News

Bank of America 3Q profits rise 32 percent, beating forecasts

New York, NY — Bank of America said Monday that its third-quarter profits rose by 32 percent from a year ago, driven by higher interest rates, which allowed BofA to charge more for loans, and a much lower tax rate, helped by last year’s tax law.

The Charlotte, North Carolina-based banking giant said it earned a profit of $7.17 billion, or 66 cents a share.

That’s up from $5.42 billion, or 46 cents a share, a year earlier.

The results the forecast of Wall Street analysts, who were looking for BofA to earn 62 cents a share.

Like other big banks that have reported so far this quarter, Bank of America’s quarterly results were driven by higher interest rates and lower taxes.

BofA’s net interest income rose 6 percent from a year earlier to $11.9 billion.

“Responsible growth, backed by a solid U.S. economy and a healthy U.S. consumer, combined to deliver the highest quarterly pretax earnings in our company’s history,” said Brian Moynihan, the bank’s chief executive and chairman, in a statement.

Listen

news

weather

traffic

mobile apps

Everything you love about krmg.com and more! Tap on any of the buttons below to download our app.

amazon alexa

Enable our Skill today to listen live at home on your Alexa Devices!