Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND 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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
SELECTED INCOME STATEMENT DATA 2Q251Q254Q243Q242Q241Q252Q24202520242024
Reported Basis
Total net revenue$44,912 $45,310 $42,768 $42,654 $50,200 
(h)
(1)%(11)%$90,222 $92,134 (2)%
Total noninterest expense23,779 23,597 (g)22,762 22,565 23,713 1 — 47,376 46,470 (g)2 
Pre-provision profit (a)21,133 21,713 20,006 20,089 26,487 (3)(20)42,846 45,664 (6)
Provision for credit losses2,849 3,305 2,631 3,111 3,052 (14)(7)6,154 4,936 25 
NET INCOME14,987 14,643 14,005 12,898 18,149 2 (17)29,630 31,568 (6)
Managed Basis (b)
Total net revenue45,680 46,014 43,738 43,315 50,992 
(h)
(1)(10)91,694 93,540 (2)
Total noninterest expense23,779 23,597 (g)22,762 22,565 23,713 1 — 47,376 46,470 (g)2 
Pre-provision profit (a)21,901 22,417 20,976 20,750 27,279 (2)(20)44,318 47,070 (6)
Provision for credit losses2,849 3,305 2,631 3,111 3,052 (14)(7)6,154 4,936 25 
NET INCOME14,987 14,643 14,005 12,898 18,149 2 (17)29,630 31,568 (6)
EARNINGS PER SHARE DATA
Net income: Basic$5.25 $5.08 $4.82 $4.38 $6.13 3 (14)$10.32 $10.58 (2)
Diluted5.24 5.07 4.81 4.37 6.12 3 (14)10.31 10.56 (2)
Average shares: Basic2,788.7 2,819.4 2,836.9 2,860.6 2,889.8 (1)(3)2,804.0 2,899.1 (3)
Diluted2,793.7 2,824.3 2,842.4 2,865.9 2,894.9 (1)(3)2,809.0 2,903.9 (3)
MARKET AND PER COMMON SHARE DATA
Market capitalization$797,181 $681,712 $670,618 $593,643 $575,463 17 39 $797,181 $575,463 39 
Common shares at period-end2,749.7 2,779.1 2,797.6 2,815.3 2,845.1 (1)(3)2,749.7 2,845.1 (3)
Book value per share122.51 119.24 116.07 115.15 111.29 3 10 122.51 111.29 10 
Tangible book value per share (“TBVPS”) (a)103.40 100.36 97.30 96.42 92.77 3 11 103.40 92.77 11 
Cash dividends declared per share1.40 1.40 1.25 1.25 1.15 — 22 2.80 2.30 22 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)18 %18 %17 %16 %23 %18 %20 %
Return on tangible common equity (“ROTCE”) (a)21 21 21 19 28 21 25 
Return on assets1.35 1.40 1.35 1.23 1.79 1.38 1.58 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)
15.0 %(f)15.4 %15.7 %15.3 %15.3 %15.0 %(f)15.3 %
Tier 1 capital ratio (e)
16.1 (f)16.5 16.8 16.4 16.7 16.1 (f)16.7 
Total capital ratio (e)
17.8 (f)18.2 18.5 18.2 18.5 17.8 (f)18.5 
Tier 1 leverage ratio6.9 (f)7.2 7.2 7.1 7.2 6.9 (f)7.2 
Supplementary leverage ratio (“SLR”)5.9 (f)6.0 6.1 6.0 6.1 5.9 (f)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, and June 30, 2024, CET1 capital reflected the remaining $720 million 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.
(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)Estimated.
(g)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual 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.
(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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
SELECTED BALANCE SHEET DATA (period-end)
Total assets$4,552,482 $4,357,856 $4,002,814 $4,210,048 $4,143,003 4 %10 %$4,552,482 $4,143,003 10 %
Loans:
Consumer, excluding credit card loans394,040 391,138 392,810 394,945 396,955 1 (1)394,040 396,955 (1)
Credit card loans232,943 223,384 232,860 219,542 216,100 4 8 232,943 216,100 8 
Wholesale loans785,009 741,173 722,318 725,524 707,645 6 11 785,009 707,645 11 
Total loans1,411,992 1,355,695 1,347,988 1,340,011 1,320,700 4 7 1,411,992 1,320,700 7 
Deposits:
U.S. offices:
Noninterest-bearing591,177 581,623 592,500 611,334 632,316 2 (7)591,177 632,316 (7)
Interest-bearing1,441,905 1,416,585 1,345,914 1,326,489 1,291,737 2 12 1,441,905 1,291,737 12 
Non-U.S. offices:
Noninterest-bearing29,976 29,856 26,806 31,607 26,362 — 14 29,976 26,362 14 
Interest-bearing499,322 467,813 440,812 461,342 446,115 7 12 499,322 446,115 12 
Total deposits2,562,380 2,495,877 2,406,032 2,430,772 2,396,530 3 7 2,562,380 2,396,530 7 
Long-term debt419,802 407,224 401,418 410,157 394,028 3 7 419,802 394,028 7 
Common stockholders’ equity336,879 331,375 324,708 324,186 316,652 2 6 336,879 316,652 6 
Total stockholders’ equity356,924 351,420 344,758 345,836 340,552 2 5 356,924 340,552 5 
Loans-to-deposits ratio55 %54 %56 %55 %55 %55 %55 %
Employees317,160 318,477 317,233 316,043 313,206 — 1 317,160 313,206 1 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)$42 $50 $40 $45 $56 (16)(25)
Earnings-at-Risk (in billions) (b)(c)
Parallel shift:
+100 bps shift in rates$2.0 (e)$2.2 $2.3 $2.8 $3.5 (9)(43)
-100 bps shift in rates(2.3)(e)(2.2)(2.5)(2.9)(3.2)(5)28 
LINE OF BUSINESS & CORPORATE NET REVENUE (d)
Consumer & Community Banking$18,847 $18,313 $18,362 $17,791 $17,701 3 6 $37,160 $35,354 5 
Commercial & Investment Bank19,535 19,666 17,598 17,015 17,917 (1)9 39,201 35,501 10 
Asset & Wealth Management 5,760 5,731 5,778 5,439 5,252 1 10 11,491 10,361 11 
Corporate1,538 2,304 2,000 3,070 10,122 (33)(85)3,842 12,324 (69)
TOTAL NET REVENUE$45,680 $46,014 $43,738 $43,315 $50,992 (1)(10)$91,694 $93,540 (2)
LINE OF BUSINESS & CORPORATE NET INCOME
Consumer & Community Banking$5,169 $4,425 $4,516 $4,046 $4,210 17 23 $9,594 $9,041 6 
Commercial & Investment Bank6,650 6,942 6,636 5,691 5,897 (4)13 13,592 12,519 9 
Asset & Wealth Management 1,473 1,583 1,517 1,351 1,263 (7)17 3,056 2,553 20 
Corporate1,695 1,693 1,336 1,810 6,779 — (75)3,388 7,455 (55)
NET INCOME$14,987 $14,643 $14,005 $12,898 $18,149 2 (17)$29,630 $31,568 (6)
(a)Effective April 1, 2025, the Firm refined the historical proxy time series inputs to one of its VaR models to more appropriately reflect the risk exposure from certain securitization warehousing loan positions. With this refined time series, the average Total VaR for the three months ended March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024 would have been lower by $(5) million, $(5) million, $(4) million and $(1) million, respectively. 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 and June 30, 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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
REVENUE2Q251Q254Q243Q242Q241Q252Q24202520242024
Investment banking fees $2,499 $2,178 $2,421 $2,231 $2,304 15 %8 %$4,677 $4,258 10 %
Principal transactions7,149 7,614 5,195 5,988 6,814 (6)5 14,763 13,604 9 
Lending- and deposit-related fees2,248 2,132 1,952 1,924 1,828 5 23 4,380 3,730 17 
Asset management fees4,806 4,700 4,874 4,479 4,302 2 12 9,506 8,448 13 
Commissions and other fees2,194 2,033 1,865 1,936 1,924 8 14 4,227 3,729 13 
Investment securities losses(54)(37)(92)(16)(547)(46)90 (91)(913)90 
Mortgage fees and related income363 278 376 402 348 31 4 641 623 3 
Card income1,344 1,216 1,602 1,345 1,332 11 1 2,560 2,550 — 
Other income1,154 1,923 1,225 960 9,149 
(f)
(40)(87)3,077 10,277 
(f)
(70)
Noninterest revenue21,703 22,037 19,418 19,249 27,454 (2)(21)43,740 46,306 (6)
Interest income48,241 46,853 47,566 50,416 48,513 3 (1)95,094 95,951 (1)
Interest expense25,032 23,580 24,216 27,011 25,767 6 (3)48,612 50,123 (3)
Net interest income23,209 23,273 23,350 23,405 22,746 — 2 46,482 45,828 1 
TOTAL NET REVENUE44,912 45,310 42,768 42,654 50,200 (1)(11)90,222 92,134 (2)
Provision for credit losses2,849 3,305 2,631 3,111 3,052 (14)(7)6,154 4,936 25 
NONINTEREST EXPENSE
Compensation expense 13,710 14,093 12,469 12,817 12,953 (3)6 27,803 26,071 7 
Occupancy expense1,264 1,302 1,309 1,258 1,248 (3)1 2,566 2,459 4 
Technology, communications and equipment expense 2,704 2,578 2,516 2,447 2,447 5 11 5,282 4,868 9 
Professional and outside services 3,006 2,839 3,007 2,780 2,722 6 10 5,845 5,270 11 
Marketing1,279 1,304 1,335 1,258 1,221 (2)5 2,583 2,381 8 
Other expense (a)1,816 1,481 
(e)
2,126 2,005 3,122 
(g)
23 (42)3,297 5,421 
(e)(g)
(39)
TOTAL NONINTEREST EXPENSE23,779 23,597 22,762 22,565 23,713 1 — 47,376 46,470 2 
Income before income tax expense18,284 18,408 17,375 16,978 23,435 (1)(22)36,692 40,728 (10)
Income tax expense3,297 
(d)
3,765 3,370 4,080 5,286 (12)(38)7,062 
(d)
9,160 (23)
NET INCOME$14,987 $14,643 $14,005 $12,898 $18,149 2 (17)$29,630 $31,568 (6)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$5.25 $5.08 $4.82 $4.38 $6.13 3 (14)$10.32 $10.58 (2)
Diluted earnings per share5.24 5.07 4.81 4.37 6.12 3 (14)10.31 10.56 (2)
FINANCIAL RATIOS
Return on common equity (b)18 %18 %17 %16 %23 %18 %20 %
Return on tangible common equity (b)(c)21 21 21 19 28 21 25 
Return on assets (b)1.35 1.40 1.35 1.23 1.79 1.38 1.58 
Effective income tax rate18.0 
(d)
20.5 19.4 24.0 22.6 19.2 
(d)
22.5 
Overhead ratio53 52 53 53 47 53 50 
(a)Included Firmwide legal expense of $118 million, $121 million, $236 million, $259 million and $317 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $239 million and $245 million for the six months ended June 30, 2025 and June 30, 2024 respectively.
