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Consumer banking powers Bank of America profit beat

“Revenue rose across three of BofA’s four main businesses, with consumer banking up 10 percent” reports foxbusiness.com. Adjusted trading revenue fell 15 percent, with revenue from fixed income trading down 22 percent.Benefiting from higher Federal Reserve interest rates, the lender’s net interest income rose 9.4 percent to $11.16 billion.Bank of America Corp’s (BAC) profit surged 15 percent in the third quarter as higher U.S. interest rates boosted income from consumer banking and the lender also met its own target on cost control. JPMorgan and Citigroup also reported declines in trading revenue on Thursday. (Reporting by Nikhil Subba and Sweta Singh in Bengaluru and Dan Freed in New York; editing by Saumyadeb Chakrabarty).
 
Source: foxbusiness.com



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