Brian Moynihan, CEO of Bank of America Corp., during a Senate Banking, Housing and Urban Affairs Committee proceeding successful Washington, D.C., Sept. 22, 2022.
Al Drago | Bloomberg | Getty Images
Bank of America connected Tuesday posted 2nd 4th nett and gross that edged retired expectations arsenic the institution reaped much involvement income amid higher involvement rates.
Here's what the institution reported:
Earnings: 88 cents a share, vs. 84 cents a stock Refinitiv estimateRevenue: $25.33 billion, vs. expected $25.05 billionWhile analysts expected Bank of America to beryllium 1 of the apical beneficiaries of rising involvement rates, it hasn't played retired that way. The company's nett involvement income, 1 of the main drivers of a bank's revenue, has been nether unit lately arsenic indebtedness and deposit maturation has slowed.
Bank of America shares person declined astir 11% this year, compared with the astir 20% diminution of the KBW Bank Index.
This month, the Consumer Financial Protection Bureau said it fined the Charlotte, North Carolina-based slope for customer abuses including fake accounts and bogus fees. Analysts whitethorn inquire CEO Brian Moynihan if the problems person been resolved.
On Friday, JPMorgan Chase, Citigroup and Wells Fargo each posted earnings that topped analysts' expectations amid higher involvement rates. Morgan Stanley is scheduled to merchandise results aboriginal Tuesday, and Goldman Sachs wraps up large slope net Wednesday.
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