Bank of America’s third-quarter profit rises 13 percent

Friday, 13 October 2017, 07:31:54 PM. Bank of America said Friday its net income for the third quarter rose 13 percent to $5.6 billion, as the Charlotte-based bank’s revenues grew.

Bank of America on Friday reported $5.6 billion in third-quarter profit, an increase of 13 percent for the Charlotte-based bank from the same period a year ago.

The higher results came as Bank of America grew overall revenue 1 percent to $21.8 billion while continuing to slash expenses. Ongoing increases in interest rates by the Federal Reserve also gave a boost to the bank.

“Our focus on responsible growth and improving the way we serve customers and clients produced another quarter of strong results,” CEO Brian Moynihan said in a statement. Revenue across the bank’s four lines of businesses grew 4 percent, even with a challenging quarter for trading, he said.

Bank of America, the second-largest U.S. bank by assets, employs about 15,000 in Charlotte.

It becomes the latest bank to report third-quarter results.

On Thursday, Citigroup and JPMorgan Chase, both based in New York, kicked off bank-earnings season. Citigroup said net income rose 8 percent to $4.13 billion, or $1.42 a share. At JPMorgan, net income rose 7 percent to $6.73 billion, or $1.76 a share.

Wells Fargo is scheduled to release third-quarter results later Friday morning.

Deon Roberts: 704-358-5248, @DeonERoberts

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