JPMorgan Chase, one of the largest banks in the world, has reported record quarterly revenue thanks to increased interest rates. The bank posted earnings of $29.9 billion for the quarter, which surpassed expectations and demonstrated the strength of the bank’s business model.

The increase in revenue was driven by strong growth in the bank’s lending operations, as well as higher returns from its investment portfolio. JPMorgan is one of several large financial institutions that posted earnings on Friday, with Goldman Sachs and Wells Fargo also reporting strong financial results.

Investors have reacted positively to the news, with JPMorgan’s stock price rising by 2% in early morning trading. The bank’s solid performance is seen as a positive sign for the broader economy, as it suggests that businesses and consumers are feeling confident enough to borrow and invest.

Despite the strong results, some analysts are cautioning that the bank’s success may be temporary, as interest rates are expected to remain low for the foreseeable future. It is unclear how JPMorgan and other banks will maintain their profits in a low-rate environment, but for now, investors are enjoying the positive news.