(b)Ratios are based upon annualized amounts.
(c)Refer to page 28 for a further discussion of ROTCE.
(d)Included a $774 million income tax benefit in Corporate 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.
(e)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual 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)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (h) on page 2 for further information.
(g)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.


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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Jun 30, 2025
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2025202520242024202420252024
ASSETS
Cash and due from banks $23,759 $22,066 $23,372 $22,896 $27,265 8 %(13)%
Deposits with banks 396,568 403,837 445,945 411,364 503,554 (2)(21)
Federal funds sold and securities purchased under
resale agreements470,589 429,506 295,001 390,821 392,763 10 20 
Securities borrowed223,976 238,702 219,546 252,434 199,062 (6)13 
Trading assets:
Debt and equity instruments829,510 814,664 576,817 734,928 679,209 2 22 
Derivative receivables60,346 60,539 60,967 52,561 54,673 — 10 
Available-for-sale (“AFS”) securities485,380 399,363 406,852 334,548 266,252 22 82 
Held-to-maturity (”HTM”) securities260,559 265,084 274,468 299,954 323,746 (2)(20)
Investment securities, net of allowance for credit losses745,939 664,447 681,320 634,502 589,998 12 26 
Loans1,411,992 1,355,695 1,347,988 1,340,011 1,320,700 4 7 
Less: Allowance for loan losses24,953 25,208 24,345 23,949 22,991 (1)9 
Loans, net of allowance for loan losses1,387,039 1,330,487 1,323,643 1,316,062 1,297,709 4 7 
Accrued interest and accounts receivable
124,463 117,845 101,223 122,565 135,692 6 (8)
Premises and equipment33,562 32,811 32,223 31,525 30,582 2 10 
Goodwill, MSRs and other intangible assets64,465 64,525 64,560 64,455 64,525 — — 
Other assets192,266 178,427 178,197 175,935 167,971 8 14 
TOTAL ASSETS$4,552,482 $4,357,856 $4,002,814 $4,210,048 $4,143,003 4 10 
LIABILITIES
Deposits$2,562,380 $2,495,877 $2,406,032 $2,430,772 $2,396,530 3 7 
Federal funds purchased and securities loaned or sold
under repurchase agreements595,340 533,046 296,835 389,337 400,832 12 49 
Short-term borrowings65,293 64,980 52,893 50,638 47,308 — 38 
Trading liabilities:
Debt and equity instruments173,292 149,871 153,222 204,593 206,018 16 (16)
Derivative payables48,110 37,232 39,661 38,665 34,818 29 38 
Accounts payable and other liabilities 303,641 293,538 280,672 314,356 295,813 3 3 
Beneficial interests issued by consolidated VIEs27,700 24,668 27,323 25,694 27,104 12 2 
Long-term debt419,802 407,224 401,418 410,157 394,028 3 7 
TOTAL LIABILITIES4,195,558 4,006,436 3,658,056 3,864,212 3,802,451 5 10 
STOCKHOLDERS’ EQUITY
Preferred stock20,045 20,045 20,050 21,650 23,900 — (16)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital90,576 90,223 90,911 90,638 90,328 — — 
Retained earnings397,424 386,616 376,166 365,966 356,924 3 11 
Accumulated other comprehensive loss (“AOCI”)
(7,243)(9,111)(12,456)(6,784)(11,338)21 36 
Treasury stock, at cost(147,983)(140,458)(134,018)(129,739)(123,367)(5)(20)
TOTAL STOCKHOLDERS’ EQUITY356,924 351,420 344,758 345,836 340,552 2 5 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,552,482 $4,357,856 $4,002,814 $4,210,048 $4,143,003 4 10 

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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
AVERAGE BALANCES2Q251Q254Q243Q242Q241Q252Q24202520242024
ASSETS
Deposits with banks $405,213 $446,044 $448,992 $464,704 $512,150 (9)%(21)%$425,516 $523,929 (19)%
Federal funds sold and securities purchased under resale agreements432,714 377,998 337,553 404,174 370,817 14 17 405,507 347,402 17 
Securities borrowed234,024 241,003 232,500 217,716 195,877 (3)19 237,494 194,211 22 
Trading assets - debt instruments 562,967 495,143 452,091 496,176 452,933 14 24 529,242 437,725 21 
Investment securities727,651 664,970 661,361 622,835 580,044 9 25 696,484 580,045 20 
Loans1,380,726 1,339,391 1,339,378 1,325,440 1,313,085 3 5 1,360,173 1,312,332 4 
All other interest-earning assets (a)102,687 103,835 100,085 90,721 84,819 (1)21 103,258 81,976 26 
Total interest-earning assets 3,845,982 3,668,384 3,571,960 3,621,766 3,509,725 5 10 3,757,674 3,477,620 8 
Trading assets - equity and other instruments239,996 225,468 204,126 217,790 221,382 6 8 232,772 206,082 13 
Trading assets - derivative receivables57,601 59,099 58,643 54,575 57,175 (3)1 58,345 57,405 2 
All other noninterest-earning assets 294,039 282,363 290,438 282,877 283,161 4 4 288,233 278,933 3 
TOTAL ASSETS$4,437,618 $4,235,314 $4,125,167 $4,177,008 $4,071,443 5 9 $4,337,024 $4,020,040 8 
LIABILITIES
Interest-bearing deposits $1,902,337 $1,842,888 $1,793,337 $1,749,353 $1,722,856 3 10 $1,872,777 $1,724,499 9 
Federal funds purchased and securities loaned or
sold under repurchase agreements558,043 465,203 358,508 425,795 375,371 20 49 511,880 335,177 53 
Short-term borrowings
55,059 49,291 41,346 40,234 38,234 12 44 52,190 38,381 36 
Trading liabilities - debt and all other interest-bearing liabilities (b)
300,126 288,140 304,599 329,850 318,703 4 (6)294,166 310,849 (5)
Beneficial interests issued by consolidated VIEs26,185 25,775 25,881 26,556 26,222 2 — 25,981 26,815 (3)
Long-term debt 348,372 344,945 346,485 347,910 342,516 1 2 346,668 341,464 2 
Total interest-bearing liabilities 3,190,122 3,016,242 2,870,156 2,919,698 2,823,902 6 13 3,103,662 2,777,185 12 
Noninterest-bearing deposits 602,777 587,417 623,654 633,957 648,327 3 (7)595,140 648,486 (8)
Trading liabilities - equity and other instruments 44,159 37,671 36,228 32,739 30,456 17 45 40,933 29,539 39 
Trading liabilities - derivative payables40,865 41,087 40,621 39,936 37,538 (1)9 40,976 38,707 6 
All other noninterest-bearing liabilities 209,853 208,539 216,082 206,376 196,590 1 7 209,198 194,694 7 
TOTAL LIABILITIES4,087,776 3,890,956 3,786,741 3,832,706 3,736,813 5 9 3,989,909 3,688,611 8 
Preferred stock20,045 20,013 20,050 22,408 25,867 — (23)20,029 26,910 (26)
Common stockholders’ equity329,797 324,345 318,376 321,894 308,763 2 7 327,086 304,519 7 
TOTAL STOCKHOLDERS’ EQUITY349,842 344,358 338,426 344,302 334,630 2 5 347,115 331,429 5 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,437,618 $4,235,314 $4,125,167 $4,177,008 $4,071,443 5 9 $4,337,024 $4,020,040 8 
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 3.36 %3.76 %3.97 %4.59 %4.76 %3.57 %4.78 %
Federal funds sold and securities purchased under resale agreements4.24 4.52 4.76 5.14 5.23 4.37 5.23 
Securities borrowed3.79 3.88 4.09 4.53 4.47 3.84 4.50 
Trading assets - debt instruments 4.50 4.56 4.52 4.51 4.44 4.53 4.41 
Investment securities3.85 3.84 3.86 3.96 3.80 3.85 3.72 
Loans 6.71 6.80 6.87 7.07 7.03 6.76 7.03 
All other interest-earning assets (a)(d)6.87 7.63 8.26 9.11 10.14 7.25 10.18 
Total interest-earning assets 5.04 5.19 5.31 5.55 5.57 5.11 5.56 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.40 2.44 2.66 2.94 2.90 2.42 2.88 
Federal funds purchased and securities loaned or
sold under repurchase agreements4.29 4.52 4.81 5.36 5.47 4.39 5.45 
Short-term borrowings
4.42 4.40 5.03 5.38 5.27 4.41 5.42 
Trading liabilities - debt and all other interest-bearing liabilities (b)3.04 2.94 3.09 3.17 3.29 3.00 3.39 
Beneficial interests issued by consolidated VIEs4.55 4.66 4.85 5.27 5.40 4.60 5.37 
Long-term debt 5.16 5.16 5.38 5.53 5.61 5.16 5.53 
