JPMorgan Chase reported a dip in profits on higher costs Friday while still topping expectations as executives described US consumers as healthy and the economy as poised to avoid recession.

U.S. stocks were mixed as bank earnings kicked off. The S&P 500 and Dow industrials rose, while the Nasdaq Composite edged down.

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The investment bank will offer retail services to individuals and small business customers in disadvantaged inner-city neighborhoods and rural towns.

Shares of JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC), the two largest banks in the country, traded roughly 4.2% and nearly 5% higher, respectively. Shares of Wells Fargo (NYSE: WFC) traded nearly 6% higher.

CEO Jamie Dimon acknowledged the bank was "over-earning" on net interest income and "below normal" credit costs that will both normalize over time.

JPMorgan Chase is leveraging strong earnings and diversified business sectors to navigate challenges posed by declining interest rates. Read more on JPM here.