JP Morgan returns to profitability in third quarter following a loss in year-ago period

MarketsAssociated Press

NEW YORK (AP) — JPMorgan Chase & Co. (JPM) on Tuesday reported third-quarter profit of $5.6 billion.

The bank reported a loss of $380 million in the same period a year ago.

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On a per-share basis, the bank earned $1.36 per share. That compared with a loss of 17 cents in the same period a year ago.

The biggest U.S. bank by assets posted revenue of $24.25 billion in the period, up 5 percent from $23.12 billion.

JP Morgan shares have fallen 0.5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 1 percent. The stock has climbed 10 percent in the last 12 months.