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.
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