JPMorgan’s 3Q profits rise, but low rates weigh on revenue

By KEN SWEET
AP Business Writer

NEW YORK (AP) — JPMorgan Chase says profits rose 24% in the third quarter, largely driven by one-time items that boosted its results, as the bank struggled to grow revenues with interest rates at near-zero levels. The nation’s largest bank by assets said Wednesday that it earned a profit of $11.69 billion, or $3.74 per share, compared with a profit of $9.44 billion, or $2.92 per share, in the same period a year earlier. Excluding one-time items, JPMorgan’s profit was $3.03 a share, barely higher than the $3.00 a share that analysts were looking for, according to FactSet.