CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Bank of America Corp. (BAC) on Tuesday reported third-quarter net income of $7.8 billion.
The bank, based in Charlotte, North Carolina, said it had earnings of 90 cents per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The nation's second-largest bank posted revenue of $44.41 billion in the period. Its revenue net of interest expense was $25.17 billion, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $25.08 billion.
Bank of America shares have decreased 19% since the beginning of the year, while the S&P's 500 index has climbed 14%. The stock has declined 15% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC