Brian Moynihan, CEO of Financial institution of America, talking on CNBC’s Squawk Field on the WEF Annual Assembly in Davos, Switzerland on Jan. sixteenth, 2024.
Adam Galici | CNBC
Bank of America on Thursday posted outcomes that topped expectations for revenue and income on better-than-expected funding banking and curiosity revenue.
This is what the corporate reported:
- Earnings: 82 cents vs. anticipated 77 cents LSEG estimate
- Income: $25.5 billion vs. anticipated $25.19 billion
The corporate stated revenue jumped 47% to $6.67 billion, or 82 cents per share, from a 12 months earlier, when the financial institution had a $2.1 billion FDIC evaluation tied to the 2023 regional financial institution failures and a $1.6 billion cost tied to rate of interest swaps.
Income jumped 15% to $25.5 billion on rising charges from funding banking and asset administration and stronger buying and selling outcomes.
Funding banking charges surged 44% to $1.65 billion, roughly $180 million greater than analysts had anticipated. That signifies the corporate had a robust finish to the 12 months, as simply final month, CEO Brian Moynihan advised buyers that funding banking charges would bounce 25% within the quarter.
Maybe greater than different megabanks, the agency’s fortunes appear to hinge on charges and their impression on internet curiosity revenue.
Final month, CEO Brian Moynihan advised buyers that his agency would hit steerage for NII of about $14.3 billion.
Traders will likely be eager to listen to concerning the firm’s goal for 2025, particularly as expectations for fee cuts have been reined in.
whereas wealth administration income might climb 20%.
On Wednesday, JPMorgan Chase and Goldman Sachs topped estimates on better-than-expected outcomes from Wall Avenue models. Morgan Stanley can be scheduled to publish outcomes Thursday.
This story is creating. Please verify again for updates.
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