In Q3, its wealth management business generated record revenue and net income, reporting $2.6 trillion in managed assets, up by 16 per cent year-on-year. Net income for the quarter was up by 31 per cent to $877 million. Net revenue rose by 5 per cent to $3.7 billion, largely on the back of higher deposit and loan balances, along with higher management fees and brokerage activity, the bank said. Noninterest expense was flat for the quarter at $2.6 billion; and credit loss provisioning added $51 million, driven by reserve releases. Average loans were up by 13 per cent; and average deposits up by 23 per cent in wealth management. The business also reported strong net inflows into long-term products.

Overall, the bank improved its capital and liquidity position for the three-month period, increasing capital to $198 billion and a Common Equity Tier 1 ratio of 13 per cent, up 60 basis points after dividend payouts. It also increased liquidity to $1.3 trillion.

Chairman and CEO Jamie Dimon said the bank had maintained credit reserves at $34 billion as it continues to provision for uncertainty and “a broad range of potential outcomes.”

Its corporate and investment banking business continued to drive overall performance, with markets revenue up by 30 per cent and global investment banking fees up by 9 per cent for the quarter. Deposits in the consumer and community banking division also rose by 28 per cent on last year.

The chairman and chief executive noted that more positive conditions for mortgage lending and combined debit and credit card spending showed positive year-on-year growth in September for the first time since the widespread shutdowns.