Bank of America profit rises 15 percent on lower costs

13 October, 2017, 15:53 | Author: Regina Silva
  • Reuters

Bank of America reported higher third-quarter profits Friday following a strong performance in consumer banking due to increased interest rates, offsetting weakness in trading.

Moynihan and his executives have promised for years that the bank will boost revenue from lending whenever interest rates rise.

Trading revenue at Bank of America, excluding an accounting adjustment, fell 15% to $3.15 billion from $3.73 billion in last year's third quarter. Its efficiency ratio, which measures expenses as a percentage of revenues, came in at 60 percent - in line with management's long-term target. Citigroup said net income rose 8 percent to $4.13 billion, or $1.42 a share.

Benefiting from higher Federal Reserve interest rates, the lender's net interest income rose 9.4 percent to $11.16 billion.

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BofA's large stock of deposits and rate-sensitive mortgage securities make the lender particularly dependent on a rise in interest rates to boost profits.

Net income attributable to common shareholders rose to $5.12 billion in third quarter ended September 30 from $4.45 billion in the year-ago period. Per-share earnings of 48 cents were up from a year earlier and topped analyst expectations of 45 cents a share. The bank and other major lenders warned that trading revenue would be under pressure. Expenses declined 2.5% to $13.1 billion, compared with estimates of $13.3 billion.

Total revenue grew by 1% to US$22.08bn from US$21.86nm, a year earlier, again beating Wall Street's expectations for US$21.98bn. Mr. Moynihan has made cost cutting a key tenet of his business strategy and a year ago promised to cut $5 billion in annual expenses by 2018.

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