Last week we started with the results of the big banks, today the continuation in the form of Bank of America. $BAC
Another one of the biggest US banks and Warren Buffett's favorite bank unveiled its results and they were above expectations. The bank jumped a percentage point higher in pre-trading hours.
$BAC said profits rose 19% to $7.41 billion, or 88 cents per share. A year ago for the same quarter, profit was $6.25 billion, or 73 cents a share. Revenue climbed 11% to $25.33 billion, boosted by a 14% jump in net interest income to $14.2 billion.
The company's Wall Street operations helped it beat revenue expectations in the quarter. Fixed income trading revenue jumped 18% to $2.8 billion, beating estimates of $2.77 billion.
"We continue to see a healthy U.S. economy, growing at a slower pace, with a resilient labor market," CEO Brian Moynihan said in the report. "Continued organic client growth and client activity across our businesses complemented the favorable impact of higher interest rates."
This is good news, of course, and good news for other large banks in general, as we see that despite the banks raising rates and thus costs, their earnings are able to cover this. I'm enjoying this now because I have this bank as my main representative here and $JPM behind it. Have a good day my friends. 🍀
