Bank of America Q3 net income rises 10%, beating estimates

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CEO Brian Moynihan credited this growth to a rise in clients and accounts across all business sectors in what he described as a “healthy but closing economy.” The consumer banking unit, buoyed by a robust U.S. economy and jobs market, contributed 200,000 new consumer checking accounts to the bank’s overall growth.

The bank’s average deposit balances saw an increase of $1 billion to $1.9 trillion from Q2, although there was a decrease of $87 billion or 4% from the same quarter last year. The global markets revenue also saw an increase by 10% to $4.9 billion, driven by higher sales and trading in fixed income, currencies, and equities.

Average loan and lease balances experienced a growth of $12 billion or 1% to reach $1 trillion, primarily driven by higher credit card balances.

Despite these positive results, Bank of America’s stock value fell by 4.6% during Q3 and further declined by 6.1% over the past month, underperforming the S&P 500‘s drop of only 1.7%.

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