JPMorgan Chase & Co. reported a 31 percent rise in quarterly profit as trading revenue rebounded and the biggest U.S. bank by assets avoided another "London Whale" derivatives loss.

Net income rose to $6.50 billion, or $1.60 per share, in the second quarter from $4.96 billion, or $1.21 per share, a year earlier.

The year-earlier quarter included the vast majority of the losses of more than $6.2 billion on derivatives positions that were so large that hedge funds referred to the trader handling them as the London Whale.