Bank JPMorgan Chase posts higher profit, sees mild slowdown

JP Morgan Chase, America’s largest bank, posted a record high profit in the last quarter. The bank benefited inter alia from higher interest rates, resulting in a strong increase in interest income. However, the finance committee had to set aside more money for so-called bad loans. These are loans that cannot be repaid due to bad economic conditions. CEO Jamie Dimon said he was taking into account a mild slowdown in the world’s largest economy.

JPMorgan’s profit for the last quarter of 2022 was $11 billion, up from $10.4 billion a year earlier. The bank performed better than analysts had expected. Sales rose 17 percent to $35.6 billion. The company made an allowance of $1.4 billion for bad loans last quarter. It was more than expected.

Other major banks, such as Bank of America and Wells Fargo, also released figures on Friday. The banks’ results kicked off the earnings season on Wall Street. Investment banks Goldman Sachs and Morgan Stanley will release their results next week.