From Financial Modeling Prep: 2024-10-15 15:05:00

Bank of America (NYSE:BAC) saw its shares rise over 2% after reporting third-quarter earnings that beat expectations. Net income reached $6.9 billion, or $0.81 per share, above forecasts. Investment banking fees rose 18% to $1.4 billion, helping offset a small dip in net interest income (NII) compared to last year.

Total revenue, net of interest expense, increased by 1% to $25.3 billion, surpassing estimates. NII declined by 3% to $14.0 billion year-over-year due to higher asset yields and loan growth being offset by elevated deposit costs. However, NII was up 2% sequentially, aided by fixed-rate asset repricing.

The bank’s provisions for credit losses remained steady at $1.5 billion, following a recent quarter where provisions had been raised to address potential loan delinquencies. NII was impacted by higher asset yields and loan growth being offset by elevated deposit costs, reflecting heightened customer demand for returns.



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