JPMorgan Chase has revised its net interest income forecast for 2025 upwards, following robust outcomes in its investment banking and trading sectors that helped it outperform second-quarter profit projections.
The bank has now adjusted its net interest income expectations to approximately $95.5 billion, up from a prior estimate of about $94.5 billion. This figure represents the differential between what the bank gains on loans and what it pays on deposits.
The market saw a notable boost as investors reacted swiftly to evolving U.S. tariff dynamics, aiming to capitalize on opportunities and mitigate risks. This volatility spurred a 15% climb in JPMorgan’s trading revenues, which reached $8.9 billion, with gains evident in both fixed income and equities sectors.
Fees from investment banking also grew by 7% to $2.5 billion, largely benefiting from increased activities in mergers and acquisitions as well as debt underwriting. Both trading and investment banking outperformed the bank’s previous expectations.
Back in May, JPMorgan anticipated a decline in investment banking fees in the mid-teens percentage range while projecting trading revenue to rise by a mid-to-high single-digit percentage.
Excluding certain one-time costs, JPMorgan reported earnings of $4.96 per share, which surpassed the $4.48 per share forecast by analysts, according to LSEG’s estimates. The provision for credit losses was recorded at $2.85 billion, down from $3.05 billion the previous year.
Jamie Dimon, Chairman and CEO, commented on the financial results: “We reported another quarter of strong results, generating net income of $15.0 billion, or net income of $14.2 billion excluding a significant item.”
Dimon continued: “Each of the lines of business performed well. In the CIB, Markets revenue rose to $8.9 billion, and we supported clients as they navigated volatile market conditions at the beginning of the quarter. Meanwhile, IB activity started slow but gained momentum as market sentiment improved, and IB fees were up 7% for the quarter.
In CCB, we added approximately 500,000 net new checking accounts, which drove sequential growth in checking account balances. In Card, we launched a refreshed Sapphire Reserve along with a new Sapphire Reserve for Business, with positive early reactions and strong new card acquisitions.
Finally, in AWM, asset management fees rose 10%, and we saw continued client asset net inflows of $80 billion, with client assets crossing over $6.4 trillion.”
Dimon added: “Earlier this month, we announced that the Board intends to increase our common dividend for the second time this year, resulting in a 20% cumulative increase compared with the fourth quarter of 2024. We also repurchased $7 billion of common stock. We ended the quarter with a 15% CET1 ratio, which remains far in excess of our required capital levels. In addition, we have an extraordinary amount of liquidity, with $1.5 trillion of cash and marketable securities.”
Dimon added further: “The U.S. economy remained resilient in the quarter. The finalization of tax reform and potential deregulation are positive for the economic outlook. However, significant risks persist — including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits, and elevated asset prices. As always, we hope for the best but prepare the Firm for a wide range of scenarios.”
Dimon concluded: “I want to thank our exceptional employees across the globe. Their passion and dedication are what set us apart and enable us to be trusted partners for our clients and communities — including consumers, small and large-sized businesses, schools, cities, states, and countries.”
