Bank of America earns $4.1 billion in third quarter

NEW YORK (AP) — Bank of America, the consumer banking giant, swung to a profit in the third quarter, helped by lower borrowing costs and lower legal expenses.

The Charlotte-based bank earned $4.1 billion, or 37 cents a share, for the three-month period ending in September. That compares with a loss of $470 million, or 4 cents a share, in the same period a year earlier. Bank of America recorded $6 billion in legal expenses in the third quarter of last year.

BofA’s revenue fell to $20.68 billion from $21.4 billion a year earlier.

The results beat analysts’ expectations. Analysts surveyed by FactSet expected Bank of America to earn 33 cents a share on revenue of $20.67 billion.

Bank of America’s stock rose 2 percent in pre-market trading.

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