Bank of America (BofA) reported an 8% YoY drop in its Q3 net income to $7.1bn on net revenues of $24.5bn, up 8%. Net interest income (NII) was up 24% to $13.8bn, thanks to higher interest rates, including lower premium amortization expense, and solid loan growth. Its consumer banking division reported a net income of $3.1bn, 1% higher while its wealth and investment management witnessed net income of $1.2bn, down 3%. Global markets’ net income was at $1.1bn, up 15% thanks to a 13% increase in sales and trading revenues to $4.1bn. Provision for credit losses were at $900mn during the quarter. The bank’s CET1 ratio stood at 12.6% at end-September, unchanged over the same period last year.
BofA’s 5.2% Perp was down 0.6 points to 96.5, yielding 11.24% to call.