American banking giant JPMorgan Chase has reported net income of $5.91bn for the first quarter of 2015, an increase of 12% compared to $5.27bn in the year ago quarter.
The bank posted net revenue of $24.8bn, up $967m compared with the prior year, predominantly driven by strong performance in the corporate & investment bank.
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Net income at the bank’s corporate and investment banking division rose by $412m year-on-year to $2.5bn, while net income for the asset management unit was $502m, an increase of $48m from the year ago period.
Assets under management (AuM) at the bank’s asset management division were $1.8 trillion, an increase of 7% or $111bn from the year ago.
JPMorgan CEO Jamie Dimon said: "Asset management had $16bn of net long-term inflows, generated strong investment performance and continued to grow loan and deposit balances."
The bank also recorded a 5% rise in revenue from fixed-income bond trading to $4.07bn. The figure is adjusted for the sale of businesses last year, including a commodities operation.
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By GlobalDataThe bank’s quarterly net interest income was $11bn, relatively flat compared with the year ago quarter.
The current quarter also benefited from $177m in tax adjustments, compared to a tax charge of approximately $90m in the prior year.
