BofA Bankers Beat Estimates as Dealmaking Boosts Earnings (2)

Bank of America Corp.’s third-quarter earnings beat estimates as investment-banking activity surged amid a long-awaited comeback in M&A and net interest income topped analysts’ estimates.

Investment-banking revenue rose 43% to $2.05 billion, better than the $1.65 billion that analysts had expected. Fees for advising on mergers and acquisitions soared 51% to $583 million, and revenue from equity and debt issuance increased 34% and 42%, respectively.

“We’ve seen more certainty now around trade and tariffs and around taxes as well. It’s allowed our client base to make longer term decisions,” Chief Financial Officer Alastair Borthwick told analysts Wednesday. “That’s reflected ...