Good morning and good evening, ladies and gentlemen. Thank you for standing by for YALA Group's limited first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer session. Today's conference call is being recorded. Now I would like to turn the call over to your speaker host today, Ms. Kari Gow, Investor Relations Director of the company. Please go ahead, ma'am. Hello, everyone, and welcome to ...

Core Insights - JPMorgan's second-quarter 2025 adjusted earnings reached $4.96 per share, exceeding the Zacks Consensus Estimate of $4.51, driven by strong trading and investment banking performance, as well as growth in credit card and wholesale loans [1][9] - Including a one-time income tax benefit of $774 million, earnings were reported at $5.24 per share [1] Group 1: Trading and Investment Banking Performance - Market revenues increased by 15% to $8.9 billion, surpassing management's expectations of mid-to-high single-digit growth [2] - Fixed-income markets revenues rose 14% to $5.7 billion, while equity trading revenues increased by 15% to $3.2 billion [2] - Investment banking (IB) fees grew 7% year-over-year to $2.51 billion, with advisory fees and debt underwriting fees rising by 8% and 12%, respectively [3] Group 2: Net Interest Income and Loan Growth - Net interest income (NII) increased by 2% year-over-year to $23.21 billion, with management raising the full-year NII forecast to $95.5 billion from $94.5 billion [4][6][9] - Total loans saw a 7% year-over-year increase, contributing to the rise in NII [4] Group 3: Revenue and Expense Overview - Net revenues reported at $44.91 billion, down 11% year-over-year but exceeding the Zacks Consensus Estimate of $43.81 billion [6] - Non-interest income fell 21% to $21.7 billion, primarily due to a prior-year gain related to Visa shares; adjusted non-interest income grew nearly 10% [7] - Non-interest expenses remained stable at $23.78 billion year-over-year, with a 5% increase when excluding the prior year's Visa-related contribution [8] Group 4: Credit Quality and Capital Position - Provision for credit losses decreased by 7% to $2.85 billion, while net charge-offs grew by 8% to $2.41 billion [11] - Non-performing assets surged 24% to $10.48 billion [11] - Tier 1 capital ratio was estimated at 16.1%, down from 16.7% a year ago, with book value per share increasing to $122.51 from $111.29 [12] Group 5: Share Repurchase and Future Outlook - JPMorgan repurchased 29.8 million shares for $7.1 billion and authorized a new $50 billion share repurchase plan [13] - The company is expected to benefit from new branch openings, strategic acquisitions, and high interest rates, although concerns remain regarding asset quality and rising expenses [14]