Bank of America (NYSE: BAC) reported Q3 EPS of $0.51, $0.02 better than the analyst estimate of $0.49. Revenue for the quarter fell 11% to $20.3 billion versus the consensus estimate of $20.81 billion.

• Net income of $4.9 billion, or $0.51 per diluted share
• Provision for credit losses increased to $1.4 billion, driven by COVID-19 impacts in commercial
• Revenue, net of interest expense, decreased 11% to $20.3 billion
  • Net interest income (NII)(D) down 17% to $10.1 billion, driven by lower interest rates
  • Noninterest income declined 4% to $10.2 billion, primarily reflecting lower consumer fees as well as improved trading and investment banking results
• Noninterest expense decreased 5% to $14.4 billion as higher net costs related to COVID-19 and higher litigation expense were more than offset by the absence of a $2.1 billion Merchant Services impairment charge recorded in the year-ago quarter
• Loan and lease balances in the business segments rose $27 billion, or 3%, to $950 billion
• Deposits rose $320 billion, or 23%, to $1.7 trillion
• Common equity tier 1 (CET1) ratio increased 50 basis points to 11.9% (Standardized approach), versus 9.5% required minimum(A)
• Book value per common share rose 5% to $28.33; tangible book value per common share rose 5% to $20.233

From Chairman and CEO Brian Moynihan:

"As the economy continued to recover, we generated nearly $5 billion in earnings this quarter, reflecting the diversity of our business model, our industry-leading market position and digital capabilities, and our adherence to responsible growth.

"Our Consumer business earned $2.1 billion as asset quality remained sound and spending rebounded. Our Wealth Management business showed once again why it is an industry leader in providing timely advice and guidance to clients, and our Global Banking and Global Markets businesses continued to support the global economy by helping clients raise capital, manage risk and increase liquidity.

"We also supported our communities by making progress on our $1 billion commitment to drive racial equality and issuing a $2 billion Equality Progress Sustainability Bond. I want to thank our teammates for their exceptional work under extraordinarily difficult circumstances."

For earnings history and earnings-related data on Bank of America (BAC) click here.