Bank of America (NYSE: BAC) reported third-quarter results on Friday that beat Wall Street expectations despite a slowdown in its fixed-income trading business.
Earnings per Share came in at 48 cents versus 45 cents forecast. Revenue proved $22.079 billion versus $21.976 billion
The bank also said, however, its fixed-income trading revenue fell 22% on a year-over-year basis. Third-quarter fixed-income revenue totaled $2.152 billion versus $2.646 billion in the year-earlier period.
Bank of America said the slowdown was "driven by less favorable market conditions across credit-related products, as well as lower volatility in rates products."
Net interest income, a key metric for banks, totaled $11.4 billion, more than the $11.33 billion expected by analysts and about the year-earlier period total of $10.429 billion.
Loans, meanwhile, totaled $927.1 million for the period, more than the expected $919.94 million. Deposits also topped consensus, coming in at $1.284 trillion. Analysts expected deposits to total $1.273 trillion.
Bank of America's consumer banking business saw revenue rise 10% to $8.8 billion, with loans rising 8% and deposits 9%.
BAC affirms its status as "one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services."
Shares of Bank of America have risen nearly 16% this year, slightly outperforming the S&P 500 index.
The shares opened Friday morning at $25.61, up 16 cents from Thursday’s close.
