The US bank has, in its usual fashion, kicked off the latest quarterly cycle of reporting by large banks.

The asset and wealth management arm of JP Morgan – which includes the US lender’s private bank – said today that its net income in the three months to end-September rose 16 per cent year-on-year to $1.417 billion.

Net revenue rose 10 per cent to $5 billion, while non-interest costs rose 4 per cent over the year to $3.138 billion. There was a fall in provisions for credit losses to $13 million from $102 million in the same quarter of 2022, JP Morgan said in a statement today. 

Total assets under management at JP Morgan rose 22 per cent to $3.2 trillion; client assets in total were up 21 per cent at $4.6 trillion, boosted by net inflows and rising market levels.

Earlier this year the bank bought First Republic Bank amidst a state-brokered rescue of the latter firm. For the group as a whole, net income rose to $13.15 billion in Q3 from $9.737 billion a year before. Reported net revenue rose to $39.874 billion from $32.72 billion, it said. Net income attributable to First Republic was $1.1 billion in the quarter.

At the end of September, JP Morgan said it had a Common Equity Tier 1 capital ratio of 14.3 per cent on an advanced basis. Return on equity was 18 per cent.