Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
USA

Bank of America (BAC) earnings 3Q 2023

Brian Moynihan, CEO of Bank of America, testifies during a Senate Banking, Housing, and Urban Affairs Committee hearing, Sept. 22, 2022.

Tom Williams | CQ-Roll Call, Inc. | Getty Images

Bank of America topped estimates for third-quarter profit on Tuesday on stronger-than-expected interest income.

Here’s what the company reported:

  • Earnings per share: 90 cents vs. expected 82 cent estimate from LSEG, formerly known as Refinitiv
  • Revenue: $25.32 billion, vs. expected $25.14 billion

Profit rose 10% to $7.8 billion, or $0.90 per diluted share, from a year earlier, the Charlotte, North Carolina-based bank said in a release. Revenue climbed 2.9% to $25.32 billion, edging out the LSEG estimate.

Net interest income rose 4% to $14.4 billion, roughly $300 million more than analysts had anticipated, fueled by higher rates and loan growth.

Bank of America was supposed to be one of the biggest beneficiaries of higher interest rates this year. Instead, the company’s stock has been the worst performer among its big-bank peers in 2023. That’s because, under CEO Brian Moynihan, the lender piled into low-yielding, long-dated securities during the pandemic. Those securities lost value as interest rates climbed.

That’s made Bank of America more sensitive to the recent surge in the 10-year Treasury yield than its peers — and more similar to some regional banks that are also nursing underwater bonds. Bank of America had more than $100 billion in paper losses on bonds at midyear.

The situation has pressured the bank’s net interest income, or NII, which is a key metric that analysts will be watching this quarter. In July, the bank’s CFO, Alistair Borthwick, affirmed previous guidance that NII would be roughly $57 billion for 2023.  

Bank of America stock has fallen 18% this year through Monday, trailing the 10% gain of rival JPMorgan Chase.

Last week, JPMorgan, Wells Fargo and Citigroup each topped expectations for third-quarter profit, helped by better-than-expected credit costs. Morgan Stanley posts results Wednesday.  

This story is developing. Please check back for updates.

Summarize this content to 100 words Brian Moynihan, CEO of Bank of America, testifies during a Senate Banking, Housing, and Urban Affairs Committee hearing, Sept. 22, 2022.Tom Williams | CQ-Roll Call, Inc. | Getty ImagesBank of America topped estimates for third-quarter profit on Tuesday on stronger-than-expected interest income. Here’s what the company reported:Earnings per share: 90 cents vs. expected 82 cent estimate from LSEG, formerly known as RefinitivRevenue: $25.32 billion, vs. expected $25.14 billionProfit rose 10% to $7.8 billion, or $0.90 per diluted share, from a year earlier, the Charlotte, North Carolina-based bank said in a release. Revenue climbed 2.9% to $25.32 billion, edging out the LSEG estimate.Net interest income rose 4% to $14.4 billion, roughly $300 million more than analysts had anticipated, fueled by higher rates and loan growth. Bank of America was supposed to be one of the biggest beneficiaries of higher interest rates this year. Instead, the company’s stock has been the worst performer among its big-bank peers in 2023. That’s because, under CEO Brian Moynihan, the lender piled into low-yielding, long-dated securities during the pandemic. Those securities lost value as interest rates climbed.That’s made Bank of America more sensitive to the recent surge in the 10-year Treasury yield than its peers — and more similar to some regional banks that are also nursing underwater bonds. Bank of America had more than $100 billion in paper losses on bonds at midyear.The situation has pressured the bank’s net interest income, or NII, which is a key metric that analysts will be watching this quarter. In July, the bank’s CFO, Alistair Borthwick, affirmed previous guidance that NII would be roughly $57 billion for 2023.  Bank of America stock has fallen 18% this year through Monday, trailing the 10% gain of rival JPMorgan Chase.Last week, JPMorgan, Wells Fargo and Citigroup each topped expectations for third-quarter profit, helped by better-than-expected credit costs. Morgan Stanley posts results Wednesday.  This story is developing. Please check back for updates.
https://www.cnbc.com/2023/10/17/bank-of-america-bac-earnings-3q-2023.html Bank of America (BAC) earnings 3Q 2023

Back to top button
situs slot https://disdukcapil.salatiga.go.id/ngacor/ slot gacor totomacau4d situs toto situs toto situs toto slot gacor slot gacor slot gacor slot gacor slot gacor rtp slot toto slot https://journal.dpkp.ciamiskab.go.id/ rtp slot rtp live slot gacor situs toto slot gacor situs toto situs toto togel https://faculdadediplomata.edu.br/-/ https://www.pilgrimagetour.in/-/ slot gacor situs toto slot gacor slot gacor rtp slot https://ejournal.yahukimokab.go.id/ https://mikrotik.itpln.ac.id/wp-content/uploads/ situs toto slot gacor slot gacor situs toto slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor situs toto toto slot bento4d bento4d bento4d bento4d bento4d https://smkn2depoksleman.sch.id/data/ https://www.smkn3banyumas.sch.id/-/ http://segalayangpop.id/-/ https://cpnsbatola.id/-/ https://www.urc.co.id/-/ bento4d slot777 situs togel bento4d bento4d slot777 bento4d togel online terpercaya slot gacor slot gacor