JPMorgan Chase & Co. said second-quarter profits rose by 67% as the nation’s largest bank made more loans to customers and took advantage of higher interest rates as well as its recent acquisition of First Republic, the Associated Press reports.
JPMorgan said today that it earned $14.5 billion in the three months ending June 30, compared to a profit of $8.65 billion in the same period a year earlier. The bank earned $4.75 per share, and revenue rose to $42.4 billion from $31.6 billion a year ago.
The results beat Wall Street forecasts, with analysts surveyed by FactSet expecting the bank to post a profit of $3.97 a share.
Wells Fargo’s profits jumped 57% in the second quarter thanks to higher interest rates and loan balances, the bank said Friday, according to additional Associated Press coverage.
The bank earned $4.9 billion, or $1.25 per share, in the period on $20.5 billion in revenue. That beat Wall Street analysts’ targets, which called for profit of $1.16 per share on $20.1 billion in revenue.
In the same period last year, Wells earned $3.1 billion, or 75 cents per share, on $17 billion in revenue.
Like other banks, Wells has benefited from the Federal Reserve’s aggressive interest rate hikes as the central bank tries to bring down the worst inflation since the 1980s.
The bank reported that its net interest income jumped 29% to $13.2 billion, from $10.2 billion a year ago.
Shares of Wells Fargo rose nearly 3% in premarket trading.
