Bank of America reported third-quarter net income of $2.5 billion compared to $340 million in the year-ago quarter, on revenue of $21.7 billion compared to $20.6 billion for the year earlier. An improving loan portfolio saw provision for credit losses lower to $296 million compared to $1.8 billion a year earlier.
"We saw good loan growth, improved credit quality and record deposit balances," said CEO Brian Moynihan in a statement. "The economy and business climate will improve even more quickly as conditions normalize, and we are well positioned to benefit from that."
Shares have gained 0.63% to $14.33 in pre-market trading.TheStreet Ratings team rates Bank of America Corp as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation: "We rate Bank of America Corp (BAC) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, solid stock price performance and increase in net income. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."
- You can view the full analysis from the report here: BAC Ratings Report
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