Brexit, be darned: The U.S. consumer is doing just fine, according to JPMorgan Chase & Co., and that bodes well for the economy even as Europe is buffeted by political turmoil after the U.K.’s historic referendum last month to leave the European Union.

The bank posted profit and revenue Thursday that beat analysts’ estimates as it extended $106 billion more in loans than a year earlier, a 16 percent jump, backing up the firm’s belief in the durability of the world’s biggest economy.

Brexit was a “political and economic challenge that will take time to resolve, but not a financial crisis, and the impact on global growth and the U.S. economy should be small,” Chief Financial Officer Marianne Lake said Thursday in a call with reporters. “We had broad-based demand for loans pretty much across categories, whether it was auto, business banking, cards, so I would say that speaks well for the U.S. economy and the consumer in particular.”

The referendum sparked concern that U.S. corporations would be hurt by a stronger dollar and reduced overseas demand. Instead, equity markets rose to records amid resilient employment figures and bets that central banks would stimulate markets. While the vote happened at the end of the second quarter, JPMorgan’s comments support the idea that Brexit wasn’t a so-called black swan event that will derail global economic growth.

JPMorgan, the first big U.S. bank to report second-quarter results, rose 2.4 percent to $64.68 at 10:47 a.m. in New York. Shares of other financial firms also climbed, with the 24-company KBW Bank Index advancing 1.7 percent.

Net Income

JPMorgan’s profit beat analysts’ estimates on the jump in loan growth as well as gains in fixed-income trading revenue. Net income dropped to $6.2 billion, or $1.55 a share, from $6.29 billion, or $1.54, a year earlier. One measure of adjusted earnings, which excludes an accounting gain and a legal benefit, comes to $1.46 a share. Another gauge, which also strips out a one-time gain from the sale of its stake in Visa Europe and a loss on its holding in Square Inc., brought adjusted earnings to $1.50 a share, beating the $1.43 average estimate of analysts surveyed by Bloomberg.

Revenue climbed 2.8 percent to $25.2 billion. The figure included $3.96 billion from fixed-income trading, a 35 percent increase. The firm cited strength in rates, currencies, emerging markets, credit and securitized products. Equity trading rose 1.5 percent to $1.6 billion.

When asked about the outlook for trading revenue, Lake said it was “fine” in July and would probably decline as it typically does during the summer. While uncertainty and market volatility can suppress investment-banking activities like merger advice and equity issuance, there are still active boardroom discussions around acquisitions, Lake said.

Charles Peabody, an analyst at Portales Partners LLC, questioned whether the improvement in the second quarter are sustainable.

“The success can last for a quarter or a two, but I think it’s still going to be a very difficult year,” Peabody said in an interview on Bloomberg Television. “I’m still expecting earnings to be down year over year.”

Credit Losses

Non-interest expenses fell 6 percent to $13.6 billion on cost cutting and lower legal bills, the bank said. That compared with analysts’ $14 billion estimate. The provision for credit losses was $1.4 billion, an increase of $467 million compared with a year earlier, JPMorgan said. The increase reflected growth in the loan portfolio, not a deterioration in credit quality, Lake said.

Earnings at the corporate and investment bank, run by Daniel Pinto, climbed 6.5 percent to $2.49 billion as revenue rose 5.1 percent from a year earlier. Markets revenue, which includes bond and stock trading, rose 23 percent. In June, Pinto said that trading revenue in the quarter was headed for a mid-teens percentage increase from a year earlier on strength in fixed income, especially rates trading. Compensation at the unit dropped 6 percent in the first six months, to $5.34 billion.

Profit from consumer and community banking, run by Gordon Smith, rose 4.9 percent to $2.66 billion on strength in mortgages. Revenue was $11.5 billion, up 4 percent from a year earlier.

“They’re looking out, saying there are some global growth concerns, but U.S. employment remains good, consumers have deleveraged,” said Shannon Stemm, an analyst at Edward Jones & Co. in St. Louis. “Credit still looks good, and until they see reason to slow down, they’ll continue to extend more of it.”