Bank of America Reports Strong Financial Results for Q3 2021

Bank of America, one of the world’s leading financial institutions, has posted its strong financial results for the third quarter of 2021, with its net income totaled $7.7 billion, surging by 58% compared to that of last Q3 at $4.8 billion. And the revenue, net of interest expense increased by YoY 12% to $22.8 billion.

The bank highlighted that provision for credit losses rose by $2.0 billion to a benefit of $624 million. And average loan and lease balances in business segments boomed $14 billion QoQ to $903 billion, with average deposits up YoY 15% to $1.9 trillion.

In terms of the Consumer Banking department, the net income came in at $3.0 billion, compared to that of the same period of last year at $2.0 billion. Deposit balances exceeded $1.0 trillion for the first time, up YoY 16%. Consumer investment assets reached a record of $353 billion, raising by YoY 32%.

As for the Global Wealth and Investment Management division, the net income hit the record of $1.2 billion, growing drastically by YoY 64%. And client balances recorded $3.7 trillion, up YoY 20%. Deposits was up YoY 16% to $339 billion.

Regarding the Global Markets branch, the net income increased $68 million to $926 million. Sales and trading revenue was up YoY 12% to $3.6 billion, including net debit valuation adjustment (DVA) losses of $20 million, with Fixed Income Currencies and Commodities revenue of $2.0 billion and Equities revenue of $1.6 billion.