The asset and wealth management arm of JPMorgan saw net income in Q4 2019 rise 30% compared to Q4 2018.
Net income totalled $785m in Q4 2019 while it was just $604m in Q4 2018.
In addition, assets under management were $2.4trn, a rise of 19%. The bank stated that this was due to the impact of higher market levels and net inflows into both long-term and liquidity products.
Furthermore, net revenue was $3.7bn, an increase of 8% compared to the previous year. This was attributed to higher investment valuations and average market levels, and also deposit and loan growth. This was slightly offset by deposit margin compression.
Jamie Dimon, chairman and CEO, said: “JPMorgan Chase produced strong results in the fourth quarter of 2019, capping off a solid year for the Firm where we achieved many records, including record revenue and net income.
“While we face a continued high level of complex geopolitical issues, global growth stabilised, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year. The U.S. consumer continues to be in a strong position and we see the benefits of this across our consumer businesses.
“In Consumer & Community Banking, average deposits grew at 5%, somewhat aided by lower short-term rates, and we continued to add customers in new and existing markets, and deepen our customer relationships by offering great deposit, investment and lending products. The robust holiday season was reflected in our card sales volumes and loan balances, up 10% and 8%, respectively.
“In Asset & Wealth Management, we grew loans and deposits at a healthy pace, and for the full-year, we brought in record long-term net flows of $100 billion.”
In December 2019, the American bank secured the final regulatory approval to open its majority-owned securities joint venture (JV) in China.
The firm received the green light from the China Securities Regulatory Commission (CSRC) that will enable JP Morgan Securities (China) Company to commence its operations in the country.
The new unit will offer securities brokerage, investment advisory, securities underwriting and sponsorship services to local and international clients.