by Amruth Sundarkumar | Oct 18, 2022 | Banks
Bank of America (BofA) reported an 8% YoY drop in its Q3 net income to $7.1bn on net revenues of $24.5bn, up 8%. Net interest income (NII) was up 24% to $13.8bn, thanks to higher interest rates, including lower premium amortization expense, and solid loan growth. Its...
by Amruth Sundarkumar | Apr 19, 2022 | Banks
Bank of America (BofA) reported a 12% YoY drop in Q1 2022 net income to $7.1bn alongside revenues of $23.2bn, up 2% YoY. Net interest income was up 13% to $11.6bn, driven by strong deposit growth, investments of excess liquidity, loan growth and ‘benefits from...
by Amruth Sundarkumar | Mar 21, 2022 | Banks
US investments banks are hit by an IPO slowdown as equity capital markets (ECM) revenues have been impacted. Big investment banks such as Goldman Sachs, Citigroup, BofA and Morgan Stanley have seen ECM fees sharply drop to $645mn vs. $5.3bn for the same period in...
by Amruth Sundarkumar | Jan 20, 2022 | Banks
Bank of America (BofA) reported Q4 2021 earnings that topped estimates. EPS came at $0.82 vs. $0.76 forecasted with net profits of $7bn, up 28% YoY. Revenues rose 10% YoY to $22.17bn. BofA released $851mn in reserves with provision for credit losses improving by...
by Amruth Sundarkumar | Oct 15, 2021 | Banks
US banking majors reported earnings yesterday: Citigroup reported net income for the 3Q2021 of $4.6bn, up 48% YoY, driven by a lower credit costs, partially offset by the lower revenues and higher expense. Cost of credit was at -$192mn (a net benefit) vs. incurring...
