Bank of America tops earnings estimates on ‘resilient’ consumers
Bank of America reported better than expected third-quarter earnings as expanding profit margins from consumer lending helped offset sliding investment banking revenue.
“Our US consumer clients remained resilient with strong, although slower growing, spending levels and still maintained elevated deposit amounts,” said chief executive Brian Moynihan in a statement accompanying the lender’s results on Monday.
Spending across the second-largest US bank’s debit and credit cards jumped 9 per cent, or $18bn, compared with the same period a year ago. A $68bn increase in consumer deposits helped offset falling balances from corporate customers, which dropped 7 per cent.
This story originally appeared on: Financial Times - Author:Imani Moise
