JPMORGAN CHASE & CO

The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.

The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 17-18 for a definition of managed basis.

Description of business segment reporting methodology

Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.

Revenue sharing

When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.

Funds transfer pricing

Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.

The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments. Effective in the fourth quarter of 2024, the Firm updated its FTP with respect to consumer deposits, which resulted in an increase in the funding benefit reflected within CCB’s net interest income that is fully offset in Corporate, with no effect on the Firm’s net interest income.

As a result of lower average interest rates in the current year, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.

Foreign exchange risk

Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results. Refer to Market Risk Management on pages 77-83 for additional information.

Capital allocation

The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Line of business and Corporate equity on page 46, and page 104 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.

Refer to Business Segment & Corporate Results – Description of business segment reporting methodology on pages 70–90 and Note 32 of JPMorganChase’s 2024 Form 10-K for a further discussion of those methodologies.

Segment & Corporate Results – Managed basis

The following tables summarize the Firm’s results by business segments and Corporate for the periods indicated.

(a)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.

(b)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.

Refer to Note 25 for further details on total net revenue and total noninterest expense.

The following sections provide a comparative discussion of the Firm’s results by business segments and Corporate as of or for the three and six months ended June 30, 2025 and 2024, unless otherwise specified.

CONSUMER & COMMUNITY BANKING

Refer to pages 73–76 of JPMorganChase's 2024 Form 10-K and Line of Business Metrics on page 199 for a discussion of the business profile of CCB.

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $896 million and $682 million for the three months ended June 30, 2025 and 2024, respectively, and $1.7 billion and $1.3 billion for the six months ended June 30, 2025 and 2024, respectively.

(b)Included depreciation expense on leased assets of $577 million and $430 million for the three months ended June 30, 2025 and 2024, respectively, and $1.1 billion and $857 million for the six months ended June 30, 2025 and 2024, respectively.

(c)Included MSR risk management results of $47 million and $39 million for the three months ended June 30, 2025 and 2024, respectively, and $56 million and $38 million for the six months ended June 30, 2025 and 2024, respectively.

Net income was $5.2 billion, up 23%.

Net revenue was $18.8 billion, up 6%.

Net interest income was $14.4 billion, up 5%, reflecting higher Card Services NII, predominantly driven by higher revolving balances.

Noninterest revenue was $4.5 billion, up 11%, predominantly driven by:

•higher auto operating lease income as a result of an increase in volume, and

•higher asset management fees in Banking & Wealth Management ("BWM"), reflecting higher average market levels and net inflows,

•lower card income, driven by an increase in amortization related to new account origination costs, partially offset by higher annual fees. Net interchange was relatively flat as the impact of increased debit and credit card sales volume was offset by higher rewards costs and partner payments.

Refer to Note 5 for additional information on card income and asset management fees; and Critical Accounting Estimates on pages 85-88 for additional information on the credit card rewards liability.

Noninterest expense was $9.9 billion, up 5%, reflecting:

•higher noncompensation expense, predominantly driven by higher auto lease depreciation on higher auto operating lease assets, and continued investments in technology and marketing, as well as

•higher compensation expense, primarily for bankers and employees in technology.

The provision for credit losses was $2.1 billion. Net charge-offs were $2.1 billion, up $22 million, primarily driven by Card Services, reflecting loan growth. The allowance for credit losses was relatively flat, as the impact of changes in the Firm's weighted-average macroeconomic outlook, including a decrease in the weight placed on the adverse scenarios, was offset by loan growth in Card Services.

In the prior year, the provision was $2.6 billion, net charge-offs were $2.1 billion and the net addition to the allowance for credit losses was $579 million.

Refer to Credit and Investment Risk Management on pages 58-76 and Allowance for Credit Losses on pages 73-75 for a further discussion of the credit portfolios and the allowance for credit losses.

Net income was $9.6 billion, up 6%.

Net revenue was $37.2 billion, up 5%.

Net interest income was $28.5 billion, up 4%, driven by:

•higher Card Services NII, predominantly driven by higher revolving balances,

•lower NII in BWM, reflecting lower average deposit balances.

Noninterest revenue was $8.6 billion, up 9%, predominantly driven by:

•higher auto operating lease income as a result of an increase in volume, and

•higher asset management fees in BWM, reflecting higher average market levels and to a lesser extent, net inflows,

•lower card income, reflecting an increase in amortization related to new account origination costs and lower net interchange, largely offset by higher annual fees. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments.

Noninterest expense was $19.7 billion, up 5%, reflecting:

•higher noncompensation expense, predominantly driven by continued investments in technology and marketing, higher auto lease depreciation on higher auto operating lease assets, and higher operating losses, as well as

•higher compensation expense, predominantly for bankers and advisors, and employees in technology.

