Reports

JP Morgan's Wealth, Asset Arm Net Income Dips In Q2

Editorial Staff, 17 July 2019

articleimage

The bank reported Q2 financial results, showing a dip in asset and wealth management net income.

JP Morgan said that net income at its assets and wealth arm was $719 million in the second quarter of this year, a fall of 5 per cent on a year earlier.

Net revenue stood at $3.6 billion, broadly unchanged from a year ago, as the impact of higher average market levels was offset by lower investment valuation gains.

Non-interest costs stood at $2.6 billion, rising by 1 per cent, driven by continued investments in advisors and technology, partially offset by lower distribution fees. Assets under management were $2.2 trillion, up by 7 per cent, driven by inflows into both long-term and liquidity products and the impact of higher market levels. Clients assets in total were just under $3.0 trillion.

Across the whole banking business, net income for the group was $9.652 billion in Q2, a rise of 16 per cent year-on-year. Earnings per share, at $2.82 per share, rising by 23 per cent on a year before.

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