In the asset management division, net income was $443 million, an increase of $58 million, or 15 per cent, from the prior year. These results reflected higher net revenue, lower non-interest expense and lower provision for credit losses, JP Morgan said in a statement last Friday.

Revenue from private banking was $1.4 billion, up 5 per cent from the prior year.

Assets under supervision were $2.0 trillion, an increase of $225 billion, or 12 per cent, from the prior year. Assets under management were $1.4 trillion, an increase of $127 billion, or 10 per cent, due to the effect of higher market levels and net inflows to long-term products. Custody, brokerage, administration and deposit balances were $650 billion, up $98 billion, or 18 per cent, primarily due to the effect of higher market levels and custody and brokerage inflows.

The bank had a Tier 1 common ratio of 10.4 per cent at the end of the quarter.