JPMorgan Chase has posted a net income of $6.2bn for the second quarter of 2016, a marginal decline of 1% compared to $6.29bn in the year-ago quarter.
Net revenue for the quarter stood at $24.38bn, up 2% from $23.81bn in the prior year quarter.
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The group's provision for credit losses were $1.4bn, compared to $935m a year ago. Noninterest expense dropped 6% to $13.64bn from $14.5bn a year earlier.
The bank's corporate and investment banking unit reported a net income of $2.49bn for the second quarter of 2016, up 6% from $2.34bn in the corresponding quarter of 2015.
The asset management division of the bank posted a net income $521m, a rise of 16% compared to $451m in the prior year quarter. However, the unit's net revenue declined 7% to $2.94bn from $3.17bn a year ago.
Total assets under management (AuM) at the unit at the end of the second quarter stood at $1.69bn, down 5% from $1.78bn a year ago.
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By GlobalDataJPMorgan chairman and CEO Jamie Dimon said: “JPMorgan Chase continued to perform well in all of our major businesses. We saw strong underlying performance with record consumer deposits (up 10%), credit card sales volume (up 8%), merchant processing volume (up 13%) and broad core loan growth (up 16%) – particularly in mortgage and commercial real estate. Outside of energy, both wholesale and consumer credit quality remained very good."
