-=Bank of America (BAC) reported earnings on Mon 15 Oct 2018 (b/o)

BAC Bank of America beats by $0.04, reports revs in-line

• Reports Q3 (Sep) earnings of $0.66 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.62; revenues rose 3.2% year/year to $22.78 bln vs the $22.63 bln S&P Capital IQ Consensus.
• Provision for credit losses decreased $118 million to $716 million.
• Average loan and lease balances in business segments rose $29 billion, or 3%, to $871 billion.
• Co reported Q3 efficiency ratio of 57% vs 59% in Q2.
• NII increased $64 million, or 2%, primarily due to the benefit of higher interest rates and growth in deposits.