Bank of America reported earnings Friday morning. The company increased revenues and profitability, despite a steep decline in trading.
Bank of America Merrill Lynch beat Wall Street estimates for third-quarter earnings Friday.
The bank reported earnings of $0.48 per share, even with the second quarter, beating analysts estimates of $0.46 per share.
"Our focus on responsible growth and improving the way we serve customers and clients produced another quarter of strong results," CEO Brian Moynihan said in a statement. "Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading."
Here are the other key figures from the third-quarter results:
Wall Street's trading decline — especially in bond trading — has been a point of focus, so Bank of America's 22% hit to fixed-income trading wasn't a shock.
Citi and JPMorgan, each of which kicked off the earnings cycle for US banks Thursday, reported fixed-income trading drop-offs of 16% and 27%, respectively. Nonetheless, the two banks each beat earnings estimates handily.
Similar to Citi and JPMorgan, Bank of America reported a rise in credit net charge offs, up 1% to $900 million from $888 million.
This story is developing.