JPMorgan posts profit as trading picks up and legal costs ease

Credit: Reuters/Mike Segar

A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. J

The bank posted net income of $5.6 billion, or $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. ( bit.ly/1w5qBfr)

A JP Morgan spokeswoman in the United States said she had no immediate comment.

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

JPMorgan is the first of the big U.S. banks to report for the quarter. Citigroup Inc (C.N) and Wells Fargo & Co (WFC.N) also report on Tuesday. Bank of America Corp (BAC.N), the second-biggest U.S. bank, will report on Wednesday.

(Reporting by Tanya Agrawal and David Henry; Editing by Ted Kerr)

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