Bank of America (BAC) topping third quarter by four

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Bank of America (NYSE: BAC) reported EPS of $ 0.66 for the third quarter, an improvement of $ 0.04 from analysts' estimates of $ 0.62. Revenues for the quarter were $ 22.8 billion versus a consensus estimate of $ 22.7 billion.

• Net income up 32% to $ 7.2 billion, driven by continued strength in operating leverage and asset quality, as well as the benefits of tax reform
• Diluted earnings per share up 43% to $ 0.66
• Pre-tax income increased 18% to $ 9.0 billion • Revenues, net of interest expense, increased 4% to $ 22.8 billion – net interest income was increased $ 709 million, or 6%, to $ 11.9 billion, also reflecting the benefits of higher loan and deposit growth rates; Net interest yield of 2.42%, up 6 basis points (A) – Non-interest income increased $ 229 million, or 2%, to $ 10.9 billion.
• Provision for credit losses decreased by $ 118 million to $ 716 million – the net retirement ratio remained low at 0.40%.
• Non-interest expense decreased $ 327 million, or 2%, to $ 13.1 billion; efficiency rate improved to 57%
• Average balances of loans and leases in the business segments increased $ 29 billion, or 3%, to $ 871 billion – consumers grew 5% and business transactions increased 2%. • Average deposit balances increased $ 45 billion, or 4%, to $ 1.3 trillion.
• $ 14.9 billion common share buyback and $ 4.0 billion ordinary dividend payout since the beginning of the year

"Responsible growth, backed by a strong US economy and a healthy US consumer, has delivered the highest quarterly pre-tax profit in our history. This represents the fifteenth consecutive quarter of positive operational leverage, driven by continued growth in deposits, customer balances in wealth management, strong loan growth and disciplined expense management. Our strong balance sheet has enabled us to return $ 19 billion to shareholders this year in the form of dividends and share buybacks. Our high-tech and high-touch approach continues to generate both the satisfaction and the efficiency of our customers. More than 3 million users have accessed Erica, the industry's only virtual AI assistant, since its launch in April, and nearly one-quarter of deposit transactions made this quarter were made via mobile devices. We have also opened 53 financial centers and renovated over 400 more in the last 12 months. We continue to expand into new markets, recently opening our first financial center in Pittsburgh. We plan to open in Salt Lake City in the coming months, and other markets will follow. In the global banking sector, deposit growth reflects GTS investments and the profitability of global markets has improved. Bank of America helps its clients answer the direct question of what they would like to do and provide them with the capabilities and solutions to help them achieve their goals, "said Brian Moynihan, Chairman and Chief Executive Officer. The direction.

For historical income and income data from Bank of America (LAC), click here.

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