The largest US bank predicts net interest income will continue to rise and lifted guidance from $84bn to $87bn in 2023.

Banking giant JPMorgan delivered a blowout second-quarter report far exceeding Wall Street estimates. 

The largest among US banks saw its profits surge on the back of the Federal Reserve’s rate-lifting action. Put simply, 

JPMorgan has kept low rates on deposits, while charging more heavily for loans.

JPMorgan’s net income rose 67% year-on-year to $14.47bn, topping estimates of $11.9bn. 

The bank’s net interest income - what they earned on loans after they paid depositors - arrived at $21.9bn, up 44% from a year ago. 

The figure prompted an increase in full-year guidance on net interest income to $87bn from $84bn.

JPMorgan stock 

JPM

 advanced a mere 0.6% on Friday, after its before-the-bell earnings delivery. 

Shares of the lending juggernaut have experienced a moderate run so far into the year with a satisfactory double-digit gain of just under 11%.