JP Morgan asset & wealth management (AWM) arm has reported a profit of $1.2bn for the third quarter of 2021, a surge of 36% from $876m a year ago.
The net revenue increased 21% to $4.3bn in the quarter, owing to higher management fees and growth in deposit and loan balances.
During the quarter, the unit’s assets under management (AuM) rose to $3 trillion in the three months to 30 September 2021.
This increase in AuM was driven by higher market levels as well as cumulative net inflows.
AWM’s noninterest expense was $2.8bn in the quarter, up 13% from $2.4m in the same quarter 2020.
The bank said that this rise was noninterest expense was largely brought in by higher performance-related compensation, distribution fees, and structural expense.
Overall, JPMorgan Chase & Co group reported a net income of $11.7bn, a surge of 24 % compared to $9.44bn a year earlier.
Diluted earnings per share was $3.74 for the quarter as against $2.92 in the year ago period.
Net revenue increased 2% to $30.4bn during the period while noninterest revenue climbed 3% to $17.3 bn.
The provision for credit losses was a net benefit of $1.5bn, against a net provision of $611m in the same quarter last year.
JP Morgan chairman and CEO Jamie Dimon said: “JPMorgan Chase delivered strong results as the economy continues to show good growth – despite the dampening effect of the Delta variant and supply chain disruptions. We released credit reserves of $2.1bn, as the economic outlook continues to improve and our scenarios have improved accordingly.
“We are making important investments, including strategic, add-on acquisitions that will drive our firm’s future prospects and position it to grow and prosper for decades.”
In June this year, JP Morgan Asset Management acquired forest management and timberland investing company Campbell Global from BrightSphere Investment for an undisclosed sum.