JPMorgan Chase said on Friday that the bank’s profits moved 67% higher over the second quarter, as borrowers' interest payments increased from the purchase of First Republic Bank.
The bank sees NII of about $87 billion for the full year, higher than the $83.37 billion expected by Wall Street, according to Refinitiv IBES data.
Meanwhile, JPMorgan said that net income attributable to First Republic reached $2.4 billion in the quarter and included an estimated bargain purchase gain of $2.7 billion, and a provision for credit losses of $1.2 billion to establish a reserve for the acquired First Republic lending portfolio.
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