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Tuesday / October 17.

Bank of America profit rises 15 percent on lower costs


(Reuters) – Bank of America Corp (BAC.N), the second-largest U.S. bank by assets, reported a 15 percent rise in quarterly profit as the lender kept a tight leash on costs and benefited from higher interest rates.

Net income attributable to common shareholders rose to $5.12 billion for third quarter ended Sept. 30 from $4.45 billion in the year-ago period. Earnings per share rose to 48 cents from 41 cents. (bit.ly/2hDYUZK)

Total revenue rose about 1 percent to $22.08 billion.

Reporting by Nikhil Subba and Sweta Singh in Bengaluru and Dan Freed in New York; editing by Saumyadeb Chakrabarty



via Reuters