Bank of America reports double-digit income growth

The Charlotte, N.C.-based company cited a 16 percent increase in revenue, reflecting continued success in the company’s growth initiatives as the reason for the income increase.

Other highlights of the quarter included:

• A record 635,000 net new retail checking accounts and 294,000 net new savings accounts;

• A $38 billion increase in total average retail deposit balances, a 10 percent increase, from a year ago;

• An increase in net interest income of almost 2 percent to $7.97 billion; and

• An 18 percent increase in assets under management – the company now manages $1.29 trillion in assets.

“Our companywide success is consistent with what is happening in Springfield,” said Michael Homeyer, senior vice president of Bank of America in Springfield, in a written statement. “After all, Bank of America is nothing more than a collection of bankers in local markets, like Springfield, who share a common goal – execute for our clients and our shareholders – and our financial results illustrate we are succeeding at both.”

Bank of America Corp. (NYSE: BAC) has more than 5,600 bank branches nationwide, including 10 in southwest Missouri. Company stock ended trading Oct. 21 at $42.26 per share; the 52-week range is $41.13–$47.47.