JPMorgan (NYSE:JPM) shares are rising premarket Monday, currently up 0.8%, after the company reportedly increased its 2024 net interest income (NII) forecast to $91 billion, excluding the markets division.
Ahead of the bank's investor day on Monday, JPMorgan was said to have lifted the forecast for NII, the difference between the interest earned on loans and the interest paid out on deposits, with previous forecasts having disappointed.
In April, JPMorgan raised its NII forecast to $89 billion from $88 billion, excluding the markets division. Including trading, the bank kept its NII forecast unchanged at $90 billion.
In previous months, JPMorgan's Chief Financial Officer Jeremy Barnum had played down NII expectations, stating that the current gains were not sustainable.
JPMorgan shares initially rose around 1% following the news, adding to its 1.15% gain on Friday, which saw it close at $204.79. Ahead of Monday's open, it is currently at $206.36 after a 0.77% rise in premarket trading. So far in 2024, the stock is up 21.15%.