ Noninterest revenue of $49mm, down $7.7B, driven by the absence of 
the $7.9B net gain related to Visa shares in the prior year, partially 
offset by lower net investment securities losses
⚫ Expense of $547mm, down $1.0B YoY, driven by the absence of the 
$1.0B contribution of Visa shares to the JPMorgan Chase Foundation in 
the prior year
⚫ The current quarter included a $774mm income tax benefit, driven by the 
resolution of certain tax audits and the impact of tax regulations finalized in 
2024 related to foreign currency translation gains and losses
$ O/(U)
2Q25 1Q25 2Q24
Revenue $1,538 ($766) ($8,584)
Net interest income2 1,489 (162) (875)
Noninterest revenue 49 (604) (7,709)
Expense 547 362 (1,032)
Credit costs 25 44 20 
Net income $1,695 $2 ($5,084)
7
    8/13

    Loading...

    Outlook1
1 See notes 1, 2 and 4 on slide 9
FIRMWIDE
Expect FY2025 net interest income of ~$95.5B, market dependent
Expect FY2025 net interest income excluding Markets of ~$92B, market dependent
3 Expect FY2025 Card Services NCO rate of ~3.6%
Expect FY2025 adjusted expense of ~$95.5B, market dependent 2 – Adjusted expense excludes Firmwide legal expense
1
8
    9/13

    Loading...

    Notes on non-GAAP financial measures
1. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these 
Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s 
definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as 
a whole and for each of the reportable business segments and Corporate on a fully taxable-equivalent basis. Accordingly, revenue from investments that receive tax 
credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow 
management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related 
to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the 
lines of business and Corporate. For a reconciliation of the Firm’s results from a reported to managed basis, refer to page 7 of the Earnings Release Financial 
Supplement
2. In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, 
which is composed of Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as 
net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the 
Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, 
management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate 
net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide 
investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets, 
refer to page 28 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to pages 81-82 of the Firm’s 2024 Form 10-K
3. Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”) are each non-GAAP financial measures. 
TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than 
mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, refer to page 10 of the Earnings 
Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s 
TCE at period-end divided by common shares at period-end. Book value per share was $122.51, $119.24 and $111.29 at June 30, 2025, March 31, 2025 and June 30, 
2024, respectively. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity
4. Adjusted expense and adjusted overhead ratio are each non-GAAP financial measures. Adjusted expense represents noninterest expense excluding Firmwide legal 
expense of $118mm, $121mm and $317mm for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. The adjusted overhead ratio 
measures the Firm’s adjusted expense as a percentage of managed net revenue. Management believes this information helps investors understand the effect of these 
items on reported results and provides an alternate presentation of the Firm’s performance
5. Second-quarter 2025 net income, earnings per share and ROTCE excluding the $774mm income tax benefit are non-GAAP financial measures. Excluding this item 
resulted in a decrease of $774mm (after tax) to reported net income from $15.0B to $14.2B; a decrease of $0.28 per share to reported EPS from $5.24 to $4.96; and a 
decrease of 1% to ROTCE from 21% to 20%. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s 
results
9
    10/13

    Loading...

    Additional notes
1. As of January 1, 2025, the benefit from the Current Expected Credit Losses ("CECL") capital transition provision had been fully phased-out; as of June 30, 2024, CET1 
capital and Total Loss-Absorbing Capacity reflected the remaining $720mm CECL benefit. Refer to Note 21 of the Firm's Quarterly Report on Form 10-Q for the 
quarterly period ended March 31, 2025 and Note 27 of the Firm’s 2024 Form 10-K for additional information
2. Total excess high-quality liquid assets (“HQLA”) represent the average eligible unencumbered liquid assets that are in excess of what is required to meet the estimated 
Firm and Bank total net cash outflows over a prospective 30 calendar-day period of significant stress under the LCR rule. HQLA and unencumbered marketable 
securities include end-of-period HQLA, excluding regulatory prescribed haircuts under the LCR rule where applicable, for both the Firm and the excess HQLA-eligible 
securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm’s 
LCR. Also include other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home 
Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 40-46 of the Firm’s Quarterly Report on Form 10-Q 
for the quarterly period ended March 31, 2025 and pages 108-115 of the Firm’s 2024 Form 10-K for additional information
3. During the fourth quarter of 2024, the Firm made a change to its funds transfer pricing with respect to consumer deposits, resulting in an increase in the funding benefit 
reflected within CCB net interest income which is fully offset within Corporate net interest income. Refer to page 17 of the Firm's Quarterly Report on Form 10-Q for the 
quarterly period ended March 31, 2025 and page 71 of the Firm’s 2024 Form 10-K for additional information
10
    11/13

    Loading...

