The U.S.-based global investment banking firms Bank of America and Wells Fargo announced Friday their net income and revenue for the third quarter of the year.
Bank of America saw its net income rise by 4.3 percent to $5.6 billion in the third quarter, from $4.9 billion in the same period a year ago, according to the firm's financial statement.
Its revenue increased to $21.8 billion in the third quarter of 2017, from $21.6 billion in the third quarter of 2016, to mark a 0.9 percent rise.
'Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading,' CEO Brian Moynihan said in the statement.
'We delivered positive operating leverage year over year for the 11th consecutive quarter while continuing to invest in improved capabilities,' he added.
After strong results, Bank of America saw Friday its stock price increase 1.8 percent to as high as $25.89 a share on Wall Street.
Wells Fargo, on the other hand, saw decline in its net income and revenue during the third quarter of the year.
Net income fell 17.8 percent to $4.6 billion in the third quarter of this year, from $5.6 billion the same period last year.
Revenue decreased to $21.9 billion, from $22.3 billion, during the same period -- a 1.8 percent loss.
After weak financial results Wells Fargo saw its stock price decline 4.2 percent to as low as $52.84 per share on Friday.
By Ovunc Kutlu in New York
Anadolu Agency
energy@aa.com.tr