© Reuters
Investing.com — JPMorgan Chase & Co. (NYSE:) has a jump in net income and higher-than-expected adjusted revenue for the second quarter, as the biggest U.S. bank was boosted by elevated interest rates that helped offset lower deposit balances and an uptick in loan loss provisions.
Net income for the three-month period rose to $14.47 billion, an increase of 15% compared to the prior quarter and 67% above the corresponding timeframe last year. Adjusted revenue also grew by 8% to $42.40B, topping Bloomberg estimates of $39.34B.
JPMorgan purchased a majority of collapsed peer First Republic Bank in May as part of a government-backed deal designed to bolster stability in the crisis-hit financial services industry.
The move contributed to lifting net interest income (NII) — the difference between how much a bank makes from loans and securities and pays out for liabilities — to $21.9B. During the two months ending on June 30, there was an additional $897 million of NII attributable to First Republic, JPMorgan said.
Shares in JPMorgan advanced in premarket U.S. trading on Friday following the results.
