The Asset & Wealth Management (AWM) arm of JPMorgan Chase reported a net income of $755m for the second quarter of 2018, an increase of 21% from $624m a year ago.
The division’s net revenue for the quarter ended 30 June 2018 was $3.57bn, up 4% from $3.43bn in the corresponding quarter of 2017.
JPMorgan Chase chairman and CEO Jamie Dimon said: “Our Asset & Wealth Management business continued to perform well with positive net long-term and liquidity inflows and continued loan growth.”
Overall, the banking group posted a net income of $8.31bn for the second quarter of 2018, up 18% from $7.03bn in the previous year.
The group’s quarterly net revenue was $27.75bn, a rise of 8% from $25.73bn last year. Provision for credit losses remained stable at $1.21bn.
“We see good global economic growth, particularly in the U.S., where consumer and business sentiment is high. Because of this broad growth and the strong underlying performance across each of our businesses, the company delivered record results this quarter. We also want to acknowledge that global competition is getting stronger,” Dimon stated.