JPMorgan Reports Blowout Earnings, Record Net Interest Income Thanks To First Republic Collapse, Boosts Outlook

from Zero Hedge

As happens every quarter, moments ago JPM – the largest US bank – officially fired the starting gun on Q3 earnings season when it reported earnings which – courtesy of the bank’s taxpayer-funded g(r)ift of First Republic earlier this year – were stellar, beating on the top and bottom line, and despite some weakness (in equity sales and trading) and some gloomy comments from CEO Jamie Dimon, were well received by the market: it is the other US banks, and especially the smaller ones, that are a far more concerning prospect, while JPM once again validates its “fortress balance sheet” especially with the benefit of the recent taxpayer-funded fortressization in the form of acquiring all First Republic good assets.

First, here is a summary of what the bank just reported, courtesy of Bloomberg:

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