By AP Business Writer
updated 10/17/2007 9:32:53 AM ET 2007-10-17T13:32:53

JPMorgan Chase & Co., the United State's third-largest bank, on Wednesday managed to turn out a 2 percent profit rise in the third quarter despite rocky market conditions and a rough lending climate.

New York-based JPMorgan said net income totaled $3.37 billion in the July to September period, up 2 percent from $3.30 billion in the same period last year. Earnings per share came to 97 cents, up 5 percent from 92 cents last year.

Total net revenue rose 4 percent to $16.11 billion from $15.55 billion.

Analysts surveyed by Thomson Financial had forecast earnings of 90 cents per share on revenue of $16.6 billion.

Though JPMorgan saw weakness in its investment banking business, it reported record earnings in asset management and Treasury and security services. Card services, commercial banking and private equity also posted solid gains.

"We remain cautious about the future economic environment, but will continue to make investments based upon the long-term outlook for market and client volumes," said JPMorgan's chairman and chief executive Jamie Dimon in a statement.

The bank's shares closed at $45.11 Tuesday on the New York Stock Exchange. They are down 8 percent since the beginning of the third quarter, and down 6 percent year-to-date.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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