Bank Of America Q3 Profit Decreases, But Results Top Estimates

(RTTNews) - Bank of America Corp. (BAC) reported Monday that net income applicable to common shareholders for the third quarter declined to $6.38 billion from last year's $7.27 billion, with earnings per share decreasing to $0.81 from $0.90 in the prior year.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $1.54 billion, compared to $1.23 million last year.

Total revenue, net of interest expense, edged up to $25.35 billion from $25.17 billion in the prior-year quarter, driven by solid fee growth. Wall Street expected revenues of $25.29 billion for the quarter.

Net interest income was $13.97 billion, down 3 percent from last year, while non-interest income improved to $11.38 billion from $10.79 billion last year.

Noninterest expense increased 4 percent to $16.48 billion from last year.

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