Asia’s Nikkei reported that top US banks delivered solid quarterly profit growth on Friday, beating analysts’ expectations, as the sector’s biggest lenders shrugged off the turmoil that hit smaller lenders.

JPMorgan Chase, the largest bank in the United States, announced a net profit of $12.6 billion in the first quarter of 2023, a year-on-year increase of 52%. Earnings per share jumped 56% to $4.10.

The results show how JPMorgan and its peers have fared since the collapse of mid-sized banks Silicon Valley Bank and Signature Bank in March.

Citigroup’s $4.6 billion profit and Wells Fargo’s $5 billion profit also improved in the first quarter of 2022, as did the bank’s earnings per share, according to Asia’s Nikkei.

JPMorgan shares rose more than 7%. Citigroup rose nearly 5%, while shares of Wells Fargo were little changed.

No new US bank failures followed the turmoil in March, prompting depositors to turn to larger financial institutions.

JPMorgan’s total deposits fell 7% year-over-year, Wells Fargo’s total deposits fell 8%, and Citigroup’s deposits held steady. But deposits at JPMorgan rose from the fourth quarter, according to Asia’s Nikkei index.

Rising interest rates pushed JPMorgan’s net interest income soaring 49% year-on-year, while Wells Fargo’s net interest income jumped 45%, Asia’s Nikkei said.

But Asia’s Nikkei said there were signs of unease in the coming months, particularly the possibility of losses on commercial real estate loans, which are under pressure from rising interest rates. JPMorgan increased its credit loss provisions by 55%, and Wells Fargo put $643 million into credit loss provisions, primarily driven by office commercial real estate loans.