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Bank of America 3Q profits rise 13 percent, beat forecasts

Bank of America's third-quarter profits jumped 13 percent, the bank said Friday, helped by higher interest rates and an increase in lending.

The Charlotte-based bank said it earned $5.59 billion in the third quarter, or 48 cents per share, compared with $4.96 billion, or 41 cents per share, in the same period year ago. The results beat Wall Street analysts' expectations, which were looking for a profit of 46 cents per share, according to FactSet.

Bank of America's consumer banking division had a solid quarter, reflecting the trend up in interest rates in the past year, which has allowed banks like BofA to charge more to borrow. Net interest income was up 9 percent. The bank also increased its number of loans outstanding, which brought in additional interest income as well.

Like JPMorgan Chase and Citigroup, which reported their quarterly results on Thursday, Bank of America saw a slowdown on its trading desks, which hurt the results of its investment banking division. Sales and trading revenue fell 13 percent year-over-year, with that decline being primarily tied to a drop in trading revenue for its fixed income, currencies and commodities desks.