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Bank of America

(BAC) - Get Bank of America Corp Report

reported a 7% rise in third-quarter earnings, excluding a $346 million restructuring charge, beating analysts' expectations.

The largest U.S. bank said third-quarter earnings were $2.18 billion, or $1.31 a share, including a $257 million pretax "reduction in income" related to the deterioration of auto lease residual values. The company reported earnings of $2.15 billion, or $1.23 a share, a year earlier.


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poll of 25 analysts expected the company to earn $1.29 a share in the third quarter.

Third-quarter results also contained a $346 million after-tax restructuring charge, mostly for severance costs. Including that charge, net income in the latest quarter was $1.83 billion, or $1.10 a share.

Revenues, which include the bad loan provision and exclude securities gains, totaled $7.79 billion in the third quarter, essentially flat with the year-ago period's $7.78 billion.

Bank of America announced in July it would cut up to 10,000 jobs, nearly 7% of its workforce, in order to slash costs and fuel revenue growth.