Net income and revenues rose at the bank's asset and wealth management arm in Q3.

The asset and wealth management arm of JP Morgan, which includes its private banking operations, logged a 7 per cent year-on-year rise in net income, standing at $724 million, in the three months to the end of September.

The revenue gain was achieved on a net revenue rise of 3 per cent over the period, with the figure at $3.559 billion in the quarter, the US-listed banking group said last Friday as the results season kicked off. 
JP Morgan said net revenue growth was driven up by higher management fees, helped by stronger market levels and net inflows into long-term products. 

Assets under management at this business division stood at $2.1 trillion a gain of 7 per cent.

Across the entire JP Morgan group, net income surged 24 per cent year-on-year in the quarter, at $8.38 billion; it also rose from the previous quarter’s figure of $8.316 billion, it said.

JP Morgan set aside $948 million for credit loss provisions in the quarter, falling from $1.5 billion a year ago.