Bank of America (BAC) today reported third-quarter earnings that exceeded analyst expectations, with strong results in its sales and trading division.
Earnings per share were $0.95, compared with the consensus estimate of $0.88. Revenue totaled $26.5 billion, above the $25.9 billion forecast.
Revenue from fixed income, currencies and commodities (FICC) trading rose 15% year over year, as market volatility created trading opportunities. Investment banking revenue increased 5% from a year earlier, pointing to a possible stabilization in deal-making activity.
Bank of America shares rose more than 3% in premarket trading after the results. The report from the nation’s second-largest bank by assets is being watched for clues about the broader economy and lifted other financial stocks early in the session.