Bank of America reported Q3/16 net income of $4.96 billion was up 7% from $4.62 billion for the same quarter of 2015. Earnings per share of $0.41 beat analysts’ estimates of $0.34 ESP. Revenue, net of interest expense, increased 3% to $21.6 billion from $21.0 billion.

The following highlights were excerpted from the news release:

• The provision for credit losses of $850 million was up 5.2% from $806 million in Q3/15. The bank noted the year/year change in criticized commercial exposures of $3.9 billion was due to increases in the energy sector.
• Total loans and leases of $905.0 billion were up 2.6% from $882.1 billion a year earlier.

Brian Mohynihan, CEO, said, “We delivered strong results this quarter by staying true to our strategy of responsible growth and focusing on the quality of the relationships with our customers and clients. We grew revenue, reduced expenses and continued to manage risk, resulting in a 17% increase in pretax earnings. Our investments in innovation, including industry-leading digital banking capabilities, continue to transform how we serve our customers. This innovation across our businesses is benefiting customers and shareholders.