Strong performance in its investment banking division cancelled out losses on credit cards and consumer loans.
JPMorgan Chase is the first big US bank to report third quarter results, with Goldman Sachs and Citigroup on Thursday and Bank of America on Friday.
JPMorgan 's boss warned that the cost of credit was likely to remain high "for the foreseeable future".
"Accord ingly, we have added $2bn to our consumer credit reserves, bringing the firmwide total to $31.5bn," said Jamie Dimon, the bank's chairman and chief executive in its results statement.
Wall Street was buoyed by the news, with the Dow Jones rising 85 points to 9,956 in early trading.
Europea n markets also remained higher, with banking stocks among the biggest gainers.
In the UK, Barclays rose 5.7%, Lloyds was up 4.6% while Royal Bank of Scotland climbed 3.3%.
'Stellar'< br/>The consumer lending business posted a net loss of $1bn, up from $659m in the same period of last year.Strong performance in its investment banking division c
Strong performance in its investment banking division cancelled out losses on credit cards and consumer loans.
JPMorgan Chase is the first big US bank to report third quarter results, with Goldman Sachs and Citigroup on Thursday and Bank of America on Friday.
JPMorgan 's boss warned that the cost of credit was likely to remain high "for the foreseeable future".
"Accord ingly, we have added $2bn to our consumer credit reserves, bringing the firmwide total to $31.5bn," said Jamie Dimon, the bank's chairman and chief executive in its results statement.
Wall Street was buoyed by the news, with the Dow Jones rising 85 points to 9,956 in early trading.
Europea n markets also remained higher, with banking stocks among the biggest gainers.
In the UK, Barclays rose 5.7%, Lloyds was up 4.6% while Royal Bank of Scotland climbed 3.3%.
'Stellar'< br/>The consumer lending business posted a net loss of $1bn, up from $659m in the same period of last year.Strong performance in its investment banking division c
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