JPMorgan, the biggest U.S. bank by assets, reported an 8 percent decline in second-quarter profit as a pullback in trading of bonds and currencies by big institutions hit revenue in its securities trading business.
Still, the results beat market expectations and the bank's shares rallied Tuesday.
"Toward the end of the second quarter, we saw encouraging signs across our businesses including an uptick in wholesale utilization, strengthening pipelines in our commercial and business banking segments, and some improvements in markets activity," Chief Executive Jamie Dimon said in a statement.
The report is the bank's first since Dimon disclosed that he had throat cancer.
Dimon, in a call with reporters, said on Tuesday that he felt "great" and would stay engaged with the business as he underwent treatment.
The bank's 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 of 2013. Revenue fell 3 percent to $24.45 billion.
Analysts on average had expected earnings of $1.29 per share, according to Thomson Reuters I/B/E/S.
Revenue from fixed-income and equity markets fell 15 percent to $3.5 billion in the quarter ended June 30 compared with the year-earlier quarter, but the drop was less than projected.