Net income was $21.2 billion, up 41%, or up 13% excluding significant items. The significant items, each in the current quarter, consisted of a $4.6 billion net gain related to Visa shares in Corporate as well as $1.0 billion of gains on certain equity investments, of which $763 million was in Corporate and $263 million was in CIB.

Net revenue was $58.0 billion, up 27%, or up 15% excluding significant items. Net interest income was $25.6 billion, up 10%. Noninterest revenue was $32.4 billion, up 45%, or up 20% excluding significant items.

Net interest income excluding Markets was $23.7 billion, up 4%, driven by higher deposit balances, higher revolving balances in Card Services and higher wholesale loan balances, largely offset by the impact of lower rates. Noninterest revenue excluding Markets was $22.3 billion, up 59%, or up 19% also excluding significant items, largely driven by higher asset management fees in AWM and CCB, higher Investment Banking revenue and higher auto operating lease income, partially offset by higher net investment securities losses. Markets revenue was $12.1 billion, up 35%, predominantly driven by higher Equity Markets revenue.

Noninterest expense was $27.3 billion, up 15%, predominantly driven by higher compensation, including higher revenue-related compensation and growth in the number of front office employees, as well as higher brokerage expense and distribution fees, higher marketing expense, higher technology expense and higher occupancy expense.

The provision for credit losses was $2.5 billion. Net charge-offs were $2.4 billion, down $44 million. The net reserve build was $149 million, primarily in Wholesale. In the prior year, the provision was $2.8 billion, net charge-offs were $2.4 billion and the net reserve build was $439 million.

The prior year included a $774 million income tax benefit in Corporate.

Jamie Dimon, chairman and CEO, commented on the financial results: "The Firm reported very strong results in the quarter, generating net income of $16.9 billion and an ROTCE of 23%, excluding gains related to Visa and certain equity investments. These results were the product of a particularly favourable environment with an elevated level of market activity, as well as rigorous execution, years of consistent investment and thoughtful capital deployment."

Consumer & Community Banking

Net income was $5.3 billion, up 3%.

Net revenue was $20.3 billion, up 8%. Banking & Wealth Management net revenue was $11.2 billion, up 5%, largely driven by higher asset management fees in J.P. Morgan Wealth Management and higher deposit-related fees. Home Lending net revenue was $1.3 billion, up 3%, driven by higher net interest income. Card Services & Auto net revenue was $7.8 billion, up 12%, predominantly driven by higher Card Services net interest income, largely on higher revolving balances, as well as higher auto operating lease income.

Noninterest expense was $11.1 billion, up 13%, predominantly driven by higher marketing expense, higher compensation for advisors and bankers, higher technology expense and higher auto lease depreciation.

The provision for credit losses was $2.2 billion. Net charge-offs were $2.2 billion, up $70 million, predominantly driven by Card Services. Reserves were flat. In the prior year, the provision was $2.1 billion, net charge-offs were $2.1 billion and reserves were relatively flat.

Commercial & Investment Bank

Net income was $9.7 billion, up 46%.

Net revenue was $24.9 billion, up 27%. Banking & Payments revenue was $11.2 billion, up 21%. Investment Banking revenue was $3.9 billion, up 45%, predominantly driven by higher Investment Banking fees and net gains on equity investments.

Investment Banking fees were $3.3 billion, up 30%, driven by higher fees across all products, with particularly strong performance in equity underwriting fees. Payments revenue was $5.3 billion, up 12%, predominantly driven by higher deposit balances and fee growth. Lending revenue was $2.0 billion, up 7%, largely driven by higher loan balances.

Markets & Securities Services revenue was $13.7 billion, up 33%. Markets revenue was $12.1 billion, up 35%. Fixed Income Markets revenue was $6.1 billion, up 6%, driven by higher revenue in Credit, Currencies & Emerging Markets and Rates, partially offset by lower revenue in Commodities. Equity Markets revenue was $6.0 billion, up 86%, driven by strong performance across products and regions. Securities Services revenue was $1.7 billion, up 17%, predominantly driven by fee growth on higher market levels and client activity, as well as higher deposit balances.

Noninterest expense was $11.4 billion, up 18%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage expense.

The provision for credit losses was $356 million, driven by net lending activity and changes in the credit quality of certain exposures, partially offset by a reserve release for certain accounts receivable and an update to loss assumptions on certain loans in Markets. Net charge-offs were $207 million, and the net reserve build was $149 million. In the prior year, the provision was $696 million, the net reserve build was $371 million and net charge-offs were $325 million.

Asset & Wealth Management

Net income was $2.0 billion, up 33%.

Net revenue was $6.9 billion, up 19%, driven by growth in management fees on higher average market levels and strong net inflows, as well as investment valuation gains, higher loan balances and higher brokerage activity.

Noninterest expense was $4.2 billion, up 13%, largely driven by higher compensation, primarily due to higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.

Assets under management were $5.1 trillion, up 18%, and client assets were $7.7 trillion, up 19%, driven by higher market levels and continued net inflows.

Corporate

Net income was $4.2 billion, up $2.5 billion, or down $1.5 billion excluding significant items, driven by lower net interest income and reflecting the absence of a $774 million income tax benefit in the prior year.

Net revenue was $6.0 billion, up $4.5 billion, or down $805 million excluding significant items. Net interest income was $822 million, down $667 million, predominantly driven by the impact of lower rates. Noninterest revenue was $5.2 billion, up $5.2 billion, or down $138 million excluding significant items. The decrease includes the impact of higher net investment securities losses.

Noninterest expense was $611 million, up $64 million.

Jamie Dimon, chairman and CEO, commented on the financial results: "The Firm reported very strong results in the quarter, generating net income of $16.9 billion and an ROTCE of 23%, excluding gains related to Visa and certain equity investments. These results were the product of a particularly favourable environment with an elevated level of market activity, as well as rigorous execution, years of consistent investment and thoughtful capital deployment."

"Performance was strong across the Firm, and revenue in each line of business hit a new record. In the CIB, revenue grew 27% and outperformed our expectations, with Markets revenue growing 35% due to elevated client activity, strong trading performance and continued demand for financing in Equities. IB activity also accelerated, with IB fees jumping 30% to the highest level since 2021, and market sentiment remains constructive for continued activity. Additionally, Payments and Securities Services each posted double-digit revenue growth led by ongoing deposit and fee growth. In CCB, revenue rose 8%, and we continued to add customers at a sustained pace across the franchise. In wealth management, first-time investors of nearly 44,000 set a new record. Additionally, Card annual fees grew more than 30%, reflecting healthy retention levels after recent product refreshes as well as demand for our premium products. Finally, in AWM, revenue increased 19%, and flows remained robust with $50 billion of long-term AUM net inflows, helping to drive AUM to over $5 trillion."

"The U.S. economy has demonstrated notable resiliency this year, with stronger business investment and hiring. This strength is being supported by several tailwinds, including AI-driven capital investment, fiscal stimulus and the benefits of more efficient regulation. However, several risks are shifting below the surface like tectonic plates, including geopolitical tensions and wars, sticky inflation, large global fiscal deficits and elevated asset prices. We cannot predict how these forces will ultimately play out. They may remain manageable, but they could also cause meaningful disruptions when they shift or collide. We carefully monitor these risks and prepare the Firm for a wide range of scenarios to ensure that we can serve our customers and clients consistently in all environments."

"I want to express my deep gratitude to our employees across the globe for how they work to support our customers and communities every single day."

Re-disseminated by The Asian Banker