Bank of America’s quarterly profit rises on higher interest income, surprise investment banking gain

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 92%

Business News News

Business Business Latest News,Business Business Headlines

Bank of America posted net income of $7.27-billion, or 91 cents per share, in the three months ended Sept. 30

profit rose in the third quarter as it joined rivals in earning more from interest payments by its customers, while investment banking and trading fared better than expected.

The second-largest U.S. bank on Tuesday posted net income of $7.27-billion, or 91 cents per share, in the three months ended Sept. 30. It rose from $6.58-billion, or 81 cents per share, a year earlier. BofA’s investment banking and trading units managed to outperform Wall Street expectations as they reported higher revenue, bucking an industry-wide slump.

Meanwhile, lenders have seen their interest income swell as they had more room to charge customers higher rates on loans after the Federal Reserve raised borrowing costs in its fight against inflation.Interest income across the sector has also been supported by Americans who have healthy household finances and continue to spend money using their credit cards despite a looming economic slowdown.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank earnings: Could credit quality be this quarter's smoking gun?Big Bank earnings kicked off last Friday, continuing into this week with Goldman Sachs (GS) and Bank of America (BAC) earnings on tap for Tuesday, October 17...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »