JP Morgan 
The bank announced third-quarter net income of $11.687 billion, up from $9.44 billion a year earlier. This was helped by a year-on-year reversal of credit loss provisions, but it fell a touch from $11.948 billion in the previous quarter of this year. It logged $29.647 billion in net revenues for the three months to September 30, up a touch from a year ago but down slightly from the previous quarter. Provision for credit losses showed a negative figure – a net release – of $1.527 billion, against a net provision of $611 million last year as the pandemic continued to rage. At the asset and wealth management side, net income rose to $1.194 billion in Q3, up from $876 million a year earlier; net revenue rose to $4.3 billion from $3.554 billion in the third quarter of 2020.

Goldman Sachs 
Goldman Sachs last Friday reported that net revenues in consumer and wealth management were $2.02 billion for the third quarter of 2021, rising 35 per cent higher than the third quarter of 2020 and 16 per cent higher than the second quarter of 2021. Net revenues in this business area of the US firm stood at $1.64 billion, rising 40 per cent from the third quarter of 2020. 

Management and other fees were significantly higher, primarily reflecting the impact of higher average assets under supervision. Incentive fees were significantly higher, due to harvesting, and net revenues in private banking and lending were higher, primarily reflecting higher loan balances. 

Morgan Stanley
Net wealth management revenues rose to $5.935 billion from $4.654 billion. Fee-based client assets stood at $1.752 trillion, up from $1.333 trillion a year earlier. There were $134.5 billion of net new assets, surging from $51.8 billion a year ago – suggesting a big uptick in investment confidence as the vaccinations spread and lockdown measures eased off. Wealth management delivered a pre-tax margin of 25.8 per cent or 27.7 per cent, excluding integration-related expenses.

BNY Mellon 
Wealth management revenues stood at $305 million in the third quarter of 2021, up from $277 million a year earlier, while pre-tax income was $348 million for its overall wealth and investment arm. The latter figure rose 42 per cent on a year earlier. The wealth/investment arm of the US group said its pre-tax operating margin was 34 per cent in Q3, widening from 27 per cent a year before. Wealth management client assets stood at $307 billion, up from $305 billion at the end of June last year, and up from $265 billion a year before. Higher market values pushed up assets under management.

Northern Trust
It reported $395.7 million in net income for the third quarter of 2021, rising from $294.5 million a year ago, aided by rising revenues and a reversal of some of last year’s credit loss provisions. Trust, investment and other servicing fees stood at $1.111 billion in the latest quarter, up from $1.003 billion in the same period of 2020. Non-interest costs rose to $1.128 billion, from $1.094 billion. 

Assets under management in the wealth business covered by the group stood at $372.9 billion, against $318.5 billion at September 30 last year, Northern Trust said in a statement. Total AuM was $1.532 trillion . Total assets under custody/administration were $15.775 trillion, rising 21 per cent year-on-year.

BlackRock
It reported $9.463 trillion of assets under management, up from $7.808 trillion a year earlier, helped by year-to-date long-term inflows of $290 billion as well as by rising markets. Revenues stood at $5.05 billion, up from $4.369 billion a year earlier. Net income stood at $1.681 billion, rising from $1.364 billion.

UBS
The global wealth management arm of UBS reported a pre-tax profit of $1.5 billion in the third quarter of 2021, up a touch from $1.507 billion a year earlier and continuing a broadly positive trend for its results. Operating income increased by 17 per cent year-on-year. Recurring net fee income increased by 23 per cent, primarily driven by higher average fee-generating assets, reflecting positive market performance and net new fee-generating assets. Net interest income increased by 15 per cent, on higher loan revenues from higher volumes and margins, as well as higher deposit revenues.

Fee-generating assets were slightly down sequentially to $1.412 trillion. Net new fee-generating assets were $18.8 billion, supported by inflows in nearly all regions, and represented an annualized growth rate of 5 per cent in the quarter. Total invested assets as at the end of September were $3.2 trillion. The cost/income ratio declined 69.8 per cent, down 5.8 percentage points year-on-year, as income increased by 17 per cent and operating expenses increased by 8 per cent driven by financial advisor variable compensation.

Credit Suisse
Net income, attributable to shareholders, of SFr434 million in the third quarter of 2021, was down 21 per cent year-on-year. Net revenues rose 5 per cent to SFr5.437 billion; provision for credit losses swung into a net release of SFr144 million, as economic conditions improved. On an adjusted basis, excluding significant items and the Archegos impact, the bank logged a 25 per cent year-on-year rise in pre-tax income, at SFr1.362 billion.

As part of a restructuring to the whole business, Credit Suisse said: “We plan to exit approximately 10 non-core markets. The division expects to hire approximately 500 relationship managers over the next three years, which represents an increase of about 15 per cent from 2021 to 2024. Investments in technology are expected to increase by approximately 60 per cent in 2024 versus 2021.” 

Julius Baer
The bank said assets under management rose to SFr484 billion at the end of October 2021, a year-to-date increase of 12 per cent. The increase was driven by continued net new money inflows as well as positive stock market performance and currency movements. The gross margin for the first ten months of 2021 was slightly above 82 basis points. The decline from the 88 bps reported for the full year 2020 reflects a “softening” in client activity from the “exceptionally high levels” the bank witnessed last year when the pandemic broke out. The bank’s BIS Common Equity Tier 1 capital ratio rose to 16.7 per cent at the end of October 2021 .

Vontobel
The firm said its pre-tax profit for the first nine months of 2021 was “significantly higher” than in the prior-year period. It logged a 4.3 per cent growth in net new money and advised assets grew 16 per cent year-on-year to SFr266 billion. Wealth management net new money rose 6.4 per cent year-on-year, exceeding the firm’s target. Overall, wealth management clients put SFr3.9 billion of new money into the firm over the nine-month period.
 

