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    Bank of America (BAC) Revenues Q3 2021

    Bank of America CEO Brian Moinihan was interviewed by Jack Otter at the “Baron’s Round Table” at Fox Business Network Studios in New York City on January 9, 2020.

    John Rampulse Ski | Getty Images

    Bank of America Third-quarter results exceeded analysts’ expectations as they benefited from higher-than-expected bad debt losses and record advisory and asset management fees.

    The numbers are:

    Revenue: 85 cents per share, analysts surveyed by Refinitiv estimates per share are 71 cents
    Revenue: $ 22.87 billion against an estimated $ 21.8 billion

    Revenue increased 12% to $ 22.87 billion, resulting in a 58% increase to $ 7.7 billion, or 85 cents per share. The result was supported by the release of a $ 1.1 billion reserve, which led to a $ 624 million boost after the chargeoff. Bank stocks rose 2.6% in pre-market transactions.

    “We reported good results as the economy continued to improve and regained the organic customer growth momentum seen before the pandemic,” said Brian Moynihan, CEO. release.. “Deposit growth was strong and loan balances increased for the second straight quarter, leading to improved net interest income despite low interest rates,” he said.

    Banks are paying attention to net interest income, up 10% to $ 11.1 billion, above the Street Account’s estimate of $ 10.6 billion.

    Investors wanted loan growth to improve from the slump in the first half as it helps banks generate more interest income. Indeed, the bank said its loan balances increased 9% on an annualized basis from the second quarter due to the strength of commercial lending.

    Like a rival JP Morgan Chase, Bank of America has performed well in investment banking, wealth management and equity trading businesses.

    Investment banking fees rose 23% to $ 2.2 billion, and advisory fees surged 65% to a record $ 654 million.

    The bank’s wealth management division saw a 17% increase in revenue to $ 5.3 billion with record asset management fees of $ 3.2 billion.

    Like other lenders, Bank of America secured billions of dollars in credit losses last year when a wave of defaults associated with the coronavirus pandemic was expected. Banks have released some of their money when losses didn’t arrive, and analysts are curious about how much boost their dynamics have later this year.

    They will also ask CEO Brian Moynihan about his plans to succeed Tom Montag, his chief operating officer. Presentation His departure.Last month, Moynihan Drastic A review of management, including new financial officers, technical officers, legal counsel, and chief administrative officer.

    Bank of America shares rose 42% this year before Thursday, outpacing the 36% rise in the KBW Bank Index.

    Bigger rival on Wednesday JP Morgan pLost the result beat Expected to be driven by a $ 1.5 billion increase due to higher-than-expected bad debt losses.

    This story is developing. Please check for updates.

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    Bank of America (BAC) Revenues Q3 2021

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    The post Bank of America (BAC) Revenues Q3 2021 appeared first on Eminetra.

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