Profits for JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) rose in the third quarter, a show of strength by the largest banks despite headwinds faced by many of their smaller rivals this year.

JPMorgan, the country's largest lender, reported earnings of $13.2 billion that were up 35% from the same period a year ago. Its revenue of $40.7 billion was up 21%. Its net income and revenue beat Wall Street expectations.

CEO Jamie Dimon said in a release that US consumers and businesses "generally remain healthy" but noted a number of economic risks, including the possibility that inflation remains elevated and interest rates continue to rise.

Wars in Ukraine and Israel, he added, could also impact energy, food markets, global trade and geopolitical relationships.

"This may be the most dangerous time the world has seen in decades," he said.

Profits at Wells Fargo were up 61% from a year ago and 2% at Citigroup. Profits fell at a regional bank, PNC (PNC), a sign that smaller lenders are having a tougher time churning out higher results.

The stocks of JPM, Citigroup and Wells Fargo were all higher Friday morning, while PNC fell.

The results kicked off a closely watched earnings season where banks of all sizes will be trying to show how they are navigating an extended period of high interest rates that is proving to be one of the most challenging for the industry since the 2008 financial crisis.

JPMorgan demonstrated its dominance during the chaos of the spring by winning a government-run auction to purchase the bulk of operations of First Republic after regulators seized the San Francisco lender.

First Republic was one of three sizable regional banks to fail, along with Silicon Valley Bank and Signature Bank. Their seizures triggered a panic in the banking system and outflows of depositors from a number of smaller banks.

A focus for many investors in the coming weeks will be what banks say about a key measure of profitability known as net interest income, which measures the difference between what banks earn on their loans and pay for deposits.

JPMorgan's net interest income of $22.9 billion beat expectations. It was up 5% from the last quarter and 30% jump from the same period a year ago. Excluding its purchase of First Republic, the figure was up 21%.

It also raised expectations for full year net interest income to between $88.5-$89 billion.

Wells Fargo’s net interest income topped Wall Street expectations and it also raised its full-year guidance.

Citigroup also showed improvement in its investment-banking fees, which were up 34% from a year ago. That bodes well for some other giant banks such as Goldman Sachs (GS) and Morgan Stanley (MS) that are heavily reliant on dealmaking for their revenues.