Wall Street bank giants JPMorgan Chase and Goldman Sachs posted second-quarter results on Tuesday morning that easily topped lower expectations.
Both firms benefited from a smaller-than-expected hit to trading revenue, which they had warned could be down as much as 20 percent from last year.
JPMorgan, the biggest US bank by assets, reported an 8 percent drop in profit that it blamed mostly on a pullback in trading of bonds and currencies.
Still, the results handily beat analysts’ estimates, sending the shares up nearly 3.8 percent to $58.45 at 10.17 a.m. in New York.
Net income fell to $5.99 billion, or $1.46 per share, from $6.5 billion, or $1.60 per share, in the same quarter a year ago. Revenue dipped 3 percent to $24.45 billion.
The results were overshadowed by investor concerns about bank boss Jamie Dimon, 58, who revealed two weeks ago that he had curable throat cancer and would undergo treatment this summer.
Goldman Sachs, led by CEO Lloyd Blankfein, posted a surprise profit after fixed-income revenue fell less than expected and investment banking fees climbed.
Net income rose 5 percent to $2.04 billion, while revenue gained 6 percent to $9.13 billion. Earnings per share, including the payment of preferred dividends, were $4.10.
The news sent Goldman’s stock up $1.18, or 0.7 percent, to $168.18 in trading Tuesday morning.