JPMorgan trumped analyst expectations in the second quarter with a 16% rise in profits, as strong performance at its consumer business made up for an underwhelming three months in investment banking.

On July 16, the US banking group reported net profits of $9.6bn for the period, as revenues rose 4% year on year to $28.8bn. The chief driver of performance was JPMorgan’s consumer and community banking arm, which generated a 22% profit rise to $4.1bn.