Financial institution Of America CEO Brian Moynihan is interviewed by Jack Otter throughout “Barron’s Roundtable” at Fox Enterprise Community Studios on January 09, 2020 in New York Metropolis.
John Lamparski | Getty Pictures
Bank of America stated Monday that revenue and income topped expectations on better-than-expected fixed-income buying and selling and good points in curiosity earnings, due to uneven markets and rising charges.
Listed below are the numbers:
- Earnings: 81 cents vs. the 77 cents a share estimate of analysts surveyed by Refinitiv.
- Income: $24.61 billion vs. $23.57 billion estimate
Shares of the financial institution rose 2.9% in premarket buying and selling.
Financial institution of America, led by CEO Brian Moynihan, was imagined to be one of many fundamental beneficiaries of the Federal Reserve’s rate-boosting marketing campaign. However financial institution shares obtained hammered this yr amid issues a recession was on the best way, and Financial institution of America wasn’t spared — it hit a contemporary 52-week low on Thursday.
“Our U.S. shopper purchasers remained resilient with robust, though slower rising, spending ranges and nonetheless maintained elevated deposit quantities,” Moynihan stated within the launch. “Throughout the financial institution, we grew loans by 12% over the past yr as we delivered the monetary assets to assist our purchasers.”
Buyers can be desperate to see how effectively the financial institution’s retail and enterprise prospects are holding up amid indicators that each inflation and better rates of interest are taking a toll on the economic system.
Financial institution of America shares have fallen 29% this yr by Friday, worse than the 26% decline of the KBW Financial institution Index.
Final week, JPMorgan and Wells Fargo topped expectations for third-quarter revenue and income by producing better-than-expected curiosity earnings. Citigroup additionally beat analysts’ estimates, and Morgan Stanley missed as uneven markets took a toll on its funding administration enterprise.
This story is growing. Please test again for updates.