FILE - In this Dec. 7, 2012 photo, a woman passes a Bank of America office branch, in New York. Bank of America reports earnings on Tuesday, Oct. 17, 2023. Bank of America posted a 10% rise in third quarter profits Tuesday, helped by higher interest rates that allowed the bank to charge more for loans at the same time that it kept expenses under control.
The Charlotte, N.C., bank earned a profit of $7.8 billion, or 90 cents per share, which is 13 cents better than Wall Street had expected, according to a survey of analysts by FactSet. It also tops last year's $7.1 billion profit, or 81 cents per share, in the same period. With much of the savings gone from the pandemic, consumers are turning more heavily to credit cards to manage their expenses. BofA saw credit card balances rise to $98 billion in the quarter, compared with $85 billion a year ago. The bank also saw higher charge offs this quarter, or money it doesn't expect to recover from credit card use.
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