JPMorgan Q2 Earnings - JPMorgan Chase (NYSE:JPM)

JPMorgan Chase & Co. JPM traded higher in premarket on Tuesday after reporting second-quarter 2025 results that beat revenue and earnings estimates.

Managed net Revenue fell 10% year over year to $45.68 billion. Reported net Revenue declined 11% to $44.91 billion, topping the consensus estimate of $44.17 billion. Adjusted EPS of $4.96 exceeded the consensus of $4.48.

Consumer & Community Banking (CCB) revenue rose 6% YoY to $18.8 billion, and Commercial & Investment Bank (CIB) revenue was $19.5 billion (+9% Y/Y) in the quarter.

Also Read: Jamie Dimon Will ‘Go All In On Crypto,’ Says Jim Cramer After Bitcoin’s Explosive Rally: ‘I’d Like To Pay The Bookie…‘

Investment Banking revenue was $2.7 billion, up 9% YoY, in the quarter. Payments revenue grew 4% to $4.7 billion, up 3% ex-equity gains, driven by deposits and fees. Lending Revenue fell 6% YoY to $1.8 billion.

Asset and Wealth Management (AWM) Revenue was $5.8 billion (+10% YoY), driven by higher fees from inflows, market gains, brokerage activity, and deposit balances.

Corporate Revenue fell to $1.5 billion, down $8.6 billion year over year. Net interest income dropped $875 million to $1.5 billion, while noninterest Revenue declined $7.7 billion to $49 million, mainly due to last year’s Visa gain.

In AWM, Assets under management stood at $4.343 trillion, and client assets stood at $6.42 trillion (up 19%), driven by higher market levels and continued net inflows.

Net interest income excluding Markets slipped 1% to $22.8 billion, as higher wholesale and card balances mostly offset lower rates and margin compression.

Noninterest Revenue excluding Markets fell 31% to $14.0 billion but rose 8% adjusted for last year’s Visa gain and securities losses, driven by growth in fees across asset management, auto leases, investment banking, and Payments. Markets revenue rose 15% to $8.90 billion.

The provision for credit losses was $2.85 billion, down 7% YoY, with $2.4 billion in charge-offs (up $179M) and a $439 million reserve build tied to lending growth. A year ago, the provision was $3.1 billion, with $2.2 billion in charge-offs and an $821 million reserve build.

Average loans rose 5% YoY and up 3% quarter-over-quarter (QoQ); average deposits were up 6% YoY and +3% QoQ.

In CCB, debit and credit card sales volume increased by 7% year over year, and active mobile customers increased by 8% year over year. In CIB, Market revenue rose 15% year over year, with Fixed-Income Markets increasing 14% year over year and Equity Markets up 15% year over year in the quarter.

The CET1 capital ratio stood at 15%, and the advanced CET1 capital ratio was 15.1%. The bank’s capital distributions included a dividend per share of $1.40 and $7.1 billion of common stock net repurchases.

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CEO Jamie Dimon’s Stance On Economy And Crypto

Jamie Dimon, Chairman and CEO, commented,” The U.S. economy remained resilient in the quarter. The finalization of tax reform and potential deregulation are positive for the economic outlook, however, significant risks persist – including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices. As always, we hope for the best but prepare the Firm for a wide range of scenarios.”

On the company conference call, Jamie Dimon stressed the importance of organic growth. He does not see a large deal that makes sense for the bank.

Dimon said the bank would be involved in stablecoins and JPMorgan deposit coins. He also mentioned that they do not feel the need to own a large language model (LLM).

Outlook

For the full year 2025, JPMorgan expects net interest income of approximately $95.5 billion, or $92 billion excluding Markets, and adjusted expenses of about $95.5 billion, all depending on market conditions. The Card Services net charge-off rate is projected at around 3.6%.

Price Action: JPM shares are down 0.64% at $286.97 premarket at the last check on Tuesday.

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