Bank of America: 3Q Earnings Snapshot
CHARLOTTE, N.C. (AP) _ Bank of America Corp. (BAC) on Wednesday reported third-quarter profit of $5.78 billion.
The Charlotte, North Carolina-based bank said it had earnings of 56 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The nation's second-largest bank posted revenue of $28.54 billion in the period. Its revenue net of interest expense was $22.81 billion, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $22.18 billion.
Bank of America shares have increased 21% since the beginning of the year, while the Standard & Poor's 500 index has increased 19%. The stock has climbed 6.5% in the last 12 months.
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This story was 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