Total interest-bearing liabilities 3.15 3.17 3.36 3.68 3.67 3.16 3.63 
INTEREST RATE SPREAD1.89 2.02 1.95 1.87 1.90 1.95 1.93 
NET YIELD ON INTEREST-EARNING ASSETS2.43 2.58 2.61 2.58 2.62 2.51 2.66 
Memo: Net yield on interest-earning assets excluding Markets (e)3.71 3.80 3.79 3.86 3.86 3.75 3.85 
(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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
OTHER INCOME
Other income - reported$1,154 $1,923 $1,225 $960 $9,149 (40)%(87)%$3,077 $10,277 (70)%
Fully taxable-equivalent adjustments (a)663 602 849 541 677 10 (2)1,265 1,170 8 
Other income - managed$1,817 $2,525 $2,074 $1,501 $9,826 (28)(82)$4,342 $11,447 (62)
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$21,703 $22,037 $19,418 $19,249 $27,454 (2)(21)$43,740 $46,306 (6)
Fully taxable-equivalent adjustments663 602 849 541 677 10 (2)1,265 1,170 8 
Total noninterest revenue - managed$22,366 $22,639 $20,267 $19,790 $28,131 (1)(20)$45,005 $47,476 (5)
NET INTEREST INCOME
Net interest income - reported$23,209 $23,273 $23,350 $23,405 $22,746 — 2 $46,482 $45,828 1 
Fully taxable-equivalent adjustments (a)105 102 121 120 115 3 (9)207 236 (12)
Net interest income - managed$23,314 $23,375 $23,471 $23,525 $22,861 — 2 $46,689 $46,064 1 
TOTAL NET REVENUE
Total net revenue - reported$44,912 $45,310 $42,768 $42,654 $50,200 (1)(11)$90,222 $92,134 (2)
Fully taxable-equivalent adjustments768 704 970 661 792 9 (3)1,472 1,406 5 
Total net revenue - managed$45,680 $46,014 $43,738 $43,315 $50,992 (1)(10)$91,694 $93,540 (2)
PRE-PROVISION PROFIT
Pre-provision profit - reported$21,133 $21,713 $20,006 $20,089 $26,487 (3)(20)$42,846 $45,664 (6)
Fully taxable-equivalent adjustments768 704 970 661 792 9 (3)1,472 1,406 5 
Pre-provision profit - managed$21,901 $22,417 $20,976 $20,750 $27,279 (2)(20)$44,318 $47,070 (6)
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$18,284 $18,408 $17,375 $16,978 $23,435 (1)(22)$36,692 $40,728 (10)
Fully taxable-equivalent adjustments768 704 970 661 792 9 (3)1,472 1,406 5 
Income before income tax expense - managed$19,052 $19,112 $18,345 $17,639 $24,227 — (21)$38,164 $42,134 (9)
INCOME TAX EXPENSE
Income tax expense - reported$3,297 $3,765 $3,370 $4,080 $5,286 (12)(38)$7,062 $9,160 (23)
Fully taxable-equivalent adjustments768 704 970 661 792 9 (3)1,472 1,406 5 
Income tax expense - managed$4,065 $4,469 $4,340 $4,741 $6,078 (9)(33)$8,534 $10,566 (19)
OVERHEAD RATIO
Overhead ratio - reported53 %52 %53 %53 %47 %53 %50 %
Overhead ratio - managed52 51 52 52 47 52 50 
(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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$18,847 $18,313 $18,362 $17,791 $17,701 3 %6 %$37,160 $35,354 5 %
Commercial & Investment Bank
19,535 19,666 17,598 17,015 17,917 (1)9 39,201 35,501 10 
Asset & Wealth Management 5,760 5,731 5,778 5,439 5,252 1 10 11,491 10,361 11 
Corporate1,538 2,304 2,000 3,070 10,122 
(a)
(33)(85)3,842 12,324 
(a)
(69)
TOTAL NET REVENUE$45,680 $46,014 $43,738 $43,315 $50,992 (1)(10)$91,694 $93,540 (2)
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$9,858 $9,857 $9,728 $9,586 $9,425 — 5 $19,715 $18,722 5 
Commercial & Investment Bank
9,641 9,842 8,712 8,751 9,166 (2)5 19,483 17,890 9 
Asset & Wealth Management3,733 3,713 3,772 3,639 3,543 1 5 7,446 7,003 6 
Corporate547 185 550 589 1,579 
(b)
196 (65)732 2,855 
(b)
(74)
TOTAL NONINTEREST EXPENSE$23,779 $23,597 $22,762 $22,565 $23,713 1 — $47,376 $46,470 2 
PRE-PROVISION PROFIT
Consumer & Community Banking$8,989 $8,456 $8,634 $8,205 $8,276 6 9 $17,445 $16,632 5 
Commercial & Investment Bank
9,894 9,824 8,886 8,264 8,751 1 13 19,718 17,611 12 
Asset & Wealth Management2,027 2,018 2,006 1,800 1,709 — 19 4,045 3,358 20 
Corporate991 2,119 1,450 2,481 8,543 (53)(88)3,110 9,469 (67)
PRE-PROVISION PROFIT$21,901 $22,417 $20,976 $20,750 $27,279 (2)(20)$44,318 $47,070 (6)
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$2,082 $2,629 $2,623 $2,795 $2,643 (21)(21)$4,711 $4,556 3 
Commercial & Investment Bank
696 705 61 316 384 (1)81 1,401 385 264 
Asset & Wealth Management46 (10)(35)4 20 NM130 36 (37)NM
Corporate25 (19)(18)(4)5 NM400 6 32 (81)
PROVISION FOR CREDIT LOSSES$2,849 $3,305 $2,631 $3,111 $3,052 (14)(7)$6,154 $4,936 25 
NET INCOME
Consumer & Community Banking $5,169 $4,425 $4,516 $4,046 $4,210 17 23 $9,594 $9,041 6 
Commercial & Investment Bank
6,650 6,942 6,636 5,691 5,897 (4)13 13,592 12,519 9 
Asset & Wealth Management 1,473 1,583 1,517 1,351 1,263 (7)17 3,056 2,553 20 
Corporate 1,695 1,693 1,336 1,810 6,779 — (75)3,388 7,455 (55)
TOTAL NET INCOME$14,987 $14,643 $14,005 $12,898 $18,149 2 (17)$29,630 $31,568 (6)
(a)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (h) on page 2 for further information.
(b)Included a $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)
Jun 30, 2025
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2025 Change
2025202520242024202420252024202520242024
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$283,830 (c)$279,791 $275,513 $272,964 $267,196 1 %6 %
Tier 1 capital303,173 (c)299,132 294,881 292,333 290,442 1 4 
Total capital335,343 (c)330,533 325,589 324,585 322,175 1 4 
Risk-weighted assets 1,886,301 (c)1,815,045 1,757,460 1,782,722 1,743,481 4 8 
CET1 capital ratio15.0 %(c)15.4 %15.7 %15.3 %15.3 %
Tier 1 capital ratio16.1 (c)16.5 16.8 16.4 16.7 
Total capital ratio17.8 (c)18.2 18.5 18.2 18.5 
Advanced
CET1 capital$283,830 (c)$279,791 $275,513 $272,964 $267,196 1 6 
Tier 1 capital 303,173 (c)299,132 294,881 292,333 290,442 1 4 
Total capital320,820 (c)316,529 311,898 310,764 308,639 1 4 
Risk-weighted assets1,875,953 (c)1,799,055 1,740,429 1,762,991 1,726,204 4 9 
CET1 capital ratio15.1 %(c)15.6 %15.8 %15.5 %15.5 %
Tier 1 capital ratio16.2 (c)16.6 16.9 16.6 16.8 
Total capital ratio17.1 (c)17.6 17.9 17.6 17.9 
Leverage-based capital metrics
Adjusted average assets (b)$4,382,204 (c)$4,180,147 $4,070,499 $4,122,332 $4,016,654 5 9 
Tier 1 leverage ratio6.9 %(c)7.2 %7.2 %7.1 %7.2 %
Total leverage exposure$5,163,051 (c)$4,953,480 $4,837,568 $4,893,662 $4,768,202 4 8 
SLR5.9 %(c)6.0 %6.1 %6.0 %6.1 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$559,922 (c)$558,303 $546,564 $543,616 $533,949 — 5 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$279,791 $275,513 $272,964 $267,196 $257,569 2 9 $275,513 $250,585 10 %
Net income applicable to common equity14,705 14,388 13,746 12,612 17,832 2 (18)29,093 30,854 (6)
Dividends declared on common stock(3,897)(3,938)(3,546)(3,570)(3,322)1 (17)(7,835)(6,670)(17)
Net purchase of treasury stock(7,525)(6,440)(4,279)(6,372)(5,321)(17)(41)(13,965)(7,150)(95)
Changes in additional paid-in capital353 (688)273 310 425 NM(17)(335)200 NM
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities(188)953 (2,633)2,297 108 NMNM765 249 207 
Translation adjustments, net of hedges868 489 (887)389 (156)78 NM1,357 (360)NM
Fair value hedges(8)28 (54)(20)8 NMNM20 (13)NM
Defined benefit pension and other postretirement employee benefit plans
(28)(16)(58)(28)(3)(75)NM(44)23 NM
Changes related to other CET1 capital adjustments(241)(c)(498)(13)150 56 52 NM(739)(c)(522)(42)
Change in Standardized/Advanced CET1 capital4,039 (c)4,278 2,549 5,768 9,627 (6)(58)8,317 (c)16,611 (50)
Standardized/Advanced CET1 capital, ending balance$283,830 (c)$279,791 $275,513 $272,964 $267,196 1 6 $283,830 (c)$267,196 6 
(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, and June 30, 2024, CET1 capital reflected the remaining $720 million 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.
