Bank of America EPS $0.41 on revenue of $21.64 billionStaff Writer | October 17, 2016
Bank of America reported third-quarter earnings. The bank posted earnings of 41 cents a share on revenue of $21.64 billion.
Bank of America A 14 percent rise in sales and trading revenue
Profit of $4.45 billion represented a 6.6 percent gain from a year ago.
The bank reported a 14 percent rise in sales and trading revenue, helped by a 32 percent jump in fixed income trading revenue. Revenue from equities trading fell 17 percent.
"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," CFO Paul M. Donofrio said in the earnings release.
"We remain focused on delivering long-term value to shareholders," he said. "This quarter, we increased tangible book value per share by 11 percent while returning nearly $2.2 billion in capital to common shareholders."
Average total loans and leases rose 3 percent year-over-year, while average total deposits climbed 6 percent, the bank said in a presentation. Net interest income rose $0.3 billion from the third quarter last year to $10.2 billion, the bank said. ■