Bank of America earns 3Q net income of $168M

(AP) — Bank of America Corp. (BAC) on Wednesday reported third-quarter net income of $168 million.

The Charlotte, North Carolina, bank reported net income of $2.50 billion in the same period a year earlier.

On a per-share basis, the bank said it lost 1 cent in the latest quarter. That compared with a profit of 20 cents a year earlier.

Bank of America posted revenue of $21.21 billion in the third quarter, down from $21.53 billion the year before.

Bank of America shares have increased 6 percent since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 2 percent. The stock has risen 15 percent in the last 12 months.