The Asset & Wealth Management (AWM) unit of JPMorgan Chase reported a net income of $719m for the Q2 of 2019.
This marks a 5% decrease from Q2 of 2018 income of $755m.
The division’s net revenue for Q2 was $3.56bn, almost unchanged compared to the same quarter in 2018.
Assets under management totalled $2.2 trillion at the end of June 2019, a 7% rise from last year.
The bank attributed the growth to inflows into long-term and liquidity products.
The number of wealth management client advisers at the end of Q2 was 2,735.
JPMorgan group shines in Q2
At group level, JPMorgan registered a net income of $9.65bn in Q2, a 16% surge from $8.31bn last year.
On a reported basis, the group’s total net revenue rose 4% to $28.83bn from $27.75bn.
Provision for credit losses dropped 5% year-on-year to $1.15bn.
Commenting on the performance, JPMorgan chairman and CEO Jamie Dimon said: “We had a strong second quarter and first half of 2019, benefitting from our diversified global business model.”
“We were pleased to announce a meaningful increase to our dividend and repurchases. While we always prefer to invest capital back into the business, our capital plan provides us with the capacity and flexibility to return excess capital to our shareholders,” Dimon added.