Bank Of America 3Q Profits Rise 32 Percent, Beats Forecasts
The
Like other big banks that have reported so far this quarter, Bank of America's quarterly results were driven by higher interest rates and lower taxes.
"Responsible growth, backed by a solid
While Bank of America had to pay more for deposits in the quarter, the bank was more than able to make up for it by charging borrowers more to take out loans. The bank's net interest spread, which is the difference between how much banks pay for deposits compared to what it charges to loan money out, widened to 2.42 percent in the quarter. Consumers trying to earn interest on their savings might want to look elsewhere. Bank of America paid roughly 0.50 percent on interest-bearing deposits, up from 0.38 percent a year earlier, among the lowest of the major banks to report this quarter.
Bank of America's corporate and investment banking division also had a solid quarter, despite mixed trading revenue. The division reported a pretax profit of
The bank's total revenue rose to
Small Businesses Aim to Win Talent with Better Benefits
Business notes: Oct. 15, 2018
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