JPMorgan Chase returns to profit in third quarter after losses a year ago


AP

NEW YORK–JPMorgan Chase, the largest U.S. bank by assets, on Tuesday reported a third-quarter profit after booking a loss in the same period a year ago, when the company absorbed a big charge for legal expenses.

The bank reported earnings of US$5.6 billion, or US$1.36 share, compared with a loss of US$380 million, or 17 cents a share, in the same period a year ago. Revenue for the period rose 5 percent to US$24.25 billion from US$23.12 billion a year ago.

Despite returning to profit, the bank’s earnings fell short of analyst’s expectations.