Corporate and investment banking profits at Bank of America had a quarter-on-quarter increase for the first time this year and are up on the first nine months of last year.

Bank of America made a net profit of $475m (€384m) in global corporate and investment banking in the third quarter to end of September 2004, 10% up on the previous three months. Profits for the division in the first nine months of this year were $1.37bn, a 7% year-on-year increase.