JP Morgan Chase & Co today reported $5.6 billion in net income for the third quarter of 2014, compared with a net loss of $0.4 billion a year ago, while revenue was up 5 per cent year-on-year at $25.2 billion.

JP Morgan Chase & Co today reported $5.6 billion in net income for the third quarter of 2014, compared with a net loss of $0.4 billion a year ago, while revenue was up 5 per cent year-on-year at $25.2 billion. 

Private banking client assets surpassed $1 trillion ($1.052 trillion) - up 13 per cent year-over-year, the firm said. Average loans in private banking were $101.4 billion - a record - up 16 per cent from the prior year and 3 per cent from the prior quarter. Average deposits were $151.2 billion, also a record, the firm said, up 9 per cent from a year ago and 2 per cent from the prior quarter.

Revenue from global wealth management – reported as part of the asset management unit breakdown – was $1.4 billion, up 5 per cent. Revenue from global investment management was $1.6 billion, up 13 per cent, compared to a year ago.

Within asset management, JP Morgan logged $572 million in net income, an increase of $96 million, or 20 per cent, from the prior year. This reflects higher net revenue, partially offset by higher non-interest expense, the firm said in its latest earnings release.

Net revenue in asset management was $3.0 billion, up 9 per cent from the prior year, while non-interest revenue was $2.4 billion, up 11 per cent. The latter was due to net client inflows and the effect of higher market levels, according to the statement.

Assets under management were $1.7 trillion, up 11 per cent from a year ago, which the firm attributed to the effect of higher market levels and net inflows to long-term products.

Meanwhile, client assets rose by 4 per cent to reach $2.3 trillion, representing a year-on-year increase of $98 billion but a 5 per cent decline from the previous quarter.

The provision for credit losses in asset management was $9 million, compared with a negligible provision for credit losses in the prior year.

Non-interest expense was $2.1 billion, up 4 per cent from the prior year, “as the business continues to invest in both infrastructure and controls,” JP Morgan said.

"Despite challenges, we have continued to deliver strong underlying performance, maintain our fortress balance sheet and liquidity, simplify the business and adapt to regulatory changes," said Jamie Dimon, chief executive. "We remain very focused on executing the control agenda and investing to protect our customers and the company for the future."