摩根大通 JPMorgan Chase & Co（JPM）2025年第二季度业绩电话会议纪要「NYSE」（英文版）（25页）.pdf

1、 2Q25 FINANCIAL RESULTS EARNINGS CALL TRANSCRIPT July 15,2025 NOVEMBER 2024 1 MANAGEMENT DISCUSSION SECTION MANAGEMENT DISCUSSION SECTION.OperatorOperator:Good morning,ladies and gentlemen.Welcome to JPMorganChases Second Quarter 2025 Earnings Call.This call is being recorded.Your line will be muted

2、 for the duration of the call.We will now go live to the presentation.The presentation is available on JPMorganChases 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 JPMorganChases Chairman an

3、d CEO,Jamie Dimon;and Chief Financial Officer,Jeremy Barnum.Mr.Barnum,please go ahead.Jeremy Barnum Chief Financial Officer,JPMorganChase Thank you very much and good morning,everyone.This quarter,the Firm reported net income of$15 billion,EPS of$5.24 on revenue of$45.7 billion,with an ROTCE of 21%.

4、These results included an income tax benefit of$774 million,which we described in more detail in the earnings press release.On the next page,we have some more detail.The Firm reported revenue of$45.7 billion,down$5.3 billion,or 10%year-on-year.NII ex.Markets was down$185 million or 1%,driven by the

5、impact of lower rates and deposit margin compression,predominantly offset by higher wholesale deposits,higher revolving balances in Card,as well as the impact of securities activity,including from prior quarters.NIR ex.Markets was down$6.3 billion or 31%,and excluding the net gain related to Visa sh

6、ares and net investment securities losses in the prior year,was up$1 billion or 8%,driven by higher asset management fees,higher auto lease income,higher investment banking fees,and higher Payments fees;and Markets revenue was up$1.1 billion,or 15%.Expenses of$23.8 billion were up$66 million;and exc