CHARLOTTE, N.C. (AP) — Bank of America is reporting a 21% drop in third quarter profits due to a $2 billion impairment charge.
The nation’s second largest bank reported net income of $5.78 billion, or 56 cents per share. That’s better than the per-share projections of 50 cents that Wall Street was calling for, according to a survey by Zacks Investment Research.
Revenue was $28.54 billion and revenue net of interest expense was $22.81 billion, edging out expectations.
Shares of Bank of America Corp., based in Charlotte, North Carolina, are up almost 2% before the opening bell Wednesday.
Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC