The bank's provision for credit losses decreased by $118 million to $716 million, well below the $964.2 million estimate. Meanwhile, the bank managed to cut expenses 2 percent to $13.1 billion, matching analysts' expectations.
"Responsible growth, backed by a solid U.S. economy and a healthy U.S. consumer, combined to deliver the highest quarterly pre-tax earnings in our company's history," Moynihan said in the earnings release. It was the 15th straight quarter the firm was able to improve operating leverage, he said.
The lender's shares have fallen 6 percent in the last month, compared to the 6.2 percent decline of the KBW Bank Index.
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