As the market is hit by the Covid-19 crisis, JPMorgan asset and wealth management division became the only one of the bank’s four units to withstand the shock caused by the pandemic in Q1 2020.

The unit’s net income remained stable at $664m in Q1 2020.

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Higher management fees on higher average market levels, net inflows, and increased brokerage activity led to a 3% rise in net revenue to $3.6bn.

Noninterest expense at the unit remained unchanged at $2.7bn while provision for credit losses was $94m.

Driven by cumulative net inflows, assets under management increased 7% to $2.2trn as of 31 March 2020.

Overall, the banking group reported a net income of $2.86bn in Q1 2020, a 69% slump from $9.18bn in Q1 2019.

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The performance was mainly affected by a reserve build of $6.8bn for bad loans.

JPMorgan chairman and CEO Jamie Dimon said: “The company entered this crisis in a position of strength, and we remain well capitalised and highly liquid – with a CET1 ratio of 11.5% and total liquidity resources of over $1trn.

“And JPMorgan Chase performed well in what was a very tough and unique operating environment – growing deposits in every line of business and providing loans as we extended credit and served as a port in the storm for our clients and customers.

“In the first quarter, the underlying results of the company were extremely good, however given the likelihood of a fairly severe recession, it was necessary to build credit reserves of $6.8bn, resulting in total credit costs of $8.3bn for the quarter.”