JP Morgan said revenue generated by its private bank in the first quarter of 2010 stood at $698 million, a rise of 20 per cent from the same period a year ago.

The Wall Street banking titan added that revenues in its Private Wealth Management segment rose by 10 per cent to $343 million.

Across the entire asset management segment in which the private bank is included, net revenue in the first quarter of this year was $2.131 billion, compared with $1.7 billion in the same quarter of 2009.

The US banking and wealth management giant has seen its fortunes recover since the financial crisis, being one of the banks that has managed to weather the storm in relatively strong shape.

However, data showed that assets held in the private banking segment have fallen slightly since the start of this year.

Within the private bank, assets stood at $184 billion at the end of March, compared with $187 billion at the end of December.

JP Morgan reported first quarter net income of $3.3 billion, or $0.74 per share, on revenue of $28.2 billion, compared with earnings per share of $0.4 in the first quarter of 2009.

Assets under supervision across the group stood at $1.7 trillion, a rise of 17 per cent on the same period a year before, while assets under management rose 9 per cent to $1.2 trillion.

The increases were due to the effect of higher market levels and inflows in fixed income and equity products offset largely by outflows in liquidity products.

Custody, brokerage, administration and deposit balances were $488 billion, up by $139 billion, or 40 per cent, due to the effect of higher market levels on custody and brokerage balances, and custody inflows in the Private Bank.

“Our first-quarter earnings generated additional capital, resulting in a very strong Tier 1 Capital ratio of 11.5 per cent and a Tier 1 Common ratio of 9.1 per cent,” said Jamie Dimon, chief executive.