JPMorgan Chase’s profit rose in the third quarter as it reaped a windfall from surging interest payments and the acquisition of failed First Republic Bank, largest US lender reported on Friday.
Chief Executive Officer Jamie Dimon reiterated that although U.S. consumers remain healthy, several geopolitical factors including the war in Ukraine and conflict in Israel could keep inflation at elevated levels.
“This may be the most dangerous time the world has seen in decades,” he said.
Shares of the bank fell 0.7% in premarket trading.
The lender reported a profit of $13.15 billion, or $4.33 per share, for the three months ended Sept. 30. That compares with $9.74 billion, or $3.12 per share, a year earlier.
The Federal Reserve’s interest-rate increases have bolstered banks’ net interest income (NII), or the difference between what they earn on loans and pay out on deposits.
NII rose 30% to $22.9 billion, the bank said.
First Published: Oct 13 2023 | 5:17 PM IST