JPMorgan Chase increased its guidance for how much it will earn in 2022 from its core lending business to more than $56bn, from at least $53bn previously, as the Wall Street bank anticipates it will benefit from rising interest rates.

The upgraded outlook was disclosed in a presentation for JPMorgan’s investor day, which kicked off at 8am eastern time on Monday. The event is a platform for Jamie Dimon, JPMorgan’s chief executive since 2005, to respond to shareholder concerns over his spending plans for the largest US bank by assets.

Analysts had expected the lender would use the event to lift its net interest income guidance — the difference between what banks pay on deposits and what they earn from loans and other assets — after the Federal Reserve indicated it would raise rates faster than planned in order to combat high inflation. The NII excludes lending in its fixed income and equity markets business.