Bank of America (NYSE:BAC) says it regained the organic customer growth momentum it experienced before the pandemic.
"Deposit growth was strong and loan balances increased for the second consecutive quarter, leading to an improvement in net interest income even as interest rates remained low," said BofA Chairman and CEO Brian Moynihan.
Revenue and net income increased Q/Q and Y/Y in Consumer Banking, Global Wealth and Investment Management, and Global Banking.
Global Markets net income weakened from a year ago, while the unit's revenue declined from Q2 2021.
Q3 EPS of $0.85 vs. $0.70 consensus and $1.03 in Q2.
Provision for credit loss benefit of $624M, reflecting reserve release of $1.1B, compares with PCL benefit of $1.6B in Q2.
Q3 net interest income of $11.1B vs. $10.2B in Q2.
Total loans and leases in business segments of $910.9B increased from $900.6B at the end of Q2.
Deposits of $1.96T vs. $1.91T at the end of Q2 2021.
Noninterest income of $11.7B rose from $11.2B in Q2.