JPMorgan Chase & Co. (JPM, Financials) reported a 9% year-over-year increase in net income to $14.6 billion for the first quarter of 2025, or $5.07 per diluted share, according to a statement from the company on Friday. Revenue rose 8% to $46 billion.
The New York-based bank said the results were supported by strength across its markets and asset management divisions, as well as a $588 million gain related to the First Republic acquisition. Return on common equity was 18%, while return on tangible common equity remained flat at 21%.
The company repurchased $7.1 billion in common stock and paid $3.9 billion in dividends during the quarter, raising its common dividend by 12%. Its common equity Tier 1 capital ratio stood at 15.4%, and cash and marketable securities totaled $1.5 trillion at the end of March.
JPMorgan’s Consumer and Community Banking segment posted net income of $4.4 billion, down 8% from a year earlier, due to higher credit costs and expense growth. Card Services net charge-offs rose to 3.58%. Mobile customers were up 8% year over year.
The Commercial and Investment Bank division reported net income of $6.9 billion, up 5%. Markets revenue climbed 21% to $9.7 billion, with equity markets revenue jumping 48%. Investment banking fees rose 12% but fell 9% sequentially.
Asset and Wealth Management recorded a 23% gain in net income to $1.6 billion, driven by higher fees on net inflows and rising market levels. Assets under management grew to $4.1 trillion, up 15% from the prior year.
Corporate segment net income more than doubled to $1.7 billion, aided by the First Republic-related gain and a decline in noninterest expenses due to a release of an FDIC assessment accrual.
CEO Jamie Dimon said in the statement the economy remains volatile with persistent inflation, high deficits, and elevated asset prices. The bank said it raised or renewed about $840 billion in credit and capital in the quarter across consumers, businesses, and governments.
This article first appeared on GuruFocus.
