Amid a surge in market volatility, New York Stock Exchange (NYSE) brokerage firms saw profits decline in the second quarter.

Member firms reported combined after-tax profits of approximately $5.6 billion (all figures in U.S. dollars), down from $7.7 billion in the first quarter, and $8.5 billion in the same quarter last year, the NYSE said.

While profits were down in the second quarter, revenues held up.

Overall, firms generated approximately $55.4 billion in revenues in Q2, which was up from $53 billion in the first quarter and flat compared with the second quarter of 2021. However, profits were squeezed as expenses rose in the second quarter.

Revenues for the first half were up sharply this year to $108.5 billion from $62.2 billion last year — but expenses also jumped this year.

Nevertheless, profits this year are up for the first half.

NYSE firms reported $13.3 billion in first half profits this year, up from $11.7 billion for the same period last year.