(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)
Jun 30, 2025
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2025 Change
2025202520242024202420252024202520242024
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$336,879 $331,375 $324,708 $324,186 $316,652 2 %6 %
Less: Goodwill52,747 52,621 52,565 52,711 52,620 — — 
Less: Other intangible assets2,722 2,777 2,874 2,991 3,058 (2)(11)
Add: Certain deferred tax liabilities (b)2,923 2,928 2,943 2,962 2,969 — (2)
Total tangible common equity$284,333 $278,905 $272,212 $271,446 $263,943 2 8 
TANGIBLE COMMON EQUITY (average) (a) 
Common stockholders’ equity$329,797 $324,345 $318,376 $321,894 $308,763 2 7 $327,086 $304,519 7 %
Less: Goodwill52,692 52,581 52,617 52,658 52,618 — — 52,637 52,616 — 
Less: Other intangible assets2,741 2,830 2,921 3,007 3,086 (3)(11)2,785 3,122 (11)
Add: Certain deferred tax liabilities (b)2,926 2,938 2,952 2,963 2,975 — (2)2,932 2,982 (2)
Total tangible common equity$277,290 $271,872 $265,790 $269,192 $256,034 2 8 $274,596 $251,763 9 
INTANGIBLE ASSETS (period-end)
Goodwill$52,747 $52,621 $52,565 $52,711 $52,620 — — 
Mortgage servicing rights8,996 9,127 9,121 8,753 8,847 (1)2 
Other intangible assets2,722 2,777 2,874 2,991 3,058 (2)(11)
Total intangible assets$64,465 $64,525 $64,560 $64,455 $64,525 — — 
(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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
EARNINGS PER SHARE
Basic earnings per share
Net income$14,987 $14,643 $14,005 $12,898 $18,149 2 %(17)%$29,630 $31,568 (6)%
Less: Preferred stock dividends282 255 259 286 317 11 (11)537 714 (25)
Net income applicable to common equity14,705 14,388 13,746 12,612 17,832 2 (18)29,093 30,854 (6)
Less: Dividends and undistributed earnings allocated to
participating securities75 71 77 75 114 6 (34)145 193 (25)
Net income applicable to common stockholders$14,630 $14,317 $13,669 $12,537 $17,718 2 (17)$28,948 $30,661 (6)
Total weighted-average basic shares outstanding2,788.7 2,819.4 2,836.9 2,860.6 2,889.8 (1)(3)2,804.0 2,899.1 (3)
Net income per share$5.25 $5.08 $4.82 $4.38 $6.13 3 (14)$10.32 $10.58 (2)
Diluted earnings per share
Net income applicable to common stockholders$14,630 $14,317 $13,669 $12,537 $17,718 2 (17)$28,948 $30,661 (6)
Total weighted-average basic shares outstanding2,788.7 2,819.4 2,836.9 2,860.6 2,889.8 (1)(3)2,804.0 2,899.1 (3)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		5.0 4.9 5.5 5.3 5.1 2 (2)4.9 4.8 3 
Total weighted-average diluted shares outstanding2,793.7 2,824.3 2,842.4 2,865.9 2,894.9 (1)(3)2,809.0 2,903.9 (3)
Net income per share$5.24 $5.07 $4.81 $4.37 $6.12 3 (14)$10.31 $10.56 (2)
COMMON DIVIDENDS
Cash dividends declared per share$1.40 $1.40 (c)$1.25 $1.25 (d)$1.15 — 22 $2.80 $2.30 22 
Dividend payout ratio27 %27 %26 %28 %19 %27 %22 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased29.8 30.0 18.5 30.3 27.0 (1)10 59.8 42.9 39 
Average price paid per share of common stock$251.67 $252.50 $233.37 $209.61 $196.83 — 28 $252.09 $190.42 32 
Aggregate repurchases of common stock7,500 7,563 4,313 6,361 5,318 (1)41 15,063 8,167 84 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans0.4 11.5 0.8 0.5 0.5 (97)(20)11.9 11.4 4 
Net impact of employee issuances on stockholders’ equity (b)
$419 $476 $343 $354 $459 (12)(9)$895 $1,260 (29)
(a)The Firm’s Board of Directors authorized a new common share repurchase program of up to $50 billion effective July 1, 2025, which replaces the previous program that commenced in the third quarter of 2024 and authorized repurchases of up to $30 billion.
(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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$888 $839 $872 $863 $830 6 %7 %$1,727 $1,652 5 %
Asset management fees1,110 1,093 1,067 1,022 978 2 13 2,203 1,925 14 
Mortgage fees and related income347 263 368 390 346 32 — 610 620 (2)
Card income687 653 973 743 741 5 (7)1,340 1,423 (6)
All other income (a)1,420 1,323 1,214 1,196 1,101 7 29 2,743 2,321 18 
Noninterest revenue4,452 4,171 4,494 4,214 3,996 7 11 8,623 7,941 9 
Net interest income14,395 14,142 13,868 13,577 13,705 2 5 28,537 27,413 4 
TOTAL NET REVENUE18,847 18,313 18,362 17,791 17,701 3 6 37,160 35,354 5 
Provision for credit losses2,082 2,629 2,623 2,795 2,643 (21)(21)4,711 4,556 3 
NONINTEREST EXPENSE
Compensation expense4,336 4,448 4,301 4,275 4,240 (3)2 8,784 8,469 4 
Noncompensation expense (b)5,522 5,409 5,427 5,311 5,185 2 6 10,931 10,253 7 
TOTAL NONINTEREST EXPENSE9,858 9,857 9,728 9,586 9,425 — 5 19,715 18,722 5 
Income before income tax expense6,907 5,827 6,011 5,410 5,633 19 23 12,734 12,076 5 
Income tax expense 1,738 1,402 1,495 1,364 1,423 24 22 3,140 3,035 3 
NET INCOME$5,169 $4,425 $4,516 $4,046 $4,210 17 23 $9,594 $9,041 6 
REVENUE BY BUSINESS
Banking & Wealth Management $10,698 $10,254 $10,154 $10,090 $10,375 4 3 $20,952 $20,699 1 
Home Lending1,250 1,207 1,297 1,295 1,319 4 (5)2,457 2,505 (2)
Card Services & Auto 6,899 6,852 6,911 6,406 6,007 1 15 13,751 12,150 13 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue151 110 186 154 157 37 (4)261 287 (9)
Net mortgage servicing revenue (c)196 153 182 236 189 28 4 349 333 5 
Mortgage fees and related income$347 $263 $368 $390 $346 32 — $610 $620 (2)
FINANCIAL RATIOS
ROE36 %31 %32 %29 %30 %34 %33 %
Overhead ratio 52 54 53 54 53 53 53 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $896 million, $824 million, $722 million, $699 million and $682 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $1.7 billion and $1.3 billion for the six months ended June 30, 2025 and 2024, respectively.
(b)Included depreciation expense on leased assets of $577 million, $499 million, $410 million, $387 million and $430 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $1.1 billion and $857 million for the six months ended June 30, 2025 and 2024, respectively.
(c)Included MSR risk management results of $47 million, $9 million, $21 million, $100 million and $39 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $56 million and $38 million for the six months ended June 30, 2025 and 2024, respectively.


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JPMORGAN CHASE & CO.
image1a.jpg
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
SELECTED BALANCE SHEET DATA (period-end)
Total assets$652,379 $636,105 $650,268 $633,038 $638,493 3 %2 %$652,379 $638,493 2 %
Loans:
Banking & Wealth Management
33,749 33,098 33,221 31,614 31,078 2 9 33,749 31,078 9 
Home Lending (a)
241,618 241,427 246,498 247,663 250,032 — (3)241,618 250,032 (3)
Card Services233,051 223,517 233,016 219,671 216,213 4 8 233,051 216,213 8 
Auto 72,182 72,116 73,619 73,215 75,310 — (4)72,182 75,310 (4)
Total loans 580,600 570,158 586,354 572,163 572,633 2 1 580,600 572,633 1 
Deposits1,063,137 1,080,138 1,056,652 1,054,027 1,069,753 (2)(1)1,063,137 1,069,753 (1)
Equity56,000 56,000 54,500 54,500 54,500 — 3 56,000 54,500 3 
SELECTED BALANCE SHEET DATA (average)
Total assets$642,284 $639,664 $638,783 $631,117 $628,757 — 2 $640,981 $628,309 2 
Loans:
Banking & Wealth Management33,536 33,160 32,599 30,910 31,419 1 7 33,349 31,330 6 
Home Lending (b)
242,665 244,282 247,415 250,581 254,385 (1)(5)243,469 256,126 (5)
Card Services228,446 224,493 224,263 217,327 210,119 2 9 226,480 207,410 9 
Auto 71,410 72,462 73,323 73,675 75,804 (1)(6)71,933 76,535 (6)
Total loans576,057 574,397 577,600 572,493 571,727 — 1 575,231 571,401 1 
Deposits1,060,363 1,053,677 1,050,636 1,053,701 1,073,544 1 (1)1,057,038 1,076,393 (2)
Equity56,000 56,000 54,500 54,500 54,500 — 3 56,000 54,500 3 
Employees
144,898 145,530 
(c)
144,989 143,964 143,412 — 1 144,898 
(c)
143,412 1 
(a)At June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, Home Lending loans held-for-sale and loans at fair value were $8.9 billion, $6.4 billion, $8.1 billion, $6.9 billion and $5.9 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $8.9 billion, $7.5 billion, $7.8 billion, $8.4 billion and $7.7 billion for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $8.2 billion and $6.2 billion for the six months ended June 30, 2025 and 2024, respectively.
