Bank Of America’s Financial Results Beat On Top And Bottom Lines
Bank of America (BAC) has reported third-quarter financial results that beat Wall Street’s forecasts on the top and bottom lines.
The bank announced earnings per share (EPS) of $1.06 U.S., which topped the $0.95 U.S. forecast. The profit was up 23% from a year earlier.
Revenue in the July through September period totaled $28.24 billion U.S., which was ahead of the $27.50 billion U.S. forecast. Sales rose 10.8% from a year ago.
The strong results were largely attributed to investment banking activity as initial public offerings (IPOs) and mergers and acquisitions (M&A) return to Wall Street.
Bank of America said that its investment banking fees surged 43% to $2 billion U.S. during Q3, about $380 million U.S. more than analysts had anticipated.
Stock trading also contributed to the strong quarterly results. Revenue from equity trading increased 14% to $2.3 billion U.S., about $200 million U.S. Fixed income trading at Bank of America during the quarter rose 5% to $3.10 billion U.S.
Author's summary: Bank of America beats forecasts.
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