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.
The bank announced earnings per share (EPS) of $1.06, which topped the expected $0.95, with profit up 23% from a year earlier.
Revenue totaled $28.24 billion, ahead of the expected $27.50 billion, with sales rising 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) returning to Wall Street.
- Investment banking fees surged 43% to $2 billion, exceeding analyst expectations by $380 million.
- Equity trading revenue increased 14% to $2.3 billion, exceeding expectations by $200 million.
- Fixed income trading rose 5% to $3.10 billion.
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Author's summary: Bank of America's Q3 financial results exceeded expectations.