Reports
Net Income, AuM Rises At JP Morgan's Wealth, Asset Arm
The US bank reported a broadly strong set of results, including for its wealth management segment.
JP Morgan today
reported that assets under management hit a record of $1.9
trillion at the end of June, up 11 per cent on a year earlier,
while net income surged 20 per cent in the three months to June
30, standing at $3.2 billion.
The Wall Street-listed titan logged net income of $7.029 billion,
up 13 per cent on the same quarter a year earlier and up 9 per
cent versus the first three months of 2017. JP Morgan is the
first of the major US banks to issue Q2 results, with its peers
due to do so in coming days.
Net revenue rose 5 per cent year-on-year to $26.4 billion, the
bank reported.
Within asset and wealth management, net income for Q2 rose 20 per
cent to $624 million; it surged 62 per cent from the previous
quarter. Net revenues rose 9 per cent on the quarter, to reach
$3.12 billion.