    Additional notes on slides 4-5
Slide 4 – Consumer & Community Banking
3. Actual numbers for all periods, not over/(under)
4. Users of all mobile platforms who have logged in within the past 90 days
5. Excludes Commercial Card
6. Firmwide mortgage origination volume was $16.3B, $11.2B and $12.3B for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively
Slide 5 – Commercial & Investment Bank
2. In the fourth quarter of 2024, certain net funding costs that were previously allocated to Fixed Income Markets were reclassified to Equity Markets. Prior-period 
amounts have been revised to conform with the current presentation
3. Actual numbers for all periods, not over/(under)
4. On January 1, 2025, $5.6B of loans were realigned from Global Corporate Banking to Fixed Income Markets
5. Client deposits and other third-party liabilities (“client deposits”) pertain to the Payments and Securities Services businesses
6. Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate
7. Securitized Products Group is comprised of Securitized Products and tax-oriented investments
8. Refer to page 78 of the Firm’s Annual Report on Form 10-K for the year ended December 31, 2024 for a description of each of the client coverage segments
9. In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of 
certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the 
current presentation
10. In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries
11
    12/13

    Loading...

    Forward-looking statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation 
Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & 
Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set 
forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ 
materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s 
Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the 
quarter ended March 31, 2025, which have been filed with the Securities and Exchange Commission and are 
available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-otherfilings/overview), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & 
Co. does not undertake to update any forward-looking statements.
12
    13/13

