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Shares jumped 4 percent in premarket trading.
Earnings were helped by the corporate tax cut passed in late 2017.
In the same quarter a year ago, Bank of America took a large one-time charge related to the tax overhaul, reporting an adjusted per share profit of 20 cents on revenue of $20.44 billion.
Rising interest rates also helped as the bank was able to charge higher rates on loans and didn't pay out more to depositors.
Third-quarter earnings per share came in at 66 cents on revenue of $22.8 billion.