(c)In the first quarter of 2025, 419 employees were transferred to Corporate as a result of the centralization of certain functions.


Page 13

JPMORGAN CHASE & CO.
image1a.jpg
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
$3,891 $3,266 $3,366 (c)$3,252 $3,413 19 %14 %$3,891 $3,413 14 %
Net charge-offs/(recoveries)
Banking & Wealth Management102 97 105 82 176 5 (42)199 255 (22)
Home Lending(21)(26)(15)(44)(40)19 48 (47)(47)— 
Card Services1,938 1,983 1,862 1,768 1,830 (2)6 3,921 3,518 11 
Auto67 100 114 113 98 (33)(32)167 217 (23)
Total net charge-offs/(recoveries)$2,086 $2,154 $2,066 $1,919 $2,064 (3)1 $4,240 $3,943 8 
Net charge-off/(recovery) rate
Banking & Wealth Management
1.22 %1.19 %1.28 %1.06 %2.25 %1.20 %1.64 %
Home Lending(0.04)(0.04)(0.02)(0.07)(0.07)(0.04)(0.04)
Card Services3.40 3.58 3.30 3.24 3.50 3.49 3.41 
Auto 0.38 0.56 0.62 0.62 0.52 0.47 0.57 
Total net charge-off/(recovery) rate1.48 1.54 1.44 1.35 1.47 1.51 1.40 
30+ day delinquency rate
Home Lending (b)
0.93 %1.04 %0.78 %(c)0.77 %0.70 %0.93 %0.70 %
Card Services2.06 2.21 2.17 2.20 2.08 2.06 2.08 
Auto1.12 1.20 1.43 1.23 1.12 1.12 1.12 
90+ day delinquency rate - Card Services1.07 1.16 1.14 1.10 1.07 1.07 1.07 
Allowance for loan losses
Banking & Wealth Management $790 $794 $764 $709 $685 (1)15 $790 $685 15 
Home Lending547 557 447 447 437 (2)25 547 437 25 
Card Services15,008 15,008 14,608 14,106 13,206 — 14 15,008 13,206 14 
Auto 637 637 692 692 742 — (14)637 742 (14)
Total allowance for loan losses$16,982 $16,996 $16,511 $15,954 $15,070 — 13 $16,982 $15,070 13 
(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 June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $68 million, $81 million, $84 million, $88 million and $96 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 June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $99 million, $114 million, $122 million, $126 million and $137 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.




Page 14

JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
BUSINESS METRICS
Number of:
Branches4,994 4,972 4,966 4,906 4,884 — %2 %4,994 4,884 2 %
    Active digital customers (in thousands) (a)73,014 72,480 70,813 70,063 69,011 1 6 73,014 69,011 6 
    Active mobile customers (in thousands) (b)59,898 59,036 57,821 56,985 55,564 1 8 59,898 55,564 8 
Debit and credit card sales volume (in billions)$487.2 $448.7 $477.6 $453.4 $453.7 9 7 $935.9 $874.4 7 
Total payments transaction volume (in trillions) (c)1.8 1.6 1.6 1.7 1.6 13 13 3.4 3.1 10 
Banking & Wealth Management
Average deposits $1,044,158 $1,038,964 $1,035,184 $1,037,953 $1,058,914 — (1)$1,041,576 $1,062,238 (2)
Deposit margin 2.76 %2.69 %2.61 %2.60 %2.72 %2.72 %2.71 %
Business Banking average loans$19,217 $19,474 $19,538 $19,472 $19,461 (1)(1)$19,345 $19,454 (1)
Business Banking origination volume 893 815 985 1,091 1,312 10 (32)1,708 2,442 (30)
Client investment assets (d)1,155,017 1,079,833 1,087,608 1,067,931 1,013,680 7 14 1,155,017 1,013,680 14 
Number of client advisors5,948 5,860 5,755 5,775 5,672 2 5 5,948 5,672 5 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $8.7 $5.5 $7.7 $6.5 $6.9 58 26 $14.2 $11.3 26 
Correspondent 4.8 3.9 4.4 4.9 3.8 23 26 8.7 6.0 45 
Total mortgage origination volume (e)$13.5 $9.4 $12.1 $11.4 $10.7 44 26 $22.9 $17.3 32 
Third-party mortgage loans serviced (period-end)653.3 661.6 648.0 656.1 642.8 (1)2 653.3 642.8 2 
MSR carrying value (period-end)9.0 9.1 9.1 8.7 8.8 (1)2 9.0 8.8 2 
Card Services
Sales volume, excluding commercial card (in billions)$340.0 $310.6 $335.1 $316.6 $316.6 9 7 $650.6 $607.6 7 
Net revenue rate10.06 %10.38 %10.47 %9.91 %9.61 %10.22 %9.85 %
Net yield on average loans10.04 10.31 9.86 9.71 9.46 10.17 9.67 
Auto
Loan and lease origination volume (in billions)$11.3 $10.7 $10.6 $10.0 $10.8 6 5 $22.0 $19.7 12 
Average auto operating lease assets15,218 13,641 11,967 11,192 10,693 12 42 14,434 10,564 37 
(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 $16.3 billion, $11.2 billion, $14.2 billion, $13.3 billion and $12.3 billion for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $27.5 billion and $19.9 billion for the six months ended June 30, 2025 and 2024, respectively.


Page 15

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
INCOME STATEMENT
REVENUE
Investment banking fees$2,513 $2,248 $2,479 $2,267 $2,356 12 %7 %$4,761 $4,370 9 %
Principal transactions7,109 7,608 5,158 5,899 6,691 (7)6 14,717 13,325 10 
Lending- and deposit-related fees1,296 1,230 1,020 997 924 5 40 2,526 1,897 33 
Commissions and other fees1,493 1,437 1,320 1,349 1,337 4 12 2,930 2,609 12 
Card income645 551 617 589 579 17 11 1,196 1,104 8 
All other income736 748 1,132 521 857 (2)(14)1,484 1,600 (7)
Noninterest revenue13,792 13,822 11,726 11,622 12,744 — 8 27,614 24,905 11 
Net interest income5,743 5,844 5,872 5,393 5,173 (2)11 11,587 10,596 9 
TOTAL NET REVENUE (a)19,535 19,666 17,598 17,015 17,917 (1)9 39,201 35,501 10 
Provision for credit losses696 705 61 316 384 (1)81 1,401 385 264 
NONINTEREST EXPENSE
Compensation expense5,014 5,330 4,033 4,510 4,752 (6)6 10,344 9,648 7 
Noncompensation expense4,627 4,512 4,679 4,241 4,414 3 5 9,139 8,242 11 
TOTAL NONINTEREST EXPENSE9,641 9,842 8,712 8,751 9,166 (2)5 19,483 17,890 9 
Income before income tax expense9,198 9,119 8,825 7,948 8,367 1 10 18,317 17,226 6 
Income tax expense 2,548 2,177 2,189 2,257 2,470 17 3 4,725 4,707 — 
NET INCOME$6,650 $6,942 $6,636 $5,691 $5,897 (4)13 $13,592 $12,519 9 
FINANCIAL RATIOS
ROE17 %18 %19 %17 %17 %18 %18 %
Overhead ratio49 50 50 51 51 50 50 
Compensation expense as percentage of total net revenue26 27 23 27 27 26 27 
REVENUE BY BUSINESS
Investment Banking$2,684 $2,268 $2,602 $2,354 $2,464 18 9 $4,952 $4,680 6 
Payments4,735 4,565 4,703 4,370 4,546 4 4 9,300 9,012 3 
Lending1,829 1,915 1,916 1,894 1,936 (4)(6)3,744 3,660 2 
Other— 6 47 28 4 NMNM6 1 500 
Total Banking & Payments9,248 8,754 9,268 8,646 8,950 6 3 18,002 17,353 4 
Fixed Income Markets5,690 5,849 5,006 4,651 (f)4,981 (f)(3)14 11,539 10,409 (f)11 
Equity Markets3,246 3,814 2,043 2,501 
(f)
2,812 (f)(15)15 7,060 5,397 (f)31 
Securities Services 1,418 1,269 1,314 1,326 1,261 12 12 2,687 2,444 10 
Credit Adjustments & Other (b)(67)(20)(33)(109)(87)(235)23 (87)(102)15 
Total Markets & Securities Services10,287 10,912 8,330 8,369 8,967 (6)15 21,199 18,148 17 
TOTAL NET REVENUE$19,535 $19,666 $17,598 $17,015 $17,917 (1)9 $39,201 $35,501 10 
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking (d)
$6,319 $5,929 $6,369 $5,755 $6,090 7 %4 %$12,248 $11,656 5 %
Commercial Banking2,929 2,825 2,899 2,891 2,860 4 2 5,754 5,697 1 
Commercial & Specialized Industries (e)
2,067 1,956 1,965 1,931 1,936 6 7 4,023 3,863 4 
Commercial Real Estate Banking862 869 934 960 924 (1)(7)1,731 1,834 (6)
Total Banking & Payments revenue$9,248 $8,754 $9,268 $8,646 $8,950 6 3 $18,002 $17,353 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 $722 million, $658 million, $915 million, $607 million and $737 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $1.4 billion and $1.3 billion for the six months ended June 30, 2025 and 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 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.
