BofA Swings to Profit on Higher Revenue, One-Time Gains
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Bank of America Corp., this year’s worst performer in the Dow Jones Industrial Average, swung to a third-quarter profit on higher revenue, better credit quality and one-time gains. The stock jumped in New York trading.
Net income of $6.23 billion, or 56 cents a diluted share, compared with a loss of $7.3 billion, or 77 cents, a year earlier, the Charlotte, North Carolina-based lender said today in a statement. Total revenue rose 6 percent to $28.7 billion, beating the consensus of analysts surveyed by Bloomberg.