Shares of Bank of America Corp.
BAC, + 2.02%
rose 1.8% in premarket trading on Wednesday, after the bank reported a third-quarter profit that fell less than expected, while revenue surprisingly increased as consumer and global bank and wealth and investment management revenues increased to offset a slight decline in revenues in global markets. Net income fell to $ 5.78 billion, or NOK 56 per share, from $ 7.17 billion, or SEK 66 a share, in the previous year. Total revenues rose to $ 22.81 billion from $ 22.72 billion, while the FactSet consensus was down to $ 22.58 billion. Net interest income grew to $ 1[ads1]2.19 billion from $ 12.06 billion, above the FactSet consensus of $ 12.15 billion, and non-interest income dropped to $ 10.62 billion from $ 10.66 billion, but topped expectations of 10 , $ 38 billion. Average loans rose 5% to $ 9 billion, driven by mortgages. Equity revenues grew 13% to $ 1.1 billion, aided by growth in client financing activities, while interest rates, currency and commodities were flat at $ 2.1 billion as improvements in mortgage and municipal products were offset by weaker currency trading and credit products. The stock has risen 2.6% over the past three months through Tuesday, while the Dow Jones Industrial Average
DJIA, + 0.89%
has gone 1.1%.