(e)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.
(f)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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
SELECTED BALANCE SHEET DATA (period-end)
Total assets$2,260,825 $2,174,123 $1,773,194 $2,047,022 (g)$1,939,038 4 %17 %$2,260,825 $1,939,038 17 %
Loans:
Loans retained526,174 497,657 483,043 483,915 475,880 6 11 526,174 475,880 11 
Loans held-for-sale and loans at fair value (a)57,659 48,201 40,324 47,728 41,737 20 38 57,659 41,737 38 
Total loans
583,833 545,858 523,367 531,643 517,617 7 13 583,833 517,617 13 
Equity149,500 149,500 132,000 132,000 132,000 — 13 149,500 132,000 13 
Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking (c)$133,017 $121,776 (e)$125,270 $134,750 $132,858 9 — $133,017 $132,858 — 
Commercial Banking222,044 219,220 217,674 218,733 220,222 1 1 222,044 220,222 1 
Commercial & Specialized Industries (d)
75,859 74,334 72,814 73,782 75,488 2 — 75,859 75,488 — 
Commercial Real Estate Banking146,185 144,886 144,860 144,951 144,734 1 1 146,185 144,734 1 
Total Banking & Payments loans355,061 340,996 342,944 353,483 353,080 4 1 355,061 353,080 1 
SELECTED BALANCE SHEET DATA (average)
Total assets$2,205,619 $2,045,105 $1,930,491 $2,008,127 (g)$1,915,880 8 15 $2,125,805 $1,854,999 15 
Trading assets - debt and equity instruments 758,113 685,039 613,142 663,302 638,473 11 19 721,778 609,686 18 
Trading assets - derivative receivables 56,815 58,987 57,884 54,133 58,850 (4)(3)57,895 58,059 — 
Loans:
Loans retained511,562 482,304 482,316 476,256 471,861 6 8 497,014 471,524 5 
Loans held-for-sale and loans at fair value (a)50,287 46,422 43,203 44,868 42,868 8 17 48,365 43,202 12 
Total loans561,849 528,726 525,519 521,124 514,729 6 9 545,379 514,726 6 
Deposits1,170,063 1,106,158 1,088,439 1,064,402 1,046,993 6 12 1,138,287 1,046,391 9 
Equity149,500 149,500 132,000 132,000 132,000 — 13 149,500 132,000 13 
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking (c)$125,554 $121,387 (e)$126,305 $129,024 $130,680 3 (4)$123,482 $129,336 (5)
Commercial Banking219,886 218,560 218,672 219,406 220,767 1 — 219,227 221,545 (1)
Commercial & Specialized Industries (d)
74,384 73,629 73,205 74,660 76,229 1 (2)74,009 77,296 (4)
Commercial Real Estate Banking145,502 144,931 145,467 144,746 144,538 — 1 145,218 144,249 1 
Total Banking & Payments loans345,440 339,947 344,977 348,430 351,447 2 (2)342,709 350,881 (2)
Employees
93,237 92,755 (f)93,231 93,754 93,387 1 — 93,237 93,387 — 
(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)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.
(d)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.
(e)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.
(f)In the first quarter of 2025, 219 employees were transferred to Corporate as a result of the centralization of certain functions.
(g)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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$325 $177 $300 (d)$156 $164 84 98 $502 $233 115 
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)3,678 3,413 3,258 2,857 2,631 8 40 3,678 2,631 40 
Nonaccrual loans held-for-sale and loans at fair value (b)1,207 1,255 1,502 1,187 988 (4)22 1,207 988 22 
Total nonaccrual loans 4,885 4,668 4,760 4,044 3,619 5 35 4,885 3,619 35 
Derivative receivables349 169 145 210 290 107 20 349 290 20 
Assets acquired in loan satisfactions208 211 213 216 220 (1)(5)208 220 (5)
Total nonperforming assets 5,442 5,048 5,118 4,470 4,129 8 32 5,442 4,129 32 
Allowance for credit losses:
Allowance for loan losses7,408 7,680 7,294 7,427 7,344 (4)1 7,408 7,344 1 
Allowance for lending-related commitments2,757 2,113 1,976 2,013 1,930 30 43 2,757 1,930 43 
Total allowance for credit losses10,165 9,793 9,270 9,440 9,274 4 10 10,165 9,274 10 
Net charge-off/(recovery) rate (c)0.25 %0.15 %0.25 %0.13 %0.14 %0.20 %0.10 %
Allowance for loan losses to period-end loans retained1.41 1.54 1.51 1.53 1.54 1.41 1.54 
Allowance for loan losses to nonaccrual loans retained (a)201 225 224 260 279 201 279 
Nonaccrual loans to total period-end loans0.84 0.86 0.91 0.76 0.70 0.84 0.70 
(a)Allowance for loan losses of $655 million, $566 million, $435 million, $366 million and $452 million were held against these nonaccrual loans at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 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 June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $45 million, $36 million, $37 million, $38 million and $42 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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
BUSINESS METRICS
Advisory$844 $694 $1,060 $847 $785 22 %8 %$1,538 $1,383 11 %
Equity underwriting465 324 498 344 495 44 (6)789 850 (7)
Debt underwriting1,204 1,230 921 1,076 1,076 (2)12 2,434 2,137 14 
Total investment banking fees$2,513 $2,248 $2,479 $2,267 $2,356 12 7 $4,761 $4,370 9 
Client deposits and other third-party liabilities (average) (a)1,089,781 1,034,382 1,011,634 966,025 936,725 5 16 1,062,235 934,164 14 
Assets under custody (“AUC”) (period-end) (in billions)$38,028 $35,678 $35,280 $35,832 $34,024 7 12 $38,028 $34,024 12 
95% Confidence Level - Total CIB VaR (average) (b)
CIB trading VaR by risk type: (c)
Fixed income$37 $37 $34 $37 $31 — 19 
Foreign exchange10 9 14 15 18 11 (44)
Equities17 25 10 8 7 (32)143 
Commodities and other24 29 8 8 9 (17)167 
Diversification benefit to CIB trading VaR (d)(55)(55)(33)(33)(32)— (72)
CIB trading VaR (c)33 45 33 35 33 (27)— 
Credit Portfolio VaR (e)22 21 20 21 21 5 5 
Diversification benefit to CIB VaR (d)(17)(19)(16)(14)(16)11 (6)
CIB VaR$38 $47 $37 $42 $38 (19)— 
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)Effective April 1, 2025, the Firm refined the historical proxy time series inputs to one of its VaR models to more appropriately reflect the risk exposure from certain securitization warehousing loan positions. With this refined time series, the average VaR for each of the following reported components would have been lower by the following amounts: CIB trading VaR by fixed income risk type of $(7) million, $(6) million, $(6) million, and $(2) million, CIB trading VaR of $(6) million, $(5) million, $(4) million and $(1) million and CIB VaR of $(5) million, $(6) million, $(5) million and $(1) million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.
(c)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 and pages 65–67 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 for further information.
(d)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.
