The banks benefited from higher interest rates, which have bolstered banks' net interest income , or the difference between what they earn on loans and pay out on deposits.
Shares of JPMorgan rose 2.3% at the open while Wells Fargo, which beat analyst' estimates, was up 2.8% and Citi was 3% higher. PNC, however, fell 1.8%. The KBW index of bank shares"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.
"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 Wells Fargo CEO Charlie Scharf.
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