Despite higher rates, consumer and corporate borrowing kept pace, lifting JPMorgan, Citigroup and Wells Fargo to a combined Q3 net interest income of $56.5bn, the fifth consecutive quarter of record NII, results published Tuesday showed. JPMorgan said it expects net interest income to increase further in 2027, a contrast with earlier industry assumptions of falling rates when record trading revenue had drawn investor focus. All three banks reported declines in nonaccrual loans and said borrowers

Despite higher rates, consumer and corporate borrowing kept pace, lifting JPMorgan, Citigroup and Wells Fargo to a combined Q3 net interest income of $56.5bn, the fifth consecutive quarter of record NII, results published Tuesday showed. JPMorgan said it expects net interest income to increase further in 2027, a contrast with earlier industry assumptions of falling rates when record trading revenue had drawn investor focus. All three banks reported declines in nonaccrual loans and said borrowers broadly remain able to service debt. BofA will report Q3 results on Wednesday. Banks said they remain cautious amid geopolitical risks in Ukraine and the Middle East, persistent inflation and elevated oil prices.