The private banking business of JPMorgan has reported revenue of US$1.6 billion for the second quarter of 2014, an increase of 5% from the prior year.
The private banking results of JPMorgan are contained in its asset management division. The division posted a net income of US$552 million, an increase of US$52 million, or 10%, compared with the prior year.
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The asset management division’s client assets were US$2.5 trillion, an increase of US$316 billion, or 15%, compared with the prior year.
Assets under management (AuM) were US$1.7 trillion, an increase of US$237 billion, or 16%, from the prior year, due to the effect of higher market levels and net inflows to long-term products.
Custody, brokerage, administration and deposit balances were US$766 billion, up US$79 billion, or 11%, from the prior year, due to the effect of higher market levels and custody inflows, partially offset by brokerage outflows.
Across the bank as a whole, the banking group reported net income of US$6 billion, compared with net income of US$6.5 billion in the second quarter of 2013.
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By GlobalDataCommenting on the financial results, Jamie Dimon, chairman and CEO of JPMorgan, said: "The Corporate & Investment Bank saw strong performance in fees with #1 position in Global IB fees YTD, global debt and equity, global syndicated loans and global long-term debt. Commercial Banking clients generated record investment banking revenues in the first half of the year. Asset Management had excellent performance across all measures."
"Toward the end of the second quarter, we saw encouraging signs across our businesses including an uptick in wholesale utilization, strengthening pipelines in our commercial and business banking segments, and some improvements in markets activity. While it is too early to assume that this momentum will continue, we have confidence in the long-term growth of the economy," Dimon added.
The bank’s common equity Tier 1 ratio at the end of the quarter was 9.8%.
