logo
  

Bank Of America Q3 Profit Up 58%, Results Top Estimates - Quick Facts

Bank of America Corp. (BAC) reported Thursday that net income for the third quarter surged 58 percent to $7.69 billion from last year's $4.88 billion, with earnings per share increasing to $0.85 from $0.51 in the prior year.

On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was a benefit of $624 million, compare to expense of $1.4 billion in the prior year, driven by asset quality improvements during the quarter.

Total revenue, net of interest expense, increased 12 percent to $22.77 billion from $20.34 billion in the prior-year quarter. Wall Street expected revenues of $21.78 billion for the quarter.

Net interest income was $11.09 billion, up 10 percent from last year, driven by strong deposit growth and related investment of liquidity, and Paycheck Protection Program (PPP) activities.

Non-interest income also grew 14 percent to $11.67 billion from last year, primarily reflecting record asset management fees, strong investment banking revenue and higher sales and trading revenues.

Noninterest expense edged up to $14.44 billion, reflecting higher revenue-related expenses were largely offset by lower litigation expense and lower COVID-related costs.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
McDonald's says equal pay for women is just the beginning, while conforming that the fast-food giant pays women globally 99.85 cents on the dollar for similar work, taking into account legitimate pay drivers such as level, location, experience, and performance. The company added that it is on track to close that identified gap in 2022. Verizon Communications Inc. (VZ) said, on an adjusted basis, its third-quarter earnings per share rose 12.8 percent from a year ago. The company said its earnings were highlighted by revenue and customer growth as more than one in four Consumer wireless phone customers now have a 5G-capable device. The... While reporting financial results for the third quarter on Wednesday, Abbott Laboratories (ABT) raised its earnings and adjusted earnings guidance for the full-year 2021. For fiscal 2021, the company continues to project earnings from continuing operations in a range of $3.55 to $3.6 per share and...
Follow RTT