Originally published at www.seclive.com
Bank of America Corporation (NYSE:BAC) profits surged to $2.5B from $340M a year ago, as reported in the company's third quarter financial results for the current fiscal year. Revenue results, like many of its competitors, missed expectations with the company reporting a 5.4% increase to $21.53B. Positive trends included increases in consumer and business banking that led to a $1.78B profit, up from $1.35B profits a year ago. The wealth and investment management business reported a 26% increase in net income from $719M a year ago this quarter. Bank of America's consumer real estate division reported a $1B loss, furthering the decline from an $857M net loss a year ago. Mortgage banking has had negative effects not only on Bank of America but its competitors as well due to increased long-term interest rates.
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