Bank of America 3Q profits rise 32 percent, beats forecasts

Bank of America says third-quarter profits rose by 32 percent from a year ago, as the bank was able to charge more for loans and also benefited from a much lower tax rate, thanks to last year’s tax law.

The Charlotte, North Carolina-based banking giant said Monday it earned a profit of $7.17 billion, or 66 cents a share. That’s up from $5.42 billion, or 46 cents a share, a year earlier.

The results beat the forecasts of Wall Street analysts, who were looking for BofA to earn 62 cents a share, according to FactSet.

BofA’s net interest income rose 6 percent from a year earlier to $11.9 billion.

The bank’s revenue was $22.78 billion in the quarter, beating analysts’ estimates.

This article provided by NewsEdge.