Bank of America Q3 profit surges despite lower bond trading revenue
- Country:
- United States
Bank of America Corp reported a 35 per cent rise in quarterly profit on Monday as the second-largest U.S. lender benefited from tax cuts, while growth in lending helped it offset lower bond trading revenue.
Net income applicable to common shareholders rose to $6.7 billion, or 66 cents per share, in the third quarter ended Sept. 30 from $4.96 billion, or 46 cents per share, a year earlier.
Analysts on average were expecting the bank to earn 62 cents per share, according to I/B/E/S data from Refinitiv. It was not immediately clear if the numbers were comparable.
Non-interest expense fell 2.4 per cent to $13.07 billion.
(With inputs from agencies.)
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