Net income in the second quarter of this year rose at the US-listed banking group, while private client AuM rose 18 per cent.

Net income at JP Morgan rose 5 per cent year-on-year to $6.3 billion - or $1.54 a share - at 30 June, 2015, while private banking client assets under management stood at $452 billion, up 18 per cent.

Analysts polled by Thomson Reuters had expected earnings of $1.44 a share, the Wall Street Journal noted.

Net revenue at JP Morgan was $24.5 billion, down 3 per cent, however. This was driven by lower mortgage banking revenue and lower corporate and investment banking markets revenue related to business simplification, partially offset by growth in asset management, the bank said.

Private banking client assets are also up 3 per cent on the previous quarter (Q1 2015: $440 billion).

The firm said the number of Chase Private Client locations rose from 2,408 a year ago to 2,661, while the number of Chase Private Clients went from 262,965 to 290,662 during this time.

Assets under management were $1.8 trillion, an increase of 4 per cent from the prior year, due to net inflows to long-term products and liquidity products.

The provision for credit losses was $935 million, up 35 per cent.

Meanwhile, non-interest expense was $14.5 billion, down 6 per cent, driven by business simplification, and lower legal and mortgage banking expenses, JP Morgan said.