The New York-listed banking giant fired the starting gun for the quarterly reporting season, showing that earnings and revenues in the business including wealth management gained from a year earlier.

JP Morgan yesterday reported that net revenue in its asset and wealth management division – which includes its private bank – rose 12 per cent year-on-year in the third quarter of 2025, standing at $6.1 billion.

Management fees were the main driver of revenue gains, helped by net inflows and higher market levels, the US banking group said in a statement. The bank is customarily the first major US bank to start the quarterly results reporting season. 

Net income in wealth and asset management rose 23 per cent on a year earlier to $1.658 billion, it said. 

Provision for credit losses rose to $59 million – affected by one single client – from $4 million a year before.

Noninterest costs rose 5 per cent to $3.818 billion.

The bank said assets under management rose 18 per cent on a year earlier to $4.6 trillion; total client assets were $6.8 trillion, rising 20 per cent.

In his comments on the results, CEO Jamie Dimon noted that first-time investors on the wealth management side of the business surpassed 43,000 – a record high.

Group-wide, JP Morgan said net income rose 12 per cent to $14.393 billion; provision for credit losses rose 9 per cent and noninterest costs rose 8 per cent. Net revenue, on a reported basis, gained 9 per cent on a year earlier to $46.43 billion in Q3 2025.

Dimon cautioned about the outlook. “While there have been some signs of a softening, particularly in job growth, the US economy generally remained resilient. However, there continues to be a heightened degree of uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty, elevated asset prices and the risk of sticky inflation.

“As always, we hope for the best, but these complex forces reinforce why we prepare the firm for a wide range of scenarios,” he added.

So far in 2025, shares in JP Morgan have risen by more than 28.3 per cent.