JPMorgan second-quarter profit rises on higher interest income (updated)

First Republic Bank

14/07/2023 11:52

(Adds background, shares)
       July 14 (Reuters) - JPMorgan Chase  JPM.N  posted a 67%
jump in profit for the second quarter on Friday as it earned
more in interest from borrowers.
    The largest U.S. lender's profit climbed to $14.47 billion,
or $4.75 per share, for the quarter ended June 30. That compares
with $8.65 billion, or $2.76 per share a year earlier.
        JPMorgan bought a majority of failed First Republic
Bank's assets in a government-backed deal in May after weeks of
industry turbulence.
    That bolstered its net interest income, which measures the
difference between what banks earn on loans and pay out on
deposits.
        Shares of the bank rose 2.4% to $152.49 in premarket
trading.

 (Reporting by Niket Nishant and Noor Zainab Hussain in
Bengaluru and Nupur Anand in New York; Editing by Lananh Nguyen)
 ((Niket.Nishant@thomsonreuters.com;))