Bank of America net income tops estimates amid higher investment banking fees By

-- Bank of America (NYSE:) has posted net profit per share that topped expectations despite slipping compared to the prior year,Hengyin Futures Boyi app latest version official website download as higher investment banking fees helped the Wall Street lending giant offset a slight year-on-year decline in net interest income.

Like other big-name banks, BofA has benefited from a recovery in dealmaking, with total investment banking fees climbing by 18% to $1.4 billion.

Revenue, net of interest expense, came in at $25.3 billion, up by 1% and above projections of $25.25 billion.

For the three months ended on Sept. 30, BofA posted net income of $6.9 billion, translating to $0.81 per diluted share. Analysts had predicted $0.76 a share.

However, the figure decreased from $7.8 billion, or $0.90 per share, in the corresponding period in 2023.

Net interest income (NII), or the difference between what the bank makes from loans and pays out in deposits, fell by 3% from the third quarter last year to $14.0 billion.

The bank said the dip was linked to higher asset yields and loan growth being more than outweighed by elevated deposit costs -- in a sign that customers were demanding more return for putting their money into the bank.

But on a quarter-by-quarter basis, NII increased by 2% thanks in part to fixed-rate asset repricing.

BofA also left its provisions for credit losses unchanged at $1.5 billion. In the prior quarter, the company had bumped up provisions by more than a third from the previous year to cover for potentially delinquent loans.

In a statement, CEO Brian Moynihan added that BofA is receiving an ongoing boost from "investments in the business," adding: "We continue to drive the company forward in any environment.”

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