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Bank of America shares rise after lender posts better-than-expected profit on retail operations

October 16, 2019


Bank of America beat analysts’ estimates for third-quarter profit and revenue as its consumer and advisory businesses offset a slump in trading.

The bank said Wednesday that net income excluding an impairment charge rose 4% to $7.5 billion, or an adjusted 75 cents a share. When including the $2.1 billion charge tied to the end of a partnership with First Data, net income fell to 56 cents a share, exceeding the 51 cent estimate of analysts surveyed by Refinitiv.

Shares of the bank rose 1.8% in premarket trading.

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