Bank of America beats earnings target as net interest income and revenue rise

Bank of America Corp.
BAC,
+0.03%
shares rose 2.4% in premarket trades Monday after the megabank topped earnings and revenue estimates. The bank said its third-quarter net income fell to $6.58 billion, or 81 cents a share, from $7.26 billion, or 85 cents a share, in the year-ago quarter. Revenue increased 8% to $24.5 billion. Bank of America was expected to earn 78 cents a share on revenue of $23.54 billion, according to estimates compiled by FactSet. Net interest income rose to $13.77 billion from $11.09 billion. “Our U.S. consumer clients remained resilient with strong, although slower
growing, spending levels and still maintained elevated deposit amounts,” CEO Brian Moynihan said. Shares of Bank of America are down 28.8% in 2022, compared to a 24.8% drop by the S&P 500
SPX,
-2.37%
and a loss of 20.6% by the Financial Select SPDR Fund
XLF,
-1.68%.