The consumer banking unit of Bank of America has reported a net income of $1.81bn for the third quarter of 2016, up 3.2% compared to $1.75bn a year earlier.

The unit’s total revenue in the quarter decreased 0.1% year-on-year to $7.97bn.

Net interest income increased 3.8% to $5.29bn from 5.09bn in the prior year, while non-interest expense dipped 7.2% to $4.37bn from $4.71bn a year ago.

The division’s provision for credit losses surged 33.4% to $698m from $523m in the third quarter of 2015.

Overall, the banking group posted attributable net income of $4.45bn for the third quarter of 2016, a rise of 6.6% from $4.18bn in the corresponding quarter of 2015.

Bank of America CEO Brian Moynihan said: "We delivered strong results this quarter by staying true to our strategy of responsible growth and focusing on the quality of the relationships with our customers and clients.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We grew revenue, reduced expenses and continued to manage risk, resulting in a 17 percent increase in pretax earnings. Our investments in innovation, including industry-leading digital banking capabilities, continue to transform how we serve our customers. This innovation across our businesses is benefiting customers and shareholders."