Bank of America recently released its Q3-2023 financial results, revealing a 10% increase in net income to $7.8 billion, equating to $0.90 per diluted share, compared to $7.1 billion, or $0.81 per diluted share in Q3-22.

“Our teammates delivered another strong quarter,” Bank of America, Chair and CEO Brian Moynihan said in the report. “We generated $7.8 billion in earnings, up 10 percent from the third quarter a year ago. We added clients and accounts across all lines of business. We did this in a healthy but slowing economy that saw US consumer spending still ahead of last year but continuing to slow. Our growth in revenue and earnings allowed us to continue our investments in our people and technology to drive an enhanced client experience.”

The report showed a 3% increase in revenue, amounting to $25.2 billion. This was driven by higher net interest income due to increased interest rates and loan growth, as well as a slight uptick in noninterest income. Provision for credit losses rose to $1.2 billion, with a net reserve build of $303 million. Noninterest expenses increased by 3%, reflecting investments in people and technology. Deposit balances grew, while loan and lease balances increased, primarily in credit card balances.

“We grew revenue and net income from the third quarter of 2022, as we continued to execute on our Responsible Growth strategy,” Bank of America, Chief Financial Officer Alastair Borthwick said in the report. “We remained disciplined and decreased expenses for the second consecutive quarter while continuing to invest in our franchise. Our organic earnings generation allowed us to build our capital ratio to 11.9%, leaving us well above our 9.5% October 1st minimum requirement, and we returned $2.9 billion to shareholders in common stock dividends and share repurchases.”