UPDATE 1-JPMorgan’s profit rises on interest income strength

UPDATE 1-JPMorgan’s profit rises on interest income strength

(Adds revenue in the last paragraph)

April 12 (Reuters) – JPMorgan Chase’s profit rose in the first quarter as it earned more from interest payments, the bank said on Friday.

The biggest U.S. lender’s profit was $13.42 billion, or $4.44 per share, for the three months ended March 31. That compares with $12.62 billion, or $4.10 per share, a year earlier.

Rising U.S. interest rates have helped lenders to boost net interest income (NII), or the difference between what banks earn on loans and pay out for deposits.

JPMorgan also added billions of dollars of loans to its balance sheet after acquiring failed First Republic Bank in May last year. The purchase also fueled JPMorgan’s interest income.

Overall revenue rose 9% to $41.93 billion. (Reporting by Niket Nishant in Bengaluru and Nupur Anand in New York, editing by Lananh Nguyen and Anil D’Silva)