JPMorgan’s net income rose 9% to $14.6 billion in the first quarter and the New York bank beat Wall Street’s profit and revenue targets, but its chief executive warned of global economic uncertainties ahead due to President Donald Trump’s ongoing trade war and other geopolitical tensions.

CEO Jamie Dimon said a strong performance by the bank’s markets division helped lift the bank to another strong quarter.

JPMorgan’s earnings per share rose to $5.07 per share from $4.44 a year ago. The result beat Wall Street profit projections of $4.63 a share, according to the data firm FactSet. Total managed revenue hit $46 billion, up from the $41.9 billion a year ago. Wall Street was expecting revenue of $44 billion.

Trump’s herky-jerky tariff increases — currently bumped up by 10% for most U.S. trading partners and 145% for China — have sent financial markets into dizzying fluctuations for weeks and created an enormous amount of uncertainty about where the global economy is headed. That’s bad for banks, which thrive on stability and healthy consumers and businesses borrowing money.

JPMorgan shares rose 3.1% in premarket trading.