Investing.com – Bank of America (NYSE:BAC) on Monday reported the highest quarterly pre-tax earnings in its history in the third quarter, along with revenue that topped forecasts.
The firm reported earnings per share rose 43% to $0.66, while revenue rose by 4% to $22.8bn. Analysts polled by Investing.com forecast EPS of $0.62 on revenue of $22.62bn.
Net income increased 32% to $7.2bn, driven by continuing strong operating leverage and asset quality, as well as U.S. tax reforms.
“Responsible growth, backed by a solid U.S. economy and a healthy U.S. consumer, combined to deliver the highest quarterly pre-tax earnings in our company’s history,” Brian Moynihan, chairman and chief executive officer said.