Banks rake in big profits as both Wall Street and the US consumer stay strong

WASHINGTON (AP) — Five of the biggest U.S. banks reported record profits on Tuesday, boosted by their trading desks and a remarkably resilient American consumer amid persistent global economic uncertainty.It marks the second straight quarter of strong results from the banks, which have benefited from market volatility since the Iran war began in late February.Both consumer-facing and market-focused banks reported revenue and profit growth that beat even the most optimistic Wall Street expectations.The KBW Nasdaq Bank Index, which tracks the performance of two dozen banks rose 0.7% in afternoon trading. Here’s a look at how and why banks have continued to thrive despite a clouded economic future.

JPMorgan hits recordsJPMorgan Chase logged $16.9 billion in second-quarter profit as its equities trading division again took advantage of market volatility triggered by the war in Iran.

The nation’s largest bank by asset size, JPMorgan said that revenue in every line of its business hit record levels in the quarter, including its markets division, where revenue grew 35% over the same period last year. Revenue in its equity markets division skyrocketed 86%.

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