Bakkt Reports Strong Revenue Growth and Operational Streamlining
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Bank of America (BofA) reported a net income of $7.8 billion for the third quarter, representing a 10% increase compared to the same period last year. The bank's revenue also rose to $25.2 billion, slightly surpassing expectations .
The growth in profit was driven by several factors. Bank of America's consumer banking unit experienced a 6% increase in revenue, with spending on debit and credit cards rising by 3%. Additionally, the bank saw strong performance in its investment banking and trading divisions, with investment banking fees rising 2% and sales and trading revenue reaching its highest level in over a decade, up 8% .
Bank of America's average deposit balances rose to $1.9 trillion, while average loan and lease balances increased to $1 trillion. However, the bank also reported un...
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