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Bank of America profit surges on reserve release boost By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – A Bank of America logo can be seen in Manhattan, New York City. This was taken on January 30, 2019, U.S.A. REUTERS/Carlo Allegri

(Reuters] – Bank of America Corp. (NYSE:) posted a rise in third-quarter profits on Thursday, as it released some of their reserves for bad loan defaults and reported growth in its consumer bank division.

Common shareholders saw net income rise to $7.26 Billion, which is 85c per share. This compares to $4.44 Billion, or 51c per share a year ago.

The average analyst expected to make 71 cents per shared, according the Refinitiv IBES estimation.

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