JPMorgan Chase profit jumps in third quarter

/ Source: The Associated Press

JPMorgan Chase & Co., the nation’s third biggest banking company, reported Wednesday that strength in investment banking, including record trading revenue contributed to a 78 percent increase in third-quarter profits.

The New York-based bank, which merged with Chicago’s Bank One a year ago, said net income totaled $2.53 billion, or 71 cents a share, in the July-September period, up from $1.42 billion, or 39 cents a share, a year earlier.

Revenue in the quarter was $14.47 billion, a 16 percent increase from $12.51 billion a year earlier.

Excluding merger-related chargers, operating earnings were $2.7 billion, or 75 cents a share, the bank said.

Analysts surveyed by Thomson Financial had projected profits of 72 cents a share on revenue of $13.8 billion.

JPMorgan is the third biggest U.S. banking company after Citigroup Inc. and Bank of America Corp.