Bank of America’s earnings rose in the third quarter, supported by rising interest rates and a better-than-expected result in its investment banking and treasury division.
The second-largest U.S. bank reported net income of $7.27 billion, or 91 cents a share, in the three months ended Sept. 30. A year earlier, the bank reported profit of $6.58 billion, or 81 cents per share.
BofA’s investment banking and treasury units managed to beat Wall Street’s expectations by reporting higher revenues, bucking the trend of industry-wide declines.
Bank of America’s net interest income (NII) rose 4% in the third quarter to $14.4 billion.
JPMorgan Chase, Citigroup and Wells Fargo also reported a rise in NII on Friday and raised their forecasts for the metric.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
