Oct. 15–Bank of America said Monday it fabricated almanac accumulation during the third division of this year, an accomplishment the Charlotte-based coffer said was helped by an convalescent U.S. economy.
Profit rose 32 percent from the aforementioned aeon a year ago to $7.2 billion, the coffer said. Revenue grew 4 percent from college absorption ante and advance in deposits and loans, amid added factors.
The accumulation amount surpassed Coffer of America’s antecedent almanac of $6.9 billion from the aboriginal division of this year. Coffer of America, like added banks, is benefiting from Federal Reserve increases to absorption rates, which accept led banks to allegation added absorption to borrowers. Banks are additionally accepting a addition from the federal tax cuts anesthetized by Congress aftermost year.
“We feel absolutely acceptable about the U.S. economy,” Chief Banking Officer Paul Donofrio said in a alarm with reporters. He said customer aplomb is at historically aerial levels, accomplishment are starting to acceleration and unemployment charcoal low.
“There’s not a lot not to like,” he said.
In the quarter, Coffer of America additionally bargain its expenses. Non-interest expenses, a class that includes items like activity costs, beneath by $327 million, or 2 percent, from the aforementioned division aftermost year.
CEO Brian Moynihan, who took over the coffer in 2010, has been focused for years on bringing bottomward costs at the second-largest U.S. coffer by assets. Under ahead appear plans, the coffer is blame to lower its anniversary noninterest costs to about $53 billion by the end of 2018.
Bank of America is the latest ample U.S. coffer to acknowledge banking after-effects for the third division of this year.
Last week, Wells Fargo said its accumulation rose 32 percent. The fourth-largest U.S. coffer by assets maintains its better application hub in Charlotte.
Citigroup, the third-largest U.S. coffer by assets, said its accumulation access about 12 percent from a year earlier. JPMorgan Chase, the better bank, appear a almost 24 percent access in profit. Both are based in New York.
Deon Roberts: 704-358-5248, @DeonERoberts
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