Jan 12 Reuters JPMorgan Chase reported its best ever annual profit and forecast higherthanexpected interest income for 2024 even as its quarterly profit fell after it took a nearly 3 billion charge to replenish a government deposit insurance fund.

The largest U.S. lender has benefited from its acquisition of failed First Republic Bank in May that brought in billions of dollars of loans and bolstered its net interest income NII the difference between what banks make on loans and pay out on deposits.

The bank said it expects fullyear net interest income NII of 90 billion. That was higher than estimates of 86.2 billion, according to LSEG data. In the quarter, NII rose 19 to a record of 24.2 billion.

Shares of the bank climbed 2.3 before the opening bell.

CEO Jamie Dimon reiterated his view that the U.S. economy remained resilient, but warned that inflation could be more persistent than expected and rates could be higher for longer.

The U.S. economy continues to be resilient, with consumers still spending, and markets currently expect a soft landing. It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus, Dimon said.

INVESTMENT BANKING ROBUST

The pipeline for its investment banking unit is robust due to a more dovish interest rate environment, Chief Financial Officer Jeremy Barnum said, but warned of persisting uncertainty around exactly how the pipeline materializes.

In the quarter, investment…