Mubasher: Bank of America’s (BoA) earnings in the third quarter of this year came beyond expectations, with main units recording revenue growth.

BoA’s net income came in at $5.78 billion in Q3-19, while earnings per share (EPS) were $0.56, versus $0.51 as per analysts polled by Refinitiv.

Excluding an impairment charge, net income rose by 4% to $7.5 billion in the three-month period ended last September, with EPS of $0.75.

In addition, BoA generated $22.8 billion in total revenue during the period between July and September, barely changed from $22.7 billion in the year-ago period.

Three of the BoA’s four business divisions reported gains in revenue over the three months.

Global banking business produced $5.21 billion in total revenue in Q3-19, rising from $4.82 billion in Q3-18, with net income of $2.09 billion, citing higher investment banking fees.

The bank also saw a 27% rise in it advisory fees to $1.5 billion, exceeding the $1.27 billion.

Revenue from consumer banking operations totalled $9.72 billion, edging up year-on-year from $9.44 billion, on rising interest income, with growth of lending by 7% and deposits by 3%.