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Bond Market News
JPMorgan Raises 2022 Income Outlook
May 24, 2022
JP Morgan Chase & Co (JPMC) raised its forecast for interest income and a steady profitability target at its investor conference. JPMC expects net interest income (NII), excluding markets, to be around $56bn in 2022 vs. its earlier forecast of $53bn which was revised up from its $50bn outlook in January. At that time, the lender had also mentioned that expenses were to increase 8% or $6bn in dollar terms. The bank said it will spend on technology, new products, and marketing which is expected to pay off in long term. For 2023, JPMC expects its investment spending growth rate to moderate but for the current year expense forecast is at $77bn. In 2022, the bank expects to achieve its target for a 17% return on tangible capital equity. Due to strong consumer and business balance sheets, charge-offs for bad loans are not expected to rise until after 2022.
JPMC’s shares jumped 6% on the update. Its dollar bonds were trading stable, with its 6% Perp at 96.63 yielding 9.06%.
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