Bank of America Corp. posts higher than estimate profit in Q3
Nathan Andrada – Fourth Estate Contributor
New York, NY, United States (4E) – Bank of America Corp. reported a larger-than-anticipated profit in the third quarter, after legal expenses fell significantly from the previous year and trading revenue improved.
The company said profit stood at $4.51bn, or 37 cents per share, which compared to the loss of $ 232mn , or 4 cents per share, in the year-earlier period when the bank paid a record $16.65bn related to a mortgage- securities settlement with the U.S. government.
The Charlotte, N.C.-based bank said revenue declined around 2.5 percent to $20.68bn from $21.21bn in the previous year. Adjusted revenue was $20.91bn, topping analysts’ estimate of $20.77bn.
The bigger-than-anticipated result comes after a shaky period for Chairman and CEO Brian Moynihan , who has spent much of his time as Chief Executive cleaning up legal and regulatory issues resulting from the financial crisis.