beat expectations for third-quarter profit on Friday as rising borrowing costs and its acquisition of failed First Republic Bank drove income from interest payments to a record high.
NII rose 30% to $22.9 billion, the bank said. Excluding the impact of First Republic, it still rose 21%. JPMorgan also raised its NII forecast for this year to $89 billion, boosting it $2 billion from an earlier estimate.Chief Financial Officer Jeremy Barnum cautioned that the current NII levels were not sustainable and could moderate to around $80 billion.
Investment banking revenue at JPMorgan fell 6% to $1.6 billion. The outlook for investment banking is slightly more optimistic than last quarter, Barnum said, despite hurdles in mergers and acquisitions. As part of another settlement in June, it had also agreed to pay about $290 million to settle a class action lawsuit by Epstein's victims. JPMorgan did not admit wrongdoing in either case. The settlements largely resolved a scandal that has weighed on JPMorgan all year.
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