posted better-than-expected third quarter earnings Tuesday, thanks to solid gains in net interest income from its lending business, but noted a big jump in unrealized losses in its bond portfolio.
Net interest income, a key measure of bank profitability, rose 4% to $14.4 billion, the bank said, while investment banking fees, Bank of America said, rose 2% to $1.2 billion. Consumer banking revenues, by far the larger portion of the lender's top line, rose 6% to $10.5 billion, while its overall deposit base was pegged at $9.1 trillion.
“Our teammates delivered another strong quarter. We generated $7.8 billion in earnings, up 10 percent from the third quarter a year ago. We added clients and accounts across all lines of business," said CEO Brian Moynihan.
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