Bank of America Q3 loans increase less than peers

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      Bank of America (BAC.N), the second-largest U.S. bank, posted higher-than-expected third-quarter profit growth, but loan growth lagged behind peers, and commissions on trading advice and bond underwriting fell, dragging its share price down nearly 2%.
Bank of America's earnings rose 35% in the quarter, boosted by cost control, but investors focused on the underlying core business.
"It's really surprising at a time when other bank loans are growing better than expected," said R.J. Grant, head of trading at Keefe, Bruyette & Woods.
Bank of America's third quarter loans increased 0.3% to $930 billion over the same period last year. The decline in mortgages and consumer loans in market operations offset the growth in consumer banking, financial management and commercial lending.
By contrast, JPM.N announced a 6% increase in loans and a 4% increase in C.N loans in C.N.
Bank of America shares closed down 1.90% to $27.92 on Monday.
Commission revenue from advising on mergers and acquisitions plunged 26%, and commissions on bond issues plummeted. Sales and trading revenue decreased by 5%.


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