Bank of America Registers 8% YoY Increase in Revenue for Q3 2022

Bank of America has updated its financial results for the third quarter of 2022 (Q3 2022), unveiling that its revenue rose 8% on a yearly basis to $24.5 billion.

Net income during this period came in at $7.1 billion, or $0.81 per diluted share, compared to that of last same period of $7.7 billion. Pretax income dipped 7% year-over-year to $8.3 billion,  reflecting a reserve build compared to a reserve release in Q3 2021.

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The bank highlighted that common equity tier 1 (CET1) ratio of 11.0% (Standardized) grew 49 basis points from Q2 2022. And return on average common shareholders' equity ratio stood at 10.8%.

Specifically, net incomes of the bank's Consumer Banking, Global Wealth and Investment Management and Global Banking were $3.1 billion, $1.2 billion, and $2.0 billion, up 1%, down 35 and down 20% on a yearly basis respectively.

"We delivered a solid quarter for shareholders as we continued to execute on our responsible growth strategy. We grew revenue, delivered operating leverage for the 5th consecutive quarter, continued our steady investments in the franchise, and managed risk well. This helped us to deliver strong pretax, pre-provision income growth year over year," Chief Financial Officer Alastair Borthwick commented.

In July, Fazzaco reported that Bank of America posted net income for Q2 2022 ​of $6.2 billion, disclosing a drop on a quarterly basis.