JPMorgan Chase Q1 2025 Earnings Summary

Key highlights:
- Net income: $14.6 billion, up 9% year-over-year
- Earnings per share (EPS): $5.07, up 14%
- Revenue (managed basis): $46.0 billion, up 8%
- Return on equity (ROE): 18%
- Return on tangible common equity (ROTCE): 21%
- CET1 capital ratio: 15.4% (Standardized), 15.5% (Advanced)
- Liquidity: $1.5 trillion in cash and marketable securities

Segment highlights:

Consumer & Community Banking (CCB):
- Net income: $4.4 billion (down 8%)
- Debit and credit card sales volume increased 7%
- Mobile customers up 8%
- Card Services net charge-off rate: 3.58%
- Net interest income affected by deposit margin compression

Commercial & Investment Bank (CIB):
- Net income: $6.9 billion (up 5%)
- Investment banking fees up 12%
- Markets revenue up 21%, with equities up 48% and fixed income up 8%
- Securities services revenue increased 7%
- Credit provision: $705 million

Asset & Wealth Management (AWM):
- Net income: $1.6 billion (up 23%)
- Assets under management: $4.1 trillion (up 15%)
- Client assets: $6.0 trillion
- Revenue growth driven by higher market levels and net inflows

Corporate segment:
- Net income: $1.7 billion (up 150%)
- Includes $588 million gain related to First Republic
- Noninterest expenses dropped due to FDIC special assessment release

Capital and shareholder returns:
- Common dividend: $1.40 per share
- $7.1 billion in common stock repurchases
- Book value per share: $119.24 (up 12%)
- Tangible book value per share: $100.36 (up 13%)

CEO commentary (Jamie Dimon):
Dimon highlighted strong business performance, particularly in equities and wealth management. He noted ongoing economic uncertainty tied to inflation, fiscal deficits, and geopolitical tensions. However, he emphasized the firm's strong capital and liquidity position, reaffirming its preparedness to manage through volatile environments.

JPMorgan Chase & Co. Updates Dividend Reinvestment Plan

NEW YORK, NY – JPMorgan Chase & Co. (NYSE: JPM) has updated its Dividend Reinvestment Plan (DRIP), according to a filing submitted to the U.S. Securities and Exchange Commission on April 10, 2025.

Under the plan, shareholders may reinvest their dividends into additional shares of JPMorgan Chase common stock. This option allows investors to increase their holdings over time, typically without incurring brokerage fees or commissions. The company confirmed the legal validity of the shares being offered under this program through an external legal review.

This update is part of JPMorgan Chase's ongoing efforts to enhance shareholder value and maintain regulatory compliance. The bank remains committed to providing long-term value and flexibility for its investors.

JPMorgan Chase & Co. is one of the largest financial institutions in the world, offering a wide range of services including investment banking, commercial banking, asset management, and wealth management. The company operates in more than 100 countries and continues to serve millions of customers globally.

Wells Fargo sues JPMorgan over troubled $481 million real estate loan

Minerva Foods, a leading South American beef exporter, partnered with J.P. Morgan Payments to enhance its working capital management and improve global sales. The company sought to increase agility, flexibility, and accountability by optimizing its accounts receivable process, particularly in managing export-related transactions that make up 75% of its operations.

Previously, Minerva’s treasury and export teams manually handled invoice discounting and counterparty risk mitigation, leading to inefficiencies and potential errors. To address these challenges, the company implemented a receivables discounting solution with J.P. Morgan Payments, integrating it with their enterprise resource planning (ERP) system. This solution enabled Minerva to discount over 4,000 sales invoices across Latin America, Europe, and Asia within eight months, significantly improving cash flow by reducing receivables maturity from 60 days to just two days.

The improved working capital position helped Minerva prepare for its largest acquisition to date, expected to increase production capacity by nearly 50% by late 2024. Additionally, the paperless nature of the solution reduced the administrative burden on the treasury team, allowing them to focus on strategic initiatives while boosting global sales.

