Bank of America per-share earnings reach $1.18

According to its earnings report released Oct. 19, Bank of America’s net income was $5.42 billion in the third quarter, up from $3.84 billion in the same period last year. Per-share earnings were $1.18, up 24 percent from 95 cents a year ago.

Return on average common shareholders’ equity for the quarter was 16.64 percent.

During the quarter, average managed-card service loans grew 7 percent to a record $193.32 billion, while average held-card service loans increased $38.53 billion to $95.95 billion. Home equity production increased 16 percent, and average loans to small businesses grew 73 percent to nearly $13 billion.

Year-to-date earnings are $15.88 billion, or $3.44 per share, compared to $12.89 billion a year ago.

Shares of Bank of America (NYSE: BAC) closed Thursday at $54.18, near a 52-week high of $54.87.