The Asset & Wealth Management (AWM) arm of JPMorgan Chase reported a net income of $770m for the first quarter of 2018, compared to $385m a year ago.
The unit’s net revenue for the quarter ended 31 March 2018 was $3.5bn, up 7% from $3.29bn in the same period last year.
JPMorgan Chase chairman and CEO Jamie Dimon said: “Our Asset & Wealth Management business delivered strong results, with long-term net inflows this quarter across all regions, even as volatility returned to the market.”
Overall, the banking group posted a net income of $8.71bn for the first quarter of 2018, a surge of 35% compared to $6.45bn reported in the corresponding quarter of 2016.
The group’s net revenue was $27.9bn, a 12% rise from $24.94bn reported in the previous year. Provision for credit losses dipped 11% year-on-year to $1.16bn.
“2018 is off to a good start with our businesses performing well across the board, driving strong top-line growth and building on the momentum from last year. We have been outpacing the industry on consumer deposit growth while attracting significant net new money and growing client investment assets 13%,” Dimon stated.