-- Bank of America Corp. traders reported their best third-quarter results in at least a decade while net interest income topped analysts’ estimates as the lender continues to reap the benefits of Federal Reserve rate hikes and volatile markets.Israel Latest: Army Says Hamas Officials Dead; Over 600,000 in Gaza Flee South
“We added clients and accounts across all lines of business,” Chief Executive Officer Brian Moynihan said in a statement Tuesday. “We did this in a healthy but slowing economy that saw US consumer spending still ahead of last year but continuing to slow.” On the lending side, the firm’s loan balances rose to $1.049 trillion at the end of the third quarter, up 1.6% from a year earlier, less than analysts’ estimates of $1.053 trillion. Lending has been a key focus for investors, with government-stimulus payments cutting into borrowing by companies and consumers during the pandemic, and rising interest rates now making loans costlier.
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