The first batch of the biggest U.S. lenders’ quarterly earnings reflected two realities of an economy that is on solid footing but just starting to exit a period of decades-high interest rates: Consumer spending is holding up,

Net income fell to $12.9 billion from $13.2 billion in the year-ago quarter. However, the New York bank’s earnings per share rose to $4.37 from $4.33 because there are fewer outstanding shares in the latest quarter. That beat Wall Street analysts’ forecasts, which called for a profit of $3.99 a share, according to FactSet.