Jp morgan net income grows to $12.6bn amid the regional bank turmoil.
Wall street’s largest bank JP Morgan reported the jump in net income from $8.3bn to $12.6bn (£10bn) over the first three months of 2023

That was despite a 56% rise in the money put aside for potential defaults by its customers to $2.3bn.

The bank’s profits benefited from the same rise in US and global interest rates that contributed to last month’s short-lived banking crisis, which started with the surprise collapse of Silicon Valley Bank and later led to the emergency rescue of Switzerland’s second largest lender, Credit Suisse.
The steady rise in interest rates pushed JP Morgan’s net interest income – which accounts for the difference in the amount paid out to savers compared with the amount charged for loans and mortgages – up 49%, and ....

https://ratecaptain.com/jp-morgan-net-income-grows-to-12-6bn-amid-the-regional-back-turmoil/