Shares of Bank of America (NYSE:BAC) rose more than 2% intra-day today after the company reported third-quarter results which surpassed expectations on both revenue and earnings fronts.
The bank’s net income experienced a 10% surge, reaching $7.8 billion, which translates to $0.90 per share. This exceeded the anticipated earnings of $0.83 per share. Similarly, revenue saw a growth of 3%, amounting to $25.2 billion, which was marginally higher than the expected $25.13 billion.
A notable performance was observed in net interest income during the quarter, which grew by 4% to stand at $14.4 billion. This growth was attributed to the combined effects of rising interest rates and an increase in loans.
Despite the average deposits dropping by 8% to $980 billion, they are still 36% higher than the levels observed before the pandemic. Additionally, the bank reported an increase of over 200,000 in net new Consumer checking accounts during this period.