JPMorgan Chase Co (JPM) Q1 2025 Earnings Report

JPMorgan Chase delivered a resilient Q1 2025 with net income of $14.6 billion and EPS of $5.07, translating to ROTCE of 21%. Reported revenue was $46 billion, with total credit costs of $3.3 billion and a net reserve build of $973 million, lifting the allowance for credit losses to $27.6 billion. The firm maintained a very strong capital position (CET1 15.4% at quarter-end, down 30 bps due to distributions and higher risk-weighted assets) and robust liquidity, including $425.9 billion in cash and cash equivalents and total assets of approximately $4.36 trillion. Management stressed the durability of JPMorgan’s diversified business model across Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM), with clear evidence of mix-driven resilience: Markets revenue rose 21% YoY, asset management inflows sustained AWM momentum, and card/auto segments contributed meaningfully to growth. In a macro environment characterized by tariff uncertainty, geopolitical risk, and elevated volatility, Jamie Dimon and the team underscored the banking system’s role as a source of strength and reiterated readiness to support clients through the cycle. Guidance remains constructive but conditional on macro developments; NII ex-Markets is expected to be about $90B for the year, with total NII around $94.5B (offset by NIR) and adjusted expenses near $95B. Card net charge-offs are projected to be roughly 3.6%. Investors should monitor rate-path sensitivity (deposit betas, curve moves), CECL reserve evolution, and regulatory/regulatory reform developments that could alter the bank’s capacity to lend and deploy capital.