JPMorgan Chase (JPM) kicked off 2025 with a strong first-quarter performance, showcasing resilience amid persistent macroeconomic and geopolitical uncertainty. The bank reported net income of $14.6 billion, marking a 9% increase year-over-year, while diluted earnings per share rose 14% to $5.07. Total revenue climbed 8% to $45.3 billion, fueled by a 17% surge in noninterest revenue and a modest 1% uptick in net interest income, reflecting the strength and diversification of the franchise.

The firm’s return on common equity improved to 18%, while return on tangible common equity held steady at 21%. Book value and tangible book value per share rose 12% and 13%, respectively, underscoring continued capital strength. Credit performance remained manageable, though provisioning increased sharply, with the provision for credit losses up 75% year-over-year to $3.3 billion, driven by adjustments in macroeconomic forecasts rather than actual deterioration. The CET1 ratio stood at a robust 15.4%, and the firm returned $11 billion to shareholders during the quarter.

In Consumer & Community Banking, performance was mixed. While net revenue rose 4% to $18.3 billion, net income declined 8% to $4.4 billion as higher credit costs and rising expenses weighed on results. Notably, card services charge-offs increased, with a charge-off rate of 3.58%, reflecting seasoning in card portfolios. However, consumer activity remained solid, with debit and credit card sales up 7% and mobile customers up 8%. Home lending rebounded with a 42% jump in mortgage originations, and auto originations rose 20% to $10.7 billion.

The standout performer was the Commercial & Investment Bank, where net income hit $6.9 billion and revenue climbed 12% to $19.7 billion. Investment banking fees rose across advisory and debt underwriting, offsetting weakness in equity underwriting. The Markets business posted record Equities revenue, up 48%, and Fixed Income grew 8%, leading to an overall 21% increase in Markets revenue. Despite a 13% rise in expenses, largely due to higher compensation and legal costs, performance in this segment was exceptionally strong.

Asset & Wealth Management also delivered solid results, with net income of $1.6 billion and revenue up 12% to $5.7 billion. The division benefited from $54 billion in long-term net inflows, with Assets Under Management rising 15% to $4.1 trillion. Loans and deposits grew 5% and 7%, respectively, and pre-tax margins remained healthy at 35%.

The Corporate segment swung to a net income of $1.7 billion, a sharp improvement from $676 million a year earlier, aided by lower expenses tied to changes in FDIC assessment accruals, despite a decline in net interest income.

Management emphasized a stable consumer base and healthy wholesale clients, but acknowledged elevated risks from global macro uncertainty and regulatory headwinds. They revised internal credit assumptions slightly more cautiously, raising the unemployment rate embedded in reserves to 5.8%. Nevertheless, the firm reiterated its full-year guidance for net interest income ($94.5 billion), NII ex-Markets ($90 billion), and expenses (~$95 billion), signaling confidence in their trajectory.

With a solid capital base, strong performance across core businesses, and disciplined cost management, JPMorgan Chase enters the remainder of 2025 well-positioned to support clients and navigate potential volatility, while maintaining its strategic focus and shareholder return priorities.