Bank of America beats earnings target as net interest income and revenue rise

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Bank of America reports earnings and revenue ahead of estimates

Bank of America Corp. BAC, +0.03% shares rose 2.4% in premarket trades Monday after the megabank topped earnings and revenue estimates. The bank said its third-quarter net income fell to $6.58 billion, or 81 cents a share, from $7.26 billion, or 85 cents a share, in the year-ago quarter. Revenue increased 8% to $24.5 billion. Bank of America was expected to earn 78 cents a share on revenue of $23.

54 billion, according to estimates compiled by FactSet. Net interest income rose to $13.77 billion from $11.09 billion."Our U.S. consumer clients remained resilient with strong, although slower growing, spending levels and still maintained elevated deposit amounts," CEO Brian Moynihan said. Shares of Bank of America are down 28.8% in 2022, compared to a 24.8% drop by the S&P 500 SPX, -2.37% and a loss of 20.6% by the Financial Select SPDR Fund XLF, -1.68%.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market News: Dow Futures Rise After Bank of America EarningsFutures rose after Bank of America's earnings, and investors cheered the U.K.'s U-turn on economic policies. Follow our live markets coverage.
Source: WSJ - 🏆 98. / 63 Read more »