10/14/2021, 12:51 PM (Source: TeleTrader)
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Bank of America revenue at $22.8B in Q3, up 12% YoY

Bank of America Corporation revealed on Thursday that its revenue totaled $22.8 billion in the third quarter of fiscal 2021, representing an increase of 12% compared to the same period a year ago.

Net income soared 57% on an annualized basis, reaching $7.7 billion in the third three-month period and diluted earnings per share (EPS) were $0.85, up 67% from the corresponding timespan in 2020.

"Asset quality remained strong, with loss rates approaching 50-year lows, enabling the release of loan loss reserves again this quarter. Because of the way we run our business, we were able to increase the quarterly dividend by 17% and buy back nearly $10 billion in common stock," Chief Financial Officer Paul Donofrio said in the press release.

The bank's stock was up 2.23% in premarket trading after the report was released.

Baha Breaking News (BBN) / MS