Bank of America: EPS down, but beats expectations

(CercleFinance.com) - Bank of America (BofA) published mixed quarterly results on Tuesday, with net income down, but ahead of expectations.


The second-largest US bank in terms of assets posted net profit of $6.9bn, or $0.81 per share, for the three months to end-September, compared with $7.8bn, or $0.90 per share, a year earlier.

Analysts were looking for EPS of $0.77.

Net banking income contracted to $25.3bn over the quarter, compared with $25.5bn a year earlier, in line with market expectations.

However, the bank's net interest income rose to $16.5bn, compared with $15.8bn in Q3 2023.

BofA's retail banking revenues slipped 1%, due to a decline in deposits, while its wealth management business grew by 8%.

Trading revenues climbed 12% to $4.9bn, with increases of 18% in equities and 8% in fixed income, currencies and commodities (FICC).

The share was headed for an opening gain of over 2% on Tuesday morning on Wall Street, according to the stock's performance in pre-market trading.


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