Bank of America reports $340 million income in third quarter

Updated:

CHARLOTTE, N.C. - Charlotte-based Bank of America just beat Wall Street expectations with its third-quarter earnings.

The bank reported a net income of $340 million.

That means individual shareholders don’t earn anything, but it beat the analysts’ predictions of losses between seven and 11 cents per share.

The big reason for a low report is a $1.6 billion legal expense to settle investor lawsuits over the buyout of Merrill Lynch.

On a good note, Bank of America claims the average balance of its deposits increased $17 billion from the last quarter.