A $96.5 Billion Goal Sets JPMorgan Chase & Co. (JPM) a Steeper Second Half for Core Interest Income

JPMorgan Chase & Co. (JPM) raised its 2026 target for net interest income excluding Markets to about $96.5 billion in July, from $95 billion. Hitting it takes a bigger second half than the first.

The bank booked $46.96 billion of that income in the six months to June 30, according to its second-quarter 10-Q filing. That leaves about $49.54 billion for July through December, or roughly $24.77 billion a quarter, as calculated by Trend & Ticker.

The second quarter produced $23.68 billion.

Tuesday's figure has to land about 4.6% above that level to keep pace with the full-year goal, as calculated by Trend & Ticker. A year earlier, the same line stood at $22.75 billion.

Deposits Carried the July Upgrade

Net interest income is what a bank earns on loans and securities minus what it pays on deposits and borrowings. JPMorgan reports a version without its Markets trading unit, whose interest line moves with the funding of trading positions.

Chief financial officer Jeremy Barnum told analysts on the July 14 call that higher deposit balances drove most of the increase. In its release, the bank said core interest income rose 4% in the second quarter on deposits, card revolving balances and wholesale loans, partly offset by lower rates.

Total net interest income, trading included, is guided to about $105.5 billion. With $51.10 billion booked in the first half, the last two quarters need about $27.20 billion each, as calculated by Trend & Ticker, against $25.62 billion from April to June.

Spending and Card Losses Set the Other Markers

Barnum put adjusted expense for 2026 at about $107.5 billion. Reported noninterest expense reached $54.17 billion in the first half, which leaves about $26.67 billion a quarter, as calculated by Trend & Ticker, below the $27.3 billion spent in the second quarter.

The outlook is on an adjusted basis, so that comparison is approximate.

He also set the card net charge-off rate at about 3.2%, citing better consumer credit than the bank had planned for. Net charge-offs are loans a lender writes off as unrecoverable.

The spring quarter's $21.2 billion of net income included a $4.6 billion gain on Visa shares, which our preview of Tuesday's four bank reports breaks out. Over the four quarters to June, JPMorgan earned $65.0 billion on revenue of $199.4 billion, according to Trend & Ticker company data from SEC filings.

For the full year, the average of 14 analyst estimates compiled by StockAnalysis is $24.13 a share on revenue of $208.45 billion.

JPMorgan plans to publish results at about 7 a.m. ET on Tuesday and hold its call at 8:30 a.m., the bank said. A core interest figure below $24.77 billion, as calculated by Trend & Ticker, would push more of the July target onto the fourth quarter.