The New York bank earned $5.6 billion, or $1.28 per share, compared with $3.3 billion, or 74 cents a share in the same period last year. The profits at JPMorgan, the first bank to report earnings, were way ahead of the $1.15 per share analysts surveyed by FactSet were expecting.
Revenue fell to $25.2 billion from $27.7 billion in the same period last year.
The slump in real estate continued to weigh heavily on JPMorgan's results. The bank increased its provision for mortgage-related losses by $1.1 billion.
Jamie Dimon, the CEO of JPMorgan, said in a statement that the bank's mortgage losses were "extraordinarily high," adding: "Unfortunately, these losses will continue for a while."
JPMorgan Chase & Co.'s profits included $2 billion from reducing its credit card loan reserves. Delinquency fell among the bank's credit card customers, allowing JPMorgan to lower its estimates of future losses.
The portion of JPMorgan's customers who were late by 30 days on their mortgage payments fell to 6.2 percent, compared with 7.3 percent a year earlier. However, its home equity loan portfolio had losses of $720 million, while its sub-prime mortgage losses were $186 million.
In the quarter, the bank lost $1.1 billion from increased costs to service mortgages, an expense of $650 million due to costs from foreclosures and mortgage repurchase losses of $420 million.
The stronger than expected results sent JPMorgan's stock up 1.8 percent to $47.49 in pre-market trading. Other major banks also rose. Bank of America Corp. rose 1.3 percent to $13.63, and Citigroup Inc. rose 1.1 percent to $4.60.