JPMorgan profits jump as lending business gets a boost from higher interest rates

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JPMorgan Chase reported a rise in profit in the second quarter, as a bumper profit in its lending business from higher interest rates helped offset a slump in investment banking and trading.

JPMorgan said Friday that net income for the second quarter rose 67 percent year-over-year to $14.47 billion, or $4.75 per share. That was ahead of analysts’ estimates for quarterly net income of $11.9 billion, or $3.83 per share, according to consensus data compiled by Bloomberg.

Much of the increase in profit was driven by higher net interest income, which is the difference between what banks pay on deposits and what they earn from loans and other assets. Net interest income rose 44 percent from a year ago to $21.9 billion, beating analyst estimates of about $21 billion.

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