JPMorgan Chase reported net income down 15% to $9.3 billion for the final quarter of 2023, or $3.04 per share, due in particular to an increase in provisions for credit losses to $2.76 billion.

The New York-based bank's earnings contracted despite a 12% increase in revenues to $39.9 billion, boosted by the acquisition of First Republic, without which they rose by 7%, thanks in particular to higher interest rates.

Non-interest expenses rose by 29% (+24% excluding First Republic) to $24.5 billion, due in particular to higher personnel costs as a result of wage inflation and increased headcount in front office and technology.

Copyright (c) 2024 CercleFinance.com. All rights reserved.