JP Morgan has reported second quarter net profit for its wealth and asset management division of $624 million, up 20 percent year on year.
Revenue totalled $3.2 billion, up nine percent. The bank said this increase was due to “higher market levels and strong banking results driven by high deposit spreads”. This revenue was split with wealth management accounting for $1.65 billion and asset management accounting for $1.56 billion.
Wealth management recorded a pre-tax margin of 33 percent and asset management 31 percent.
Assets under management totalled $1.876 billion, up 11 percent year on year. This was made up of $488 million of private banking assets, $889 million of institutional assets and $499 million of retail assets. Each component was up 15 percent, 10 percent and nine percent year on year respectively.
Total client assets reached $2.598 billion, an 11 percent increase year on year. This was made up of $1.188 billion of private banking assets, $909 million of institutional assets and $501 million of retail assets. This represented rises of 12 percent, 10 percent and nine percent respectively.