American banking giant JPMorgan Chase has posted a net income of $6.29bn for the second quarter of 2015, an increase of 5% compared to $5.98bn in the year ago quarter.
Net revenue for the quarter was $24.5bn, a decrease 3% compared to $25.34bn in the second quarter of 2014.
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"The decline in revenue was driven by lower mortgage banking revenue and lower CIB Markets revenue related to business simplification, partially offset by growth in asset management," the bank said in a statement.
The group’s provision for credit losses was $935bn, up 35%, despite lower net charge-offs, due to lower reserve releases compared with the prior year.
The bank’s corporate and investment banking division reported a net income $2.34bn for the second quarter of 2015, up 10% compared to $2.13bn in the year ago second quarter.
While, net income for asset management division was $451m, a decrease of 21% compared to $569m a year ago. Net revenue was $3.2bn, an increase of 6%.
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By GlobalDataNet interest income at asset management division was $631m, up 5%, driven by higher loan and deposit balances. Assets under management were $1.8 trillion, an increase of 4% from the prior year.
Commenting on the results, JPMorgan Chase chairman and CEO Jamie Dimon said: "This quarter was another example of the power of our platform and risk discipline, and of being there for our clients – as we always are – in good times and in volatile markets."
"W e are focused on executing on our commitments and we’ve made good progress this quarter, including meeting regulatory requirements, reducing non-operating deposits, and adding to our capital. We are also on target to deliver on our expense commitments. We continue to add value to our customers, clients and communities, and, as always, we operate with fortress principles," Dimon added.
