US based JPMorgan Chase & Co has reported a 34% increase in its net income to $5.7bn for the third quarter of 2012, compared to $4.3bn during the same period last year.

Revenues decreased by 1% to $6.27bn, compared to $6.36bn, earnings per share were $1.40, against $1.02, while its return on tangible common equity for the current quarter period was 16%, versus 13%.

JPMorgan Chase chairman and chief executive officer Jamie Dimon said that revenue for the quarter was $25.9bn, up by 6% compared with the prior year, or 16% before the impact of DVA.

"Commercial Banking reported record revenue and grew loan balances for the ninth consecutive quarter to a record $124 billion, up 15% compared with the prior year," Dimon added.

The third quarter was ended with a Basel I Tier 1 common ratio of 10.4%, up from 9.9% in the second quarter.

The firm’s investment bank net income was $1.6bn, with a decrease of 4% from $1.63bn during the corresponding period, last fiscal, while retail financial services (RFS) division’s net income rose by 21% to $1.4bn, against $1.2bn.

Consumer & business banking segment net income for the third quarter of 2012, stood at $785m, a decrease of $238m, or 23%, compared to last year.

Its mortgage production and servicing net income during the current quarter period increased by $358m to $563m, during the same period in 2011.