Loan Digest

JPMorgan Chase profit jumps, helped by First Republic purchase

  • 📰 FoxBusiness
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 53%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

JPMorgan Chase said on Friday that the bank’s profits moved 67% higher over the second quarter, as borrowers' interest payments increased from the purchase of First Republic Bank.

The bank sees NII of about $87 billion for the full year, higher than the $83.37 billion expected by Wall Street, according to Refinitiv IBES data.

Meanwhile, JPMorgan said that net income attributable to First Republic reached $2.4 billion in the quarter and included an estimated bargain purchase gain of $2.7 billion, and a provision for credit losses of $1.2 billion to establish a reserve for the acquired First Republic lending portfolio.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 458. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

JPMorgan’s Profit Jumps 67% After First Republic RescueJPMorgan said its second-quarter profit jumped 67%, including a lift from acquiring the failed First Republic in early May
Source: WSJ - 🏆 98. / 63 Read more »