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BofA Q3 net income climbs YOY amid loan, deposit growth

Bank of America Corp. reported third-quarter net income applicable to common shareholders of $6.70 billion, or 66 cents per share, up from $4.96 billion, or 46 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the third quarter was 62 cents.

The year-over-year earnings growth was driven by operating leverage, asset quality and a lower tax rate, said CFO Paul Donofrio.

BofA's consumer banking segment net income for the third quarter amounted to $3.11 billion, up from $2.09 billion a year ago, driven by a 10% operating leverage. Upticks in net income were also seen in the global wealth and investment management segment, global banking segment and global markets segment.

Total loans and leases stood at $930.74 billion, compared with $934.82 billion in the second quarter and $918.13 billion in the third quarter of 2017.

Total deposits were $1.316 trillion, compared with $1.301 trillion in the linked quarter and $1.272 trillion in the year-ago period.

The Charlotte, N.C.-based company has added 6,000 client-facing professionals in its consumer banking segment since 2015 and plans to add 5,000 more over the next four years. In the global banking segment, the company has hired more than 450 commercial and business bankers since 2015 to expand local coverage, and is adding regional investment bankers.

BofA opened 53 financial centers in the last 12 months. The company recently opened its first financial center in Pittsburgh and plans to open in Salt Lake City in the coming months.