NEW YORK (AP) — Bank of America says it earned $6.2 billion in the third quarter, largely from accounting gains and the sale of a stake in a Chinese bank.
The Charlotte, North Carolina, bank earned 56 cents per share, following a loss of $7.3 billion, or 77 cents a share, during the same quarter last year. Analysts surveyed by FactSet forecast the bank would earn 28 cents per share.
Its income got a boost from accounting gains of $4.5 billion and $1.7 billion, both related to drops in the value of its debt. Bank of America gained $3.6 billion from selling its stake in China Construction Bank and recorded a loss in its private equity business of $2.2 billion.
Bank of America Corp.'s stock fell 2 percent to $5.91 in pre-market trading Tuesday.