The Bank of America and Citigroup have both released their third quarter results which show increased profits. The Bank of America saw net income rise to $5.42 billion during the quarter, which is up from 3.84 billion for the same period last year, and a rise of 41 per cent. Revenue was also up by 32 percent, with a strong performance in credit card and checking account services.
“Bank of America turned in another solid performance this quarter, highlighted by strong sales, good expense control and excellent execution across the company,” says Kenneth D Lewis, the chairman and chief executive of the Bank Of America.
Citigroup saw an increase in net income of six percent, and international revenues rose by 11 percent.
“As we move into the fourth quarter, our priorities remain clear: executing on our strategic initiatives to drive organic growth, targeted acquisitions, expense discipline, and generating revenue and earnings growth and superior returns for our owners,” adds Charles Prince, the chief executive of Citigroup.