WASHINGTON — Bank of America Corp. reported Wednesday that its third-quarter profit surged as it saw increases from investments and interest charged on loans.
The second-largest U.S. bank said that it earned $2.5 billion in the July-September period, up from $340 million a year earlier. On a per-share basis, earnings were 20 cents, beating the 19 cents expected by financial analysts.
Bank of America has been slimming down and cutting jobs since Chief Executive Officer Brian Moynihan took over in early 2010. The strategy is meant to make the bank easier to manage and to reduce riskier businesses. Third-quarter revenue slipped to $22.2 billion from $22.5 billion, coming in close to the analysts’ forecast of $22 billion.
Read tomorrow's Arkansas Democrat-Gazette for full details.