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Home / Business / Bank of America's shares jump after profits beat expectations, revenues rise surprisingly

Bank of America's shares jump after profits beat expectations, revenues rise surprisingly



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

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%.


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