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1、 3Q25 FINANCIAL RESULTS EARNINGS CALL TRANSCRIPT October 14,2025 NOVEMBER 2024 1 MANAGEMENT DISCUSSION SECTION MANAGEMENT DISCUSSION SECTION.OperatorOperator:Good morning,ladies and gentlemen.Welcome to JPMorganChases Third Quarter 2025 Earnings Call.This call is being recorded.Your line will be mut

2、ed 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 now like to turn the call over to JPMorganChases Chair

3、man and CEO,Jamie Dimon and Chief Financial Officer,Jeremy Barnum.Mr.Barnum,please go ahead.Jeremy Barnum Chief Financial Officer,JPMorganChase Thank you,and good morning,everyone.Let me begin by noting that this quarter,we are experimenting with shorter prepared remarks.Were streamlining this part

4、of the call to move more quickly to your questions and to minimize the amount of time spent on repeating what you have already seen in the earnings materials.So,with that,turning to this quarters results,the Firm reported net income of$14.4 billion and EPS of$5.07,with an ROTCE of 20%.Revenue of$47.

5、1 billion was up 9%year-on-year,predominantly driven by higher Markets revenue,as well as higher fees across Asset Management,Investment Banking and Payments.The increase in NII,driven by the impact of balance sheet growth and mix,was offset by the impact of lower rates.Expenses of$24.3 billion were

6、 up 8%year-on-year,driven by similar themes as in prior quarters,including higher volume and revenue-related expense.The detailed drivers are in the presentation.And credit costs were$3.4 billion,with net charge-offs of$2.6 billion and a net reserve build of$810 million.And wholesale charge-offs wer