JPMorgan Chase reported third-quarter 2011 net income of $4.3 billion, compared to net income of $4.4 billion the third quarter of 2010. Revenues for the quarter were $24.37 billion compared to revenues of $24.34 billion in the same quarter last year.

The results included a $542 million pretax loss in private equity, $1.0 billion pretax of additional litigation expense and a $1.9 billion pretax benefit from debit valuation adjustment gains in its investment bank, resulting from widening of the bank’s credit spreads. The bank notes that these spreads could reverse in future periods and does not relate to the underlying operations of the company.

Jamie Dimon, chairman and chief executive officer, said “Our shareholders should rest assured that we are being extremely cautious while navigating through this challenging economic environment. We are working hard to meet all of the requirements of the new and complex regulatory environment, and we continue to invest in the future while remaining focused on serving our clients and communities around the world.”

Other highlights from the news release included:

Credit reserves at $29.0 billion; loan loss coverage ratio 3.74% of total
loans.

Over $1.3 trillion in new and renewed credit provided to and capital raised
for consumers, corporations, small businesses, municipalities and not-for-
profits year-to-date: – Small business loan originations of $12.6 billion, up
71% compared with prior year-to-date and 133% compared with the same period in
2009

Middle-market loans of $41.5 billion, up 18% compared with prior year

Trade finance loans of $30.1 billion, up 69% compared with prior year

Increased U.S. employee headcount year-to-date by more than 13,200; over 2,200
military veteran hires year-to-date

Mortgage net charge-offs improved slightly but remained at extremely high
levels. The bank said it expects mortgage credit losses to remain elevated.

Third-quarter loan loss provisions were $2.4 billion, up from $1.8 billion
sequentially, but down from $3.2 billion in the third quarter 2010.

To link to the full text of JPMorgan Chase news release, click here.