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JPMorgan just reported second-quarter earnings that beat on the top and bottom lines.

The firm reported adjusted earnings per share of $US1.46 on revenue of $US25.20 billion.

Analysts were expecting adjusted earnings per share of $US1.43 on revenue of $US24.50 billion, according to Bloomberg.

“Throughout the recent uncertainty and turbulence in the markets, we continued to be there for our clients – solid and steadfast to meet their needs, execute their transactions and provide liquidity,” CEO Jamie Dimon said in a statement.

The firm beat expectations on both trading and investment banking revenues.

Here’s the breakdown:

  • Trading revenues of $5.6 billion ($5.16 billion expected) were up 23% year-over-year.
  • Fixed income trading revenue came in at $3.96 billion ($3.57 billion expected), up 35% year-over-year, which the firm said was driven by higher revenues in rates, currencies and emerging markets, credit, and securitized products.
  • Equity markets revenues of $1.60 billion ($1.59 billion expected) were up 2% year-over-year.
  • Investment banking revenue came in at $1.5 billion ($1.49 billion expected), down 15% year-over-year. That was largely driven by lower equity underwriting fees, according to the firm.

In the same quarter last year, JPMorgan reported earnings per share of $1.54 on revenue of $24.3 billion.

In the first quarter, JPMorgan reported earnings of $1.35 per share on revenue of $24.08 billion.

The big story during the second quarter was the UK’s decision in June to leave the European Union, which sent shockwaves through markets and could deter central banks from raising interest rates anytime soon.

In the short term, that could be good news for banks’ trading revenues, but the long term impacts are less rosy. Bank profitability is largely based on the rate at which they make loans. Lower global interest rates, in turn, negatively affect bank bottom lines.

Citigroup and Wells Fargo are set to report Q2 earnings on Friday morning, followed by Bank of America Merrill Lynch on Monday, Goldman Sachs on Tuesday, and Morgan Stanley on Wednesday.

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