The provision for credit losses was $4.7 billion. Net charge-offs were $4.2 billion, up $297 million, primarily driven by Card Services, reflecting loan growth. The net addition to the allowance for credit losses was $471 million, predominantly driven by Card Services, reflecting loan growth and the impact of changes in the Firm's weighted-average macroeconomic outlook.

In the prior year, the provision was $4.6 billion, net charge-offs were $3.9 billion and the net addition to the allowance for credit losses was $613 million.

(a)At June 30, 2025 and 2024, Home Lending loans held-for-sale and loans at fair value were $8.9 billion and $5.9 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $8.9 billion and $7.7 billion for the three months ended June 30, 2025 and 2024, respectively, and $8.2 billion and $6.2 billion for the six months ended June 30, 2025 and 2024, respectively.

(c)In the first quarter of 2025, 419 employees were transferred to Corporate as a result of the centralization of certain functions.

(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $68 million and $96 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(b)At June 30, 2025 and 2024, excluded mortgage loans insured by U.S. government agencies of $99 million and $137 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.

(b)Users of all mobile platforms who have logged in within the past 90 days.

(c)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.

(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 34-38 for additional information.

(e)Firmwide mortgage origination volume was $16.3 billion and $12.3 billion for the three months ended June 30, 2025 and 2024, respectively, and $27.5 billion and $19.9 billion for the six months ended June 30, 2025 and 2024, respectively.

COMMERCIAL & INVESTMENT BANK

Refer to pages 77–83 of JPMorganChase’s 2024 Form 10-K and Line of Business Metrics on page 199 for a discussion of the business profile of CIB.

(a)Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $722 million and $737 million for the three months ended June 30, 2025 and 2024, respectively, and $1.4 billion and $1.3 billion for the six months ended June 30, 2025 and 2024, respectively.

(a)Consists primarily of centrally-managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets. Refer to Notes 2, 3 and 19 for additional information.

(a)Refer to Line of Business Metrics on page 199 for a description of each of the client coverage segments.

(b)In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.

(c)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.

Net income was $6.7 billion, up 13%.

Net revenue was $19.5 billion, up 9%.

Banking & Payments revenue was $9.2 billion, up 3%.

•Investment Banking revenue was $2.7 billion, up 9%. Investment Banking fees were up 7%, driven by higher debt underwriting and advisory fees, partially offset by lower equity underwriting fees. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.

–Debt underwriting fees were $1.2 billion, up 12%, primarily driven by several large deals.

–Advisory fees were $844 million, up 8%, predominantly driven by increased sponsor activity.

–Equity underwriting fees were $465 million, down 6%, predominantly driven by lower IPOs.

•Payments revenue was $4.7 billion, up 4%. Excluding the net impact of equity investments, revenue was up 3%, driven by higher average deposits and fee growth, predominantly offset by deposit margin compression.

•Lending revenue was $1.8 billion, down 6%, largely driven by higher fair value losses on credit protection purchased against certain retained loans and lending-related commitments.

Markets & Securities Services revenue was $10.3 billion, up 15%. Markets revenue was $8.9 billion, up 15%.

•Equity Markets revenue was $3.2 billion, up 15%, predominantly driven by higher revenue across products, particularly in Equity Derivatives.

•Fixed Income Markets revenue was $5.7 billion, up 14%, driven by higher revenue in Currencies &

Emerging Markets, Rates and Commodities, partially offset by lower revenue in the Securitized Products Group and Fixed Income Financing.

•Securities Services revenue was $1.4 billion, up 12%, driven by higher average deposits as well as fee growth on higher client activity and market levels.

•Credit Adjustments & Other was a loss of $67 million, compared with a loss of $87 million in the prior year.

Noninterest expense was $9.6 billion, up 5%, driven by higher compensation, brokerage and technology expense, partially offset by lower legal expense.

The provision for credit losses was $696 million, driven by the impact of new lending-related commitments and changes in credit quality of client-specific exposures in the Commercial and industrial portfolio, partially offset by a decrease in the weight placed on the adverse scenarios. The net addition to the allowance for credit losses was $371 million and net charge-offs were $325 million.

In the prior year, the provision was $384 million, the net addition to the allowance for credit losses was $220 million and net charge-offs were $164 million.

Refer to Credit and Investment Risk Management on pages 58-76, Allowance for Credit Losses on pages 73-75, and Critical Accounting Estimates on pages 85-88 for a further discussion of the credit portfolios and the allowance for credit losses.

Net income of $13.6 billion, up 9%.

Net revenue was $39.2 billion, up 10%.

Banking & Payments revenue was $18.0 billion, up 4%.

•Investment Banking revenue was $5.0 billion, up 6%. Investment Banking fees were up 9%, driven by higher debt underwriting and advisory fees, partially offset by lower equity underwriting fees. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.

–Debt underwriting fees were $2.4 billion, up 14%, driven by several large deals.

–Advisory fees were $1.5 billion, up 11%, predominantly driven by the closing of a higher number of large transactions.

–Equity underwriting fees were $789 million, down 7%, driven by lower convertible securities offerings and IPOs, largely offset by higher follow-on offerings.

•Payments revenue was $9.3 billion, up 3%, driven by higher average deposits and fee growth, largely offset by deposit margin compression.

•Lending revenue was $3.7 billion, up 2%, predominantly driven by lower fair value losses on credit protection purchased against certain retained loans and lending-related commitments.

Markets & Securities Services revenue was $21.2 billion, up 17%. Markets revenue was $18.6 billion, up 18%.

•Equity Markets revenue was $7.1 billion, up 31%, predominantly driven by higher revenue across products, particularly in Equity Derivatives.

•Fixed Income Markets revenue was $11.5 billion, up 11%, driven by higher revenue in Rates, Currencies & Emerging Markets and Commodities, partially offset by lower revenue in Fixed Income Financing and Credit Trading.

•Securities Services revenue was $2.7 billion, up 10%, driven by fee growth on higher client activity and market levels as well as higher average deposits, partially offset by deposit margin compression.

•Credit Adjustments & Other was a loss of $87 million, compared with a loss of $102 million in the prior year.

Noninterest expense was $19.5 billion, up 9%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage and technology expense.

The provision for credit losses was$1.4 billion, predominantly driven by changes in credit quality of client-specific exposures and the impact of new lending-related commitments in the Commercial and industrial portfolio, as well as the impact of changes in the Firm's weighted-average macroeconomic outlook. The net addition to the allowance for credit losses was $899 million and net charge-offs were $502 million.

In the prior year, the provision was $385 million, net charge-offs were $233 million and the net addition to the allowance for credit losses was $152 million.

(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.

(b)Refer to Line of Business Metrics on page 199 for a description of each of the client coverage segments.

(c)In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.

(d)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.

(e)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.

(f)In the first quarter of 2025, 219 employees were transferred to Corporate as a result of the centralization of certain functions.

(a)Allowance for loan losses of $655 million and $452 million were held against these nonaccrual loans at June 30, 2025 and 2024, respectively.

(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $45 million and $42 million, respectively.

(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(a)Represents long-term debt and loan syndications.

(a)Source: Dealogic as of July 1, 2025. Reflects the ranking of revenue wallet and market share.

(b)Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.

(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.

(d)Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”); and exclude money market, short-term debt and U.S. municipal securities.

(e)Global investment banking fees exclude money market, short-term debt and shelf securities.

Markets revenue

The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets generally occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives

that are reflected at fair value in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 81 of JPMorganChase’s 2024 Form 10-K for further information.

For the periods presented below, the primary source of principal transactions revenue was the amount recognized upon executing new transactions.

(a)Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.

(b)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.

(a)Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.

(b)Client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses, and AUC, are based on the domicile of the client or booking location, as applicable.

ASSET & WEALTH MANAGEMENT

Refer to pages 84–87 of JPMorganChase’s 2024 Form 10-K and Line of Business Metrics on page 200 for a discussion of the business profile of AWM.

(a)Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic. The discount, which is deferred in other liabilities and recognized on a straight-line basis over the commitment period, continues to decline as commitments expire.

Net income was $1.5 billion, up 17%.

Net revenue was $5.8 billion, up 10%. Net interest income was $1.7 billion, up 4%. Noninterest revenue was $4.1 billion, up 12%.

Revenue from Asset Management was $2.7 billion, up 11%, predominantly driven by higher asset management fees reflecting strong net inflows and higher average market levels.

Revenue from Global Private Bank was $3.1 billion, up 9%, driven by:

•higher noninterest revenue as a result of higher management fees due to strong net inflows and higher brokerage fees, and

•higher net interest income, driven by higher average deposits, largely offset by deposit margin compression.

Noninterest expense was $3.7 billion, up 5%, driven by:

•higher compensation, primarily revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees,

•lower legal expense.

The provision for credit losses was $46 million, compared with $20 million in the prior year.

Refer to Note 5 for additional information on lending related fees.

Refer to Credit and Investment Risk Management on pages 58-76 and Allowance for Credit Losses on pages 73-75 for further discussions of the credit portfolios and the allowance for credit losses.

Net income was $3.1 billion, up 20%.

Net revenue was $11.5 billion, up 11%. Net interest income was $3.4 billion, up 7%. Noninterest revenue was $8.1 billion, up 13%.

Revenue from Asset Management was $5.4 billion, up 13%, predominantly driven by higher asset management fees, reflecting strong net inflows and higher average market levels.

