As a result of inflation, JPMorgan Chase’s net interest income increased by about 50% in Q1 2023 from the prior year.

The bank reported that its net income for the first three months of the year increased by 52% year-on-year to $12.6bn.

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Furthermore, net revenue reached $39.3bn, a 25% growth compared to this point last year. Net interest income also witnessed an increase year-on-year, 49%, to hit $20.8bn.

JPMorgan Wealth Management in Q1 2023

Banking & Wealth Management net revenue was $10bn in the quarter, a 67% rise year-on-year. This was attributed to higher deposit margins.

Asset and Wealth Management (AWM) saw net income of $1.4bn, a 36% rise in Q1 2023 compared to Q1 2022. Net revenue also saw double digit increases as an 11% rise saw the figure reach $4.8bn.

However, assets under management (AuM) in the JPMorgan AWM arm only increased by 2% to reach $3trn.

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Jamie Dimon, chairman and CEO, said: “The US economy continues to be on generally healthy footings consumers are still spending and have strong balance sheets, and businesses are in good shape. However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks. The banking situation is distinct from 2008 as it has involved far fewer financial players and fewer issues that need to be resolved, but financial conditions will likely tighten as lenders become more conservative, and we do not know if this will slow consumer spending.

“We also continue to monitor for potentially higher inflation for longer (and thus higher interest rates), the inflationary impact of continued fiscal stimulus, the unprecedented quantitative tightening, and geopolitical tensions including relations with China and the unpredictable war in Ukraine. While we hope these clouds will dissipate, the Firm is prepared for a broad range of outcomes, and we are confident that we can serve the needs of our customers and clients in all environments.”