Banking giant Bank of America Corp (NYSE:BAC) posted market-beating earnings results this morning, a revenue grew across most major segments.
The Charlotte-based company reported Q3 EPS of $0.41, easily topping Wall Street’s view of $0.34. Revenue rose 3.1% from last year to $21.64 billion, also beating estimates of $21.04 billion.
BAC said that net interest income (NII) rose 3% to $10.2 billion from $9.9 billion on a GAAP basis, while noninterest income gained 3% to $11.4 billion from $11.1 billion.
Meanwhile, the bank’s provision for credit losses — which represents money set aside for bad loans — rose to $850 million, up from $806 million in the year-ago period. Net charge-offs fell 4.7% to $888 million, however.
BAC chief executive Paul M. Donofrio commented via press release:
“Strong client activity and good expense discipline combined to drive positive operating leverage as we continue to optimize and strengthen our balance sheet. With near-record levels of capital and liquidity, as well as robust underwriting standards, Bank of America is stronger, safer and better prepared to deliver for customers and clients than probably at any time in our history. We remain focused on delivering long-term value to shareholders. This quarter, we increased tangible book value per share by 11% while returning nearly $2.2 billion in capital to common shareholders.”
Bank of America shares rose $0.16 (+1.00%) to $16.16 in premarket trading Modnay. Prior to today’s report, BAC had fallen 4.93% year-to-date, versus a 4.54% gain in the benchmark S&P 500 index during the same period.
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