Bank of America shares rose 2.8% in premarket trades Monday after the megabank said its third-quarter net income fell to $6.58 billion, or 81 cents a share, from $7.26 billion, or 85 cents a share, in the year-ago quarter.
Bank of America Corp. on Monday said the U.S. consumer remains resilient and strong, although growth is slowing, as the bank topped Wall Street’s earnings, revenue and net interest income expectations for the third quarter.
Bank of America was expected to earn 78 cents a share on revenue of $23.54 billion, according to estimates compiled by FactSet. Analysts projected net interest income of $13.53 billion. The bank reported a net reserve build of $378 million, which gets subtracted from net income, compared to the year-ago period, when the bank released $1.1 billion in reserves to its bottom line.
Client balances in the bank’s global wealth and investment management unit fell 12% to $3.2 trillion as rocky financial markets took their toll.
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