Bank Of America Reports A Jump In 3Q Profits

Bank of America reported a jump in third-quarter earnings, benefiting from higher interest rates and overall loan growth in a strong US economy.

New York, (UrduPoint / Pakistan Point News - 15th Oct, 2018 ) :Bank of America reported a jump in third-quarter earnings, benefiting from higher interest rates and overall loan growth in a strong US economy.

The second biggest US bank by assets, Bank of America reported net income of $6.7 billion, up 35.1 percent from the year-ago period.

Revenues rose 4.3 percent to $22.8 billion.

Bank of America's results were the latest to show a lift to large US banks following a series of Federal Reserve interest rates that boost the amount that banks can charge for loans.

That benefit has been offset somewhat by a drop in revenues connected to mortgage refinancings. But credit quality has been holding up despite the higher interest rates on credit cards, with Bank of America lowering its funds set aside for credit losses.

"Responsible growth, backed by a solid US economy and a healthy US consumer, combined to deliver the highest quarterly pre-tax earnings in our company's history," said Chief Executive Brian Moynihan.

Shares of Bank of America rose 0.3 percent to $28.55.