Start with the dated company disclosure
JPMorgan Chase’s 2025 annual report discusses credit risk through delinquency, criticized exposures, borrower and industry concentration, and expected credit losses. Its risk-management and financial-statement sections provide the basis for evaluating lending alongside market and fee businesses. Company disclosure and supporting tables.
Read the operating drivers separately
| Measure | What to compare | What a rise does not prove |
|---|---|---|
| Net interest income | Asset income minus funding costs across comparable periods | That every rate rise widens the spread |
| Credit costs | Charge-offs, provisions and reserve movements | That provisions equal current cash losses |
| Capital | Capital amounts, risk-weighted assets and distribution constraints | That a high reported ratio prevents all losses |
Deposits and loans need not reprice at the same speed. A loan portfolio can earn more while deposit competition also raises costs. Credit deterioration can then offset an improved lending spread. Review changes in business segmentation before comparing an old segment table with a later report.
Work through the economic effect
Hypothetically, USD 100 billion of interest-earning assets gain 0.50 percentage points of annual yield, adding USD 500 million. If USD 80 billion of funding reprices upward by 0.75 percentage points, cost rises USD 600 million. The modeled net effect is minus USD 100 million before credit losses, hedges, balance changes and other income. These are assumed balances, not JPMorgan guidance.
Bull, neutral and bear conditions
| Case | Conditions to test |
|---|---|
| Bull | Asset income and fee revenue improve while funding costs and credit losses stay controlled. |
| Neutral | Funding repricing absorbs the benefit of higher asset yields. |
| Bear | Higher funding costs coincide with rising defaults and weaker fee activity. |
These are conditional analytical scenarios, not probabilities, current valuations or entry prices. Check the next comparable filing before changing any assumption. A strong business result and a positive shareholder return are separate outcomes.
What to reconcile in the next report
A useful next-report worksheet pairs each income change with a balance or rate change, then records the provision and charge-off measures separately. Review whether reserve changes reflect new lending, a revised economic outlook or deterioration in existing borrowers. A reserve release can improve period earnings without showing stronger current borrower performance. Likewise, a larger capital ratio may reflect changes in the denominator as well as retained earnings. Keep the report’s definitions intact before comparing banks or different periods.
Sources checked September 11, 2026, except where an earlier check date is specified. This article explains public information and stated assumptions; it does not recommend buying or selling or determine individual tax treatment. Investment disclaimer
References
1- 2025 Annual Report: Risk Management and Credit Risk (opens in a new tab) JPMorgan Chase · checked 2026-09-11
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