Bank of America (BAC) reported third-quarter results above🌠 analysts' estimates Tuesday morning, as revenue rose year-over-year and profit fell by a smaller am♑ount than expected.

The company reported $25.34 billion in revenue, above last year's $25.17 billion and the $25.28 billion consensus projection of analysts compiled by Visible Alpha. The key banking metric of 澳洲幸运5开奖号码历史查询:net interest income (NII) came in at $13.97 billion, down from $14.38 billion a year ago but better than the $13.85 billion expectation.

Bank of America posted profit o๊f $6.90 billion, or $0.81 per share, down from $7.8 billion and $0.90, respectively, the same time last year. Analysts were expecting a larger drop to $6.45 billion, or $0.75 per share.

Bank of America shares rose by more than 1.5% in morning trading soon after the report. The company's shares are up roughly 25% through Monday's close. The KBW Banking Index (BKX) was recently up 0.4%.

Rivals JPMorgan, Wells Fargo Also Topped Q3 Eℱstimates

Big bank earnings season kicked off last Friday, with 澳洲幸运5开奖号码历史查询:JPMorgan Chase (JPM) and 澳洲幸运5开奖号码历史查询:Wells Fargo (WFC) reporting better-than-expected third-quarter results, which helped Bank of America s🍨hares rise 5%. They are up almost 25% year-to-date through Monday's close.

The earnings reports come less than a month after the 澳洲幸运5开奖号码历史查询:Federal Reserve cut interest rates for 澳洲幸运5开奖号码历史查询:the first time since 2020. Analysts have said the cuts 澳洲幸运5开奖号码历史查询:should boost bank earnings in future quarters as deposit costs fall and 澳洲幸运5开奖号码历史查询:mergers and acquisitions (M&A) activity picks up.