Reports
JP Morgan's Wealth, Asset Business Reports Mixed Results

The global banking group kicked off the third-quarter reporting round for banks yesterday.
JP Morgan
yesterday reported that net income at its wealth and asset
management arm declined to $668 million in the third quarter of
this year from $724 million a year earlier. However, net revenues
rose by 9 per cent over the year standing at $3.568 billion.
The US-listed banking giant, which operates in a number of
regions, kicked off the third-quarter results reporting
season, posting a rise in non-interest expenses of $2.622 billion
in its wealth and asset management arm, a rise from $2.585
billion in the third quarter of last year.
Assets under management rose by 8 per cent standing at $2.2
trillion at the end of the quarter, driven by inflows into
long-term and liquidity products, as well as by higher market
levels over the reporting period, JP Morgan said in a
statement.
Across the banking group as a whole, net income rose by 8 per
cent year-on-year standing at $9.08 billion; net revenue also
rose by 8 per cent, standing at $30.064 billion in Q3, it said.
Earnings per share rose by 15 per cent, at $2.68 per share in the
quarter.
The bank said results had been achieved against a background of a
mixed economic and investment picture.
“In the US economy, GDP growth has slowed slightly. The consumer
remains healthy with growth in wages and spending, combined with
strong balance sheets and low unemployment levels. This is being
offset by weakening business sentiment and capital expenditures
mostly driven by increasingly complex geopolitical risks,
including tensions in global trade,” Jamie Dimon, group chief
executive, said.
JP Morgan reported a Basel III Common Equity Tier 1 capital ratio
– a standard international measure of a bank’s capital buffer –
at 12.3 per cent.