JPMorgan Chase's Third-Quarter Profits Rise 35% on Higher Interest Rates 

JPMorgan Chase, the biggest US bank in terms of assets, reported third-quarter profits of $13.2 billion, up 35% from the year-ago period.

Higher interest rates boosted JPMorgan's income from loans. The bank charges clients higher lending rates than it pays to customers on deposits. 

Good credit quality also contributed to JPMorgan's strong results. The bank said that its loan losses were low. 

JPMorgan's third-quarter profits were the highest ever for the bank. 

JPMorgan's third-quarter results were a positive sign for the US banking sector. The results suggest that banks are benefiting from the Federal Reserve's interest rate hikes. 

JPMorgan Chase's third-quarter profits rose 35% to $13.2 billion, driven by higher interest rates and good credit quality. The bank's revenue rose 22% to $39.9 billion.