Major US banks show profit boost, but some caution from consumers
© 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 said on Friday higher interest rates boosted profits, sending shares sharply up, even though they said the economy was slowing and saw signs of some caution in consumer behavior.
"While the economy has continued to be resilient, we are seeing the impact of the slowing economy with loan balances declining and charge-offs continuing to deteriorate modestly," said Scharf in the bank's press release. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said Jamie Dimon, JPMorgan Chairman and CEO.Banks generally showed higher net interest income , or the difference between what they earn on loans and pay out on deposits, as they benefited from higher interest rates.
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