Bank of America per-share earnings rise 8%

Net income for the quarter rose 5 percent to $5.76 billion, from $5.48 billion a year ago. Diluted earnings per share increased 8 percent to $1.28, from $1.19 last year.

“Our investments in a number of businesses such as capital markets, mortgage and services for the affluent, in addition to the equity investment gains produced in the current environment, are generating results that more than offset spread compression impacting virtually all of our businesses and the trend toward more normalized credit costs,” Bank of America chairman and CEO Kenneth D. Lewis said in a news release.

Investment banking income, sales of retail products and originations of first mortgages saw gains in the quarter, as did sales to small businesses, which rose 41 percent.

Return on average common shareholders’ equity was 17.55 percent.

Bank of America shares (NYSE: BAC) closed Monday at $48.15, compared to a 52-week range of $48.02 to $55.08.