Bank of America Reports 8% Net Income Drop

Bank of America Reports 8% Net Income Drop

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...
US Banks Face 75% Revenue Hit from IPO Drought

US Banks Face 75% Revenue Hit from IPO Drought

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...
BofA and Morgan Stanley Report Earnings Beat

BofA and Morgan Stanley Report Earnings Beat

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...
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