Bank of America Corp. reported third-quarter net income applicable to common shareholders of $5.27 billion, or 56 cents per share, compared with $6.70 billion, or 66 cents per share, in the year-ago period.
The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 51 cents.
An impairment charge related to the company terminating its merchant services joint venture reduced net income by $1.7 billion, or 19 cents per share. Excluding the impairment charge, third-quarter net income was about $7.5 billion, or 75 cents per share.
Net interest income was $12.19 billion, up year over year from $12.06 billion. Provision for credit losses was $779 million, up from $716 million in the year-ago period.
The banking giant reported a year-over-year increase in its consumer banking revenues to $9.72 billion from $9.44 billion in the year-ago period. Global wealth and investment management revenues also increased to $4.90 billion from $4.82 billion in the year-ago period.
Global banking revenues also saw an increase and stood at $5.21 billion from $4.82 billion in the year-ago period. However, global markets' net revenues were nearly flat at $3.87 billion.
Total loans and leases at the end of the third quarter were $972.9 billion, compared with $963.8 billion at the end of the previous quarter and $929.8 billion at the end of the year-ago period. Total deposits at the end of the third quarter were $1.392 trillion, compared with $1.375 trillion at the end of the previous quarter and $1.346 trillion at the end of the year-ago period.