Bank of America Surpasses Profit Expectations with High Interest Rates

Bank of America reported better-than-expected third-quarter profit, with earnings boosted by increased interest income due to higher borrowing costs. The bank's revenue also exceeded forecasts, driven by higher interest rates and loan growth. Despite a slowing economy and decreased consumer spending, Bank of America added clients across all its businesses. Shares of the bank have rebounded from recent lows but remain in negative territory for the year.