Bank of America’s Third-Quarter Profit Beats Expectations…and Revenue Exceeds $25 Billion

Bank of America reported that its profit for the third quarter beat analysts’ expectations compared to the same period last year.

The company’s net profit rose to $7.27 billion, or $0.90 per share, compared with expectations of $5.58 billion, or $0.81 per share, and $0.82 per share in the same period last year.

The bank’s revenue rose 2.7% to $25.2 billion in the third quarter, compared with $24.50 billion a year earlier, compared with $25.14 billion.

Bank of America’s interest income rose 4% to $14.4 billion, about $300 million more than analysts expected, supported by higher interest rates and loan growth. The bank’s provisions for loan losses were better than expected, reaching $1.2 billion, compared to estimates of $1.3 billion.

CEO Brian Moynihan said the second-largest U.S. bank by assets continues to grow despite signs of an economic slowdown.

Bank of America should be one of the biggest beneficiaries of rising interest rates this year. Instead, the company’s stock was the worst performer among its big-bank peers in 2023. That’s because under Moynihan, lenders piled up long-dated, low-yield bonds during the Covid pandemic. These bonds lost value as interest rates rose.

Bank of America shares fell 18% this year from Monday to Monday, lagging rival JPMorgan Chase’s 10% gain.

See also  Gold surges strongly and comes close to breaking its all-time high! By Arab Trader
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 20 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Where to Get a Professional Massage in Dubai

    Where to Get a Professional Massage in Dubai

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare