Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2025









JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment & Corporate Results - Managed Basis
8
Capital and Other Selected Balance Sheet Items9–10
Earnings Per Share and Related Information11
Business Segment & Corporate Results
Consumer & Community Banking (“CCB”)12–15
Commercial & Investment Bank (“CIB”)16–19
Asset & Wealth Management (“AWM”)
20–22
Corporate23
Credit-Related Information24-27
Non-GAAP Financial Measures28
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 327–333 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).























JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q25 Change
SELECTED INCOME STATEMENT DATA 1Q254Q243Q242Q241Q244Q241Q24
Reported Basis
Total net revenue$45,310 $42,768 $42,654 $50,200 
(h)
$41,934 6 %8 %
Total noninterest expense23,597 (f)22,762 22,565 23,713 22,757 (f)4 4 
Pre-provision profit (a)21,713 20,006 20,089 26,487 19,177 9 13 
Provision for credit losses3,305 2,631 3,111 3,052 1,884 26 75 
NET INCOME14,643 14,005 12,898 18,149 13,419 5 9 
Managed Basis (b)
Total net revenue46,014 43,738 43,315 50,992 
(h)
42,548 5 8 
Total noninterest expense23,597 (f)22,762 22,565 23,713 22,757 (f)4 4 
Pre-provision profit (a)22,417 20,976 20,750 27,279 19,791 7 13 
Provision for credit losses3,305 2,631 3,111 3,052 1,884 26 75 
NET INCOME14,643 14,005 12,898 18,149 13,419 5 9 
EARNINGS PER SHARE DATA
Net income: Basic$5.08 $4.82 $4.38 $6.13 $4.45 5 14 
Diluted5.07 4.81 4.37 6.12 4.44 5 14 
Average shares: Basic2,819.4 2,836.9 2,860.6 2,889.8 2,908.3 (1)(3)
Diluted2,824.3 2,842.4 2,865.9 2,894.9 2,912.8 (1)(3)
MARKET AND PER COMMON SHARE DATA
Market capitalization$681,712 $670,618 $593,643 $575,463 $575,195 2 19 
Common shares at period-end2,779.1 2,797.6 2,815.3 2,845.1 2,871.6 (1)(3)
Book value per share119.24 116.07 115.15 111.29 106.81 3 12 
Tangible book value per share (“TBVPS”) (a)100.36 97.30 96.42 92.77 88.43 3 13 
Cash dividends declared per share1.40 1.25 1.25 1.15 1.15 12 22 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)18 %17 %16 %23 %17 %
Return on tangible common equity (“ROTCE”) (a)21 21 19 28 21 
Return on assets1.40 1.35 1.23 1.79 1.36 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)
15.4 %(g)15.7 %15.3 %15.3 %15.0 %
Tier 1 capital ratio (e)
16.5 (g)16.8 16.4 16.7 16.4 
Total capital ratio (e)
18.2 (g)18.5 18.2 18.5 18.2 
Tier 1 leverage ratio7.2 (g)7.2 7.1 7.2 7.2 
Supplementary leverage ratio (“SLR”)6.0 (g)6.1 6.0 6.1 6.1 
(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Ratios are based upon annualized amounts.
(d)As of January 1, 2025, the benefit from the Current Expected Credit Losses (“CECL”) capital transition provision had been fully phased-out. As of December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining $720 million CECL benefit. Refer to Note 27 of the Firm’s 2024 Form 10-K for additional information.
(e)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to page 9 for further information on the Firm’s capital metrics.
(f)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an increase of $725 million for the three months ended March 31, 2024. Refer to Note 6 on page 228 of the Firm’s 2024 Form 10-K for additional information.
(g)Estimated.
(h)Included a $7.9 billion net gain related to Visa shares. Refer to Note 2 of the Firm’s 2024 Form 10-K for additional information on the exchange offer for Visa Class B-1 common stock.


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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
SELECTED BALANCE SHEET DATA (period-end)
Total assets$4,357,856 $4,002,814 $4,210,048 $4,143,003 $4,090,727 9 %7 %
Loans:
Consumer, excluding credit card loans391,138 392,810 394,945 396,955 403,404 — (3)
Credit card loans223,384 232,860 219,542 216,100 206,740 (4)8 
Wholesale loans741,173 722,318 725,524 707,645 699,472 3 6 
Total loans1,355,695 1,347,988 1,340,011 1,320,700 1,309,616 1 4 
Deposits:
U.S. offices:
Noninterest-bearing581,623 592,500 611,334 632,316 657,651 (2)(12)
Interest-bearing1,416,585 1,345,914 1,326,489 1,291,737 1,311,857 5 8 
Non-U.S. offices:
Noninterest-bearing29,856 26,806 31,607 26,362 24,109 11 24 
Interest-bearing467,813 440,812 461,342 446,115 434,792 6 8 
Total deposits2,495,877 2,406,032 2,430,772 2,396,530 2,428,409 4 3 
Long-term debt407,224 401,418 410,157 394,028 395,872 1 3 
Common stockholders’ equity331,375 324,708 324,186 316,652 306,737 2 8 
Total stockholders’ equity351,420 344,758 345,836 340,552 336,637 2 4 
Loans-to-deposits ratio54 %56 %55 %55 %54 %
Employees
318,477 317,233 316,043 313,206 311,921 — 2 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)
$50 $40 $45 $56 $48 25 4 
Earnings-at-Risk (in billions) (b)(c)
Parallel shift:
+100 bps shift in rates$2.2 
(e)
$2.3 $2.8 $3.5 $2.8 (4)(21)
-100 bps shift in rates(2.2)
(e)
(2.5)(2.9)(3.2)(2.3)12 4 
LINE OF BUSINESS & CORPORATE NET REVENUE (d)
Consumer & Community Banking$18,313 $18,362 $17,791 $17,701 $17,653 — 4 
Commercial & Investment Bank
19,666 17,598 17,015 17,917 17,584 12 12 
Asset & Wealth Management 5,731 5,778 5,439 5,252 5,109 (1)12 
Corporate2,304 2,000 3,070 10,122 2,202 15 5 
TOTAL NET REVENUE$46,014 $43,738 $43,315 $50,992 $42,548 5 8 
LINE OF BUSINESS & CORPORATE NET INCOME
Consumer & Community Banking$4,425 $4,516 $4,046 $4,210 $4,831 (2)(8)
Commercial & Investment Bank
6,942 6,636 5,691 5,897 6,622 5 5 
Asset & Wealth Management 1,583 1,517 1,351 1,263 1,290 4 23 
Corporate1,693 1,336 1,810 6,779 676 27 150 
NET INCOME$14,643 $14,005 $12,898 $18,149 $13,419 5 9 
(a)Refer to Commercial & Investment Bank VaR on page 19 for further information.
(b)Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline reflects certain assumptions relating to the Federal Reserve’s balance sheet policy (e.g., quantitative tightening and usage at the Reverse Repurchase Facility) that require management judgment. The Firm’s actual net interest income for the rate shifts presented may differ as the earnings-at-risk scenarios are modelled as instantaneous shifts and exclude any actions that could be taken by the Firm or its clients and customers in response to instantaneous rate changes. Other significant assumptions in the earnings-at-risk scenarios may also differ from actual results, including mortgage prepayments and deposits rates paid. Refer to pages 147-148 of the Firm’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.
(c)Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates. At September 30, 2024, June 30, 2024 and March 31, 2024, represents the total of the Firm’s U.S. dollar and non-U.S. dollar sensitivities as presented in Structural interest rate risk management of the Firm’s Quarterly Reports on Form 10-Q for the respective periods.
(d)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(e)Estimated.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q25 Change
REVENUE1Q254Q243Q242Q241Q244Q241Q24
Investment banking fees $2,178 $2,421 $2,231 $2,304 $1,954 (10)%11 %
Principal transactions7,614 5,195 5,988 6,814 6,790 47 12 
Lending- and deposit-related fees2,132 1,952 1,924 1,828 1,902 9 12 
Asset management fees4,700 4,874 4,479 4,302 4,146 (4)13 
Commissions and other fees2,033 1,865 1,936 1,924 1,805 9 13 
Investment securities losses(37)(92)(16)(547)(366)60 90 
Mortgage fees and related income278 376 402 348 275 (26)1 
Card income1,216 1,602 1,345 1,332 1,218 (24)— 
Other income1,923 1,225 960 9,149 
(e)
1,128 57 70 
Noninterest revenue22,037 19,418 19,249 27,454 18,852 13 17 
Interest income46,853 47,566 50,416 48,513 47,438 (1)(1)
Interest expense23,580 24,216 27,011 25,767 24,356 (3)(3)
Net interest income23,273 23,350 23,405 22,746 23,082 — 1 
TOTAL NET REVENUE45,310 42,768 42,654 50,200 41,934 6 8 
Provision for credit losses3,305 2,631 3,111 3,052 1,884 26 75 
NONINTEREST EXPENSE
Compensation expense 14,093 12,469 12,817 12,953 13,118 13 7 
Occupancy expense1,302 1,309 1,258 1,248 1,211 (1)8 
Technology, communications and equipment expense 2,578 2,516 2,447 2,447 2,421 2 6 
Professional and outside services 2,839 3,007 2,780 2,722 2,548 (6)11 
Marketing1,304 1,335 1,258 1,221 1,160 (2)12 
Other expense (a)1,481 
(d)
2,126 2,005 3,122 
(f)
2,299 
(d)
(30)(36)
TOTAL NONINTEREST EXPENSE23,597 22,762 22,565 23,713 22,757 4 4 
Income before income tax expense18,408 17,375 16,978 23,435 17,293 6 6 
Income tax expense3,765 3,370 4,080 5,286 3,874 12 (3)
NET INCOME$14,643 $14,005 $12,898 $18,149 $13,419 5 9 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$5.08 $4.82 $4.38 $6.13 $4.45 5 14 
Diluted earnings per share5.07 4.81 4.37 6.12 4.44 5 14 
FINANCIAL RATIOS
Return on common equity (b)18 %17 %16 %23 %17 %
Return on tangible common equity (b)(c)21 21 19 28 21 
Return on assets (b)1.40 1.35 1.23 1.79 1.36 
Effective income tax rate20.5 19.4 24.0 22.6 22.4 
Overhead ratio52 53 53 47 54 
(a)Included Firmwide legal expense of $121 million, $236 million, $259 million, $317 million and $(72) million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(b)Ratios are based upon annualized amounts.
(c)Refer to page 28 for a further discussion of ROTCE.
(d)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an increase of $725 million for the three months ended March 31, 2024. Refer to Note 6 on page 228 of the Firm’s 2024 Form 10-K for additional information.
(e)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.
(f)Included a $1.0 billion donation of Visa shares to pre-fund contributions to the JPMorgan Chase Foundation.


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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Mar 31, 2025
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2025202420242024202420242024
ASSETS
Cash and due from banks $22,066 $23,372 $22,896 $27,265 $22,750 (6)%(3)%
Deposits with banks 403,837 445,945 411,364 503,554 539,366 (9)(25)
Federal funds sold and securities purchased under
resale agreements429,506 295,001 390,821 392,763 330,559 46 30 
Securities borrowed238,702 219,546 252,434 199,062 198,336 9 20 
Trading assets:
Debt and equity instruments814,664 576,817 734,928 679,209 697,788 41 17 
Derivative receivables60,539 60,967 52,561 54,673 56,621 (1)7 
Available-for-sale (“AFS”) securities399,363 406,852 334,548 266,252 236,152 (2)69 
Held-to-maturity (”HTM”) securities265,084 274,468 299,954 323,746 334,527 (3)(21)
Investment securities, net of allowance for credit losses664,447 681,320 634,502 589,998 570,679 (2)16 
Loans1,355,695 1,347,988 1,340,011 1,320,700 1,309,616 1 4 
Less: Allowance for loan losses25,208 24,345 23,949 22,991 22,351 4 13 
Loans, net of allowance for loan losses1,330,487 1,323,643 1,316,062 1,297,709 1,287,265 1 3 
Accrued interest and accounts receivable
117,845 101,223 122,565 135,692 129,823 16 (9)
Premises and equipment32,811 32,223 31,525 30,582 30,279 2 8 
Goodwill, MSRs and other intangible assets64,525 64,560 64,455 64,525 64,374 — — 
Other assets178,427 178,197 175,935 167,971 162,887 — 10 
TOTAL ASSETS$4,357,856 $4,002,814 $4,210,048 $4,143,003 $4,090,727 9 7 
LIABILITIES
Deposits$2,495,877 $2,406,032 $2,430,772 $2,396,530 $2,428,409 4 3 
Federal funds purchased and securities loaned or sold
under repurchase agreements533,046 296,835 389,337 400,832 325,670 80 64 
Short-term borrowings64,980 52,893 50,638 47,308 46,268 23 40 
Trading liabilities:
Debt and equity instruments149,871 153,222 204,593 206,018 192,324 (2)(22)
Derivative payables37,232 39,661 38,665 34,818 36,003 (6)3 
Accounts payable and other liabilities 293,538 280,672 314,356 295,813 301,469 5 (3)
Beneficial interests issued by consolidated VIEs24,668 27,323 25,694 27,104 28,075 (10)(12)
Long-term debt407,224 401,418 410,157 394,028 395,872 1 3 
TOTAL LIABILITIES4,006,436 3,658,056 3,864,212 3,802,451 3,754,090 10 7 
STOCKHOLDERS’ EQUITY
Preferred stock20,045 20,050 21,650 23,900 29,900 — (33)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital90,223 90,911 90,638 90,328 89,903 (1)— 
Retained earnings386,616 376,166 365,966 356,924 342,414 3 13 
Accumulated other comprehensive loss (“AOCI”)
(9,111)(12,456)(6,784)(11,338)(11,639)27 22 
Treasury stock, at cost(140,458)(134,018)(129,739)(123,367)(118,046)(5)(19)
TOTAL STOCKHOLDERS’ EQUITY351,420 344,758 345,836 340,552 336,637 2 4 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,357,856 $4,002,814 $4,210,048 $4,143,003 $4,090,727 9 7 

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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDS
1Q25 Change
AVERAGE BALANCES1Q254Q243Q242Q241Q244Q241Q24
ASSETS
Deposits with banks $446,044 $448,992 $464,704 $512,150 $535,708 (1)%(17)%
Federal funds sold and securities purchased under resale agreements377,998 337,553 404,174 370,817 323,988 12 17 
Securities borrowed241,003 232,500 217,716 195,877 192,545 4 25 
Trading assets - debt instruments 495,143 452,091 496,176 452,933 422,516 10 17 
Investment securities664,970 661,361 622,835 580,044 580,046 1 15 
Loans1,339,391 1,339,378 1,325,440 1,313,085 1,311,578 — 2 
All other interest-earning assets (a)103,835 100,085 90,721 84,819 79,134 4 31 
Total interest-earning assets 3,668,384 3,571,960 3,621,766 3,509,725 3,445,515 3 6 
Trading assets - equity and other instruments225,468 204,126 217,790 221,382 190,783 10 18 
Trading assets - derivative receivables59,099 58,643 54,575 57,175 57,635 1 3 
All other noninterest-earning assets 282,363 290,438 282,877 283,161 274,704 (3)3 
TOTAL ASSETS$4,235,314 $4,125,167 $4,177,008 $4,071,443 $3,968,637 3 7 
LIABILITIES
Interest-bearing deposits $1,842,888 $1,793,337 $1,749,353 $1,722,856 $1,726,142 3 7 
Federal funds purchased and securities loaned or
sold under repurchase agreements465,203 358,508 425,795 375,371 294,983 30 58 
Short-term borrowings
49,291 41,346 40,234 38,234 38,529 19 28 
Trading liabilities - debt and all other interest-bearing liabilities (b)
288,140 304,599 329,850 318,703 302,997 (5)(5)
Beneficial interests issued by consolidated VIEs25,775 25,881 26,556 26,222 27,407 — (6)
Long-term debt 344,945 346,485 347,910 342,516 340,411 — 1 
Total interest-bearing liabilities 3,016,242 2,870,156 2,919,698 2,823,902 2,730,469 5 10 
Noninterest-bearing deposits 587,417 623,654 633,957 648,327 648,644 (6)(9)
Trading liabilities - equity and other instruments 37,671 36,228 32,739 30,456 28,622 4 32 
Trading liabilities - derivative payables41,087 40,621 39,936 37,538 39,877 1 3 
All other noninterest-bearing liabilities 208,539 216,082 206,376 196,590 192,796 (3)8 
TOTAL LIABILITIES3,890,956 3,786,741 3,832,706 3,736,813 3,640,408 3 7 
Preferred stock20,013 20,050 22,408 25,867 27,952 — (28)
Common stockholders’ equity324,345 318,376 321,894 308,763 300,277 2 8 
TOTAL STOCKHOLDERS’ EQUITY344,358 338,426 344,302 334,630 328,229 2 5 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,235,314 $4,125,167 $4,177,008 $4,071,443 $3,968,637 3 7 
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 3.76 %3.97 %4.59 %4.76 %4.79 %
Federal funds sold and securities purchased under resale agreements4.52 4.76 5.14 5.23 5.23 
Securities borrowed3.88 4.09 4.53 4.47 4.52 
Trading assets - debt instruments 4.56 4.52 4.51 4.44 4.38 
Investment securities3.84 3.86 3.96 3.80 3.64 
Loans 6.80 6.87 7.07 7.03 7.03 
All other interest-earning assets (a)(d)7.63 8.26 9.11 10.14 10.22 
Total interest-earning assets 5.19 5.31 5.55 5.57 5.55 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.44 2.66 2.94 2.90 2.85 
Federal funds purchased and securities loaned or
sold under repurchase agreements4.52 4.81 5.36 5.47 5.41 
Short-term borrowings
4.40 5.03 5.38 5.27 5.57 
Trading liabilities - debt and all other interest-bearing liabilities (b)2.94 3.09 3.17 3.29 3.50 
Beneficial interests issued by consolidated VIEs4.66 4.85 5.27 5.40 5.34 
Long-term debt 5.16 5.38 5.53 5.61 5.46 
Total interest-bearing liabilities 3.17 3.36 3.68 3.67 3.59 
INTEREST RATE SPREAD2.02 1.95 1.87 1.90 1.96 
NET YIELD ON INTEREST-EARNING ASSETS2.58 2.61 2.58 2.62 2.71 
Memo: Net yield on interest-earning assets excluding Markets (e)3.80 3.79 3.86 3.86 3.83 
(a) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.
(b)    All other interest-bearing liabilities include brokerage-related customer payables.
(c)    Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2024 Form 10-K for additional information on hedge accounting.
(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

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JPMORGAN CHASE & CO.
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RECONCILIATION FROM REPORTED TO MANAGED BASIS
(in millions, except ratios)
The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. 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. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
OTHER INCOME
Other income - reported$1,923 $1,225 $960 $9,149 $1,128 57 %70 %
Fully taxable-equivalent adjustments (a)602 849 541 677 493 (29)22 
Other income - managed$2,525 $2,074 $1,501 $9,826 $1,621 22 56 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$22,037 $19,418 $19,249 $27,454 $18,852 13 17 
Fully taxable-equivalent adjustments602 849 541 677 493 (29)22 
Total noninterest revenue - managed$22,639 $20,267 $19,790 $28,131 $19,345 12 17 
NET INTEREST INCOME
Net interest income - reported$23,273 $23,350 $23,405 $22,746 $23,082 — 1 
Fully taxable-equivalent adjustments (a)102 121 120 115 121 (16)(16)
Net interest income - managed$23,375 $23,471 $23,525 $22,861 $23,203 — 1 
TOTAL NET REVENUE
Total net revenue - reported$45,310 $42,768 $42,654 $50,200 $41,934 6 8 
Fully taxable-equivalent adjustments704 970 661 792 614 (27)15 
Total net revenue - managed$46,014 $43,738 $43,315 $50,992 $42,548 5 8 
PRE-PROVISION PROFIT
Pre-provision profit - reported$21,713 $20,006 $20,089 $26,487 $19,177 9 13 
Fully taxable-equivalent adjustments704 970 661 792 614 (27)15 
Pre-provision profit - managed$22,417 $20,976 $20,750 $27,279 $19,791 7 13 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$18,408 $17,375 $16,978 $23,435 $17,293 6 6 
Fully taxable-equivalent adjustments704 970 661 792 614 (27)15 
Income before income tax expense - managed$19,112 $18,345 $17,639 $24,227 $17,907 4 7 
INCOME TAX EXPENSE
Income tax expense - reported$3,765 $3,370 $4,080 $5,286 $3,874 12 (3)
Fully taxable-equivalent adjustments704 970 661 792 614 (27)15 
Income tax expense - managed$4,469 $4,340 $4,741 $6,078 $4,488 3 — 
OVERHEAD RATIO
Overhead ratio - reported52 %53 %53 %47 %54 %
Overhead ratio - managed51 52 52 47 53 
(a)Predominantly recognized in CIB and Corporate.

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JPMORGAN CHASE & CO.
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SEGMENT & CORPORATE RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$18,313 $18,362 $17,791 $17,701 $17,653 — %4 %
Commercial & Investment Bank
19,666 17,598 17,015 17,917 17,584 12 12 
Asset & Wealth Management 5,731 5,778 5,439 5,252 5,109 (1)12 
Corporate2,304 2,000 3,070 10,122 
(a)
2,202 15 5 
TOTAL NET REVENUE$46,014 $43,738 $43,315 $50,992 $42,548 5 8 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$9,857 $9,728 $9,586 $9,425 $9,297 1 6 
Commercial & Investment Bank
9,842 8,712 8,751 9,166 8,724 13 13 
Asset & Wealth Management3,713 3,772 3,639 3,543 3,460 (2)7 
Corporate185 550 589 1,579 
(b)
1,276 (66)(86)
TOTAL NONINTEREST EXPENSE$23,597 $22,762 $22,565 $23,713 $22,757 4 4 
PRE-PROVISION PROFIT
Consumer & Community Banking$8,456 $8,634 $8,205 $8,276 $8,356 (2)1 
Commercial & Investment Bank
9,824 8,886 8,264 8,751 8,860 11 11 
Asset & Wealth Management2,018 2,006 1,800 1,709 1,649 1 22 
Corporate2,119 1,450 2,481 8,543 926 46 129 
PRE-PROVISION PROFIT$22,417 $20,976 $20,750 $27,279 $19,791 7 13 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$2,629 $2,623 $2,795 $2,643 $1,913 — 37 
Commercial & Investment Bank
705 61 316 384 1 NMNM
Asset & Wealth Management(10)(35)4 20 (57)71 82 
Corporate(19)(18)(4)5 27 (6)NM
PROVISION FOR CREDIT LOSSES$3,305 $2,631 $3,111 $3,052 $1,884 26 75 
NET INCOME
Consumer & Community Banking $4,425 $4,516 $4,046 $4,210 $4,831 (2)(8)
Commercial & Investment Bank
6,942 6,636 5,691 5,897 6,622 5 5 
Asset & Wealth Management 1,583 1,517 1,351 1,263 1,290 4 23 
Corporate 1,693 1,336 1,810 6,779 676 27 150 
TOTAL NET INCOME$14,643 $14,005 $12,898 $18,149 $13,419 5 9 
(a)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.
(b)Included $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.

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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Mar 31, 2025
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2025202420242024202420242024
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$279,788 (c)$275,513 $272,964 $267,196 $257,569 2 %9 %
Tier 1 capital299,131 (c)294,881 292,333 290,442 280,771 1 7 
Total capital330,546 (c)325,589 324,585 322,175 312,149 2 6 
Risk-weighted assets 1,817,591 (c)1,757,460 1,782,722 1,743,481 1,712,081 3 6 
CET1 capital ratio15.4 %(c)15.7 %15.3 %15.3 %15.0 %
Tier 1 capital ratio16.5 (c)16.8 16.4 16.7 16.4 
Total capital ratio18.2 (c)18.5 18.2 18.5 18.2 
Advanced
CET1 capital$279,788 (c)$275,513 $272,964 $267,196 $257,569 2 9 
Tier 1 capital 299,131 (c)294,881 292,333 290,442 280,771 1 7 
Total capital316,525 (c)311,898 310,764 308,639 298,766 1 6 
Risk-weighted assets1,802,170 (c)1,740,429 1,762,991 1,726,204 1,681,317 4 7 
CET1 capital ratio15.5 %(c)15.8 %15.5 %15.5 %15.3 %
Tier 1 capital ratio16.6 (c)16.9 16.6 16.8 16.7 
Total capital ratio17.6 (c)17.9 17.6 17.9 17.8 
Leverage-based capital metrics
Adjusted average assets (b)$4,180,146 (c)$4,070,499 $4,122,332 $4,016,654 $3,913,677 3 7 
Tier 1 leverage ratio7.2 %(c)7.2 %7.1 %7.2 %7.2 %
Total leverage exposure$4,948,154 (c)$4,837,568 $4,893,662 $4,768,202 $4,634,634 2 7 
SLR6.0 %(c)6.1 %6.0 %6.1 %6.1 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$558,345 (c)$546,564 $543,616 $533,949 $520,386 2 7 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$275,513 $272,964 $267,196 $257,569 $250,585 1 10 
Net income applicable to common equity14,388 13,746 12,612 17,832 13,022 5 10 
Dividends declared on common stock(3,938)(3,546)(3,570)(3,322)(3,348)(11)(18)
Net purchase of treasury stock(6,440)(4,279)(6,372)(5,321)(1,829)(51)(252)
Changes in additional paid-in capital(688)273 310 425 (225)NM(206)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities953 (2,633)2,297 108 141 NMNM
Translation adjustments, net of hedges489 (887)389 (156)(204)NMNM
Fair value hedges28 (54)(20)8 (21)NMNM
Defined benefit pension and other postretirement employee benefit plans
(16)(58)(28)(3)26 72 NM
Changes related to other CET1 capital adjustments(501)(c)(13)150 56 (578)NM13 
Change in Standardized/Advanced CET1 capital4,275 (c)2,549 5,768 9,627 6,984 68 (39)
Standardized/Advanced CET1 capital, ending balance$279,788 (c)$275,513 $272,964 $267,196 $257,569 2 9 
(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased-out. As of December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining $720 million CECL benefit. Refer to Note 27 of the Firm’s 2024 Form 10-K for additional information.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.
(c)Estimated.




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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Mar 31, 2025
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2025202420242024202420242024
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$331,375 $324,708 $324,186 $316,652 $306,737 2 %8 %
Less: Goodwill52,621 52,565 52,711 52,620 52,636 — — 
Less: Other intangible assets2,777 2,874 2,991 3,058 3,133 (3)(11)
Add: Certain deferred tax liabilities (b)2,928 2,943 2,962 2,969 2,981 (1)(2)
Total tangible common equity$278,905 $272,212 $271,446 $263,943 $253,949 2 10 
TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity$324,345 $318,376 $321,894 $308,763 $300,277 2 8 
Less: Goodwill52,581 52,617 52,658 52,618 52,614 — — 
Less: Other intangible assets2,830 2,921 3,007 3,086 3,157 (3)(10)
Add: Certain deferred tax liabilities (b)2,938 2,952 2,963 2,975 2,988 — (2)
Total tangible common equity$271,872 $265,790 $269,192 $256,034 $247,494 2 10 
INTANGIBLE ASSETS (period-end)
Goodwill$52,621 $52,565 $52,711 $52,620 $52,636 — — 
Mortgage servicing rights9,127 9,121 8,753 8,847 8,605 — 6 
Other intangible assets2,777 2,874 2,991 3,058 3,133 (3)(11)
Total intangible assets$64,525 $64,560 $64,455 $64,525 $64,374 — — 
(a)Refer to page 28 for further discussion of TCE.
(b)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

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JPMORGAN CHASE & CO.
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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
EARNINGS PER SHARE
Basic earnings per share
Net income$14,643 $14,005 $12,898 $18,149 $13,419 5 %9 %
Less: Preferred stock dividends
255 259 286 317 397 (2)(36)
Net income applicable to common equity14,388 13,746 12,612 17,832 13,022 5 10 
Less: Dividends and undistributed earnings allocated to
participating securities71 77 75 114 80 (8)(11)
Net income applicable to common stockholders$14,317 $13,669 $12,537 $17,718 $12,942 5 11 
Total weighted-average basic shares outstanding2,819.4 2,836.9 2,860.6 2,889.8 2,908.3 (1)(3)
Net income per share$5.08 $4.82 $4.38 $6.13 $4.45 5 14 
Diluted earnings per share
Net income applicable to common stockholders$14,317 $13,669 $12,537 $17,718 $12,942 5 11 
Total weighted-average basic shares outstanding2,819.4 2,836.9 2,860.6 2,889.8 2,908.3 (1)(3)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		4.9 5.5 5.3 5.1 4.5 (11)9 
Total weighted-average diluted shares outstanding2,824.3 2,842.4 2,865.9 2,894.9 2,912.8 (1)(3)
Net income per share$5.07 $4.81 $4.37 $6.12 $4.44 5 14 
COMMON DIVIDENDS
Cash dividends declared per share$1.40 (c)$1.25 $1.25 (d)$1.15 $1.15 12 22 
Dividend payout ratio27 %26 %28 %19 %26 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased30.0 18.5 30.3 27.0 15.9 62 89 
Average price paid per share of common stock$252.50 $233.37 $209.61 $196.83 $179.50 8 41 
Aggregate repurchases of common stock7,563 4,313 6,361 5,318 2,849 75 165 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans11.5 0.8 0.5 0.5 10.9 NM6 
Net impact of employee issuances on stockholders’ equity (b)
$476 $343 $354 $459 $801 39 (41)
(a)Effective July 1, 2024, the Firm’s Board of Directors had authorized a common share repurchase program of $30 billion that replaced the previous repurchase program.
(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares.
(c)On March 18, 2025, the Board of Directors declared a quarterly common stock dividend of $1.40 per share.
(d)On September 17, 2024, the Board of Directors declared a quarterly common stock dividend of $1.25 per share.















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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$839 $872 $863 $830 $822 (4)%2 %
Asset management fees1,093 1,067 1,022 978 947 2 15 
Mortgage fees and related income263 368 390 346 274 (29)(4)
Card income653 973 743 741 682 (33)(4)
All other income (a)1,323 1,214 1,196 1,101 1,220 9 8 
Noninterest revenue4,171 4,494 4,214 3,996 3,945 (7)6 
Net interest income14,142 13,868 13,577 13,705 13,708 2 3 
TOTAL NET REVENUE18,313 18,362 17,791 17,701 17,653 — 4 
Provision for credit losses2,629 2,623 2,795 2,643 1,913 — 37 
NONINTEREST EXPENSE
Compensation expense4,448 4,301 4,275 4,240 4,229 3 5 
Noncompensation expense (b)5,409 5,427 5,311 5,185 5,068 — 7 
TOTAL NONINTEREST EXPENSE9,857 9,728 9,586 9,425 9,297 1 6 
Income before income tax expense5,827 6,011 5,410 5,633 6,443 (3)(10)
Income tax expense 1,402 1,495 1,364 1,423 1,612 (6)(13)
NET INCOME$4,425 $4,516 $4,046 $4,210 $4,831 (2)(8)
REVENUE BY BUSINESS
Banking & Wealth Management $10,254 $10,154 $10,090 $10,375 $10,324 1 (1)
Home Lending1,207 1,297 1,295 1,319 1,186 (7)2 
Card Services & Auto 6,852 6,911 6,406 6,007 6,143 (1)12 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue110 186 154 157 130 (41)(15)
Net mortgage servicing revenue (c)153 182 236 189 144 (16)6 
Mortgage fees and related income$263 $368 $390 $346 $274 (29)(4)
FINANCIAL RATIOS
ROE31 %32 %29 %30 %35 %
Overhead ratio 54 53 54 53 53 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $824 million, $722 million, $699 million, $682 million and $665 million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(b)Included depreciation expense on leased assets of $499 million, $410 million, $387 million, $430 million and $427 million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(c)Included MSR risk management results of $9 million, $21 million, $100 million, $39 million and $(1) million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.




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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
SELECTED BALANCE SHEET DATA (period-end)
Total assets$636,105 $650,268 $633,038 $638,493 $629,122 (2)%1 %
Loans:
Banking & Wealth Management
33,098 33,221 31,614 31,078 31,266 — 6 
Home Lending (a)
241,427 246,498 247,663 250,032 254,243 (2)(5)
Card Services223,517 233,016 219,671 216,213 206,823 (4)8 
Auto 72,116 73,619 73,215 75,310 76,508 (2)(6)
Total loans 570,158 586,354 572,163 572,633 568,840 (3)— 
Deposits1,080,138 1,056,652 1,054,027 1,069,753 1,105,583 2 (2)
Equity56,000 54,500 54,500 54,500 54,500 3 3 
SELECTED BALANCE SHEET DATA (average)
Total assets$639,664 $638,783 $631,117 $628,757 $627,862 — 2 
Loans:
Banking & Wealth Management33,160 32,599 30,910 31,419 31,241 2 6 
Home Lending (b)
244,282 247,415 250,581 254,385 257,866 (1)(5)
Card Services224,493 224,263 217,327 210,119 204,701 — 10 
Auto 72,462 73,323 73,675 75,804 77,268 (1)(6)
Total loans574,397 577,600 572,493 571,727 571,076 (1)1 
Deposits1,053,677 1,050,636 1,053,701 1,073,544 1,079,243 — (2)
Equity56,000 54,500 54,500 54,500 54,500 3 3 
Employees
145,530 
(c)
144,989 143,964 143,412 142,758 — 2 
(a)At March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, Home Lending loans held-for-sale and loans at fair value were $6.4 billion, $8.1 billion, $6.9 billion, $5.9 billion and $4.8 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $7.5 billion, $7.8 billion, $8.4 billion, $7.7 billion and $4.7 billion for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(c)In the first quarter of 2025, 419 employees were transferred to Corporate as a result of the centralization of certain functions.


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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
$3,266 $3,366 (c)$3,252 $3,413 $3,647 (3)%(10)%
Net charge-offs/(recoveries)
Banking & Wealth Management97 105 82 176 79 (8)23 
Home Lending(26)(15)(44)(40)(7)(73)(271)
Card Services1,983 1,862 1,768 1,830 1,688 6 17 
Auto100 114 113 98 119 (12)(16)
Total net charge-offs/(recoveries)$2,154 $2,066 $1,919 $2,064 $1,879 4 15 
Net charge-off/(recovery) rate
Banking & Wealth Management
1.19 %1.28 %1.06 %2.25 %1.02 %
Home Lending(0.04)(0.02)(0.07)(0.07)(0.01)
Card Services3.58 3.30 3.24 3.50 3.32 
Auto 0.56 0.62 0.62 0.52 0.62 
Total net charge-off/(recovery) rate1.54 1.44 1.35 1.47 1.33 
30+ day delinquency rate
Home Lending (b)
1.04 %0.78 %(c)0.77 %0.70 %0.70 %
Card Services2.21 2.17 2.20 2.08 2.23 
Auto1.20 1.43 1.23 1.12 1.03 
90+ day delinquency rate - Card Services1.16 1.14 1.10 1.07 1.16 
Allowance for loan losses
Banking & Wealth Management $794 $764 $709 $685 $706 4 12 
Home Lending557 447 447 437 432 25 29 
Card Services15,008 14,608 14,106 13,206 12,606 3 19 
Auto 637 692 692 742 742 (8)(14)
Total allowance for loan losses$16,996 $16,511 $15,954 $15,070 $14,486 3 17 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $81 million, $84 million, $88 million, $96 million and $107 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b)At March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $114 million, $122 million, $126 million, $137 million and $147 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)Prior-period amount and rate have been revised to conform with the presentation in the Firm’s 2024 Form 10-K.




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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
BUSINESS METRICS
Number of:
Branches4,972 4,966 4,906 4,884 4,907 — %1 %
    Active digital customers (in thousands) (a)72,480 70,813 70,063 69,011 68,496 2 6 
    Active mobile customers (in thousands) (b)59,036 57,821 56,985 55,564 54,674 2 8 
Debit and credit card sales volume (in billions)$448.7 $477.6 $453.4 $453.7 $420.7 (6)7 
Total payments transaction volume (in trillions) (c)1.6 1.6 1.7 1.6 1.5 — 7 
Banking & Wealth Management
Average deposits $1,038,964 $1,035,184 $1,037,953 $1,058,914 $1,065,562 — (2)
Deposit margin 2.69 %2.61 %2.60 %2.72 %2.71 %
Business Banking average loans$19,474 $19,538 $19,472 $19,461 $19,447 — — 
Business Banking origination volume 815 985 1,091 1,312 1,130 (17)(28)
Client investment assets (d)1,079,833 1,087,608 1,067,931 1,013,680 1,010,315 (1)7 
Number of client advisors5,860 5,755 5,775 5,672 5,571 2 5 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $5.5 $7.7 $6.5 $6.9 $4.4 (29)25 
Correspondent 3.9 4.4 4.9 3.8 2.2 (11)77 
Total mortgage origination volume (e)$9.4 $12.1 $11.4 $10.7 $6.6 (22)42 
Third-party mortgage loans serviced (period-end)661.6 648.0 656.1 642.8 626.2 2 6 
MSR carrying value (period-end)9.1 9.1 8.7 8.8 8.6 — 6 
Card Services
Sales volume, excluding commercial card (in billions)$310.6 $335.1 $316.6 $316.6 $291.0 (7)7 
Net revenue rate10.38 %10.47 %9.91 %9.61 %10.09 %
Net yield on average loans10.31 9.86 9.71 9.46 9.90 
Auto
Loan and lease origination volume (in billions)$10.7 $10.6 $10.0 $10.8 $8.9 1 20 
Average auto operating lease assets13,641 11,967 11,192 10,693 10,435 14 31 
(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.
(b)Users of all mobile platforms who have logged in within the past 90 days.
(c)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.
(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.
(e)Firmwide mortgage origination volume was $11.2 billion, $14.2 billion, $13.3 billion, $12.3 billion and $7.6 billion for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.


Page 15

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
INCOME STATEMENT
REVENUE
Investment banking fees$2,248 $2,479 $2,267 $2,356 $2,014 (9)%12 %
Principal transactions7,608 5,158 5,899 6,691 6,634 47 15 
Lending- and deposit-related fees1,230 1,020 997 924 973 21 26 
Commissions and other fees1,437 1,320 1,349 1,337 1,272 9 13 
Card income551 617 589 579 525 (11)5 
All other income748 1,132 521 857 743 (34)1 
Noninterest revenue13,822 11,726 11,622 12,744 12,161 18 14 
Net interest income5,844 5,872 5,393 5,173 5,423 — 8 
TOTAL NET REVENUE (a)19,666 17,598 17,015 17,917 17,584 12 12 
Provision for credit losses705 61 316 384 1 NMNM
NONINTEREST EXPENSE
Compensation expense5,330 4,033 4,510 4,752 4,896 32 9 
Noncompensation expense4,512 4,679 4,241 4,414 3,828 (4)18 
TOTAL NONINTEREST EXPENSE9,842 8,712 8,751 9,166 8,724 13 13 
Income before income tax expense9,119 8,825 7,948 8,367 8,859 3 3 
Income tax expense 2,177 2,189 2,257 2,470 2,237 (1)(3)
NET INCOME$6,942 $6,636 $5,691 $5,897 $6,622 5 5 
FINANCIAL RATIOS
ROE18 %19 %17 %17 %20 %
Overhead ratio50 50 51 51 50 
Compensation expense as percentage of total net revenue27 23 27 27 28 
REVENUE BY BUSINESS
Investment Banking$2,268 $2,602 $2,354 $2,464 $2,216 (13)2 
Payments4,565 4,703 4,370 4,546 4,466 (3)2 
Lending1,915 1,916 1,894 1,936 1,724 — 11 
Other6 47 28 4 (3)(87)NM
Total Banking & Payments
8,754 9,268 8,646 8,950 8,403 (6)4 
Fixed Income Markets5,849 5,006 4,651 
(d)
4,981 
(d)
5,428 
(d)
17 8 
Equity Markets3,814 2,043 2,501 
(d)
2,812 
(d)
2,585 
(d)
87 48 
Securities Services 1,269 1,314 1,326 1,261 1,183 (3)7 
Credit Adjustments & Other (b)(20)(33)(109)(87)(15)39 (33)
Total Markets & Securities Services10,912 8,330 8,369 8,967 9,181 31 19 
TOTAL NET REVENUE$19,666 $17,598 $17,015 $17,917 $17,584 12 12 
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking
$5,969 $6,449 $6,139 $6,141 $5,820 (7)%3 %
Commercial Banking
2,825 2,899 2,891 2,860 2,837 (3)— 
Middle Market Banking1,956 1,965 1,931 1,936 1,927 — 2 
Commercial Real Estate Banking869 934 960 924 910 (7)(5)
Other
(40)(80)(384)(51)(254)50 84 
Total Banking & Payments revenue
$8,754 $9,268 $8,646 $8,950 $8,403 (6)4 
(a)Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $658 million, $915 million, $607 million, $737 million and $557 million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(b)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
(c)Refer to page 78 of the Firm’s Annual Report on Form 10-K for the annual period ended December 31, 2024 for a description of each of the client coverage segments.
(d)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.


Page 16

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
SELECTED BALANCE SHEET DATA (period-end)
Total assets$2,174,123 $1,773,194 $2,047,022 
(e)
$1,939,038 $1,898,251 23 %15 %
Loans:
Loans retained497,657 483,043 483,915 475,880 475,454 3 5 
Loans held-for-sale and loans at fair value (a)48,201 40,324 47,728 41,737 40,746 20 18 
Total loans 545,858 523,367 531,643 517,617 516,200 4 6 
Equity149,500 132,000 132,000 132,000 132,000 13 13 
Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking
$121,516 
(c)
$125,083 $134,487 $132,592 $129,179 (3)(6)
Commercial Banking219,220 217,674 218,733 220,222 223,474 1 (2)
Middle Market Banking74,334 72,814 73,782 75,488 79,207 2 (6)
Commercial Real Estate Banking144,886 144,860 144,951 144,734 144,267 — — 
Other260 187 263 266 588 39 (56)
Total Banking & Payments loans340,996 342,944 353,483 353,080 353,241 (1)(3)
SELECTED BALANCE SHEET DATA (average)
Total assets$2,045,105 $1,930,491 $2,008,127 
(e)
$1,915,880 $1,794,118 6 14 
Trading assets - debt and equity instruments 685,039 613,142 663,302 638,473 580,899 12 18 
Trading assets - derivative receivables 58,987 57,884 54,133 58,850 57,268 2 3 
Loans:
Loans retained482,304 482,316 476,256 471,861 471,187 — 2 
Loans held-for-sale and loans at fair value (a)46,422 43,203 44,868 42,868 43,537 7 7 
Total loans528,726 525,519 521,124 514,729 514,724 1 3 
Deposits1,106,158 1,088,439 1,064,402 1,046,993 1,045,788 2 6 
Equity149,500 132,000 132,000 132,000 132,000 13 13 
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking
$121,147 
(c)
$126,112 $128,747 $130,320 $127,403 (4)(5)
Commercial Banking218,560 218,672 219,406 220,767 222,323 — (2)
Middle Market Banking73,629 73,205 74,660 76,229 78,364 1 (6)
Commercial Real Estate Banking144,931 145,467 144,746 144,538 143,959 — 1 
Other240 193 277 360 590 24 (59)
Total Banking & Payments loans339,947 344,977 348,430 351,447 350,316 (1)(3)
Employees
92,755 
(d)
93,231 93,754 93,387 92,478 (1)— 
(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)Refer to page 78 of the Firm’s Annual Report on Form 10-K for the annual period ended December 31, 2024 for a description of each of the client coverage segments.
(c)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.
(d)In the first quarter of 2025, 219 employees were transferred to Corporate as a result of the centralization of certain functions.
(e)Prior-period amounts have been revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.



Page 17

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$177 $300 (d)$156 $164 $69 (41)157 
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)3,413 3,258 2,857 2,631 2,146 5 59 
Nonaccrual loans held-for-sale and loans at fair value (b)1,255 1,502 1,187 988 1,093 (16)15 
Total nonaccrual loans 4,668 4,760 4,044 3,619 3,239 (2)44 
Derivative receivables169 145 210 290 293 17 (42)
Assets acquired in loan satisfactions211 213 216 220 159 (1)33 
Total nonperforming assets 5,048 5,118 4,470 4,129 3,691 (1)37 
Allowance for credit losses:
Allowance for loan losses7,680 7,294 7,427 7,344 7,291 5 5 
Allowance for lending-related commitments2,113 1,976 2,013 1,930 1,785 7 18 
Total allowance for credit losses9,793 9,270 9,440 9,274 9,076 6 8 
Net charge-off/(recovery) rate (c)0.15 %0.25 %0.13 %0.14 %0.06 %
Allowance for loan losses to period-end loans retained1.54 1.51 1.53 1.54 1.53 
Allowance for loan losses to nonaccrual loans retained (a)225 224 260 279 340 
Nonaccrual loans to total period-end loans0.86 0.91 0.76 0.70 0.63 
(a)Allowance for loan losses of $566 million, $435 million, $366 million, $452 million and $375 million were held against these nonaccrual loans at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $36 million, $37 million, $38 million, $42 million and $50 million, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(d)Includes $72 million related to a purchased credit deteriorated (“PCD”) loan that was charged off in the fourth quarter of 2024.
























Page 18

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
BUSINESS METRICS
Advisory$694 $1,060 $847 $785 $598 (35)%16 %
Equity underwriting324 498 344 495 355 (35)(9)
Debt underwriting1,230 921 1,076 1,076 1,061 34 16 
Total investment banking fees$2,248 $2,479 $2,267 $2,356 $2,014 (9)12 
Client deposits and other third-party liabilities (average) (a)1,034,382 1,011,634 966,025 936,725 931,603 2 11 
Assets under custody (“AUC”) (period-end) (in billions)$35,678 $35,280 $35,832 $34,024 $33,985 1 5 
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (b)
Fixed income$37 $34 $37 $31 $35 9 6 
Foreign exchange9 14 15 18 13 (36)(31)
Equities25 10 8 7 6 150 317 
Commodities and other29 8 8 9 7 263 314 
Diversification benefit to CIB trading VaR (c)
(55)(33)(33)(32)(29)(67)(90)
CIB trading VaR (b)
45 33 35 33 32 36 41 
Credit Portfolio VaR (d)
21 20 21 21 24 5 (13)
Diversification benefit to CIB VaR (c)
(19)(16)(14)(16)(15)(19)(27)
CIB VaR$47 $37 $42 $38 $41 27 15 
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 143–145 of the Firm’s 2024 Form 10-K for further information.
(c)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.
(d)Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.
Page 19

JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
INCOME STATEMENT
REVENUE
Asset management fees$3,595 $3,792 $3,427 $3,304 $3,170 (5)%13 %
Commissions and other fees273 225 224 232 193 21 41 
All other income 125 60 148 97 151 108 (17)
Noninterest revenue 3,993 4,077 3,799 3,633 3,514 (2)14 
Net interest income1,738 1,701 1,640 1,619 1,595 2 9 
TOTAL NET REVENUE5,731 5,778 5,439 5,252 5,109 (1)12 
Provision for credit losses (10)(35)4 20 (57)71 82 
NONINTEREST EXPENSE
Compensation expense 2,096 2,058 1,994 1,960 1,972 2 6 
Noncompensation expense 1,617 1,714 1,645 1,583 1,488 (6)9 
TOTAL NONINTEREST EXPENSE3,713 3,772 3,639 3,543 3,460 (2)7 
Income before income tax expense2,028 2,041 1,796 1,689 1,706 (1)19 
Income tax expense 445 524 445 426 416 (15)7 
NET INCOME $1,583 $1,517 $1,351 $1,263 $1,290 4 23 
REVENUE BY BUSINESS
Asset Management $2,671 $2,887 $2,525 $2,437 $2,326 (7)15 
Global Private Bank3,060 2,891 2,914 2,815 2,783 6 10 
TOTAL NET REVENUE $5,731 $5,778 $5,439 $5,252 $5,109 (1)12 
FINANCIAL RATIOS
ROE39 %38 %34 %32 % 33 %
Overhead ratio65 65 67 67 68 
Pretax margin ratio:
Asset Management32 35 32 30 28 
Global Private Bank38 36 34 34 38 
Asset & Wealth Management35 35 33 32 33 
Employees
29,516 
(a)
29,403 29,112 28,579 28,670 — 3 
Number of Global Private Bank client advisors3,781 3,775 3,753 3,509 3,536 — 7 
(a)In the first quarter of 2025, 130 employees were transferred to Corporate as a result of the centralization of certain functions.



Page 20

JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
SELECTED BALANCE SHEET DATA (period-end)
Total assets $258,354 $255,385 $253,750 $247,353 $240,555 1 %7 %
Loans 237,201 236,303 233,903 228,042 222,472 — 7 
Deposits250,219 248,287 248,984 236,492 230,413 1 9 
Equity16,000 15,500 15,500 15,500 15,500 3 3 
SELECTED BALANCE SHEET DATA (average)
Total assets $253,372 $253,612 $247,768 $242,155 $241,384 — 5 
Loans 233,937 233,768 229,299 224,122 223,429 — 5 
Deposits244,107 248,802 236,470 227,423 227,723 (2)7 
Equity16,000 15,500 15,500 15,500 15,500 3 3 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$1 $(2)$12 $3 $8 NM(88)
Nonaccrual loans675 
(a)
700 764 745 769 (4)(12)
Allowance for credit losses:
Allowance for loan losses 530 539 566 575 571 (2)(7)
Allowance for lending-related commitments33 35 38 40 27 (6)22 
Total allowance for credit losses563 574 604 615 598 (2)(6)
Net charge-off/(recovery) rate— %— %0.02 %0.01 %0.01 %
Allowance for loan losses to period-end loans 0.22 
(a)
0.23 0.24 0.25 0.26 
Allowance for loan losses to nonaccrual loans93 
(a)
77 74 77 74 
Nonaccrual loans to period-end loans0.28 0.30 0.33 0.33 0.35 
(a)Includes $107 million of nonaccrual loans held-for-sale at March 31, 2025, which are excluded from the allowance coverage ratio calculations


Page 21

JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Mar 31, 2025
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
CLIENT ASSETS2025202420242024202420242024
Assets by asset class
Liquidity $1,120 $1,083 $983 $953 $927 3 %21 %
Fixed income 879 851 854 785 762 3 15 
Equity1,128 1,128 1,094 1,017 964 — 17 
Multi-asset764 764 763 719 711 — 7 
Alternatives222 219 210 208 200 1 11 
TOTAL ASSETS UNDER MANAGEMENT4,113 4,045 3,904 3,682 3,564 2 15 
Custody/brokerage/administration/deposits1,889 1,887 1,817 1,705 1,655 — 14 
TOTAL CLIENT ASSETS (a)$6,002 $5,932 $5,721 $5,387 $5,219 1 15 
Assets by client segment
Private Banking (b)$1,201 $1,162 $1,115 $1,036 $995 3 21 
Global Institutional1,705 1,692 1,622 1,540 1,494 1 14 
Global Funds (b)1,207 1,191 1,167 1,106 1,075 1 12 
TOTAL ASSETS UNDER MANAGEMENT$4,113 $4,045 $3,904 $3,682 $3,564 2 15 
Private Banking (b)$2,949 $2,902 $2,806 $2,620 $2,542 2 16 
Global Institutional1,828 1,820 1,739 1,654 1,595 — 15 
Global Funds (b)1,225 1,210 1,176 1,113 1,082 1 13 
TOTAL CLIENT ASSETS (a)$6,002 $5,932 $5,721 $5,387 $5,219 1 15 
Assets under management rollforward
Beginning balance$4,045 $3,904 $3,682 $3,564 $3,422 
Net asset flows:
Liquidity 36 94 34 16 (4)
Fixed income 11 18 37 22 14 
Equity37 41 21 31 21 
Multi-asset3 14 10 (3)(2)
Alternatives3 3 4 2 1 
Market/performance/other impacts(22)(29)116 50 112 
Ending balance$4,113 $4,045 $3,904 $3,682 $3,564 
Client assets rollforward
Beginning balance$5,932 $5,721 $5,387 $5,219 $5,012 
Net asset flows120 224 140 79 43 
Market/performance/other impacts(50)(13)194 89 164 
Ending balance$6,002 $5,932 $5,721 $5,387 $5,219 
BUSINESS METRICS
Firmwide Wealth Management
Client assets (in billions) (c)$3,791 $3,756 $3,648 $3,427 $3,360 1 13 
Number of client advisors9,641 9,530 9,528 9,181 9,107 1 6 
Stock Plan Administration (d)
Number of stock plan participants (in thousands)1,500 1,327 1,118 1,118 1,038 13 45 
Client assets (in billions)281 270 254 249 233 4 21 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)In the first quarter of 2025, the Firm realigned certain client assets from Private Banking to Global Funds to reflect them in the client segment where the assets are invested. Prior period amounts have been revised to conform with the current presentation.
(c)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.
(d)Relates to an equity plan administration business which was acquired in 2022 with the Firm's purchase of Global Shares. The increase in the fourth quarter of 2024 includes the impact of onboarding participants in the Firm’s employee stock plans.




Page 22

JPMORGAN CHASE & CO.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
INCOME STATEMENT
REVENUE
Principal transactions$(87)$28 $(1)$60 $65 NMNM
Investment securities losses(37)(92)(16)(546)(366)60 %90 %
All other income 777 34 172 8,244 
(h)
26 NMNM
Noninterest revenue653 (30)155 7,758 (275)NMNM
Net interest income 1,651 2,030 2,915 2,364 2,477 (19)(33)
TOTAL NET REVENUE (a)2,304 2,000 3,070 10,122 2,202 15 5 
Provision for credit losses(19)(18)(4)5 27 (6)NM
NONINTEREST EXPENSE185 
(e)
550 589 1,579 
(i)
1,276 
(e)
(66)(86)
Income before income tax expense
2,138 1,468 2,485 8,538 899 46 138 
Income tax expense
445 132 675 1,759 223 237 100 
NET INCOME
$1,693 $1,336 $1,810 $6,779 $676 27 150 
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
1,564 2,083 3,154 2,084 2,317 (25)(32)
Other Corporate740 (83)(84)8,038 (115)NMNM
TOTAL NET REVENUE$2,304 $2,000 $3,070 $10,122 $2,202 15 5 
NET INCOME/(LOSS)
Treasury and CIO1,158 1,568 2,291 1,513 1,641 (26)(29)
Other Corporate 535 (232)(481)5,266 (965)NMNM
TOTAL NET INCOME
$1,693 $1,336 $1,810 $6,779 $676 27 150 
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,289,274 $1,323,967 $1,276,238 
(g)
$1,318,119 $1,322,799 (3)(3)
Loans2,478 1,964 2,302 2,408 2,104 26 18 
Deposits (b)25,064 27,581 30,170 26,073 22,515 (9)11 
Employees
50,676 
(f)
49,610 49,213 47,828 48,015 2 6 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses$(37)$(92)$(16)$(546)$(366)60 90 
Available-for-sale securities (average) 391,997 371,415 306,244 247,304 222,943 6 76 
Held-to-maturity securities (average) (c)269,906 286,993 313,898 330,347 354,759 (6)(24)
Investment securities portfolio (average)$661,903 $658,408 $620,142 $577,651 $577,702 1 15 
Available-for-sale securities (period-end)396,316 403,796 331,715 263,624 233,770 (2)70 
Held-to-maturity securities (period-end) (c)265,084 274,468 299,954 323,746 334,527 (3)(21)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)$661,400 $678,264 $631,669 $587,370 $568,297 (2)16 
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $36 million, $44 million, $44 million, $45 million and $49 million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)At March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, the estimated fair value of the HTM securities portfolio was $242.3 billion, $247.9 billion, $279.6 billion, $294.8 billion and $305.4 billion, respectively.
(d)At March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, the allowance for credit losses on investment securities was $85 million, $105 million, $123 million, $125 million and $120 million, respectively.
(e)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an increase of $725 million for the three months ended March 31, 2024. Refer to Note 6 on page 228 of the Firm’s 2024 Form 10-K for additional information.
(f)In the first quarter of 2025, 768 employees were transferred from the lines of business to Corporate as a result of the centralization of certain functions.
(g)Prior-period amount has been revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.
(h)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (g) on page 2 for further information.
(i)Included a $1.0 billion donation of Visa shares to pre-fund contributions to the JPMorgan Chase Foundation.


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CREDIT-RELATED INFORMATION
(in millions)
Mar 31, 2025
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2025202420242024202420242024
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$372,892 $376,334 $377,938 $382,795 $389,592 (1)%(4)%
Loans held-for-sale and loans at fair value 18,246 16,476 17,007 14,160 13,812 11 32 
Total consumer, excluding credit card loans391,138 392,810 394,945 396,955 403,404 — (3)
Credit card loans
Loans retained223,384 232,860 219,542 216,100 206,740 (4)8 
Total credit card loans223,384 232,860 219,542 216,100 206,740 (4)8 
Total consumer loans 614,522 625,670 614,487 613,055 610,144 (2)1 
Wholesale loans (b)
Loans retained704,714 690,396 687,890 674,152 667,761 2 6 
Loans held-for-sale and loans at fair value 36,459 31,922 37,634 33,493 31,711 14 15 
Total wholesale loans 741,173 722,318 725,524 707,645 699,472 3 6 
Total loans 1,355,695 1,347,988 1,340,011 1,320,700 1,309,616 1 4 
Derivative receivables 60,539 60,967 52,561 54,673 56,621 (1)7 
Receivables from customers (c)49,403 51,929 53,270 56,018 52,036 (5)(5)
Total credit-related assets 1,465,637 1,460,884 1,445,842 1,431,391 1,418,273 — 3 
Lending-related commitments
Consumer, excluding credit card 46,149 44,844 45,322 47,215 46,660 3 (1)
Credit card (d)1,031,481 1,001,311 989,594 964,727 943,935 3 9 
Wholesale 548,853 531,467 541,560 (g)545,020 532,514 3 3 
Total lending-related commitments1,626,483 1,577,622 1,576,476 1,556,962 1,523,109 3 7 
Total credit exposure $3,092,120 $3,038,506 $3,022,318 $2,988,353 $2,941,382 2 5 
Memo: Total by category
Consumer exposure (e)$1,692,152 $1,671,825 $1,649,403 $1,624,997 $1,600,739 1 6 
Wholesale exposure (f)1,399,968 1,366,681 1,372,915 1,363,356 1,340,643 2 4 
Total credit exposure$3,092,120 $3,038,506 $3,022,318 $2,988,353 $2,941,382 2 5 
    
(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes loans held in CIB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(d)Also includes commercial card lending-related commitments primarily in CIB.
(e)Represents total consumer loans and lending-related commitments.
(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.
(g)Prior-period amount has been revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.



