NEW YORK (CNNMoney) -- JPMorgan Chase reported record profits for the third quarter, with increased revenue in every business line.
New mortgages and refinancings were a key driver of overall results, but performance was also strong in commercial lending, investment banking, credit cards and auto loans.
"Importantly, we believe the housing market has turned the corner," CEO Jamie Dimon said in a company release.
The bank did not reveal further information on the current size of its trading losses from the so-called London Whale. A company spokesperson said that it incurred a "modest loss" from trading during the quarter. At the end of the second quarter, JPMorgan pegged the size of the London Whale loss at $5.8 billion.
Related: Jamie Dimon gets mad at Washington
Revenues increased to $25.9 billion in the third quarter, up 6% from last year's third quarter, and beating analysts' estimates of $24.5 billion. The company also beat expectations for profits: it reported $1.40 per share, above forecasts of $1.22.
The stock traded up 1.5% in pre-market trading. JPMorgan's shares (JPM, Fortune 500) have soared 26% this year. While the stock tumbled nearly 30% after the bank disclosed its massive trading loss on May 10, it has more than made up that ground.
Overall, bank stocks have outperformed the S&P 500, which is up 16% this year. This comes as most banks generated double digit losses in 2011.
Related: Big banks still a legal nightmare
JPMorgan will host a conference call later this morning, but did not provide further information on any ongoing litigation related to LIBOR, the London Whale loss or the mortgage lending practices of Bear Stearns, which JPMorgan purchased during the financial crisis. The bank did tuck away an additional $684 million in reserves for future litigation expenses.
First Published: October 12, 2012: 7:40 AM ET
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