Bank of America Corp on Monday reported a smaller-than-expected 9% drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking.
"Consumers remain resilient," Bank of America Chief Executive Officer Brian Moynihan told analysts on a conference call.
Excluding items, BofA earned 81 cents per share for the quarter ended Sept. 30, beating the average analyst estimate of 77 cents per share, according to Refinitiv IBES data. Shares of BofA, down about 29% so far this year, rose nearly 6% to $33.59 alongside a broader market rally. The second-largest U.S. bank's consumer business reported a 12% jump in revenue, helped by higher balances and a rise in interest rates and a 9% jump in combined credit and debit card spend.
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