(e)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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
INCOME STATEMENT
REVENUE
Asset management fees$3,642 $3,595 $3,792 $3,427 $3,304 1 %10 %$7,237 $6,474 12 %
Commissions and other fees314 273 225 224 232 15 35 587 425 38 
All other income 117 125 60 148 97 (6)21 242 248 (2)
Noninterest revenue 4,073 3,993 4,077 3,799 3,633 2 12 8,066 7,147 13 
Net interest income1,687 1,738 1,701 1,640 1,619 (3)4 3,425 3,214 7 
TOTAL NET REVENUE5,760 5,731 5,778 5,439 5,252 1 10 11,491 10,361 11 
Provision for credit losses 46 (10)(35)4 20 NM130 36 (37)NM
NONINTEREST EXPENSE
Compensation expense 2,112 2,096 2,058 1,994 1,960 1 8 4,208 3,932 7 
Noncompensation expense 1,621 1,617 1,714 1,645 1,583 — 2 3,238 3,071 5 
TOTAL NONINTEREST EXPENSE3,733 3,713 3,772 3,639 3,543 1 5 7,446 7,003 6 
Income before income tax expense1,981 2,028 2,041 1,796 1,689 (2)17 4,009 3,395 18 
Income tax expense 508 445 524 445 426 14 19 953 842 13 
NET INCOME $1,473 $1,583 $1,517 $1,351 $1,263 (7)17 $3,056 $2,553 20 
REVENUE BY BUSINESS
Asset Management $2,705 $2,671 $2,887 $2,525 $2,437 1 11 $5,376 $4,763 13 
Global Private Bank3,055 3,060 2,891 2,914 2,815 — 9 6,115 5,598 9 
TOTAL NET REVENUE $5,760 $5,731 $5,778 $5,439 $5,252 1 10 $11,491 $10,361 11 
FINANCIAL RATIOS
ROE36 %39 %38 %34 % 32 % 38 %32 %
Overhead ratio65 65 65 67 67 65 68 
Pretax margin ratio:
Asset Management33 32 35 32 30 33 29 
Global Private Bank36 38 36 34 34 37 36 
Asset & Wealth Management34 35 35 33 32 35 33 
Employees
29,363 29,516 
(a)
29,403 29,112 28,579 (1)3 29,363 28,579 3 
Number of Global Private Bank client advisors3,756 3,781 3,775 3,753 3,509 (1)7 3,756 3,509 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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
SELECTED BALANCE SHEET DATA (period-end)
Total assets $268,966 $258,354 $255,385 $253,750 $247,353 4 %9 %$268,966 $247,353 9 %
Loans 245,526 237,201 236,303 233,903 228,042 4 8 245,526 228,042 8 
Deposits242,356 250,219 248,287 248,984 236,492 (3)2 242,356 236,492 2 
Equity16,000 16,000 15,500 15,500 15,500 — 3 16,000 15,500 3 
SELECTED BALANCE SHEET DATA (average)
Total assets $261,128 $253,372 $253,612 $247,768 $242,155 3 8 $257,271 $241,770 6 
Loans 240,585 233,937 233,768 229,299 224,122 3 7 237,279 223,775 6 
Deposits248,375 244,107 248,802 236,470 227,423 2 9 246,253 227,573 8 
Equity16,000 16,000 15,500 15,500 15,500 — 3 16,000 15,500 3 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$(1)$1 $(2)$12 $3 NMNM$— $11 NM
Nonaccrual loans1,035 675 
(a)
700 764 745 53 39 1,035 745 39 
Allowance for credit losses:
Allowance for loan losses 552 530 539 566 575 4 (4)552 575 (4)
Allowance for lending-related commitments58 33 35 38 40 76 45 58 40 45 
Total allowance for credit losses610 563 574 604 615 8 (1)610 615 (1)
Net charge-off/(recovery) rate— %— %— %0.02 %0.01 %— %0.01 %
Allowance for loan losses to period-end loans 0.22 0.22 
(a)
0.23 0.24 0.25 0.22 0.25 
Allowance for loan losses to nonaccrual loans53 93 
(a)
77 74 77 53 77 
Nonaccrual loans to period-end loans0.42 0.28 0.30 0.33 0.33 0.42 0.33 
(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)
Jun 30, 2025
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2025 Change
CLIENT ASSETS2025202520242024202420252024202520242024
Assets by asset class
Liquidity $1,131 $1,120 $1,083 $983 $953 1 %19 %$1,131 $953 19 %
Fixed income 925 879 851 854 785 5 18 925 785 18 
Equity1,258 1,128 1,128 1,094 1,017 12 24 1,258 1,017 24 
Multi-asset809 764 764 763 719 6 13 809 719 13 
Alternatives220 222 219 210 208 (1)6 220 208 6 
TOTAL ASSETS UNDER MANAGEMENT4,343 4,113 4,045 3,904 3,682 6 18 4,343 3,682 18 
Custody/brokerage/administration/deposits2,078 1,889 1,887 1,817 1,705 10 22 2,078 1,705 22 
TOTAL CLIENT ASSETS (a)$6,421 $6,002 $5,932 $5,721 $5,387 7 19 $6,421 $5,387 19 
Assets by client segment
Private Banking (b)$1,270 $1,201 $1,162 $1,115 $1,036 6 23 $1,270 $1,036 23 
Global Institutional1,772 1,705 1,692 1,622 1,540 4 15 1,772 1,540 15 
Global Funds (b)1,301 1,207 1,191 1,167 1,106 8 18 1,301 1,106 18 
TOTAL ASSETS UNDER MANAGEMENT$4,343 $4,113 $4,045 $3,904 $3,682 6 18 $4,343 $3,682 18 
Private Banking (b)$3,191 $2,949 $2,902 $2,806 $2,620 8 22 $3,191 $2,620 22 
Global Institutional1,907 1,828 1,820 1,739 1,654 4 15 1,907 1,654 15 
Global Funds (b)1,323 1,225 1,210 1,176 1,113 8 19 1,323 1,113 19 
TOTAL CLIENT ASSETS (a)$6,421 $6,002 $5,932 $5,721 $5,387 7 19 $6,421 $5,387 19 
Assets under management rollforward
Beginning balance$4,113 $4,045 $3,904 $3,682 $3,564 $4,045 $3,422 
Net asset flows:
Liquidity 5 36 94 34 16 41 12 
Fixed income 27 11 18 37 22 38 36 
Equity16 37 41 21 31 53 52 
Multi-asset(2)3 14 10 (3)1 (5)
Alternatives(10)3 3 4 2 (7)3 
Market/performance/other impacts194 (22)(29)116 50 172 162 
Ending balance$4,343 $4,113 $4,045 $3,904 $3,682 $4,343 $3,682 
Client assets rollforward
Beginning balance$6,002 $5,932 $5,721 $5,387 $5,219 $5,932 $5,012 
Net asset flows80 120 224 140 79 200 122 
Market/performance/other impacts339 (50)(13)194 89 289 253 
Ending balance$6,421 $6,002 $5,932 $5,721 $5,387 $6,421 $5,387 
BUSINESS METRICS
Firmwide Wealth Management
Client assets (in billions) (c)$4,087 $3,791 $3,756 $3,648 $3,427 8 19 $4,087 $3,427 19 
Number of client advisors9,704 9,641 9,530 9,528 9,181 1 6 9,704 9,181 6 
Stock Plan Administration (d)
Number of stock plan participants (in thousands)1,594 1,500 1,327 1,118 1,118 6 43 1,594 1,118 43 
Client assets (in billions)314 281 270 254 249 12 26 314 249 26 
(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)The increase in the fourth quarter of 2024 includes the impact of onboarding participants in the Firm’s employee stock plans into an equity plan administration platform that was acquired in 2022.




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JPMORGAN CHASE & CO.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
INCOME STATEMENT
REVENUE
Principal transactions$(54)$(87)$28 $(1)$60 38 %NM$(141)$125 NM
Investment securities losses(54)(37)(92)(16)(546)(46)90 %(91)(912)90 %
All other income 157 777 34 172 8,244 
(i)
(80)(98)934 8,270 
(i)
(89)
Noninterest revenue49 653 (30)155 7,758 (92)(99)702 7,483 (91)
Net interest income 1,489 1,651 2,030 2,915 2,364 (10)(37)3,140 4,841 (35)
TOTAL NET REVENUE (a)1,538 2,304 2,000 3,070 10,122 (33)(85)3,842 12,324 (69)
Provision for credit losses25 (19)(18)(4)5 NM400 6 32 (81)
NONINTEREST EXPENSE547 185 
(f)
550 589 1,579 
(j)
196 (65)732 
(f)
2,855 
(f)(j)
(74)
Income before income tax expense
966 2,138 1,468 2,485 8,538 (55)(89)3,104 9,437 (67)
Income tax expense/(benefit)
(729)(e)445 132 675 1,759 NMNM(284)(e)1,982 NM
NET INCOME
$1,695 $1,693 $1,336 $1,810 $6,779 — (75)$3,388 $7,455 (55)
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
1,649 1,564 2,083 3,154 2,084 5 (21)3,213 4,401 (27)
Other Corporate(111)740 (83)(84)8,038 NMNM629 7,923 (92)
TOTAL NET REVENUE$1,538 $2,304 $2,000 $3,070 $10,122 (33)(85)$3,842 $12,324 (69)
NET INCOME/(LOSS)
Treasury and CIO1,121 1,158 1,568 2,291 1,513 (3)(26)2,279 3,154 (28)
Other Corporate 574 535 (232)(481)5,266 7 (89)1,109 4,301 (74)
TOTAL NET INCOME
$1,695 $1,693 $1,336 $1,810 $6,779 — (75)$3,388 $7,455 (55)
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,370,312 $1,289,274 $1,323,967 $1,276,238 
(h)
$1,318,119 6 4 $1,370,312 $1,318,119 4 
Loans2,033 2,478 1,964 2,302 2,408 (18)(16)2,033 2,408 (16)
Deposits (b)27,952 25,064 27,581 30,170 26,073 12 7 27,952 26,073 7 
Employees
49,662 50,676 
(g)
49,610 49,213 47,828 (2)4 49,662 
(g)
47,828 4 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses$(54)$(37)$(92)$(16)$(546)(46)90 $(91)$(912)90 
Available-for-sale securities (average) 462,179 391,997 371,415 306,244 247,304 18 87 427,282 235,124 82 
Held-to-maturity securities (average) (c)262,479 269,906 286,993 313,898 330,347 (3)(21)266,172 342,553 (22)
Investment securities portfolio (average)$724,658 $661,903 $658,408 $620,142 $577,651 9 25 $693,454 $577,677 20 
Available-for-sale securities (period-end)482,269 396,316 403,796 331,715 263,624 22 83 482,269 263,624 83 
Held-to-maturity securities (period-end) (c)260,559 265,084 274,468 299,954 323,746 (2)(20)260,559 323,746 (20)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)$742,828 $661,400 $678,264 $631,669 $587,370 12 26 $742,828 $587,370 26 
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $38 million, $36 million, $44 million, $44 million and $45 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $74 million and $94 million for the six months ended June 30, 2025 and 2024, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)At June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, the estimated fair value of the HTM securities portfolio was $239.3 billion, $242.3 billion, $247.9 billion, $279.6 billion and $294.8 billion, respectively.
(d)At June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, the allowance for credit losses on investment securities was $75 million, $85 million, $105 million, $123 million and $125 million, respectively.
(e)Included a $774 million 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.
(f)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual 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)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.
(h)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.
(i)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (h) on page 2 for further information.
(j)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.
