Bank of America reports stable results in the third quarter

Bank of America achieved solid results in the third quarter of 2023. The company reported a net profit of $6.9 billion on revenue of $25.5 billion. This reflects continued stability in a changing economic environment. Brian Moynihan, CEO of the bank, highlighted that consumer behavior is in line with trends from 2016 to 2019, emphasizing that the unemployment rate is low and wage growth is stable. The company experienced steady growth in customer accounts, with 360,000 new checking accounts opened in the third quarter alone. In the Wealth Management sector, there was also an increase with 5,500 new relationships. Significant success was shown in the increase in market fee revenues, which rose by 18% year-over-year. Growth in the bank's digital offerings remains substantial, with digitally initiated sales in consumer banking accounting for 54% of total sales. These strategic investments and the enhancement of effective digital customer communication are key drivers of the desired sustainable growth. To achieve the 2025 targets despite moving markets, Bank of America remains focused on sustainable cost management. In view of predicted changes in the interest rate environment, the bank expects a further increase in net interest income in the fourth quarter.