JPMorgan Posts Third-Quarter Net Income of $5.6 Billion

JPMorgan Chase & Co., the biggest U.S. bank, swung to a third-quarter profit from a year-earlier loss, while setting aside $1 billion for legal expenses.

Net income was $5.6 billion, or $1.36 a share, compared with a loss of $380 million, or 17 cents, a year earlier, the New York-based bank said today in a statement. Earnings were cut by 26 cents a share as the firm set aside funds for legal costs. Analysts had estimated adjusted earnings of $1.39 a share.