    2Q25 Financial Results J P Morgan Chase

    • 1. July 15, 2025 2Q25 Financial Results
    • 2. 2Q25 Financial highlights ROTCE1 21% CET1 capital ratios2 Std. 15.0% | Adv. 15.1% Total Loss-Absorbing Capacity2 $560B Std. RWA3 $1.9T Cash and marketable securities4 $1.5T Average loans $1.4T Balance sheet ⚫ Loans: average loans of $1.4T up 5% YoY and 3% QoQ ⚫ Deposits: average deposits of $2.5T up 6% YoY and 3% QoQ ⚫ CET1 capital of $284B2 – Standardized CET1 capital ratio of 15.0%2; Advanced CET1 capital ratio of 15.1%2 Capital distributed ⚫ Common dividend of $3.9B or $1.40 per share ⚫ $7.1B of common stock net repurchases7 ⚫ Net payout LTM of 71%7,8 Income statement ⚫ 2Q25 net income of $15.0B and EPS of $5.24 – Excluding a significant item5, 2Q25 net income of $14.2B, EPS of $4.96 and ROTCE of 20% ⚫ Managed revenue of $45.7B6 ⚫ Expense of $23.8B and managed overhead ratio of 52%6 SIGNIFICANT ITEMS ($MM, EXCLUDING EPS) Pretax Net income EPS Income tax benefit in Corporate - $774 $0.28 1 See note 3 on slide 9 2 Represents the estimated Basel III common equity Tier 1 (“CET1”) capital and ratio and Total Loss-Absorbing Capacity for the current period. See note 1 on slide 10 3 Standardized risk-weighted assets (“RWA”). Estimated for the current period. See note 1 on slide 10 4 Cash and marketable securities represent HQLA and unencumbered marketable securities. Estimated for the current period. See note 2 on slide 10 5 See note 5 on slide 9 6 See note 1 on slide 9 7 Includes the net impact of employee issuances. Excludes excise tax and commissions 8 Last twelve months (“LTM”) 1
    • 3. 2Q25 1Q25 2Q24 Net interest income $23.3 ($0.1) $0.5 Noninterest revenue 22.4 (0.3) (5.8) Managed revenue1 45.7 (0.3) (5.3) Expense 23.8 0.2 0.1 Credit costs 2.8 (0.5) (0.2) Net income $15.0 $0.3 ($3.2) Net income applicable to common stockholders $14.6 $0.3 ($3.1) EPS – diluted $5.24 $0.17 ($0.88) ROE2 18% 18% 23% ROTCE2,3 21 21 28 Overhead ratio – managed1,2 52 51 47 Memo: NII excluding Markets 4 $22.8 $0.2 ($0.2) NIR excluding Markets 4 14.0 0.2 (6.3) Markets revenue 8.9 (0.7) 1.1 Managed revenue1 45.7 (0.3) (5.3) Adjusted expense5 $23.7 $0.2 $0.3 Adjusted overhead ratio1,2,5 52% 51% 46% $ O/(U) 2Q25 Financial results1 2Q25 Tax rate6 Effective rate: 18.0% Managed rate: 21.3%1,7 $B, EXCEPT PER SHARE DATA 2Q25 ROE O/H ratio CCB 36% 52% CIB 17% 49% AWM 36% 65% $B 2Q25 1Q25 2Q24 Net charge-offs $2.4 $2.3 $2.2 Reserve build/(release) 0.4 1.0 0.8 Credit costs $2.8 $3.3 $3.1 Note: Totals may not sum due to rounding 1 See note 1 on slide 9 2 Actual numbers for all periods, not over/(under) 3 See note 3 on slide 9 4 See note 2 on slide 9 5 See note 4 on slide 9 6 Includes the income tax benefit in Corporate of $774mm 7 Reflects fully taxable-equivalent (“FTE”) adjustments of $768mm in 2Q25 2
    • 4. Fortress balance sheet $B, EXCEPT PER SHARE DATA STANDARDIZED RISK-WEIGHTED ASSETS ($B)1 Note: Totals may not sum due to rounding 1 Estimated for the current period. See note 1 on slide 10 2 Estimated for the current period. Represents the supplementary leverage ratio (“SLR”) 3 Estimated for the current period. Liquidity Coverage Ratio (“LCR”) represents the average LCR for the Firm and JPMorgan Chase Bank, N.A. (“Bank”). See note 2 on slide 10 4 See note 3 on slide 9 5 Reflects Net Income Applicable to Common Equity 6 Includes net share repurchases and common dividends 7 Excludes AOCI on cash flow hedges and DVA related to structured notes 8 Primarily CET1 capital deductions 9 Includes Loans and Commitments STANDARDIZED CET1 RATIO1 2Q25 1Q25 2Q24 Risk-based capital metrics1 CET1 capital $284 $280 $267 CET1 capital ratio – Standardized 15.0% 15.4% 15.3% CET1 capital ratio – Advanced 15.1 15.6 15.5 Basel III Standardized RWA $1,886 $1,815 $1,743 Leverage-based capital metric2 Firm SLR 5.9% 6.0% 6.1% Liquidity metrics3 Firm LCR 113% 113% 112% Bank LCR 120 124 125 Total excess HQLA $274 $292 $275 HQLA and unencumbered marketable securities 1,543 1,516 1,464 Balance sheet metrics Total assets (EOP) $4,552 $4,358 $4,143 Deposits (average) 2,505 2,430 2,371 Tangible book value per share4 103.40 100.36 92.77 15.4% 15.0% (60 bps) (59 bps) (2 bps) 81 bps 4 bps 1Q25 Net income Capital Distributions RWA AOCI Other 2Q25 5 6 7 8 1,815 39 5 28 1Q25 Lending Market Risk Credit Risk ex. Lending 2Q25 1,886 9 3
