WASHINGTON -- JPMorgan Chase announced Tuesday a second-quarter profit of $16.9 billion, with its equities trading unit again profiting from market swings caused by the conflict in Iran.

The biggest bank by assets said every business line achieved record revenue, including a 35 percent rise in its markets division and an 86 percent surge in equities revenue compared with a year earlier.

The firm posted earnings of $6.14 per share, surpassing forecasts of $5.59 and last year's $5.24. Managed revenue reached $58 billion, also ahead of analyst projections from FactSet.

JPMorgan shares declined 2.4 percent in premarket trading.

CEO Jamie Dimon noted investment banking revenue climbed 30 percent to the highest level since 2021, supported by robust demand for IPOs and mergers and acquisitions.

Research analysts project that both M&A and IPO activity will stay elevated through 2026.

Global M&A announcements rose 64 percent year over year in the second quarter of 2026 while closings increased 33 percent, according to Morgan Stanley data. This marked the sixth consecutive quarter of growth. Large deals of $10 billion or more represented 43 percent of announced volume, the highest share in over six years. Morgan Stanley forecasts full-year 2026 announcements will total $6.4 trillion, exceeding the 2021 peak of $6.1 trillion.

The IPO market followed a similar pattern, with 48 offerings raising a record $105 billion in the quarter, led by SpaceX's $75 billion deal, Renaissance Capital reported. That single transaction surpassed all U.S. IPO proceeds from 2024 and 2025 combined.

Renaissance anticipates continued strength in the second half, highlighted by SK Hynix's $26.5 billion listing.

Markets have fluctuated sharply since U.S. and Israeli strikes on Iran began in late February, alternating between military actions and brief pauses.

Investor worries about a prolonged conflict have spurred selling, while optimism over potential resolutions and steadier oil supplies has encouraged buying.

Although volatility unsettles retail investors, institutional trading desks benefit from elevated volumes that generate higher commissions and fees.

Wells Fargo also released results Tuesday, showing a 22 percent increase in net income to $6.4 billion, or $2 per share, versus $5.5 billion a year ago. Revenue of $22.6 billion exceeded expectations.

CEO Charlie Scharf attributed the gains to a solid economy and greater flexibility to invest following the end of prior regulatory constraints. Investment banking revenue rose 20 percent and markets revenue advanced 24 percent.

Wells shares fell 1.9 percent before the bell.

Goldman Sachs and Bank of America likewise delivered strong quarters that topped expectations.

Goldman reported $6.6 billion in profit, or $20.98 per share, on $20.3 billion in revenue, with shares rising 4 percent in early trading.

Bank of America posted $9.1 billion in profit, up 27 percent from $7.2 billion a year earlier, though its shares slipped 1.3 percent.