JPMorgan Chase & Co. (NYSE:JPM) announced that it made a lot more money in the second quarter. This is because interest rates were higher and they acquired another company called First Republic. People were also surprised because the bank made even more money than they expected.

In the three-month period, JPMorgan Chase & Co. made a profit of $14.47 billion. This is 15% more than the previous quarter and 67% higher than the same time last year. After making some adjustments, their total revenue also increased by 8% to $42.40 billion. This exceeded what experts at Bloomberg expected, as they predicted revenue to be around $39.34 billion.

JPMorgan made a big purchase in May. They bought a majority share of a struggling bank called First Republic Bank, which is based in California. The government helped with this purchase to stabilise the financial industry during the crisis.

The bank made more money from loans and investments than it had to pay for its debts. This led to an increase in their net interest income to $21.9 billion. JPMorgan mentioned that First Republic contributed an additional $897 million to their net interest income during the two months leading up to June 30.

The company also improved its guidance for net interest income, excluding its trading unit in its 2023 financial year, to approximately $87B, up from its previous mark of around $84B.

Shares in JPMorgan advanced in premarket U.S. trading on Friday following the results.