Profits soared by 67% to $14.5 billion in the second quarter, showing the difference between the industry’s largest bank and its smaller competitors.

Revenue surged 34% to $41 billion, while pre-market shares rose roughly 3%. JPMorgan CEO Jamie Dimon noted that the US economy is resilient, but consumers are spending prudently.

Net interest revenue of the bank climbed by 44% to $21.9 billion, illustrating the business’s ability to earn from loans and franchises.

JPMorgan set aside $2.9 billion to cover potential loan losses, a 163% increase from the previous year, indicating that the economy will contract over the following three quarters.

As a result of a lack of trading and transactions on Wall Street, the bank’s investment banking commissions fell by 6% to $1.5 billion.

This economic collapse may have a big impact on Goldman Sachs and Morgan Stanley.

Global investment banking revenues decreased 52% in the second quarter.

JPMorgan won a government-run auction to acquire the majority of the activities of First Republic, Silicon Valley Bank, and Signature Bank.