Bank of America reports 63 % profit increase
The US financial institution reported that it obtained a net profit of $ 7.26 billion in the third quarter of 2021
US bank Bank of America posted net attributable profit of $ 7.26 billion for the third quarter of 2021 as a whole, equivalent to an increase of 63.5 % compared to the same period last year, according to of the income statement.
“We have reported strong results as the economy continued to improve and our businesses recovered the organic customer growth we saw before the pandemic,” said Brian Moynihan, President and CEO Brian Moynihan.
Net income between July and September was 22,766 million dollars, 11.9 % more than in the third quarter of 2020. Income from net interests was 11,094 million, 9.5 % more.
On the other hand, the company had a turnover of 9,915 million dollars from the commissions and fees charged, 13 % more, while the market-making activity accounted for income of 2,005 million, 18.7 % more.
In addition to the increase in billing, Bank of America’s profits during the quarter also grew due to the effect of provisions. During the third quarter of 2020, due to the pandemic, the bank provisioned 1,389 million to face possible credit defaults from its clients. The improvement in the economic outlook during 2021 has caused the entity to reduce those funds provisioned and reserved for losses. Thus, between July and September it reduced its provisions by 624 million, which has a positive effect on the accounts.
Source: dpa