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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION
(in millions)
Jun 30, 2025
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2025202520242024202420252024
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$371,855 $372,892 $376,334 $377,938 $382,795 — %(3)%
Loans held-for-sale and loans at fair value 22,185 18,246 16,476 17,007 14,160 22 57 
Total consumer, excluding credit card loans394,040 391,138 392,810 394,945 396,955 1 (1)
Credit card loans
Loans retained232,943 223,384 232,860 219,542 216,100 4 8 
Total credit card loans232,943 223,384 232,860 219,542 216,100 4 8 
Total consumer loans 626,983 614,522 625,670 614,487 613,055 2 2 
Wholesale loans (b)
Loans retained740,675 704,714 690,396 687,890 674,152 5 10 
Loans held-for-sale and loans at fair value 44,334 36,459 31,922 37,634 33,493 22 32 
Total wholesale loans 785,009 741,173 722,318 725,524 707,645 6 11 
Total loans 1,411,992 1,355,695 1,347,988 1,340,011 1,320,700 4 7 
Derivative receivables 60,346 60,539 60,967 52,561 54,673 — 10 
Receivables from customers (c)53,099 49,403 51,929 53,270 56,018 7 (5)
Total credit-related assets 1,525,437 1,465,637 1,460,884 1,445,842 1,431,391 4 7 
Lending-related commitments
Consumer, excluding credit card 47,064 46,149 44,844 45,322 47,215 2 — 
Credit card (d)1,050,275 1,031,481 1,001,311 989,594 964,727 2 9 
Wholesale 560,054 548,853 531,467 541,560 (g)545,020 2 3 
Total lending-related commitments1,657,393 1,626,483 1,577,622 1,576,476 1,556,962 2 6 
Total credit exposure $3,182,830 $3,092,120 $3,038,506 $3,022,318 $2,988,353 3 7 
Memo: Total by category
Consumer exposure (e)$1,724,322 $1,692,152 $1,671,825 $1,649,403 $1,624,997 2 6 
Wholesale exposure (f)1,458,508 1,399,968 1,366,681 1,372,915 1,363,356 4 7 
Total credit exposure$3,182,830 $3,092,120 $3,038,506 $3,022,318 $2,988,353 3 7 
    
(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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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Jun 30, 2025
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2025202520242024202420252024
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,938 $3,318 $3,233 (c)$3,316 $3,423 19 %15 %
   Loans held-for-sale and loans at fair value 731 441 693 397 382 66 91 
Total consumer nonaccrual loans4,669 3,759 3,926 3,713 3,805 24 23 
Wholesale nonaccrual loans
Loans retained4,479 3,895 3,942 3,517 3,289 15 36 
Loans held-for-sale and loans at fair value 673 964 969 845 697 (30)(3)
Total wholesale nonaccrual loans 5,152 4,859 4,911 4,362 3,986 6 29 
Total nonaccrual loans9,821 8,618 8,837 8,075 7,791 14 26 
Derivative receivables 349 169 145 210 290 107 20 
Assets acquired in loan satisfactions310 318 318 343 342 (3)(9)
Total nonperforming assets 10,480 9,105 9,300 8,628 8,423 15 24 
Wholesale lending-related commitments (b) 922 793 737 619 541 16 70 
Total nonperforming exposure$11,402 $9,898 $10,037 $9,247 $8,964 15 27 
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.70 %0.64 %0.66 %(c)0.60 %0.59 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.18 0.96 1.00 0.94 0.96 
Total wholesale nonaccrual loans to total
wholesale loans 0.66 0.66 0.68 0.60 0.56 
(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 June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $113 million, $117 million, $121 million, $126 million and $138 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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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
2Q251Q254Q243Q242Q241Q252Q24202520242024
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$25,208 $24,345 $23,949 $22,991 $22,351 4 %13 %$24,345 $22,420 9 %
Net charge-offs:
Gross charge-offs2,944 2,816 2,845 2,567 2,726 5 8 5,760 5,107 13 
Gross recoveries collected(534)(484)(481)(480)(495)(10)(8)(1,018)(920)(11)
Net charge-offs2,410 2,332 2,364 2,087 2,231 3 8 4,742 4,187 13 
Provision for loan losses 2,151 3,193 2,696 3,040 2,871 (33)(25)5,344 4,758 12 
Other4 2 64 5 — 100 NM6 — NM
Ending balance$24,953 $25,208 $24,345 $23,949 $22,991 (1)9 $24,953 $22,991 9 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,226 $2,101 $2,142 $2,068 $1,916 6 16 $2,101 $1,974 6 
Provision for lending-related commitments 706 125 (40)74 154 465 358 831 94 NM
Other— — (1)— (2)— NM— — — 
Ending balance$2,932 $2,226 $2,101 $2,142 $2,068 32 42 $2,932 $2,068 42 
ALLOWANCE FOR INVESTMENT SECURITIES$108 $118 $152 $175 $177 (8)(39)$108 $177 (39)
Total allowance for credit losses (a)$27,993 $27,552 $26,598 $26,266 $25,236 2 11 $27,993 $25,236 11 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.14 %0.18 %0.20 %0.17 %0.14 %0.16 %0.16 %
Credit card retained loans3.40 3.58 3.30 3.23 3.50 3.49 3.41 
Total consumer retained loans1.38 1.45 1.36 1.29 1.33 1.42 1.29 
Wholesale retained loans0.19 0.11 0.18 0.09 0.16 0.15 0.11 
Total retained loans 0.73 0.74 0.73 0.65 0.71 0.73 0.67 
Memo: Average retained loans
Consumer retained, excluding credit card loans$372,005 $374,466 $376,976 $379,459 $385,662 (1)(4)$373,229 $389,847 (4)
Credit card retained loans228,320 224,350 224,124 217,204 210,020 2 9 226,346 207,329 9 
Total average retained consumer loans600,325 598,816 601,100 596,663 595,682 — 1 599,575 597,176 — 
Wholesale retained loans721,105 686,585 687,197 674,939 666,347 5 8 703,952 665,468 6 
Total average retained loans$1,321,430 $1,285,401 $1,288,297 $1,271,602 $1,262,029 3 5 $1,303,527 $1,262,644 3 
(a)At June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, excludes an allowance for credit losses associated with certain accounts receivable in CIB of $288 million, $283 million, $268 million, $277 million and $278 million, respectively.






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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Jun 30, 2025
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2025202520242024202420252024
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$(683)$(727)$(728)$(756)$(856)6 %20 %
Portfolio-based2,532 2,585 2,535 2,491 2,599 (2)(3)
Total consumer, excluding credit card1,849 1,858 1,807 1,735 1,743 — 6 
Credit card
Portfolio-based15,001 15,000 14,600 14,100 13,200 — 14 
Total credit card15,001 15,000 14,600 14,100 13,200 — 14 
Total consumer16,850 16,858 16,407 15,835 14,943 — 13 
Wholesale
Asset-specific
781 692 526 499 562 13 39 
Portfolio-based7,322 7,658 7,412 7,615 7,486 (4)(2)
Total wholesale8,103 8,350 7,938 8,114 8,048 (3)1 
Total allowance for loan losses 24,953 25,208 24,345 23,949 22,991 (1)9 
Allowance for lending-related commitments2,932 2,226 2,101 2,142 2,068 32 42 
Allowance for investment securities108 118 152 175 177 (8)(39)
Total allowance for credit losses$27,993 $27,552 $26,598 $26,266 $25,236 2 11 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.50 %0.50 %0.48 %0.46 %0.46 %
Credit card allowance to total credit card retained loans6.44 6.71 6.27 6.42 6.11 
Wholesale allowance to total wholesale retained loans1.09 1.18 1.15 1.18 1.19 
Total allowance to total retained loans1.85 1.94 1.87 1.86 1.81 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (a)
47 56 56 52 51 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (a)
118 142 136 144 146 
Wholesale allowance to wholesale retained nonaccrual loans181 214 201 231 245 
Total allowance to total retained nonaccrual loans296 349 339 (b)350 343 
(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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JPMORGAN CHASE & CO.
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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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q25 Change2025 Change
(in millions, except rates)2Q251Q254Q243Q242Q241Q252Q24202520242024
Net interest income - reported$23,209 $23,273 $23,350 $23,405 $22,746 — %2 %$46,482 $45,828 1 %
Fully taxable-equivalent adjustments105 102 121 120 115 3 (9)207 236 (12)
Net interest income - managed basis
$23,314 $23,375 $23,471 $23,525 $22,861 — 2 $46,689 $46,064 1 
Less: Markets net interest income561 785 457 78 (77)(29)NM1,346 106 NM
Net interest income excluding Markets
$22,753 $22,590 $23,014 $23,447 $22,938 1 (1)$45,343 $45,958 (1)
Average interest-earning assets$3,845,982 $3,668,384 $3,571,960 $3,621,766 $3,509,725 5 10 $3,757,674 $3,477,620 8 
Less: Average Markets interest-earning assets
1,387,584 1,255,149 1,157,421 1,206,085 1,116,853 11 24 1,321,732 1,073,964 23 
Average interest-earning assets excluding Markets$2,458,398 $2,413,235 $2,414,539 $2,415,681 $2,392,872 2 3 $2,435,942 $2,403,656 1 
Net yield on average interest-earning assets - managed basis (a)2.43 %2.58 %2.61 %2.58 %2.62 %2.51 %2.66 %
Net yield on average Markets interest-earning assets
0.16 0.25 0.16 0.03 (0.03)0.21 0.02 
Net yield on average interest-earning assets excluding Markets (a)3.71 3.80 3.79 3.86 3.86 3.75 3.85 
Noninterest revenue - reported$21,703 $22,037 $19,418 $19,249 $27,454 (2)(21)$43,740 $46,306 (6)
Fully taxable-equivalent adjustments663 602 849 541 677 10 (2)1,265 1,170 8 
Noninterest revenue - managed basis$22,366 $22,639 $20,267 $19,790 $28,131 (1)(20)$45,005 $47,476 (5)
Less: Markets noninterest revenue
8,375 8,878 6,592 7,074 7,870 (6)6 17,253 15,700 10 
Noninterest revenue excluding Markets$13,991 $13,761 $13,675 $12,716 $20,261 2 (31)$27,752 $31,776 (13)
Memo: Markets total net revenue$8,936 $9,663 $7,049 $7,152 $7,793 (8)15 $18,599 $15,806 18 
    
(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.



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