Looking ahead, Minerva plans to expand its receivables discounting program with J.P. Morgan Payments to further strengthen its international distribution and support growth objectives across its South American subsidiaries.

**Source: J.P. Morgan Payments, "Minerva Foods Boosts Global Sales by Improving Working Capital," February 21, 2025.**

On January 24, 2025, JPMorgan Chase & Co. completed public offerings totaling $8 billion in notes, comprising $750 million in Floating Rate Notes due 2029, $2 billion in Fixed-to-Floating Rate Notes due 2029, $2.5 billion in Fixed-to-Floating Rate Notes due 2031, and $2.75 billion in Fixed-to-Floating Rate Notes due 2036. These offerings were registered under the Securities Act of 1933. A legal opinion regarding the offerings has been filed as part of this report.

JPMorgan Chase & Co. has announced in a Form 8-K filing that the Board of Directors approved the annual compensation for CEO James Dimon for 2024 at $39 million, an increase from $36 million in 2023. His compensation includes a $1.5 million base salary and $37.5 million in performance-based variable incentives, of which $32.5 million will be in the form of at-risk Performance Share Units (PSUs) tied to performance metrics like return on tangible common equity (ROTCE).

Under Dimon’s leadership, JPMorgan achieved record revenue of $180.6 billion and net income of $58.5 billion in 2024, with a ROTCE of 22%. The firm also increased its quarterly dividend from $1.05 to $1.25 per share, ended the year with a CET1 ratio of 15.7%, and raised $2.8 trillion in credit and capital for clients globally.

Separately, Dimon and his family plan to sell approximately one million shares of JPMorgan stock for financial diversification and tax planning purposes, retaining a significant stake of around 7.5 million shares. Additional details about the compensation structure and firm performance can be found in the firm's related earnings release and SEC filings.

JPMorgan Chase & Co. reported a robust performance for the fourth quarter of 2024, achieving a net income of $14.0 billion or $4.81 per share. The full-year net income reached a record $58.5 billion, or $19.75 per share, with adjusted figures excluding significant items standing at $54.0 billion or $18.22 per share. The quarter's results were supported by a return on equity (ROE) of 17% and a return on tangible common equity (ROTCE) of 21%.

Key metrics for the year included an 18% ROE and 22% ROTCE. Fourth-quarter revenues were $42.8 billion reported and $43.7 billion managed, with a notable 10% year-over-year increase in managed revenue. Despite a competitive environment, the firm managed an overhead ratio of 53% reported and 52% managed.

Credit costs for the quarter totaled $2.6 billion, including $2.4 billion in net charge-offs and a $267 million net reserve build. The average loans and deposits each grew by 2% year-over-year, underscoring steady balance sheet growth.

Jamie Dimon, Chairman and CEO, highlighted the firm's successful year, noting significant contributions from all business lines. In the Consumer & Community Banking (CCB), there was notable growth in client investment assets and card services. The Commercial & Investment Bank (CIB) saw a surge in investment banking fees and market revenues, particularly in fixed income and equity markets.

Asset & Wealth Management (AWM) reported assets under management (AUM) of $4.0 trillion, up 18% year-over-year, driven by strong management fees and client asset net inflows.

Dimon also addressed regulatory considerations, emphasizing the importance of balanced, data-driven regulations that support economic growth without compromising the safety and soundness of the banking system.

Overall, JPMorgan Chase demonstrated strong financial health and growth across its sectors, maintaining a solid capital position and supporting its clients and communities effectively.

On January 14, 2025, JPMorgan Chase & Co. announced significant leadership changes. Daniel Pinto, the President and Chief Operating Officer, will retire at the end of 2026, stepping down from his current roles on June 30, 2025. Jennifer A. Piepszak, currently serving as Co-Chief Executive Officer of the Commercial & Investment Bank, will take over as Chief Operating Officer effective immediately. This transition is part of a planned change in leadership, ensuring continuity and strategic oversig