Bank of America 3Q profits rise 13 percent, beat forecastsOctober 13, 2017 11:12am

NEW YORK (AP) — Bank of America is reporting a 13 percent jump in quarterly profits, helped by higher interest rates and an increase in lending.

The Charlotte-based bank said it earned $5.59 billion in the third quarter, or 48 cents per share, compared with $4.96 billion, or 41 cents per share, in the same period year ago. The results beat Wall Street analysts' expectations, which were looking for a profit of 46 cents per share, according to FactSet.

Bank of America's consumer banking division had a solid quarter, reflecting the trend up in interest rates in the past year, which has allowed banks like BofA to charge more to borrow. Net interest income was up 9 percent.

Quarterly revenue was $22.83 billion, which also beat analysts' forecasts of $22.02 billion.

Page 1 of 1

More Stories Like This

FILE - In this Oct. 16, 2014, file photo, a screen at a trading post on the floor of the New York Stock Exchange is juxtaposed with the Goldman Sachs booth. Goldman Sachs Group, Inc. reports financial results Tuesday, Oct. 17, 2017. (AP Photo/Richard Drew, File)
Goldman Sachs' results beat forecasts despite trading drop
Wealth management drives Morgan Stanley's profit higherInvestment bank Morgan Stanley is reporting a 12 percent rise in third-quarter earnings as the firm's wealth management arm was able to earn more money despite a slow summer
FILE - In this July 16, 2012 file photo, Johnson & Johnson products are displayed in Orlando, Fla. Johnson & Johnson reports earnings, Tuesday, Oct. 17, 2017. (AP Photo/John Raoux, File)
Johnson & Johnson tops Street 3Q forecasts, hikes forecast
FILE - This Tuesday, Oct. 16, 2012, file photo, shows a portion of the UnitedHealth Group Inc.'s campus in Minnetonka, Minn. UnitedHealth Group reports financial results on Tuesday, Oct. 17, 2017. (AP Photo/Jim Mone, File)
UnitedHealth beats 3Q forecasts, helped by Optum growth
CSX meets 3Q profit forecasts, falls short on revenueFreight railroad company CSX meets third quarter profit expectations but misses revenue forecasts
FILE - In this Wednesday, July 8, 2015, file photo, Federal Hall's George Washington statue stands near the flag-covered pillars of the New York Stock Exchange. Stocks are off to a mixed start on Wall Street, Tuesday, Oct. 17, 2017, as gains for health care companies are offset by losses elsewhere in the market. (AP Photo/Bebeto Matthews, File)
Asia stocks mixed, Nikkei cheered by likely ruling party win
AdChoices

Related Searches

Related Searches

AdChoices