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JPMorgan raises NII forecast after First Republic deal

Published 05/22/2023, 06:55 AM
Updated 05/22/2023, 06:55 AM
© Reuters JPMorgan (JPM) raises NII forecast after First Republic deal

JPMorgan Chase & Co (NYSE:JPM) said today that it expects its net interest income (NII) to come in $3 billion higher than previously expected after the bank won the auction to buy assets of the failed First Republic Bank.

JPM agreed to undertake $173B of the failed bank's loans, $30B of securities, and $92B of deposits after the First Republic Bank was taken over by regulators.

While JPMorgan still expects its return on tangible common equity to be 17%, it now said it expects full-year NII to be $84B, up from the prior forecast of $81B.

The bank is set to update investors today on its takeover of First Republic as it prepares to hold its Investor Day event in New York.

Shares are up 0.2% in premarket Monday.

 
 
 
 

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