Despite severe domestic problems, one of the largest U.S. banks goes on its activities; besides, it is still capable to raise money. So, Bank of America released the finance report that proudly recorded the net profit amounting to $2.5 billion based on the third quarter’s result. These data also show that a bank’s income has rocketed virtually 7 times year on year. Although Citigroup’s consolidated revenues declined by 5.6% as compared to the second quarter, this showing turned out to be 5.2% higher from a year earlier. The current reading is equal to $21.74 billion. When considering the adjusted revenues in terms of each share’s price growth, it has climbed by 20 cent therefore making the growth slightly above economists’ expectations. Just a year ago, the financial corporation issued the data about the net loss in the amount of $33 million which means a flat profitability a piece. A bank’s official commented on the beneficial results of the Bank of America’s performance saying that the amount and quality of loans had advanced in the current quarter and the bank’s clients were interested in keeping terms with it. One of its business rivals, another U.S. commercial bank J.P. Morgan cannot boast of such a success. The bank’s finance report reveals $380 million losses, although the bank raised the net profit of $5.71 billion during the same period a year ago. This state of affairs is mostly connected with multibillion payoffs on the results of lawsuits. It should be reminded that Bank of America is the second largest U.S. bank after J.P. Morgan Chase in terms of assets size. Its total assets amounted to $2.173 trillion at the end of September 2013. Besides, the bank has got a range of subsidiary banks and regional branches in over 40 countries.
