Bank of America Corporation (BAC) announced a decline in profit for the third quarter compared to the same period last year, although the results surpassed Wall Street predictions.
The bank's net income was $6.38 billion, or $0.81 per share, down from $7.72 billion, or $0.90 per share, reported in the third quarter of the previous year. According to data from Thomson Reuters, analysts had anticipated earnings of $0.77 per share on average, with their estimates generally excluding any extraordinary items.
Additionally, the company reported a 0.7% increase in revenue, reaching $25.345 billion compared to $25.167 billion the previous year.
Key financial highlights for Bank of America Corporation (GAAP) are as follows:
- Earnings for the third quarter were $6.38 billion, compared to $7.72 billion last year.
- Earnings per Share (EPS) were $0.81, down from $0.90 the previous year.
- Quarterly revenue rose to $25.345 billion from $25.167 billion a year earlier.
