(Updated - October 14, 2021 6:47 AM EDT)

Bank of America (NYSE: BAC) reported Q3 EPS of $0.85, $0.14 better than the analyst estimate of $0.71. Revenue for the quarter came in at $22.8 billion versus the consensus estimate of $21.74 billion.

• Net income rose 58% to $7.7 billion, or $0.85 per diluted share
• Revenue, net of interest expense, increased 12% to $22.8 billion
• – Net interest income (NII)(B) up $1 billion, or 10%, to $11.1 billion, driven by strong deposit growth and related investment of liquidity, and Paycheck Protection Program (PPP) activities
• – Noninterest income up 14% to $11.7 billion, driven by record asset management fees, strong investment banking revenue and higher sales and trading revenues
• Provision for credit losses improved by $2.0 billion to a benefit of $624 million, reflecting a reserve release of $1.1 billion driven primarily by asset quality improvements during the quarter(C)
• Noninterest expense was relatively flat at $14.4 billion as higher revenue-related expenses were largely offset by lower litigation expense and lower COVID-related costs
• • Average loan and lease balances in business segments increased $14 billion QoQ to $903 billion; excluding PPP, loan balances grew $21 billion QoQ(D)
• Average deposits up $247 billion, or 15%, to $1.9 trillion
• Average Global Liquidity Sources rose $261 billion, or 30%, to record $1.1 trillion(E)
• Common equity tier 1 (CET1) ratio 11.1% (Standardized); returned $11.7 billion to shareholders through common stock dividends and share repurchases(F)

From Chairman and CEO Brian Moynihan "We reported strong results as the economy continued to improve and our businesses regained the organic customer growth momentum we saw before the pandemic. Deposit growth was strong and loan balances increased for the second consecutive quarter, leading to an improvement in net interest income even as interest rates remained low. "Each day clients entrust us with more of their business, whether it's new checking and credit card accounts in Consumer; broader and deeper relationships in Wealth Management; increased commercial loan balances; or nearrecord investment banking activities. Our institutional clients also relied on us to help them manage risk through our market-leading sales and trading capabilities, where we had strong revenues this quarter. "For our shareholders, we returned nearly $12 billion in capital this quarter, while continuing to support clients and communities. The team has done a remarkable job, and I couldn't be prouder of how they stepped up to support our clients and deliver another quarter of outstanding results."

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