JP Morgan returns to profit in third quarter

NEW YORK (AP) — JPMorgan, the largest U.S. banks by assets, on Tuesday reported third-quarter profit after booking a loss in the same period a year ago.

The bank reported earnings of $5.6 billion, or $1.36 share, compared with a loss of $380 million, or 17 cents a share, in the same period a year ago.

Revenue for the period rose 5 percent to $24.25 billion from $23.12 billion a year ago.

The results missed the expectations of Wall Street analysts who had forecast earnings of $1.38 a share, according to FactSet.

JPMorgan shares were down 36 cents, or 0.6 percent, at $57.80 in pre-market trading. The stock is down 0.5 percent this year.