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BofA Profit Rises on Higher Interest Income, Surprise Investment Banking Gain
Bank of America press release : Q3 GAAP EPS of $0.90 beats by $0.08.Revenue of $25.2B beats by $130M.Net interest income up $614 million, or 4%, to $14.4 billion , driven primarily by benefits from higher interest rates and loan growth – Noninterest income of $10.8 billion increased $51 million, as higher sales and trading revenue and asset management fees more than offset lower other income.Provision for credit losses of $1.2 billion increased $336 million – Net reserve build of $303 million
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