JPMorgan Chase reported a jump in second-quarter profits Friday on surging income tied to higher interest rates as executives described the US economy as "resilient" but facing risks. Profits were $14.5 billion, up 67% from the year-ago period, while revenues were up 34% to $41.3 billion. Chief Executive Jamie Dimon said consumers are still spending, but "slowly using up their cash buffers". JPMorgan's earnings included a $2.7 billion one-time "bargain purchase gain" on First Republic. "The US economy continues to be resilient," Dimon said.

Source: News 24 July 15, 2023 02:43 UTC