Q3 Profits Reported by Bank of America
Lower borrowing costs along with lesser legal expenses helped the Bank of America to earn profits in the third quarter.
On Wednesday, the bank based in Charlotte said it earned $4.1 billion or 37 cents per share in the quarter that ended in September. One year back, the bank had reported loss of $470 million for the same quarter. Last year, the bank had reached a legal settlement with the Justice Department for $16.7 billion and had booked $6 billion in legal expenses to cover some of the cost.
In the previous year the revenue was$21.4 billion which dropped to $20.7 billion this year.
There is an improvement in the lending business of Bank of America in the recent quarter that ended last month. More customers borrowed from the bank, and its lending costs dropped and the number of delinquent loans was lesser. Although the banks total loans remained more or less the same the institution carried on disposing troubled loans which remained from the financial crisis. It gave more loans to individuals and businesses. The earnings from the consumer banking division which is the largest business of the bank increased five percent.
Brian T. Moynihan, the company's chief executive said in a statement that the recent results of the bank were "solid."
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