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| Bank of America reports $4.1bn profit | |
| (about 1 hour later) | |
| Bank of America has reported a net profit of $4.07bn (£2.65bn) for the three months to the end of September against a loss of $470m a year earlier. | |
| It comes a year after the bank reached a $5.6bn settlement with the US government over mortgage loans extended to US homebuyers before 2008. | It comes a year after the bank reached a $5.6bn settlement with the US government over mortgage loans extended to US homebuyers before 2008. |
| The bank's non-interest income, which includes mortgage banking, equity and bond trading, rose 1.6% to $11.17bn. | The bank's non-interest income, which includes mortgage banking, equity and bond trading, rose 1.6% to $11.17bn. |
| Residential mortgage lending at the bank rose 13% to $17bn in the quarter. | Residential mortgage lending at the bank rose 13% to $17bn in the quarter. |
| Bank of America, which has paid more than $70bn in legal expenses since 2008, said its legal costs fell for the third quarter in a row, dropping to $231m from $6bn a year earlier. | Bank of America, which has paid more than $70bn in legal expenses since 2008, said its legal costs fell for the third quarter in a row, dropping to $231m from $6bn a year earlier. |
| "The key drivers of our business - deposit taking and lending to both our consumer and corporate clients - moved in the right direction ... and our trading results on behalf of clients remained fairly stable in challenging capital markets conditions," Bank of America chief executive Brian Moynihan said. | "The key drivers of our business - deposit taking and lending to both our consumer and corporate clients - moved in the right direction ... and our trading results on behalf of clients remained fairly stable in challenging capital markets conditions," Bank of America chief executive Brian Moynihan said. |