NEW YORK: 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 today.
Chief executive officer Jamie Dimon reiterated that although US consumers remain healthy, several geopolitical factors including the war in Ukraine and conflict in Israel could keep inflation at elevated levels.Shares of the bank fell 0.7% in premarket trading. The lender reported a profit of US$13.15 billion, or US$4.33 per share, for the three months ended Sept 30.The Federal Reserve’s interest-rate increases have bolstered banks’ net interest income , or the difference between what they earn on loans and pay out on deposits.Subscribe to our newsletter and get news delivered to your mailbox.