CHARLOTTE, N.C. (AP) — Bank of America Corp. (BAC) on Wednesday reported third-quarter profit of $8.47 billion.
The Charlotte, North Carolina-based company said it had earnings of $1.06 per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
The nation’s second-largest bank posted revenue net of interest expense of $28.09 billion, also topping Street forecasts. Five analysts surveyed by Zacks expected $27.28 billion.
Bank of America shares have risen 14% since the beginning of the year, while the S&P’s 500 index has climbed 13%. The stock has risen 19% in the last 12 months.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC
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