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published in Blogs
Oct 17, 2022
Bank of America (BAC, $31.73) beats Q3 earnings expectations

Bank of America (BAC, $31.73) beats Q3 earnings expectations

Bank of America posted its earnings of 81 cents per share, surpassing the Street consensus forecast of 77 cents per share. The figure, however, is -4.7% lower from the year-ago quarter.  

The bank’s revenues climbed + 8% year-over-year to $24.5billion, compared to analysts’ expectations of $22.87 billion tally.

Net interest income climbed  +24% from the year-ago quarter to $13.8 billion. The bank’s total loans were up +12%. Investment banking fees plunged -46% amidst concerns about an economic slowdown.

The bank added $378 million to its loan-loss reserves, compared with a reserve release of $1.1 billion a year earlier.

Related Tickers: BAC