The investment bank now expects US$95.5 billion of NII, or the difference between what it earns on loans and pays out on deposits, compared with an earlier estimate of US$94.5 billion.

“The US economy remained resilient in the quarter.

“The finalisation of tax reform and potential deregulation are positive for the economic outlook,” CEO Jamie Dimon said in a statement.

However, he highlighted that significant risks persist, including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices.

Investors are closely scrutinising banks’ results and their executives’ commentary this quarter to assess the impact of tariffs and the tax and spending bill Trump signed into law earlier this month.

Market activity surged as investors seized opportunities and hedged risks in response to shifting US tariff policies.

The turmoil propelled JPMorgan’s trading revenue 15% higher to US$8.9 billion, driven by gains in both fixed income and equities.

Investment banking fees rose 7% to US$2.5 billion, underpinned by a rise in initial public offerings and mergers and acquisitions.

Overall profit was US$14.99 billion, or US$5.24 per share, for the three months ended June 30, compared with US$18.15 billion, or US$6.12 per share, a year earlier, the largest US investment bank said today.

The comparisons were skewed by a nearly US$8 billion one-off gain the investment bank had recorded on a share exchange agreement with Visa last year.

Excluding one-off costs, JPMorgan earned US$4.96 per share, compared with the US$4.48 per share that analysts were expecting, according to estimates compiled by LSEG.

Shares were marginally up before the open.