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Excluding the Visa transaction, the $4.1 trillion-asset bank saw profits of $13.1 billion, marking a slight drop from the previous quarter. Revenue still beat analysts estimates, boosted by a 50% jump in investment banking fees, while loans and deposits remained flat.
Chairman and CEO Jamie Dimon said in a prepared statement that inflation and interest rates may "stay higher than the market expects," but reiterated confidence in the bank's signature fortress balance sheet.
"While market valuations and credit spreads seem to reflect a rather benign economic outlook, we continue to be vigilant about potential tail risks," Dimon said.
