JPMorgan Chase lifted its outlook for how much it expects to earn this year from its lending business following the recent purchase of First Republic, bucking a broader trend among US banks of shrinking profits owing to deposit withdrawals.

In a presentation for its investor day on Monday, JPMorgan lifted its 2023 target for net interest income (NII), excluding its trading division, to about $84bn from $81bn previously, because of its deal for First Republic. NII is the difference between what banks pay on deposits and what they earn from loans and other assets.

However, JPMorgan said “sources of uncertainty remain” in the guidance and that its “medium-term” outlook was for NII in the mid-$70bn range, in part because of an eventual need to pay higher interest rates to savers, which would shrink its profit margins.