NEW YORK (Reuters) – JPMorgan Chase & Co said on Monday its net interest income would rise by $3 billion this year, thanks to its purchase of failed First Republic Bank, according to a presentation published ahead of its investor day on Monday.
The largest U.S. lender agreed to undertake $173 billion of the failed bank’s loans, $30 billion of securities and $92 billion of deposits after First Republic was shuttered by authorities earlier this month.
JPMorgan, which emerged as one of the biggest beneficiaries of the recent banking crisis due to an influx of deposits from customers who sought safety in larger institutions, maintained a return on tangible common equity of 17%.
(Reporting by Nupur Anand and Lananh Nguyen in New York and Mehnaz Yasmin in Bengaluru; Editing by Saumyadeb Chakrabarty)
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