Bank of America reported Q3/15 net income of $4.5 billion compared to a net loss of $232 million in the year-ago period. The bank noted that its noninterest expense included litigation costs of $231 million in Q3/15 compared to $6.0 billion in Q3/14. Total revenue, net of interest expense, was $20.9 billion, down from $21.4 billion a year earlier.

“We saw solid results this quarter by continuing to execute our long-term strategy,” said chief executive officer Brian Moynihan. “The key drivers of our business – deposit taking and lending to both our consumer and corporate clients – moved in the right direction this quarter and our trading results on behalf of clients remained fairly stable in challenging capital markets conditions. Our balanced approach to serving customers and clients is on track as the economy continues to move forward.”

“Our results this quarter reflect our ongoing efforts to improve operating leverage while continuing to invest in our business,” said chief financial officer Paul Donofrio. “We built capital and liquidity to record levels and grew total loans for the second consecutive quarter while continuing to operate within our risk framework.”–