Bank of America: Q3 net income up 58%
(CercleFinance.com) - The US bank's Q3 2021 net income came in at 7.
7 billion dollars, up 58%, or 0.85 dollar per diluted share.
Revenues, net of interest expense, increased 12% to 22.8 billion dollars over the quarter. Net interest income (NII) increased by 1 billion dollars, or 10%, to 11.1 billion dollars, driven by strong deposit growth and related cash investment.
The provision for credit losses improved by 2.0 billion dollars to a benefit of 624 million dollars, driven primarily by asset quality improvements during the quarter.
Chairman and CEO Brian Moynihan said, "We reported strong results as the economy continued to improve and our businesses regained the organic customer growth momentum we saw before the pandemic. Deposit growth was strong and loan balances increased for the second consecutive quarter, leading to an improvement in net interest income".
Copyright (c) 2021 CercleFinance.com. All rights reserved.
7 billion dollars, up 58%, or 0.85 dollar per diluted share.
Revenues, net of interest expense, increased 12% to 22.8 billion dollars over the quarter. Net interest income (NII) increased by 1 billion dollars, or 10%, to 11.1 billion dollars, driven by strong deposit growth and related cash investment.
The provision for credit losses improved by 2.0 billion dollars to a benefit of 624 million dollars, driven primarily by asset quality improvements during the quarter.
Chairman and CEO Brian Moynihan said, "We reported strong results as the economy continued to improve and our businesses regained the organic customer growth momentum we saw before the pandemic. Deposit growth was strong and loan balances increased for the second consecutive quarter, leading to an improvement in net interest income".
Copyright (c) 2021 CercleFinance.com. All rights reserved.