Bank of America

Ticker BAC

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Price US dollars
As of 17:49 20 Oct 2018
Market cap. US dollars
289,544.32 million
As of 17:49 20 Oct 2018

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Bank of America reports record profits

Bank of America
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The third quarter reporting season in the US continues and Bank of America is the latest company to unveil its results showing an 18% rise in pre-tax profit to $9bn.

Revenues for the three months to September increased by 4% to $22.8bn.

Bank of America's chairman and chief executive Brian Moynihan, said: "Responsible growth, backed by a solid US economy and a healthy US consumer, combined to deliver the highest quarterly pre-tax earnings in our company’s history."

Its consumer banking business showed the highest profit growth over the third quarter, up 49% to $3.1bn followed by global wealth and investment management where income grew 31% to $1bn.

Profits up at Bank of America

Bank of America

Bank of America has reported a sharp jump in second quarter profits, helped by cost cuts and the tax reforms introduced by Donald Trump.

The banking giant reported better-than-expected profits of $6.78bn (£5.1bn), up from $4.75bn a year earlier.

"Solid operating leverage and client activity drove earnings higher this quarter... We grew consumer and commercial loans; we grew deposits," said chief executive Brian Moynihan.

Shares in Bank of America were up 2% in morning trade on Wall Street.

Bank of America in Brexit planning

Bank of America

Bank of America is planning to move even more jobs to Paris than initially thought due to Brexit, Reuters reports.

The bank, which employs about 3,500 people in London, had already said it would shift some workers to Dublin and Paris.

The figure in Paris may be about 400, rather than the 200 previously stated, Reuters said.

The moves are set to occur next year, as the UK formally leaves the European Union.

Profits up at Bank of America

Bank of America sign

First quarter profits at Bank of America have risen by just over a third, with the bank posting net income of $6.5bn (£4.54bn) for the first three months of the year.

Like its rivals, the bank has benefited from rising US interest rates, which makes it easier for banks to increase the difference between how much they charge for loans and how much they pay out on deposits.

"Strong client activity, coupled with a growing global economy and solid US consumer activity, led to record quarterly earnings," chief executive Brian Moynihan said in a statement.

Revenues at the bank's biggest business - consumer banking - increased by 9% to $9.03bn (£6.31bn).