BoA profit beats on boost from reserve release, lending

Bank of America Corp  beat estimates for third-quarter profit on Thursday, as it released reserves of $1.1 billion and recorded strong growth in its lending and equity-trading divisions.

Net income applicable to common shareholders rose to $7.26 billion, or 85 cents per share, for the quarter ended Sept. 30 from $4.44 billion, or 51 cents per share, a year earlier.

Analysts on average had expected a profit of 71 cents per share, according to the IBES estimate from Refinitiv.

Revenue from the bank’s equities division rose 33 per cent, driven by growth in client financing activities and strong trading performance.

– Reuters