JPMorgan's Q4 Loan Trajectory: Where Did Expansion Show Up?
JPMorgan’s JPM loan book accelerated in the fourth quarter of 2025. The mix showed that the bank is expanding most aggressively where it has scale advantages: wholesale lending and credit cards.
As of Dec. 31, 2025, total loans reached $1.49 trillion, up 4% sequentially and 11% year over year. The biggest engine was wholesale loans, which climbed 5% from the third quarter and 17% year over year to $843.4 billion. This signals that JPM is leaning into business demand (commercial lending, corporate balances, and capital-markets-linked credit) rather than relying only on consumer categories.
Within the consumer loan book, credit card loans showed the strongest momentum. The portfolio rose 5% sequentially and 6% from the comparable period in 2024 to $247.8 billion. This marks a notable growth rate, given the cards’ higher yield. Consumer loans, excluding cards, were $402.3 billion, witnessing a modest sequential and year-over-year increase of 2%. This underscores that the real consumer growth pocket is revolving credit.
In January 2026, JPMorgan signed an agreement to become the new issuer of Apple Card, potentially adding approximately $20 billion in card balances to Chase once the transition is complete. The deal deepens JPM’s U.S. card presence by expanding its co-brand lineup.
A lower-rate environment typically improves borrowing appetite and refinancing math, which will support loan growth, even as it pressures net interest income (NII). In 2026, JPMorgan expects card loans to be up 6-7%. Management expects NII to be approximately $103 billion this year, up 7.4% from $95.9 billion in 2025.
Where Do JPM’s Peers Stand in Terms of Loan Composition?
The two closest peers of JPM are Bank of America BAC and Citigroup C.
As of Dec. 31, 2025, Bank of America’s average total loans and leases rose 8% year over year to $1.17 trillion. Commercial loans accounted for the majority of quarterly momentum, up 12% from the prior-year period. Bank of America’s consumer loan book increased a modest 4% year over year, with credit cards and direct/indirect consumer lending doing most of the work.
Citigroup ended the fourth quarter of 2025 with $752 billion of loans, comprising $409 billion in consumer and $344 billion in the corporate portfolio. Corporate loans grew faster (14% year over year), led by Markets and Services, while Banking corporate loans declined. Citigroup’s consumer loan portfolio increased 4%, with U.S. Personal Banking rising 5% and All Others jumping 12%.
JPMorgan’s Price Performance, Valuation and Estimates
JPMorgan shares have gained 3.8% over the past six months.
Image Source: Zacks Investment Research
From a valuation standpoint, JPM trades at a 12-month trailing price-to-tangible book (P/TB) of 2.98X, below the industry average.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for JPMorgan’s 2026 earnings calls for a 5.1% rise on a year-over-year basis, while 2027 earnings are expected to grow at a rate of 7.6%. In the past 30 days, earnings estimates for 2026 have moved upward, while for 2027, they have remained unchanged.
Image Source: Zacks Investment Research
JPM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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