JPMorgan Chase's Third-Quarter Profits Rise 35% on Higher Interest Rates

JPMorgan Chase, the biggest US bank in terms of assets, reported third-quarter profits of $13.2 billion, up 35% from the year-ago period.

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The bank's revenue rose 22% to $39.9 billion, driven by higher interest rates and good credit quality.

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Higher interest rates boosted JPMorgan's income from loans. The bank charges clients higher lending rates than it pays to customers on deposits.

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Good credit quality also contributed to JPMorgan's strong results. The bank said that its loan losses were low.

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JPMorgan's third-quarter profits were the highest ever for the bank.

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JPMorgan's third-quarter results were a positive sign for the US banking sector. The results suggest that banks are benefiting from the Federal Reserve's interest rate hikes.

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