VEJA Market: The institution benefits from high-interest rates and the acquisition of First Republic Bank.
The American bank JP Morgan opened the season for corporate balance sheets abroad and raised the bar for local financial institutions. The bank recorded a net profit of 14.5 billion dollars (70.5 billion reais) in the second quarter of 2023. The number is 67% higher compared to the same period in 2022. The so-called earnings per share were 4.75 dollars, well above the $3.97 expected by analysts polled by FactSet. The scenario of high-interest rates and the purchase of First Republic Bank by the institution boosted the numbers. The acquisition prevented the bank from going bankrupt and increased the size of JP Morgan – which revised its 2023 earnings forecast from US$84 billion to US$87 billion.
