Bank of America net income tops estimates amid higher investment banking fees

  • 📰 Investingcom
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

Bank of America net income tops estimates amid higher investment banking fees

) has posted net profit per share that topped expectations despite slipping compared to the prior year, as higher investment banking fees helped the Wall Street lending giant offset a slight year-on-year decline in net interest income.

Revenue, net of interest expense, came in at $25.3 billion, up by 1% and above projections of $25.25 billion. However, the figure decreased from $7.8 billion, or $0.90 per share, in the corresponding period in 2023. The bank said the dip was linked to higher asset yields and loan growth being more than outweighed by elevated deposit costs -- in a sign that customers were demanding more return for putting their money into the bank.BofA also left its provisions for credit losses unchanged at $1.5 billion. In the prior quarter, the company had bumped up provisions by more than a third from the previous year to cover for potentially delinquent loans.

 

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:

 /  🏆 450. in US

United States United States Latest News, United States United States Headlines