Within its asset management arm, JP Morgan said net income fell 19 per cent year-on-year at $475 million, while net revenue fell 5 per cent to $2.9 billion. Net interest income was $633 million, up by 1 per cent as loan balances increased. Non-interest revenue was $2.3 billion, down by 7 per cent, affected by the sale of the retirement planning services business in 2014, lower transactional revenue and lower valuations of seed capital investments, the bank said in a statement yesterday.

Assets under management stood at $1.7 trillion, unchanged on a year ago, as lower market levels offset the effect of net inflows to long-term and liquidity products.

“We had decent results this quarter. We saw the impact of a challenging global environment and continued low rates reflected in the wholesale businesses’ results, while the consumer businesses benefited from favourable trends and credit quality,” Jamie Dimon, chief executive, said.

The bank had a Basel III common equity tier one capital ratio of 11.4 per cent.