Bank of America profit surges on reserve release boost

(Reuters) – Bank of America Corp (NYSE:BAC) reported a jump in third-quarter profit on Thursday as it released some of its reserves for bad loans, while logging growth in its consumer banking division.

 

Net income applicable to common shareholders rose to $7.26 billion, or 85 cents per share, for the quarter ended Sept. 30 from $4.44 billion, or 51 cents per share, a year earlier.

Analysts on average had expected a profit of 71 cents per share, according to the IBES estimate from Refinitiv.

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