n Reported revenue of $50.2 billion and managed
revenue of $51.0 billion2
, including a $7.9 billion net
gain related to Visa shares5
n Expense of $23.7 billion, including a $1.0 billion
donation of Visa shares to pre-fund contributions to
the Firm’s Foundation; reported overhead ratio of
47%; managed overhead ratio2
of 47%; significant
items reduced reported overhead ratio by 6ppts
n Credit costs of $3.1 billion included $2.2 billion of net
charge-offs and an $821 million net reserve build
n Average loans up 6% YoY including First Republic,
flat QoQ; average deposits down 1% YoY, flat QoQ
CCB
ROE 30%
n Average deposits down 7% YoY, down 1% QoQ;
client investment assets up 14%
n Average loans up 10% YoY including First Republic,
flat QoQ; Card Services net charge-off rate of 3.50%
n Debit and credit card sales volume6
up 7%
n Active mobile customers7
up 7%
CIB8
ROE 17%
n #1 ranking for Global Investment Banking fees with
9.5% wallet share YTD
n Markets revenue up 10%, with Fixed Income Markets
up 5% and Equity Markets up 21%
n Average Banking & Payments loans up 2% YoY, flat
QoQ; average client deposits up 2% YoY, up 1% QoQ
AWM
ROE 32%
n AUM9
of $3.7 trillion, up 15%
n Average loans up 2% YoY, flat QoQ; average deposits
up 7% YoY due to the allocation of First Republic
deposits to AWM in 4Q23, flat QoQ

Jamie Dimon, Chairman and CEO, commented: “The Firm performed well in
the second quarter, generating net income of $13.1 billion and a ROTCE of
20% after excluding a net gain on our Visa shares, a contribution to the
Firm’s Foundation and discretionary securities losses.”
Dimon added: “This quarter, in the CIB, investment banking fees rose 50%,
albeit against a low base, and our market share improved across products to
9.5% YTD. Markets revenue also increased 10%. In CCB, we opened over
450 thousand net new checking accounts, our 50th consecutive quarter of net
new account growth. Client investment assets were up 14% to $1.0 trillion,
and we also had a record number of first-time investors. Additionally, Card
loans were up 12% on continued robust customer acquisition of 2.4 million.
Finally, in AWM, asset management fees were up 13%, and we saw $79
billion of client asset net inflows. Pretax margin remained strong at 32%.”
Dimon continued: “While market valuations and credit spreads seem to
reflect a rather benign economic outlook, we continue to be vigilant about
potential tail risks. These tail risks are the same ones that we have mentioned
before. The geopolitical situation remains complex and potentially the most
dangerous since World War II — though its outcome and effect on the global
economy remain unknown. Next, there has been some progress bringing
inflation down, but there are still multiple inflationary forces in front of us:
large fiscal deficits, infrastructure needs, restructuring of trade and
remilitarization of the world. Therefore, inflation and interest rates may stay
higher than the market expects. And finally, we still do not know the full
effects of quantitative tightening on this scale.”
Dimon added: “We now have a CET1 capital ratio of 15.3%, providing us
with excess capital even after the uncertainty created by Basel III endgame.
Last month, we announced that the Board intends to increase our common
dividend for the second time this year, resulting in a 19% cumulative increase
compared with the fourth quarter of 2023. This increase is supported by our
strong financial performance and represents a sustainable level of dividends.
Our priorities remain unchanged. We continue to invest heavily into our
businesses for long-term growth and profitability. We maintain a fortress
balance sheet and prepare the Firm for a wide range of potential
environments.”
Dimon concluded: “Finally, we take pride in driving economic growth by
extending credit and raising capital totaling more than $1.4 trillion YTD for
large and small businesses, governments and U.S. consumers.

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