    • 5. Consumer & Community Banking1 CCB CIB AWM Corp. ⚫ Average loans up 1% YoY and flat QoQ ⚫ Average deposits down 1% YoY and up 1% QoQ ⚫ Active mobile customers up 8% YoY ⚫ Debit & credit card sales volume up 7% YoY ⚫ Client investment assets up 14% YoY and 7% QoQ KEY DRIVERS / STATISTICS ($B) – DETAIL BY BUSINESS SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE KEY DRIVERS / STATISTICS ($B)3 ⚫ Net income of $5.2B, up 23% YoY ⚫ Revenue of $18.8B, up 6% YoY, predominantly driven by higher net interest income in Card Services on higher revolving balances, higher noninterest revenue in Banking & Wealth Management, as well as higher operating lease income in Auto ⚫ Expense of $9.9B, up 5% YoY, largely driven by higher technology expense and higher auto lease depreciation ⚫ Credit costs of $2.1B ⚫ NCOs of $2.1B, up $22mm YoY, primarily driven by Card Services ⚫ Reserves were relatively flat, as changes in the weighted-average macroeconomic outlook were offset by loan growth in Card Services 1 See note 1 on slide 9 2 See note 3 on slide 10 For additional footnotes see slide 11 $ O/(U) 2Q25 1Q25 2Q24 Revenue $18,847 $534 $1,146 Banking & Wealth Management 10,698 444 323 Home Lending 1,250 43 (69) Card Services & Auto 6,899 47 892 Expense 9,858 1 433 Credit costs 2,082 (547) (561) Net charge-offs (NCOs) 2,086 (68) 22 Change in allowance (4) (479) (583) Net income $5,169 $744 $959 2 2Q25 1Q25 2Q24 Average equity $56.0 $56.0 $54.5 ROE 36% 31% 30% Overhead ratio 52 54 53 Average loans $576.1 $574.4 $571.7 Average deposits 1,060.4 1,053.7 1,073.5 Active mobile customers (mm)4 59.9 59.0 55.6 Debit & credit card sales volume5 $487.2 $448.7 $453.7 2Q25 1Q25 2Q24 Banking & Wealth Management Business Banking average loans $19.2 $19.5 $19.5 Business Banking loan originations 0.9 0.8 1.3 Client investment assets (EOP) 1,155.0 1,079.8 1,013.7 Deposit margin 2.76% 2.69% 2.72% Home Lending Average loans $242.7 $244.3 $254.4 Loan originations 13.5 9.4 10.7 Third-party mortgage loans serviced (EOP) 653.3 661.6 642.8 Net charge-off/(recovery) rate (0.04)% (0.04)% (0.07)% Card Services & Auto Card Services average loans $228.4 $224.5 $210.1 Auto average loans and leased assets 86.6 86.1 86.5 Auto loan and lease originations 11.3 10.7 10.8 Card Services net charge-off rate 3.40% 3.58% 3.50% Card Services net revenue rate 10.06 10.38 9.61 Card Services sales volume $340.0 $310.6 $316.6 6 5 4
    • 6. REVENUE BY CLIENT COVERAGE SEGMENT ($MM) KEY DRIVERS / STATISTICS ($B)3 FINANCIAL PERFORMANCE Commercial & Investment Bank1 1 See note 1 on slide 9; For additional footnotes see slide 11 CCB CIB AWM Corp. SELECTED INCOME STATEMENT DATA ($MM) ⚫ Net income of $6.7B, up 13% YoY; revenue of $19.5B, up 9% YoY ⚫ Banking & Payments revenue ⚫ IB revenue of $2.7B, up 9% YoY, predominantly driven by higher debt underwriting and advisory fees, partially offset by lower equity underwriting fees ⚫ Payments revenue of $4.7B, up 4% YoY; excluding the net impact of equity investments, revenue up 3%, driven by higher deposit balances and fee growth, predominantly offset by deposit margin compression ⚫ Lending revenue of $1.8B, down 6% YoY, largely driven by higher losses on hedges of the retained lending portfolio ⚫ Markets & Securities Services revenue ⚫ Markets revenue of $8.9B, up 15% YoY – Fixed Income Markets revenue of $5.7B, up 14% YoY, driven by higher revenue in Currencies & Emerging Markets, Rates and Commodities, partially offset by lower revenue in the Securitized Products Group7 and Fixed Income Financing – Equity Markets revenue of $3.2B, up 15% YoY, predominantly driven by higher revenue across products, notably in Derivatives ⚫ Securities Services revenue of $1.4B, up 12% YoY, driven by higher deposit balances as well as fee growth on higher client activity and market levels ⚫ Expense of $9.6B, up 5% YoY, driven by higher compensation, brokerage and technology expense, partially offset by lower legal expense ⚫ Credit costs of $696mm, driven by a reserve build in the Commercial & Industrial portfolio, which reflected the impact of net lending activity and credit quality changes on certain exposures, partially offset by a decrease in the weight placed on the adverse scenarios ⚫ Net reserve build of $371mm and NCOs of $325mm $ O/(U) 2Q25 1Q25 2Q24 Revenue $19,535 ($131) $1,618 Investment Banking revenue 2,684 416 220 Payments 4,735 170 189 Lending 1,829 (86) (107) Other - (6) (4) Total Banking & Payments 9,248 494 298 Fixed Income Markets 5,690 (159) 709 Equity Markets 3,246 (568) 434 Securities Services 1,418 149 157 Credit Adjustments & Other (67) (47) 20 Total Markets & Securities Services 10,287 (625) 1,320 Expense 9,641 (201) 475 Credit costs 696 (9) 312 Net income $6,650 ($292) $753 2 2 2Q25 1Q25 2Q24 Average equity $149.5 $149.5 $132.0 ROE 17% 18% 17% Overhead ratio 49 50 51 IB fees ($mm) $2,513 $2,248 $2,356 Average Banking & Payments loans 345.4 339.9 351.4 Average client deposits 1,089.8 1,034.4 936.7 Assets under custody ($T) 38.0 35.7 34.0 Net charge-off/(recovery) rate 0.25% 0.15% 0.14% 4 6 5 $ O/(U) 2Q25 1Q25 2Q24 Banking & Payments revenue $9,248 $494 $298 Global Corporate & Investment Banking 6,319 390 229 Commercial Banking 2,929 104 69 Commercial & Specialized Industries 2,067 111 131 Commercial Real Estate Banking 862 (7) (62) 9 10 8 5
    • 7. SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE Asset & Wealth Management1 1 See note 1 on slide 9 2 Actual numbers for all periods, not over/(under) CCB CIB AWM Corp. KEY DRIVERS / STATISTICS ($B)2 ⚫ Net income of $1.5B, up 17% YoY ⚫ Revenue of $5.8B, up 10% YoY, driven by growth in management fees on strong net inflows and higher average market levels, as well as higher brokerage activity and higher deposit balances ⚫ Expense of $3.7B, up 5% YoY, driven by higher compensation, including higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees ⚫ AUM of $4.3T was up 18% YoY and client assets of $6.4T were up 19% YoY, each driven by continued net inflows and higher market levels ⚫ For the quarter, AUM had long-term net inflows of $31B and liquidity net inflows of $5B ⚫ Average loans of $241B, up 7% YoY and 3% QoQ ⚫ Average deposits of $248B, up 9% YoY and 2% QoQ 2Q25 1Q25 2Q24 Average equity $16.0 $16.0 $15.5 ROE 36% 39% 32% Pretax margin 34 35 32 Assets under management ("AUM") $4,343 $4,113 $3,682 Client assets 6,421 6,002 5,387 Average loans 240.6 233.9 224.1 Average deposits 248.4 244.1 227.4 $ O/(U) 2Q25 1Q25 2Q24 Revenue $5,760 $29 $508 Asset Management 2,705 34 268 Global Private Bank 3,055 (5) 240 Expense 3,733 20 190 Credit costs 46 56 26 Net income $1,473 ($110) $210 6
    • 8. Corporate1 1 See note 1 on slide 9 2 See note 3 on slide 10 CCB CIB AWM Corp. SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE ⚫ Revenue of $1.5B, down $8.6B YoY ⚫ Net interest income of $1.5B, down $875mm YoY, driven by the impact of changes in funds transfer pricing2for consumer deposits as well as lower rates, partially offset by the impact of securities activity including activity in prior quarters ⚫ Noninterest revenue of $49mm, down $7.7B, driven by the absence of the $7.9B net gain related to Visa shares in the prior year, partially offset by lower net investment securities losses ⚫ Expense of $547mm, down $1.0B YoY, driven by the absence of the $1.0B contribution of Visa shares to the JPMorgan Chase Foundation in the prior year ⚫ The current quarter included a $774mm income tax benefit, driven by the resolution of certain tax audits and the impact of tax regulations finalized in 2024 related to foreign currency translation gains and losses $ O/(U) 2Q25 1Q25 2Q24 Revenue $1,538 ($766) ($8,584) Net interest income2 1,489 (162) (875) Noninterest revenue 49 (604) (7,709) Expense 547 362 (1,032) Credit costs 25 44 20 Net income $1,695 $2 ($5,084) 7
    • 9. Outlook1 1 See notes 1, 2 and 4 on slide 9 FIRMWIDE Expect FY2025 net interest income of ~$95.5B, market dependent Expect FY2025 net interest income excluding Markets of ~$92B, market dependent 3 Expect FY2025 Card Services NCO rate of ~3.6% Expect FY2025 adjusted expense of ~$95.5B, market dependent 2 – Adjusted expense excludes Firmwide legal expense 1 8
