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JPMorgan Chase records huge profit rise

JPMorgan Chase has reported net income for shareholders reached $3.6 billion in the third quarter of 2009, almost seven times its figure at the same stage in 2008.

Shares in the investment bank now stand at 82 cents, compared with nine cents at this point last year.

JPMorgan Chase, which is the second largest bank in the US, has managed to combat rising losses in the loan market thanks to strong results from its investment bank operations.

Jamie Dimon, chairman and chief executive officer at the bank, urged caution over the long-term prospects for the economy, but said he was pleased with the results.

"Despite the near-term uncertainty about the path of the economy, our strong capital position and underlying earnings power will enable us to continue to invest in our businesses," he said.

Goldman Sachs is due to publish its third-quarter results tomorrow, which, industry analysts predicted to Bloomberg, are expected to show profits of more than $2 billion.

By Asim Shah