Deutsche Bank
It reported a slight year-on-year drop in total net revenues, reaching €1.999 billion in the three months to 30 September. As with other banks, a provision for credit losses expected from the pandemic last year narrowed from €174 million to €92 million. Pre-tax profits stood at €158 million in Q3, from zero a year ago. Assets under management were €541 billion, by €65 billion from a year ago, and net flows were €6 billion, versus €5 billion in Q3, 2020. The Frankfurt-listed firm’s figures also show that its total number of private bank employees fell to 28,927, shrinking by 1,757 from a year ago.
 

HSBC 
It reported that after-tax profit for the third quarter of 2021 surged to $4.2 billion from $2.2 billion due to a release of expected credit losses and other impairment charges as the pandemic conditions eased. All regions earned a profit, with Asia contributing $3.3 billion to the pre-tax reported profit; the UK reported a pre-tax profit rise of $1.0 billion to $41.5 billion. The bank logged a net release of $700 million in Q3, against an expected charge last year of $800 million, helped by stability in economic conditions and better-than-expected credit performance. 

Within the wealth and personal banking arm, HSBC logged net operating income of $16.8 billion in the nine months to September 30, down from $17.264 billion. For the quarter, the figure was $5.418 billion, down from $5.57 billion. Within the wealth side, private banking revenue was $442 million in Q3, up from $424 million.

Lloyds Banking Group
It reported an underlying profit after impairments of £2.19 billion for the third quarter of 2021, jumping 88 per cent year-on-year, helped by a switch from impairments a year ago as the pandemic eased. There was an impairment credit of £84 million in Q3, against a charge of £301 million in Q3, 2020. Total cost declined 2 per cent, while net income of £4.077 billion rose 20 per cent.

The bank’s cost/income ratio narrowed to 48.3 per cent from 56.9 per cent. Return on tangible equity rose sharply to 14.5 per cent from 6 per cent. At the end of September its Common Equity Tier 1 ratio – a standard international measure of capital strength – was 17.2 per cent, up from 16.2 per cent at the end of 2020.

NatWest Group
The private banking arm of the group, covering the Coutts brand, reported a £94 million operating profit for the third quarter of 2021, rising from £57 million a year earlier and £82 million in the previous quarter. Assets under management and administration rose by 18 per cent from a year earlier to £35.7 billion; assets under management reached £30.5, up from £27 billion. 

Total costs stood at £116 million in Q3, up from £112 million a year before but down from £128 million in the three months to the end of June. As shown with other banks, Coutts swung from an impairment loss a year ago because of the pandemic to a release of £15 million in the latest quarter. The cost/income ratio stood at 59.5 per cent in Q3 2021, down from 59.9 per cent a year before. 

BNP Paribas 
Its wealth, insurance and asset management arm said its total assets under management rose 4.5 per cent from the end of last year to €1.218 trillion as at end-September 2021. The gain in AuM was mainly driven by a “performance impact” of €40 billion, caused by rising market levels and management skills. A foreign exchange rate effect boosted the AuM number by €11.8 billion. The group said there were strong net asset inflows in its European wealth arm, especially in Germany, France and Italy, as well as Asia.

At €859 million, wealth and asset management revenues rose by 17.0 per cent compared with the third quarter 2020 and were up in all businesses. They were driven by higher fees and loan revenues at wealth management, the impact of strong net asset inflows and the performance impact at asset management and the sharp increase at real estate services, particularly in advisory.

Societe Generale
It reported that private banking net income, at €153 million, fell by 7.3 per cent on a year before. Revenues were hit by market conditions and weaker activity. Assets under management were stable at €114 billion, and net inflows stood at €1.8 billion in the first nine months of the year, driven by the French business. Net banking income at its wealth and asset management arm totaled €210 million in the third quarter of this year, falling by 3.7 per cent on a year ago.

ABN AMRO
The Netherlands-based group providing services including private banking, reported a €343 million profit for the third quarter of this year, rising by 14 per cent from a year ago. The result was boosted significantly by a swing from impairment charges last year amid the pandemic to a net release in the latest quarter. Operating income stood at €1.734 billion in Q3 2021, falling 21 per cent year-on-year; operating costs fell 4 per cent year-on-year to €1.301 billion. The bank said it had a €12 million net release in the third quarter, against €270 million of impairment charges in Q3 2020.

DBS
Wealth management fees rose to S$461 million in the third quarter of this year from S$399 million a year ago, with higher activity across a range of investment products. For the first nine months of 2021, fee income rose to S$1.406 billion from S$1.141 billion. 

For DBS Group as a whole, profit held stable in the quarter at S$1.7 billion and rose 31 per cent on a year ago. Total income of $3.561 billion dipped 1 per cent from the previous quarter. Costs rose 8 per cent on the quarter to S$1.668 billion.

OCBC
Oversea-Chinese Banking Group, the parent of Bank of Singapore, reported a group net profit of S$1.224 billion for the three months to the end of September, up from S$1.028 billion a year ago. That result was driven by S$2.56 billion in total income, up from S$2.539 billion. Operating costs rose to S$1.88 billion from S$1.098 billion. OCBC’s wealth management income – from insurance, premier and private banking, asset management and stockbroking – was S$897 million and made up 35 per cent of the group’s income in the third quarter. At September30, 2021, Bank of Singapore’s assets under management rose by 6 per cent from a year ago to S$167 billion, driven by continued inflows of net new money and positive market valuations.