JPMorgan turns in record profit, higher revenue

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NEW YORK (AP) — JPMorgan Chase, the country’s biggest bank by assets, reported a record quarterly profit Friday.

The bank said it made $5.7 billion in the July-to-September period, shooting up 34 percent from the same period a year ago. Earnings were $1.40 per share, far exceeding the $1.21 predicted by analysts polled by FactSet.

Revenue rose 6 percent to $25.1 billion, beating expectations of $24.4 billion.

Earnings were helped because the bank set aside less money for bad loans. It set aside $1.8 billion for potential loan losses, down 26 percent from $2.4 billion a year ago.

JPMorgan stock was up 39 cents at $42.49 in premarket trading. The stock was as low as $31 in early June, after the bank announced a surprise trading loss that ballooned to $6 billion.

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