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.
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:
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 of America is set to report third-quarter earnings — here's what the Street expectsBank of America was supposed to be one of the big beneficiaries of higher interest rates. Instead, the stock has been the worst performer among peers this year.
Source: NBCDFW - 🏆 288. / 63 Read more »
Bank of America is set to report third-quarter earnings — here's what the Street expectsBank of America was supposed to be one of the big beneficiaries of higher interest rates. Instead, the stock has been the worst performer among peers this year.
Source: NBCLA - 🏆 319. / 59 Read more »
Earnings Tuesday: Bank of America, Goldman Sachs continue parade of bank reportsFollow along with MarketWatch's live coverage of Tuesday's earnings slate.
Source: MarketWatch - 🏆 3. / 97 Read more »
Earnings Tuesday: Bank of America, Goldman Sachs continue parade of bank reportsFollow along with MarketWatch's live coverage of Tuesday's earnings slate.
Source: MarketWatch - 🏆 3. / 97 Read more »
Earnings Tuesday: Bank of America, Goldman Sachs continue parade of bank reportsFollow along with MarketWatch's live coverage of Tuesday's earnings slate.
Source: MarketWatch - 🏆 3. / 97 Read more »
Earnings Tuesday: Bank of America, Goldman Sachs continue parade of bank reportsFollow along with MarketWatch's live coverage of Tuesday's earnings slate.
Source: MarketWatch - 🏆 3. / 97 Read more »