Financial Results

JP Morgan's Wealth, Asset Arm Logs Net Income Rise

Robbie Lawther, Reporter, 16 July 2018

articleimage

The firm also logged a rise in its net revenue, non-interest expense and assets under management for its Q2 2018 results.

JP Morgan’s asset and wealth management arm has reported a net income rise of 21 per cent in its second quarter 2018 results. It rose from $624 million in Q2 2017 to $755 million in the same period for 2018.

The firm also logged a four per cent rise in its net revenue, which stood at $3.6 billion in Q2 2018. It said that this was driven by higher management fees on growth in long-term products and higher banking results. 

Its non-interest expense was reported at $2.6 billion, an increase of six per cent, largely driven by investments in technology and advisors, as well as higher external fees on revenue growth.

The wealth arm’s assets under management stood at $2 trillion, up eight per cent from 2017. It was driven by net inflows into long-term and liquidity products, as well as higher market levels.

Overall the firm’s net revenue was $28.4 billion, up six per cent from the same period last year.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes