Q1 2025 JPMorgan Chase & Co Earnings Call Transcript
Key Points
- JPMorgan Chase & Co (JPM) reported a strong net income of $14.6 billion, with an EPS of $5.07, reflecting robust financial performance.
- Revenue increased by 8% year-on-year to $46 billion, driven by higher asset management fees and investment banking fees.
- The firm maintained a high CET1 ratio of 15.4%, demonstrating strong capital adequacy.
- Consumer and small business segments remain financially healthy, with spending and credit utilization in line with expectations.
- The asset and wealth management division reported a 12% increase in revenue, driven by strong net inflows and higher market levels.
- Net interest income excluding markets was down by $430 million or 2%, impacted by lower rates and deposit margin compression.
- Credit costs increased to $3.3 billion, with net charge-offs of $2.3 billion, indicating rising credit risk.
- Expenses rose by 4% to $23.6 billion, largely due to higher compensation and legal expenses.
- The investment banking outlook remains cautious due to elevated market uncertainty and client hesitancy.
- Home lending originations dropped 42% year-on-year, reflecting challenges in the housing market.
Good morning ladies and gentlemen. Welcome to JPMorgan Chase's first-quarter 2025 earnings call. This call is being recorded. (Operator Instructions) We will now go live to the presentation. The presentation is available on JPMorgan Chase's website. Please refer to the disclaimer in the back concerning forward-looking statements. Please stand by.
At this time I would like to turn the call over to JPMorgan Chase's Chairman and CEO, Jamie Dimon; and the Chief Financial Officer, Jeremy Barnum. Mr. Barnum, please go ahead.
Thank you and good morning, everyone. Starting on page 1, the firm reported net income of $14.6 billion, EPS of $5.07 on revenue of $46 billion with an ROTC of 21%. These results included a First Republic related gain of $588 million, which was previously disclosed in the 10-K.
On page 2, we have more on our first quarter results. The firm reported revenue of $46 billion, up $3.5 billion or 8% year on year. NII ex markets was down $430 million or 2%, driven by the
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