Bank of America Corp. announced on Tuesday that its net income in the third quarter of its fiscal 2024 landed at $6.9 billion, dropping 12% from $7.8 billion registered a year prior. Meanwhile, year over year, diluted earnings per share (EPS) declined 10% to $0.81, while revenue climbed 1% to $25.3 billion. Both figures surpassed expectations.
"We reported solid earnings results, delivering higher average loans and our fifth consecutive quarter of sequential average deposit growth. Net interest income increased over the second quarter, complimented by double-digit, year-over-year growth in investment banking and asset management fees, as well as sales and trading revenue. We also continue to benefit from our investments in the business. I thank our teammates for another good quarter. We continue to drive the company forward in any environment," Chair and CEO Brian Moynihan said.
The bank's stock gained 1.84% during the premarket trade following the earnings announcement to sell at $42.42 apiece.
