Bank of America Q3 earnings beat expectations
US banking giant Bank of America reported quarterly earnings that beat expectations on Thursday thanks to better-than-expected loan losses and record advisory and asset management fees.
Earnings per share came in at $0.85, ahead of estimates for a print of $0.71, while revenues of $22.87bn well and truly beat expectations of $21.8bn.
Profits shot up 58% to $7.7bn, or $0.85 on a per share basis, ahead of estimates for a print of $0.71, while revenues of $22.87bn were well and truly beat expectations of $21.8bn, aided by a $1.1bn reserve release that led to a $624.0m boost.
Net interest income jumped 10% to $11.1bn, also exceeding the $10.6bn expected on the Street, while investment banking fees increased 23% to $2.2bn thanks to a 65% growth in advisory fees to an all-time high of $654.0m.
Bank of America's wealth management unit reported a 17% uptick in revenues to $5.3bn, driven by record asset management fees of $3.2bn.
As of 1315 BST, Bank of America shares were up 2.69% in pre-market at $44.30 each.