The quarterly reporting season for banks started late last week with JP Morgan.

(This article was initially published last Friday in Family Wealth Report, sister news service to this one.)

JP Morgan kicked off the third-quarter reporting season for banks by announcing that net income stood at $6.286 billion, up from $6.2 billion in the previous three-month period but down from $6.804 billion a year earlier.

Net revenue on a reported basis was $24.7 billion, up from $22.8 billion a year ago, the US-listed banking giant said in a statement last Friday.

Provision for credit losses rose to $1.271 billion in Q3 from $682 million a year ago. Non-interest costs were $14.463 billion, down from $15.368 billion a year ago.

The lender made no reference to its private banking results, which are incorporated into the asset management segment.

Within its asset management division, JP Morgan said net income rose to $557 million in Q3 against $475 million a year ago; net revenue rose to $3.047 billion from $2.894 billion. Total assets under management stood at $1.8 trillion, a gain of 4 per cent on the back of market performance and inflows into longer-term products, it said. There were net inflows of $19 billion into long-term products and $22 billion into liquidity products.

The tier one capital ratio of the bank, a common measure of a bank’s financial strength, was 13.6 per cent at the end of the third quarter, compared to 13.1 per cent a year earlier.