Earnings per share were a record US$9.68, up from US$4.79 a year earlier.
Total net revenue jumped 30 per cent to US$10.78 billion and beat estimates of US$9.5 billion.
The lender set aside $1.4 billion to cover loan losses, nearly twice the previous year's figure but below the $2 billion it booked in the preceding quarter.
Bank of America Corp.'s traders didn't seize on the markets boon that lifted rival banks in the third quarter. Revenues from equity investments soared 139 percent from the year-ago period, reflecting an ascendant stock market during the period.
"As our purchasers start to emerge from the robust economic system introduced on by the pandemic, we're properly positioned to assist them recuperate and develop", Goldman chief David Solomon wrote in an announcement saying the outcomes.
Bank of America reported $4.4 billion of earnings applicable to common shareholders for the second quarter, a 16% year-on-year decline. Total revenue of $3.8 billion dipped less than 1% versus past year. But the bank released $179 million in consumer banking that had been previously reserved due to an improving economy. That follows JPMorgan and Citigroup, which on Tuesday earmarked a combined US$2.87 billion for loan losses in the third quarter, less than half what analysts expected.
Solomon and his workforce had been additionally helped alongside by a powerful efficiency from the financial institution's wealth administration division, which generated $1.1 billion in income, a 13-percent enchancment from 2019. It earned $856 million in equity underwriting revenue in the third quarter - the unit's second-best performance ever.
A Wells Fargo presentation showed a lower sum of overdue loans in the commercial and industrial segments, but a jump in overdue loans for commercial real estate clients.
"Our third quarter results reflect the impact of aggressive monetary and fiscal stimulus on the United States economy", said Wells Fargo Chief Executive Charlie Scharf.
Goldman has also picked up "meaningful" market share across its trading businesses, he said, part of the bank's strategy to target major corporations for hedging, Treasury and risk-management services.