RTTNews | Oct 14, 2021 07:13AM EDT

07:13 Thursday, October 14, 2021 (RTTNews.com) - Bank of America Corp. (BAC) reported Thursday that net income for the third quarter surged 58 percent to $7.69 billion from last year's $4.88 billion, with earnings per share increasing to $0.85 from $0.51 in the prior year.

On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was a benefit of $624 million, compare to expense of $1.4 billion in the prior year, driven by asset quality improvements during the quarter.

Total revenue, net of interest expense, increased 12 percent to $22.77 billion from $20.34 billion in the prior-year quarter. Wall Street expected revenues of $21.78 billion for the quarter.

Net interest income was $11.09 billion, up 10 percent from last year, driven by strong deposit growth and related investment of liquidity, and Paycheck Protection Program (PPP) activities.

Non-interest income also grew 14 percent to $11.67 billion from last year, primarily reflecting record asset management fees, strong investment banking revenue and higher sales and trading revenues.

Noninterest expense edged up to $14.44 billion, reflecting higher revenue-related expenses were largely offset by lower litigation expense and lower COVID-related costs.

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