Bank of America beat estimates, with third-quarter net income rising 32% from last year to roughly $7.2 billion, or $0.62 per share, as revenue improved 4% from the year-ago quarter to $22.8 billion. Its overall lending activities and deposits grew slightly, as net charge-offs declined.
“Responsible growth, backed by a solid U.S. economy and a healthy U.S. consumer, combined to deliver the highest pretax earnings in our company’s history,” according to BofA Chairman and CEO Brian Moynihan.
“Our high-tech, high-touch approach continues to drive both client satisfaction and efficiencies,” Moynihan explained. “More than 3 million users have accessed Erica, the industry’s only AI virtual assistant, since its April rollout, and nearly a quarter of deposit transactions this quarter were performed on a mobile device.”
The bank’s Global Wealth and Investment Management unit — which includes Merrill Lynch — had its “second-best quarter in history,” it says. Total revenue for the full unit grew 4% year over year to about $4.8 billion, while Merrill Lynch revenue rose 3% to $3.9 billion.