The Asset & Wealth Management (AWM) unit of JPMorgan Chase posted a net income of $724m for the third quarter of 2018, an increase of 7% compared to $674m in the same period of 2017.

The division’s net revenue for the quarter ended 30 September 2018 was $3.56bn, up 3% from $3.47bn in the corresponding quarter last year.

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Assets under management totalled $2.1 trillion as at 30 September 2018, a 7% rise from $1.9 trillion in the previous year.

The number of wealth management client advisers was 2,808 at the end of the third quarter of 2018, a 9% increase from 2,581 last year.

JPMorgan Chase chairman and CEO Jamie Dimon said: “Mixed results in Fixed Income Markets were offset by strong performance in Equities. Commercial Banking delivered another strong quarter, and Asset & Wealth Management attracted positive flows across all asset classes.”

Overall, the banking group registered a net income of $8.38bn in the third quarter of 2018, a surge of 24% from $6.73bn a year earlier.

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The group’s quarterly net revenue increased 7% to $27.26bn from $25.58bn last year. Provision for credit losses dropped 35% year-on-year to $948m.

“JPMorgan Chase delivered strong results this quarter with top-line growth in each of our businesses, demonstrating the power of our platform. The U.S. and the global economy continue to show strength, despite increasing economic and geopolitical uncertainties, which at some point in the future may have negative effects on the economy,” Dimon noted.