U.S. banking giant JP Morgan reports $5.6bn profit

U.S. banking giant JP Morgan reports $5.6bn profit

PanARMENIAN.Net - U.S. banking giant JP Morgan Chase has reported a $5.6bn profit for the three months to Sept 30. The quarterly results represent a marked improvement on a year earlier, when the bank made a $380mln loss, according to BBC News.

This was the result of setting aside billions of dollars to settle government charges relating to the sale of mortgage-related investment products in the run-up to the financial crisis.

JP Morgan is the first major U.S. bank to report its third quarter results.

Other big U.S. banks will post their results later this week.

The JP Morgan results were due to be published at 08:30 local time (13:30 BST), but were posted early. They showed total revenue for the quarter of $25.2bn, up 5% on a year earlier. Revenue at the investment banking business fell by $600m, with profits down by 34%.

Revenue at the asset management arm grew by $250m to $3bn, with profits up 20%.

"Our businesses continue to perform well," said chief executive Jamie Dimon. "While challenges remain in the global economic recovery, the U.S. economy is an exception, showing signs of steady improvement. Corporate America is in good shape, with strong balance sheets, and employment trends continue to be positive."

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