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.
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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.
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By GlobalData“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."
