JPMorgan third-quarter profits surge on investment gains

NEW YORK (AFP) - US banking giant JPMorgan Chase's third-quarter earnings surged 34 per cent on a turnaround in the bank's own investment activities and improvement in most other business areas.

Net income for the period to Sept 30 was US$5.71 billion (S$7.1 billion), up from US$4.26 billion a year ago and from US$4.96 billion the previous quarter.

Earnings per share for the quarter was US$1.40, up from US$1.02 a year earlier.

The rebound came mainly from a reversal of losses in its own investment operations, the Chief Investment Office (CIO), where the company racked up massive losses early this year in the "London Whale" derivatives trading debacle.