JPMorgan Chase has reported a net income of $7.03bn for the second quarter of 2017, an increase of 13% compared to $6.2bn a year ago.
Net revenue for the quarter ended 30 June 2017 stood at $26.4bn, a rise of 5% compared to $25.2bn in the corresponding quarter of 2016. The provision for credit losses was $1.2bn, down from $1.4bn in the prior-year quarter.
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During the quarter, the banking group’s net interest income rose 8% to $12.5bn due to rising rates and loan growth.
The Asset & Wealth Management (AWM) division of the group posted a net income of $624m for the second quarter of 2017, a surge of 20% compared to $521m reported a year ago.
The division’s net revenues were $3.2bn, an increase of 9% over the second quarter of 2016. Total assets under management at the unit stood at $1.9 trillion, a rise of 1 1% compared to the year ago figures.
The consumer and community banking unit of the group reported $11.4bn in revenue, flat from a year ago. While, the unit’s net income dipped 16% year-on-year to $2.2bn.
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By GlobalDataCommenting on the results, JPMorgan Chase chairman and CEO Jamie Dimon said: “The U.S. consumer remains healthy, evidenced in our strong underlying performance in Consumer & Community Banking. Loans and deposits continue to grow strongly, and car d sales and merchant processing volumes were up double digits, reflecting our consistent investment in the business. In the Corporate & Investment Bank, we maintained our leadership in Banking, while Markets r revenue was down amid lower volatility and client activity.
Dimon added: “Commercial Banking delivered record results this quarter with broad strength across products and markets. And in Asset & Wealth Management, the performance also was excellent with record net income and AUM.
“We are also pleased to announce increases to our capital return plans while continuing to invest in our businesses for long-term profitability – reflecting the financial strength of our company and the significant capital and liquidity improvements we have made over the past several years,” Dimon concluded.
