JP Morgan Chase: US housing market has 'turned the corner'

US banking giant JP Morgan Chase said it believed the housing market had “turned the corner” as a sharp rebound in mortgage refinancing helped third quarter profits soar by a third to US$5.7bn (€4.42bn).

Revenues rose by a better-than-expected 6% to $25.9bn (€20.1), while its investment banking arm saw a more than trebling in net income to $1.7bn (€1.3bn) from $500m (€387.8m) a year ago.