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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Mar 31, 2025
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2025202420242024202420242024
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,318 $3,233 (c)$3,316 $3,423 $3,630 3 %(9)%
   Loans held-for-sale and loans at fair value 441 693 397 382 481 (36)(8)
Total consumer nonaccrual loans3,759 3,926 3,713 3,805 4,111 (4)(9)
Wholesale nonaccrual loans
Loans retained3,895 3,942 3,517 3,289 2,927 (1)33 
Loans held-for-sale and loans at fair value 964 969 845 697 639 (1)51 
Total wholesale nonaccrual loans 4,859 4,911 4,362 3,986 3,566 (1)36 
Total nonaccrual loans8,618 8,837 8,075 7,791 7,677 (2)12 
Derivative receivables 169 145 210 290 293 17 (42)
Assets acquired in loan satisfactions318 318 343 342 295 — 8 
Total nonperforming assets 9,105 9,300 8,628 8,423 8,265 (2)10 
Wholesale lending-related commitments (b) 793 737 619 541 390 8 103 
Total nonperforming exposure$9,898 $10,037 $9,247 $8,964 $8,655 (1)14 
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.64 %0.66 %(c)0.60 %0.59 %0.59 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 0.96 1.00 0.94 0.96 1.02 
Total wholesale nonaccrual loans to total
wholesale loans 0.66 0.68 0.60 0.56 0.51 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $117 million, $121 million, $126 million, $138 million and $157 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2024 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)Represents commitments that are risk rated as nonaccrual.
(c)Prior-period amount and ratio have been revised to conform with the presentation in the Firm’s 2024 Form 10-K.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q25 Change
1Q254Q243Q242Q241Q244Q241Q24
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$24,345 $23,949 $22,991 $22,351 $22,420 2 %9 %
Net charge-offs:
Gross charge-offs2,816 2,845 2,567 2,726 2,381 (1)18 
Gross recoveries collected(484)(481)(480)(495)(425)(1)(14)
Net charge-offs2,332 2,364 2,087 2,231 1,956 (1)19 
Provision for loan losses 3,193 2,696 3,040 2,871 1,887 18 69 
Other2 64 5 — — (97)NM
Ending balance$25,208 $24,345 $23,949 $22,991 $22,351 4 13 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,101 $2,142 $2,068 $1,916 $1,974 (2)6 
Provision for lending-related commitments 125 (40)74 154 (60)NMNM
Other— (1)— (2)2 NMNM
Ending balance$2,226 $2,101 $2,142 $2,068 $1,916 6 16 
ALLOWANCE FOR INVESTMENT SECURITIES$118 $152 $175 $177 $154 (22)(23)
Total allowance for credit losses (a)$27,552 $26,598 $26,266 $25,236 $24,421 4 13 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.18 %0.20 %0.17 %0.14 %0.19 %
Credit card retained loans3.58 3.30 3.23 3.50 3.32 
Total consumer retained loans1.45 1.36 1.29 1.33 1.26 
Wholesale retained loans0.11 0.18 0.09 0.16 0.05 
Total retained loans 0.74 0.73 0.65 0.71 0.62 
Memo: Average retained loans
Consumer retained, excluding credit card loans$374,466 $376,976 $379,459 $385,662 $394,033 (1)(5)
Credit card retained loans224,350 224,124 217,204 210,020 204,637 — 10 
Total average retained consumer loans598,816 601,100 596,663 595,682 598,670 — — 
Wholesale retained loans686,585 687,197 674,939 666,347 664,588 — 3 
Total average retained loans$1,285,401 $1,288,297 $1,271,602 $1,262,029 $1,263,258 — 2 
(a)At March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $283 million, $268 million, $277 million, $278 million and $274 million, respectively.






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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Mar 31, 2025
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2025202420242024202420242024
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$(727)$(728)$(756)$(856)$(873)— %17 %
Portfolio-based2,585 2,535 2,491 2,599 2,603 2 (1)
Total consumer, excluding credit card1,858 1,807 1,735 1,743 1,730 3 7 
Credit card
Portfolio-based15,000 14,600 14,100 13,200 12,600 3 19 
Total credit card15,000 14,600 14,100 13,200 12,600 3 19 
Total consumer16,858 16,407 15,835 14,943 14,330 3 18 
Wholesale
Asset-specific
692 526 499 562 514 32 35 
Portfolio-based7,658 7,412 7,615 7,486 7,507 3 2 
Total wholesale8,350 7,938 8,114 8,048 8,021 5 4 
Total allowance for loan losses 25,208 24,345 23,949 22,991 22,351 4 13 
Allowance for lending-related commitments2,226 2,101 2,142 2,068 1,916 6 16 
Allowance for investment securities118 152 175 177 154 (22)(23)
Total allowance for credit losses$27,552 $26,598 $26,266 $25,236 $24,421 4 13 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.50 %0.48 %0.46 %0.46 %0.44 %
Credit card allowance to total credit card retained loans6.71 6.27 6.42 6.11 6.09 
Wholesale allowance to total wholesale retained loans1.18 1.15 1.18 1.19 1.20 
Total allowance to total retained loans1.94 1.87 1.86 1.81 1.77 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (a)
56 56 52 51 48 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (a)
142 136 144 146 149 
Wholesale allowance to wholesale retained nonaccrual loans214 201 231 245 274 
Total allowance to total retained nonaccrual loans349 339 (b)350 343 341 
(a)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.
(b)Prior-period ratio has been revised to conform with the presentation in the Firm’s 2024 Form 10-K.



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NON-GAAP FINANCIAL MEASURES
Non-GAAP Financial Measures
(a)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 an FTE 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.
(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(c)TCE, ROTCE, and 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 MSRs), net of related deferred tax liabilities. 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. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
(d)In addition to reviewing net interest income (“NII”), net yield, 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, as shown below. 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 additional information on Markets revenue, refer to pages 81-82 of the Firm’s 2024 Form 10-K.
QUARTERLY TRENDS
1Q25 Change
(in millions, except rates)1Q254Q243Q242Q241Q244Q241Q24
Net interest income - reported$23,273 $23,350 $23,405 $22,746 $23,082 — %1 %
Fully taxable-equivalent adjustments102 121 120 115 121 (16)(16)
Net interest income - managed basis
$23,375 $23,471 $23,525 $22,861 $23,203 — 1 
Less: Markets net interest income785 457 78 (77)183 72 329 
Net interest income excluding Markets
$22,590 $23,014 $23,447 $22,938 $23,020 (2)(2)
Average interest-earning assets$3,668,384 $3,571,960 $3,621,766 $3,509,725 $3,445,515 3 6 
Less: Average Markets interest-earning assets
1,255,149 1,157,421 1,206,085 1,116,853 1,031,075 8 22 
Average interest-earning assets excluding Markets$2,413,235 $2,414,539 $2,415,681 $2,392,872 $2,414,440 — — 
Net yield on average interest-earning assets - managed basis (a)2.58 %2.61 %2.58 %2.62 %2.71 %
Net yield on average Markets interest-earning assets
0.25 0.16 0.03 (0.03)0.07 
Net yield on average interest-earning assets excluding Markets (a)3.80 3.79 3.86 3.86 3.83 
Noninterest revenue - reported$22,037 $19,418 $19,249 $27,454 $18,852 13 17 
Fully taxable-equivalent adjustments602 849 541 677 493 (29)22 
Noninterest revenue - managed basis$22,639 $20,267 $19,790 $28,131 $19,345 12 17 
Less: Markets noninterest revenue
8,878 6,592 7,074 7,870 7,830 (b)35 13 
Noninterest revenue excluding Markets$13,761 $13,675 $12,716 $20,261 $11,515 1 20 
Memo: Markets total net revenue$9,663 $7,049 $7,152 $7,793 $8,013 37 21 
(a) Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2024 Form 10-K for additional information on hedge accounting.
(b) Effective in the second quarter of 2024, the former Corporate & Investment Bank and Commercial Banking business segments were combined to form one segment, the Commercial & Investment Bank. Prior-period amounts have been revised to include the market-related revenues of the former Commercial Banking business segment, to conform with the current presentation. Refer to Business Segment & Corporate Results on page 70 of the Firm’s 2024 Form 10-K for additional information.


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