Bank of America Reported its Q3/18 net income was up 32% to $7.2 billion, driven by continuing strong operating leverage and asset quality, as well as the benefit of tax reform. Earnings per share of $0.66 beat estimates of $0.62 ESP.

The following highlights were excerpted from the BofA news release:

• Average loan and lease balances in business segments rose $29 billion, or 3%, to $871 billion
• Provision for loan losses improved to a benefit of $70 million, driven primarily by continued improvements in energy and broader asset quality

Brian Moynihan, chairman and CEO, said, “Responsible growth, backed by a solid U.S. economy and a healthy U.S. consumer, combined to deliver the highest quarterly pre-tax earnings in our company’s history. This marks the 15th consecutive quarter of positive operating leverage, driven by continued growth in deposits, client balances in wealth management, solid loan growth and disciplined management.”