{"id":46522,"date":"2023-01-23T11:13:21","date_gmt":"2023-01-23T16:13:21","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/treasury\/jpmorgan-cautiously-optimistic-on-net-interest-income-growth-in-2023\/"},"modified":"2024-04-24T14:25:09","modified_gmt":"2024-04-24T18:25:09","slug":"jpmorgan-cautiously-optimistic-on-net-interest-income-growth-in-2023","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/treasury\/jpmorgan-cautiously-optimistic-on-net-interest-income-growth-in-2023\/","title":{"rendered":"JPMorgan cautiously optimistic on net interest income growth in 2023"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69ff0bc1caa66]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69ff0bc1caa66'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/treasury\/\" rel=\"category tag\">\n                    Treasury\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">JPMorgan cautiously optimistic on net interest income growth in 2023<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff0bc1d0993'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Functions for the Market<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">January 23, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69ff0bc1d3174'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>Bloomberg Market Specialists Brian Rooney and Keith Gerstein contributed to this article. The original version appeared first on the Bloomberg Terminal.<\/em><\/p>\n<h2>Background<\/h2>\n<p>JPMorgan Chase &amp; Co., the biggest US bank, reported <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-13\/jpmorgan-falls-as-net-interest-income-outlook-misses-estimates?sref=s4jM8V8F\">$20.2 billion in net interest income (NII)<\/a> in the fourth quarter of 2022, improving on the $17.6 billion in <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-14\/jpmorgan-posts-record-net-interest-income-on-fed-rate-increases?sref=s4jM8V8F\">third-quarter NII<\/a>. Other banks also posted strong results for NII, with Bank of America posting a 29% increase year-over-year.<\/p>\n<p>JPMorgan\u2019s fourth quarter NII results bested Bloomberg\u2019s consensus estimate by 8.5%, representing a 48.5% increase year-over-year. Analysts are upbeat about JPMorgan\u2019s earning potential in their lending business for 2023, forecasting $74.57 billion in NII for the fiscal year after it\u2019s 2022 beat consensus estimates by 2.59%.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Join our analyst community.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe for monthly insights<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5856719001309794029\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Despite this consensus and the recent release of encouraging economic figures, Chief Executive Officer Jamie Dimon remains concerned about the economy longer-term. \u201cThe US economy currently remains strong with consumers still spending excess cash and businesses healthy,\u201d Dimon said. \u201cHowever, we still do not know the ultimate effect of the headwinds coming.\u201d<\/p>\n<h2>The issue<\/h2>\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-11\/fed-s-no-rate-cut-mantra-rejected-by-markets-seeing-recession#xj4y7vzkg\">Higher Federal Reserve interest rates <\/a>have helped U.S. banks earn more in NII, although the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-30\/debt-rising-interest-rates-put-consumers-and-businesses-at-risk#xj4y7vzkg\">rise in borrowing costs<\/a> is raising the risks of increased non-performing loans (NPLs).<\/p>\n<p>Bob Michele, chief investment officer at J.P. Morgan Asset Management, says that the Fed could continue raising rates into the second half of 2023. \u201cIt is possible the Fed will not initially do enough because the labor market proved more resilient,\u201d Michele said. \u201cThis is one thing that can unravel the market, and it\u2019s my biggest concern.\u201d<\/p>\n<p>While inflation has been cooling in recent months, consumer prices remains elevated 6.5% year-over-year \u2013 more than triple the Fed\u2019s 2% target.<\/p>\n<h2>Tracking<\/h2>\n<p>Use Bloomberg\u2019s new KPIC function to quickly compare key performance indicators across peer<\/p>\n<p>groups. This tool facilitates more in-depth comparison across KPIs, visualization of key industry data, and aggregates statistics to easily understand company performance vs. industry peers. <a href=\"https:\/\/onlinexperiences.com\/scripts\/Server.nxp?LASCmd=AI:4;F:QS!10100&amp;ShowUUID=0135A336-0F1F-465D-85AF-D5B15CB4CDD0\">Register for this upcoming interactive webinar to learn more.<\/a><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/usdt.gif\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"usdt\" srcset=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/usdt.gif 800w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/usdt.gif 552w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/usdt.gif 100w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/usdt.gif 768w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/usdt.gif 600w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                \nJPMorgan Net Interest Income Surge. Run JPM US Equity KPIC .\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>For more information on this or other functionality on the Bloomberg Professional Service, click here to request a demo with a Bloomberg sales representative. 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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_277219716351416952\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Chase &amp; Co. reported $20.2 billion in net interest income (NII) in the fourth quarter of 2022, improving on the $17.6 billion in third-quarter NII. <\/p>\n","protected":false},"author":1820,"featured_media":17618,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"2738","footnotes":""},"categories":[457,449],"tags":[695,550,451],"series":[],"class_list":["post-46522","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-treasury","tag-695","tag-buy-side","tag-corporations","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JPMorgan cautiously optimistic on net interest income growth in 2023 | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"JPMorgan Chase &amp; 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