The US banking titan announced first-quarter 2025 financial results, as the quarterly reporting season began late last week.

On Friday, JP Morgan announced a 23 per cent year-on-year rise in net income at its wealth and asset management arm, reaching $1.583 billion in the first quarter of 2025.

The Wall Street bank said net revenue rose 12 per cent to $5.731 billion; noninterest expenses narrowed 82 per cent to $10 million at its wealth and asset management business. Total assets under management rose 15 per cent reaching $4.1 trillion; total client assets stood at $6 trillion, also rising 15 per cent. 

At the group level, JP Morgan said net income rose 9 per cent to $14.643 billion; on a reported basis, net revenue rose 8 per cent; noninterest expenses rose 4 per cent.

Commenting on the figures, CEO Jamie Dimon reflected on the tariff increases – announced last week just before the Q1 reporting period.

“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and `trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility. As always, we hope for the best but prepare the firm for a wide range of scenarios,” Dimon said. 

On a standardised basis, JP Morgan’s Basel III Common Equity Tier 1 capital ratio was 15.4 per cent. (This is a standard international measure of a bank’s capital shock absorber.)

Here is a reminder of the full-year 2024 and Q4 results of that year for private banks and wealth management parts of major banks from around the world. (Please note that some of these figures may be subsequently revised.)