JPMorgan’s consumer & business banking division has posted a net income $914m for the third quarter of 2014, an increase of 20% compared with the prior year.
The division’s net revenue for the quarter ended 30 September 2014 was $4.6bn, up 5% compared with the prior year.
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Net interest income rose by 4% to $2.8bn compared with the prior year, driven by higher deposit balances, largely offset by deposit spread compression, the bank said in a statement.
Noninterest revenue was $1.9bn, an increase of 6%, driven by higher investment revenue, reflecting record client investment assets, higher deposit-related fees and higher debit card revenue.
Noninterest expense of the consumer & business banking division was $3bn, down 1% from the prior year.
The bank’s mortgage banking unit posted a net income $439m, a decrease of $266m from the prior year. While, net revenue was $2bn, a decrease of $36m compared with the prior year.
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