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Bank of America reports earnings, revenue gains

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Charlotte, North Carolina-based Bank of America Corp. (NYSE: BAC) posted better earnings and revenue in the third quarter compared with the same period a year earlier, the company announced.

The operator of four Bank of America branches in Springfield reported $7.2 billion in net income, a roughly 33 percent jump from $5.4 billion in third-quarter 2017. Diluted share earnings rose 20 cents to 66 cents, according to a news release.

“Responsible growth, backed by a solid U.S. economy and a healthy U.S. consumer, combined to deliver the highest quarterly pretax earnings in our company’s history,” Bank of America Chairman and CEO Brian Moynihan said in the release. “This marks the 15th consecutive quarter of positive operating leverage, driven by continued growth in deposits, client balances in wealth management, solid loan growth and disciplined expense management.”

Third-quarter financial notes:
    •    Revenue rose 4.6 percent to $22.8 billion.
    •    The company repurchased $14.9 billion of its shares and paid $4 billion in dividends.
    •    Provision for credit losses dropped by $118 million to $716 million.

As of Sept. 30, Bank of America held $2.3 trillion in assets and $1.3 trillion in deposits. The company operates roughly 4,400 branches and 16,100 ATMs, according to the release.

BAC shares were trading at $28.42 as of 11:53 a.m., compared with a 52-week range of $25.81 to $33.05.

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