Bank of America Corp. (NYSE: BAC) shares gained more than 4% intra-day on Wednesday after the lender posted third-quarter results that topped forecasts, supported by robust growth in both loans and deposits.
The bank reported total revenue, net of interest expenses, of $28.1 billion, while diluted earnings per share rose to $1.06 — both above consensus expectations.
Net interest income, a closely watched measure of the spread between lending and deposit costs, increased 9% year-over-year to $15.23 billion, exceeding analyst estimates of $15.03 billion. For the current quarter, the bank projected net interest income of $15.6 billion to $15.7 billion, implying an 8% annual increase and roughly in line with market forecasts.
The global banking division posted a 43% jump in investment banking fees to over $2 billion, helping lift total revenue in the segment by 7% to $6.2 billion.
Meanwhile, the global wealth and investment management unit saw revenues rise 10% to $6.3 billion, driven by higher asset management fees and larger client balances, supported by improving equity markets.
Executives said the results reflected broad-based strength across business lines and a rebound in dealmaking activity following earlier headwinds from trade-related uncertainty.
