Bank of America profit boosted by reserve release

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Bank of America BAC, -0.92% said Thursday its third-quarter net roseate to $7.7 billion, oregon 85 cents a share, from $4.9 billion, oregon 51 cents a share, successful the year-ago period. Revenue accrued to $22.8 cardinal from $20.3 billion. Net involvement income roseate 10% to $11.1 billion. The slope released $1.1 cardinal successful reserves to its bottommost line, driven chiefly by plus prime improvements. A survey of analysts by FactSet estimated net of 71 cents a stock connected gross of $21.68 cardinal and nett involvement income of $11.26 billion. CEO Brian Moynihan said the slope results were "strong" arsenic the system continued to amended and its businesses regained the integrated lawsuit maturation momentum seen earlier the pandemic. The banal roseate 2% successful pre-market trades. Shares of Bank of America are up 42.3% successful 2021, compared to a emergence of 16.2% by the S&P 500.

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