JPMorgan’s loan arm may see hurricane impact
There are a few things to look out for in the results from JPMorgan (NYSE:JPM), the largest U.S. bank by total assets. According to a note from Barclays, JPMorgan could see some impacts from the recent hurricanes. Of JPMorgan’s deposits, 9% come from Houston and Miami, which were hit by Harvey and Irma. The bank also has more than 15% of its credit card and auto loans come from Texas and Florida.
Loan growth is another consideration. When releasing its second quarter results, the bank lowered its net interest income forecast for the full-year by about half a billion dollars. The bank is now expecting a $4 billion increase from the prior year.
JPMorgan's Chief Financial Officer Marianne Lake said on the firm's conference call that most of the reduction came from lower-than-expected net interest income in the second quarter.
JPM’s stock recently touched a record high of $97.64. The stock closed Wednesday’s session down 0.3% at $96.84.