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.
- Earnings per share (EPS) of $1.06 U.S., topping the $0.95 U.S. forecast.
- Profit up 23% from a year earlier.
- Revenue totaled $28.24 billion U.S., 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, with
initial public offerings (IPOs) and mergers and acquisitions (M&A) return to Wall Street.
Notable increases include:
- Investment banking fees surged 43% to $2 billion U.S.
- Equity trading revenue increased 14% to $2.3 billion U.S.
- Fixed income trading rose 5% to $3.10 billion U.S.
Author's summary: Bank of America's Q3 results exceeded expectations.