JPMorgan profit rises on interest income boost

JPMorgan Chase’s profit rose in the third quarter as higher interest rates boosted its income from loans, the bank reported on Friday.

Profit was $13.15 billion, or $4.33 per share, for the three months ended Sept. 30. That compares with $9.74 billion, or $3.12 per share, a year earlier.

The Federal Reserve’s interest-rate increases have bolstered banks’ net interest income (NII), or the difference between what they earn on loans and pay out on deposits.

JPMorgan’s earnings also got a boost from its acquisition of First Republic Bank in May that added around $173 billion of loans to its balance sheet.

NII rose 30% to $22.9 billion, the bank said.