Bank of America tops analysts' Q3 estimates
Bank of America Corp.
$44.38
09:54 24/12/24
Bank of America beat analysts' estimates for its quarterly results thanks to bumper results in its trading arm and its global markets unit.
"We added clients and accounts across all lines of business," said chief executive officer Brian Moynihan.
"We did this in a healthy but slowing economy that saw US consumer spending still ahead of last year but continuing to slow."
For the third quarter, the heavyweight lender posted a roughly 10% jump in net income to $7.8bn, for earnings per share of $0.90 (FactSet: $0.83), on a 3% rise in revenues to reach $25.2bn (FactSet: $25.1bn).
Its consumer banking unit saw a 7% drop in net income to $2.9bn, while in Global Wealth and Investment Management they fell by 13% to $1.0bn.
Global Banking net income meanwhile came in at $2.6bn and in Global Markets at $1.2bn.
Bond losses in the lender's he.d-to-maturity portfolio increased from $116bn one year earlier to $131bn.
As of 1307 BST, shares of Bank of America were trading up by 0.70% to $27.16.