Bank of America’s 3Q profit rises 6.6 percent

Bank of America’s 3Q profit rises 6.6 percent - Insights Success

The second-largest U.S. bank, Bank of America has reported its first rise in profit 6.6 percent in three-quarters on Monday.

Total income attributable to shareholders of USD 4.45 billion in the third quarter ended Sept. 30, against USD 4.18 billion a year earlier. Earnings per share rose to 41 cents from 38 cents in the same period of 2015.

CEO Brian Moynihan said in a statement, “We delivered strong results this quarter by staying true to our strategy of responsible growth and focusing on the quality of the relationships with our customers and clients.”

Revenue from currencies, fixed-income securities, and commodities jumped to 32 percent from a year earlier, when it boosted by Brexit-inspired volatility and changing expectations for monetary policy in the United States, Europe, and Japan.

In July the bank would cut annual costs by another USD 5 billion by 2018, which would take the total to about USD 53 billion from about USD 58 billion in 2015, added Brian Moynihan.

However, BofA’s shares had fallen 4.9 percent this year, compared with a 2.5 percent decline in the KBW banking index.