JP Morgan today said that revenue from private banking rose 15 per cent to $1.3 billion in the first quarter of 2011 compared with the same period a year ago.

The quarterly data statement gave few other financial details on the performance of the private bank.

Overall, the Wall Street banking giant said it reported first-quarter net income of $5.6 billion, up sharply from $3.3 billion a year ago. Earnings per share were $1.28, compared with $0.74 in the first quarter of 2010. A survey of analysts at Thomson Reuters estimated earnings of $1.16 per share.

At the asset management side of the bank, it said net income was $466 million, an increase of $74 million, or 19 per cent, from the prior year. These results reflected higher net revenue and a lower provision for credit losses, largely offset by higher noninterest expense.

Assets under supervision were $1.9 trillion, an increase of $201 billion, or 12 per cent, from the prior year. Assets under management were $1.3 trillion, an increase of $111 billion, or 9 per cent. Both increases were due to the effect of higher market levels and record net inflows to long-term products, partially offset by net outflows in liquidity products. Custody, brokerage, administration and deposit balances were $578 billion, up by $90 billion, or 18 per cent, due to the effect of higher market levels and custody and brokerage inflows.

"Retail Financial Services demonstrated good underlying performance, while we continued to invest in building branches and adding to our sales force. However, this performance was more than offset by the extraordinarily high losses we still are bearing on mortgage-related issues. Unfortunately, these losses will continue for a while. Rest assured, we are fully engaged in fixing our problems and addressing our mistakes from the past, and we will strive to build the best mortgage business going forward,” Jamie Dimon, chief executive of JP Morgan, said in a statement.