Bank of America Q3 profit surges despite lower bond trading revenue

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.)