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Bank of America

Bank of America shares up premarket after third quarter results beat market expectations

All was not rosy however. The lender, together with other bankers, had warned that trading revenue would come under pressure

Bank of America
Earnings per share was up 48 US cents from 41 US cents, ahead of market expectations for 45 US cents a share.

Bank of America Corp (NYSE:BAC) shares were on the up, after releasing its third quarter profits  shot up by 15% on the back of lower costs and higher interest rates.

In premarket trade, its shares were up 0.75% at US$25.64.

The second largest bank in the US based on assets, it said that net income attributable to common shareholders rose to US$5.12bn, up from US$4.45bn recorded the previous year.

READ: Bank of America's second quarter profit beats expectations as rising short term interest rates offset trading slump

Earnings per share was up 48 US cents from 41 US cents, ahead of market expectations for 45 US cents a share.

Total revenue grew by 1% to US$22.08bn from US$21.86nm, a year earlier, again beating Wall Street’s expectations for US$21.98bn.

READ: Warren Buffett bags US$12bn profit as he becomes Bank of America's largest shareholder

All was not rosy however. The lender, together with other bankers, had warned that trading revenue would come under pressure.

Quick facts: Bank of America

Price: $27.19

Market: NYSE
Market Cap: $253.09 billion
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