In a statement, CEO Jamie Dimon called the results "decent," saying they were affected by a "challenging global environment" and low interest rates. He cited progress in cutting costs and managing risk.
"We continue to focus on our commitments, optimize our balance sheet and manage our expenses," he said.
Trading revenues, which Dimon warned about last month, fell 15 percent from last year. Chief Financial Officer Marianne Lake said market turbulence in the quarter contributed to the decline.
Analysts' expectations for trading in the fourth quarter are too high due to slow markets so far, she added.
JPMorgan kicks off a string of big bank earnings, as Bank of America, Wells Fargo, Citigroup and Goldman Sachs all report later this week. JPMorgan and others hinted that they faced headwinds in recent months.
"What could get these stocks moving is economic growth, higher rates, a steeper yield curve, which we're not getting right now. We're getting lower rates, and as these rates stay low, it's going to be very difficult for these stocks to really move," Paul Miller, head of financial institutions at FBR Capital Markets, told CNBC's "Closing Bell."
Read MoreAnalyst: Banks could have nasty earnings season
Miller emphasized that he will watch financial earnings for loan growth, which could be a catalyst moving forward. JPMorgan's core loans increased 15 percent in the third quarter from a year earlier.
Lake added that the company sees reasonably good demand for consumer and corporate loans.
Net income in the mortgage banking business rose by 29 percent despite a 23 percent dive in revenue. Profit in JPMorgan's consumer and business banking segment also climbed despite a fall in sales.
Costs increased in the investment banking unit due to legal fees.