Revenue from Global Private Bank was $6.1 billion, up 9%, driven by:

•higher noninterest revenue, reflecting:

–higher management fees on strong net inflows, as well as higher brokerage fees,

–a decline in the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic that have expired, and

•higher net interest income driven by higher average deposits and loans, partially offset by narrower spreads on loans.

Noninterest expense was $7.4 billion, up 6%, predominantly driven by:

•higher compensation, primarily revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees,

• lower legal expense.

The provision for credit losses was $36 million, compared with a net benefit of $37 million in the prior year.

(a)Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail active open-ended mutual funds and active ETFs that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management retail active open-ended mutual funds and active ETFs that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.

(d)In the first quarter of 2025, 130 employees were transferred to Corporate as a result of the centralization of certain functions.

Client assets

Assets under management were $4.3 trillion, up 18%, and client assets were $6.4 trillion, up 19%. These increases were each driven by continued net inflows and higher market levels.

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

(b)In the first quarter of 2025, the Firm realigned certain client assets from Private Banking to Global Funds to reflect them in the client segment where the assets are invested. Prior period amounts have been revised to conform with the current presentation.

(a) Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.

(b) Relates to an equity plan administration business which was acquired in 2022 with the Firm’s purchase of Global Shares. The increase in 2025 includes the impact of onboarding participants in the Firm’s employee stock plans during the fourth quarter of 2024.

(a)Regional revenue is based on the domicile of the client.

CORPORATE

Refer to pages 88–90 of JPMorganChase’s 2024 Form 10-K for a discussion of Corporate.

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $38 million and $45 million for the three months ended June 30, 2025 and 2024, respectively, and $74 million and $94 million for the six months ended June 30, 2025 and 2024, respectively.

(b)Predominantly relates to the Firm's international consumer initiatives.

(c)Included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.

(d)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.

(e)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.

(f)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual increase of $725 million for the three months ended March 31, 2024.

(g)In the first quarter of 2025, 768 employees were transferred from the LOBs to Corporate as a result of the centralization of certain functions.

Net income was $1.7 billion, compared with $6.8 billion in the prior year.

Net revenue was $1.5 billion, compared with $10.1 billion in the prior year.

Net interest income was $1.5 billion, down 37%, driven by the impact of changes in the FTP for consumer deposits and of lower rates, partially offset by the impact of investment securities activity including from prior quarters.

Refer to Business Segment & Corporate Results on page 19 for additional information on FTP.

Noninterest revenue was $49 million, compared with $7.8 billion in the prior year, driven by:

•the absence of the $7.9 billion net gain related to Visa shares recorded in the prior year,

•lower net investment securities losses in Treasury and CIO.

Refer to Note 9 and Note 12 for additional information on the investment securities portfolio and the allowance for credit losses.

Noninterest expense was $547 million, down 65%, predominantly driven by the absence of the following items recorded in the prior year:

•a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation, and

•restructuring and integration costs associated with First Republic.

The provision for credit losses was $25 million, compared with $5 million in the prior year.

The current period income tax benefit included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.

Other Corporate includes the Firm's international consumer initiatives, which primarily consists of Chase U.K., Nutmeg, and an ownership stake in C6 Bank.

Net income was $3.4 billion, compared with $7.5 billion in the prior year.

Net revenue was $3.8 billion, compared with $12.3 billion in the prior year.

Net interest income was $3.1 billion, down 35%, driven by the impact of changes in the FTP for consumer deposits and of lower rates, partially offset by the impact of investment securities activity including from prior quarters.

Noninterest revenue was $702 million, compared with $7.5 billion in the prior year, driven by:

•the absence of the $7.9 billion net gain related to Visa shares recorded in the prior year,

•lower net investment securities losses in Treasury and CIO, and

•the $588 million First Republic-related gain recorded in the first quarter of 2025.

Refer to Note 5 for additional information on the First Republic-related gain.

Noninterest expense was $732 million, down 74%, predominantly driven by:

•lower FDIC-related expense, which included the impact of a release of an FDIC special assessment accrual of $323 million recorded in the first quarter of 2025, compared with an accrual increase of $725 million in the first quarter of the prior year, and

•the absence of the following items recorded in the prior year:

–restructuring and integration costs associated with First Republic.

The provision for credit losses was $6 million, compared with $32 million in the prior year.

The current period income tax benefit was driven by:

•a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025, and

•higher tax benefits related to the vesting of employee share-based awards,

largely offset by

•other changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.

Treasury and CIO overview

At June 30, 2025, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.

Refer to Liquidity Risk Management on pages 50-57 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 77-83 for information on interest rate and foreign exchange risks.

(a)As of June 30, 2025 and 2024, the allowance for credit losses on investment securities was $75 million and $125 million, respectively.