The Asset & Wealth Management (AWM) unit of JPMorgan Chase posted a net income of $654m for the fourth quarter of 2017, an increase of 12% compared to $586m in the corresponding quarter of 2016.
The division’s net revenue was $3.37bn, an increase of 9% compared with $3.08bn in the year ago quarter.
JPMorgan Chase chairman and CEO Jamie Dimon said: “In Asset & Wealth Management, loans and AUM were up, 9% and 15%, to record levels, and we brought in $68 billion of long-term net flows.”
Overall, the banking group reported a net income of $4.23bn for the fourth quarter of 2017, a slump of 37% over $6.72bn reported in the corresponding quarter of 2016.
The group’s net revenue for the quarter ended 31 December 2017 was $24.15bn, up 3% from $23.37bn reported a year ago. Provision for credit losses surged 51% year-on-year to $1.31bn.
“2017 was a record year on many measures for JPMorgan Chase as we added clients and customers and delivered record EPS,” Dimon noted.