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JPMorgan posts profit as legal costs ease: website

Tuesday, October 14, 2014 - 18:00
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JPMorgan Chase & Co reported a third-quarter profit as the biggest US bank moved past the huge legal claims that caused it to book a rare loss in the same quarter last year, according to an apparently authentic document posted on website shareholder.com. - PHOTO: REUTERS

[London] JPMorgan Chase & Co reported a third-quarter profit as the biggest US bank moved past the huge legal claims that caused it to book a rare loss in the same quarter last year, according to an apparently authentic document posted on website shareholder.com.

The bank posted net income of US$5.6 billion, or US$1.36 per share, in the three months ended Sept 30, compared with a loss of $380 million in the year-earlier quarter, the document showed. A JPMorgan spokeswoman in the United States said she had no immediate comment.

The URL of the statement is consistent with previous financial supplements from JPMorgan that are linked through the bank's investor relations website.

Shareholder.com is owned by Nasdaq OMX Group Inc.

Analysts had expected earnings of US$1.38 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figure was comparable.

JPMorgan had missed market expectations in three of the four preceding quarters.

The bank was hit last year by an after-tax expense of US$7.2 billion to settle government allegations of wrongdoing related to mortgage instruments before the financial crisis.

Revenue from fixed-income, currency and commodity trading rose 2.1 per cent to US$3.51 billion in the quarter compared with a year earlier, and was also slightly higher than the preceding quarter, the document showed.

Market activity picked up in September, largely due to the European Central Bank's efforts to stimulate growth and a batch of data suggesting the US economy was strengthening.

The surprise exit of superstar Bill Gross from bond trading giant Pimco also spurred bond market activity in late-September.

JPMorgan, which had been expected to report its results at 0700 ET (1100 GMT), is the first of the big U.S. banks to report for the quarter. Citigroup Inc and Wells Fargo & Co also report on Tuesday. Bank of America Corp, the second-biggest US bank, will report on Wednesday. REUTERS

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