Bank of America earns 3Q net income of $168m

CHARLOTTE, NORTH CAROLINA: Bank of America Corp. (BAC) on Wednesday reported third-quarter net income of $168 million. The Charlotte bank reported net income of $2.50 billion in the same period a year earlier. On a per-share basis, the bank said it lost 1 cent in the latest quarter. That compared with a profit of 20 cents a year earlier. Bank of America posted revenue of $21.21 billion in the third quarter, down from $21.53 billion the year before. Bank of America shares have increased 6 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased roughly 2 per cent. The stock has risen 15 per cent in the last 12 months.