JPMorgan Chase, the largest bank in the United States, posted more profit in the past quarter. The bank benefited, among other things, from the higher interest rates, which resulted in a substantial increase in interest income.
However, the financial group had to save more money for bad loans. These loans may not be repaid due to the deteriorating economic conditions. CEO Jamie Dimon stated that he was taking into account a mild recession in the largest economy in the world.
JPMorgan’s profit came in at $11 billion in the last quarter of 2022, compared to $10.4 billion a year earlier. The bank performed better than analysts had expected. Sales rose 17 percent to $35.6 billion. The company set aside $1.4 billion for bad loans last quarter. That was more than expected.
Other large banks such as Bank of America and Wells Fargo released figures on Friday and put more money in the strop pot. The results of the banks kicked off the earnings season on Wall Street. Investment banks Goldman Sachs and Morgan Stanley will release their results next week.
