Major US banks show profit boost, but cautious on outlook, consumer health
© Reuters. FILE PHOTO: The entrance to JPMorgan Chase's international headquarters on Park Avenue is seen in New York October 2, 2012. REUTERS/Shannon Stapleton/File PhotoNEW YORK - Major U.S. banks on Friday reported rising profits from higher interest rates on loans, but warned the economy was slowing as customers depleted their savings.
JPMorgan and Wells Fargo, the first- and fourth-largest U.S. lenders, respectively, also increased their outlook for NII. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. Dimon said that the results benefited from"over-earning" on net interest income although that would normalize over time. JPMorgan's NII rose 30% to $22.9 billion while Wells saw an 8% climb to $13.1 billion.
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