JPMorgan Chase 2Q profits rose 67% with a boost from First Republic takeover

NEW YORK (AP) — JPMorgan Chase & Co. said second-quarter profits rose by 67% as the nation’s largest bank made more loans to customers and took advantage of higher interest rates and its recent acquisition of First Republic.

JPMorgan said Friday that it earned $14.5 billion in the three months ended June 30, compared to a profit of of $8.65 billion in the same period a year earlier. On a per share basis, the bank earned $4.75 a share. Revenue rose to $42.4 billion from $31.6 billion a year ago.

The results beat Wall Street forecasts, with analysts surveyed by FactSet expecting the bank to post a profit of $3.97 a share.

JPMorgan has been one of the benefactors of the banking crisis that came after the failure of Silicon Valley Bank, Signature Bank and First Republic Bank. The bank saw billions of dollars of deposits flow into its vaults, mostly from well-to-do customers, and was able to buy First Republic Bank after it failed.

In the deal, JPMorgan acquired 84 First Republic branches, brining it $92 billion in deposits and $203 billion in loans and other securities. First Republic’s rich clientele is currently being integrated into JPMorgan’s private bank and wealth management businesses.