    • 10. Notes on non-GAAP financial measures 1. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and for each of the reportable business segments and Corporate on a fully taxable-equivalent basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the lines of business and Corporate. For a reconciliation of the Firm’s results from a reported to managed basis, refer to page 7 of the Earnings Release Financial Supplement 2. In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets, refer to page 28 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to pages 81-82 of the Firm’s 2024 Form 10-K 3. Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”) are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, refer to page 10 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $122.51, $119.24 and $111.29 at June 30, 2025, March 31, 2025 and June 30, 2024, respectively. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity 4. Adjusted expense and adjusted overhead ratio are each non-GAAP financial measures. Adjusted expense represents noninterest expense excluding Firmwide legal expense of $118mm, $121mm and $317mm for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. The adjusted overhead ratio measures the Firm’s adjusted expense as a percentage of managed net revenue. Management believes this information helps investors understand the effect of these items on reported results and provides an alternate presentation of the Firm’s performance 5. Second-quarter 2025 net income, earnings per share and ROTCE excluding the $774mm income tax benefit are non-GAAP financial measures. Excluding this item resulted in a decrease of $774mm (after tax) to reported net income from $15.0B to $14.2B; a decrease of $0.28 per share to reported EPS from $5.24 to $4.96; and a decrease of 1% to ROTCE from 21% to 20%. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s results 9
    • 11. Additional notes 1. As of January 1, 2025, the benefit from the Current Expected Credit Losses ("CECL") capital transition provision had been fully phased-out; as of June 30, 2024, CET1 capital and Total Loss-Absorbing Capacity reflected the remaining $720mm CECL benefit. Refer to Note 21 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 and Note 27 of the Firm’s 2024 Form 10-K for additional information 2. Total excess high-quality liquid assets (“HQLA”) represent the average eligible unencumbered liquid assets that are in excess of what is required to meet the estimated Firm and Bank total net cash outflows over a prospective 30 calendar-day period of significant stress under the LCR rule. HQLA and unencumbered marketable securities include end-of-period HQLA, excluding regulatory prescribed haircuts under the LCR rule where applicable, for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm’s LCR. Also include other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 40-46 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 and pages 108-115 of the Firm’s 2024 Form 10-K for additional information 3. During the fourth quarter of 2024, the Firm made a change to its funds transfer pricing with respect to consumer deposits, resulting in an increase in the funding benefit reflected within CCB net interest income which is fully offset within Corporate net interest income. Refer to page 17 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 and page 71 of the Firm’s 2024 Form 10-K for additional information 10
    • 12. Additional notes on slides 4-5 Slide 4 – Consumer & Community Banking 3. Actual numbers for all periods, not over/(under) 4. Users of all mobile platforms who have logged in within the past 90 days 5. Excludes Commercial Card 6. Firmwide mortgage origination volume was $16.3B, $11.2B and $12.3B for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively Slide 5 – Commercial & Investment Bank 2. In the fourth quarter of 2024, certain net funding costs that were previously allocated to Fixed Income Markets were reclassified to Equity Markets. Prior-period amounts have been revised to conform with the current presentation 3. Actual numbers for all periods, not over/(under) 4. On January 1, 2025, $5.6B of loans were realigned from Global Corporate Banking to Fixed Income Markets 5. Client deposits and other third-party liabilities (“client deposits”) pertain to the Payments and Securities Services businesses 6. Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate 7. Securitized Products Group is comprised of Securitized Products and tax-oriented investments 8. Refer to page 78 of the Firm’s Annual Report on Form 10-K for the year ended December 31, 2024 for a description of each of the client coverage segments 9. In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation 10. In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries 11
    • 13. Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-otherfilings/overview), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements. 12


    • Previous
    • Next
    • f Fullscreen
    • esc Exit Fullscreen