Bank of America's third-quarter profit rises 13 percent

Reuters

Bank of America Corp. said its third-quarter profit rose to $5.59 billion as the bank inched closer to meeting its profitability goals.

Earnings per share was up 48 USA cents from 41 U.S. cents, ahead of market expectations for 45 United States cents a share.

Third-quarter revenue was $21.84 billion, up from $21.64 billion a year earlier.

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.

Bank of America posted $11.4 billion in net interest income, using the adjusted figure analysts tend to prefer to show fully taxable equivalence.

The bank also kept a tight leash on costs.

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After an initial lift from last November's election, Bank of America shares climbed 4.6% in the past month as long-term bond yields have risen, a metric that is expected to benefit the bank's lending profits.

Brian Moynihan's efforts to boost Bank of America profit through cost-cutting finally got some help from interest rates.

Net interest income, which makes up about half of the Charlotte, North Carolina-based firm's revenue, rose 1.6% from the previous quarter as the Federal Reserve has raised interest rates three times since December.

Shares of the No.2 USA bank by assets rose about 1 percent in premarket trade on Friday.

Quarterly expenses edged down 2.5% to $13.14 billion, from $13.48 billion a year ago.

Those gains, along with lower expenses, more than compensated for a steep decline in global markets, which fell victim to the difficulties as other banks that have seen trading revenues dry up amid low volatility.

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