Bank raises NII target to $84 billion

Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase & Co., during an interview with Bloomberg Television at the JPMorgan Global High Yield and Leveraged Finance Conference in Miami, Florida, on Monday, March 6, 2023.

Marco Bello | Bloomberg | Getty Images

JPMorgan Chase Following the state-brokered acquisition of First Republic earlier this month, the company raised a key performance target.

The bank will generate about $84 billion in net interest income this year, the New York-based bank announced on Monday slides for a full time investor presentation.

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That’s $3 billion more than guidance given in April. At the time, JPMorgan raised its forecast for net interest income by $7 billion, a move that sparked JPMorgan’s biggest earnings-day share price gain in 20 years.

The bank added that “sources of uncertainty” related to deposits and the economy could affect its forecast. Net interest income is the difference between what banks earn from lending and investing and what they pay to depositors.

JPMorgan, the largest US bank by assets, has been a beneficiary of the recent turmoil in the region’s banking sector. It was one of the few banks whose deposits rose in the first quarter as panicked customers sought shelter at large institutions; It then won a weekend auction for First Republic, a move expected to boost yields and boost its efforts to attract affluent customers.

The bank also said Monday that spending is expected to increase to $84.5 billion, flat from the previous forecast, excluding $3.5 billion in First Republic integration costs. Dollar.

Jamie Dimon, longtime CEO of JPMorgan, is expected to speak in a question-and-answer session at this afternoon’s investor day.

He is likely to be asked about the US debt ceiling negotiations as well as succession planning after rival Morgan Stanley CEO James Gorman announced last week that he would step down within a year.

This story evolves. Please check again for updates. Bank raises NII target to $84 billion

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