Profits were US$14.5 billion, up 67% from the year-ago period, while revenues were up 34% to US$41.3 billion.

Chief executive Jamie Dimon said consumers are still spending, but “slowly using up their cash buffers”.

The results were the first to include JPMorgan’s acquisition of First Republic Bank under a government-orchestrated spring auction after the smaller lender suffered a fatal run on deposits.

JPMorgan’s earnings included a US$2.7 billion one-time “bargain purchase gain” on First Republic.

But the acquisition also added to JPMorgan’s credit costs in the quarter.

The bank added reserves of US$1.5 billion in case of bad loans.

But excluding First Republic, this figure would have been US$326 million, JPMorgan said in its press release.

Dimon expressed cautious optimism about the US economy.

“The US economy continues to be resilient,” Dimon said.

“Consumer balance sheets remain healthy, and consumers are spending, albeit a little more slowly. Labour markets have softened somewhat, but job growth remains strong.

“That being said, there are still salient risks in the immediate view,” he said, noting a variety of issues including “stubbornly high” inflation, the Federal Reserve’s unprecedented “quantitative tightening” policies and the war in Ukraine.

The results topped analyst estimates in both earnings per share and revenues.

Shares jumped 3.2% to US$45.10 in pre-market trading.