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.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Ring of fire’ eclipse appears over the AmericasA rare celestial spectacle appeared over the Americas Saturday — the likes of which won’t be seen again in this part of the world until 2046.
Read more »
Rare 'Ring of fire' eclipse seen through the eyes of the AmericasPeople from North and South America got the chance to gaze at a rare solar eclipse Oct.14, leaving those who witnessed it speechless.
Read more »
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...
Read more »
Jonathan Goodwin sues America's Got Talent: Extreme bossesJonathan - who was left paralysed by the accident - is seeking a jury trial to overhear the dispute.
Read more »
Jonathan Goodwin sues America's Got Talent: Extreme bossesJonathan - who was left paralysed by the accident - is seeking a jury trial to overhear the dispute.
Read more »
Jonathan Goodwin sues America's Got Talent: Extreme bossesJonathan - who was left paralysed by the accident - is seeking a jury trial to overhear the dispute.
Read more »