UPDATE: Bank of America Shares Gain After Q3 Results

Shares of Bank of America

gained around 1% after the company reported results for the third quarter. The Charlotte, North Carolina-based bank posted quarterly net income of $168 million, down from $2.497 billion, in the year-ago period. On a per share basis, the bank posted a loss of $0.01, versus a year-ago profit of $0.20. The results included a pretax charge of $5.3 billion related to DoJ Settlement, which impacted earnings by $0.43 per share. Its revenue declined to $21.434 billion versus $21.743 billion, while revenue, net of interest expense, on an FTE basis, excluding DVA, rose 1% to $21.2 billion from $21.0 billion. However, analysts were expecting a loss of $0.09 per share on revenue of $21.34 billion. Noninterest expense rose to $19.7 billion from $16.4 billion. Average deposit balances rose 4% to $545.1 billion. Consumer and Business Banking's segment net income rose 4% to $1.9 billion, while Consumer Real Estate Services posted a loss of $5.2 billion versus a loss of $990 million. Global Wealth and Investment Management's segment net income rose to $813 million from $720 million, while Global Banking's net income jumped 24% to $1.4 billion. Global Markets posted net income of $769 million, versus a loss of $875 million. At September 30, 2014, Bank of America had 229,538 full-time employees, down 7% versus the year-ago period. “We saw solid customer and client activity and improved profitability in most of our businesses relative to the year-ago quarter,” said Chief Executive Officer Brian Moynihan. “We remain focused on streamlining and simplifying our company and connecting customers and clients with the real economy, an approach that is paying dividends for them and for our shareholders.” Bank of America shares rose 0.97% to $16.68 in pre-market trading.